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301 Greenview Drive, Crystal Lake, IL 60014

www.chicagolandrealestatelaw.com
lawgoddess1@gmail.com
773.818.9054 office/cell
866.381.4238 efax

Check out my interview, Expert Advice on Buying a Foreclosed Home on Illinois Homes, one of the top sites for Illinois homes for sale, including Wheaton, IL real estate. Illinois Homes also services Michigan homes for sale and Pennsylvania homes for sale.

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Monday, July 14, 2008

5 Interesting Facts about the Illinois Housing Market
The July Issue of Illinois Realtor Magazine had an interesting article outlining five facts about the Illinois Housing Market that I thought was worth posting:

1) There is no "National" real estate market. Just like there's not a national weather forecast, local housing market conditions vary from place to place.

2) Illinois home values are stable. From 2004 to 2007, the average price of a home increased from $184,900 to $204,000. In the Chicagoland area, the median price increased 13.9 percent from $223,000 to $254,000. Real estate remains the single best investment over the long term providing wealth accumulation for those who own their property for at least 6-10 years.

3) Owning a home is a good investment! The average renter's net worth is only about $4,600 while the average homeowner's net worth is about $171,000. Real estate has delivered the most consistent positive return over any other investment in the last 40 years.

4) Mortgages are still available at historic lows.

5) Now is a good time to buy. Conditions for buyers are ideal with large inventories, low rates and great pricing.
10:45 am cdt 

Thursday, July 10, 2008

Illinois Foreclosure Filings are Down
Crain's Chicago Business is reporting that Illinois foreclosure filings are down by 16% from May to June. Illinois has the 13th highest foreclosure rate in the United States. But the worst is not over yet. Rates are climbing and there are many ARM mortgages that are set to adjust in the next 1-2 years, which means that there will still be more to come. Nevada had the highest foreclosure rate for the month of June, with one filing per every 122 households, followed by, not surprisingly, Arizona and California. The U.S. average foreclosure rate is one per 501 households. Illinois is at one filing per 637 households.
4:08 pm cdt 


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