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CHICAGO IL REAL ESTATE STATS PACK - October 12, 2009

Good Morning!

As mortgage delinquencies continue to rise, both here in Chicago and nationwide, giant U.S. Loan Investor and Guarantor Freddie Mac has plans to more strongly get the word out about the possibility of Loan Modification for many borrowers. 

To do so, they have hired a third-party company to actually knock on doors and talk in person to homeowners having difficulty paying their monthly house payments.

For more details on Freddie's plans, please see our post via BlogChicagoHomes.com. 

Here's our updated Chicago IL Real Estate Stats Pack for Monday Morning, October 12th.

Communities and clients we serve, reside, or plan to reside, include the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown. 

Also, these Great Chicago Neighborhoods:  Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park.   Plus All Chicago Suburbs

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

                             ACTV LISTINGS        JUST SOLD         CLOSED        EXPIRED

w/e October 11th        3,925                   62                  58                  37

w/e October 4th          3,989                   58                 140                 91

% CHANGE                  -1.6%                 +6.9%            -58.6%           -59.3%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e October 11th     $252,672           185 DAYS                    $14,654,976

w/e October 4th       $263,638           142 DAYS                    $36,909,320

% CHANGE                     -4.2%                 +30.3%                          -60.3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e October 11th - LAST 12 MOS - 14.47   LAST 6 MOS - 11.28  LAST 3 MOS - 10.24

w/e October 4th   - LAST 12 MOS - 14.75   LAST 6 MOS - 11.58   LAST 3 MOS - 10.29

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e October 11th - 43.32% (UNSOLD - 56.68%) 

w/e October 4th  - 42.28% (UNSOLD - 57.72%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

OBSERVATIONS

Sales Volume, Closed Properties, and Expired Listings essentially washed last week's big gains - typical for mid month.  Longer-term, each statistic continues to moderate, indicate a slight pick up in sales activity in the North and Northwest Side of Chicago Neighborhoods we serve most frequently.  However, during the same longer-term time frame, Average Sales Prices continue to fall, and Average Market Time remains high.

Active Listing Inventory continues to draw down a bit, perhaps because many of the lower-priced properties being sold at distressed properties are starting to move - often to real estate investors.   Pending Sales showed some improvement this past week, encouraging given the time of year.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, slowly continues to improve. 

Again, this week, the Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame moved upward - by over one full percentage point!   Last week, over 43% of all listed properties sell during this average marketing time frame.. 

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood.  View the map for links to maps for Chicago Suburbs.  It is updated as new data becomes available.

RATE & MARKET WATCH

For the sixth straight week, Average 30-Year Fixed Mortgage Rates fell to their lowest levels since Spring, dropping by 0.03% last week,.  They stood at 5.22%, for the week ending October 7th, according to data reviewed and compiled by Bankrate.com.  One year ago, the Average 30-Year Fixed Rate stood over a full point higher, at 6.20%. 

Indeed, interest rates continue to moderate, despite far more stringent loan underwriting rules, which result in higher rates and fees to those with less than stellar credit credentials and low down payments.

Refinances continue to surge, as borrowers with old mortgage loans in the six to seven percent range, or with adjustable-rate mortgages, attempt to lock in today's lower rates, and, as a result, lower monthly house payments. 

New purchases are strong as well, as first-time homebuyers are trying to close before the expiration of the Fed First Time Homebuyer Tax Credit.  If not extended, this $8,000 Tax Credit Incentive is set to expire for homes not closed by November 30th. 

See Holden Lewis's post via Bankrate.com for more specific details.

For daily news, hot information, and trends, view our Real Estate Update newsletter, via our Web Center - dean-team.com.

For timely Market Trends Data in any Chicago Neighborhood or Suburb . . . please call anytime!

DEAN MOSS & DEAN'S TEAM CHICAGO

Posted: Monday, October 12, 2009 10:48 PM by Dean's Team

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