According
to a recent article
in the Chicago Tribune, Chicago-area
home sales experienced a boost this March, but actual home prices are still
lagging. In fact, prices hit new
housing-bubble lows, and Chicago is one of several markets experiencing the
most severe lows. While it is positive
news that homes sales are up in our area, the Oak Park
foreclosure lawyers at the Emerson Firm know many Chicagoland
residents still are concerned about the stability of the economy and are
worried about the possibility of mortgage foreclosure or bankruptcy.
Though
home sales are up consumers and investors likely jumped on bargain deals,
purchasing properties at prices considerably lower than the value of those
homes prior to the burst of the housing bubble.
Some real estate agents have expressed cautious optimism about the
encouraging sign of increased home sales.
For example, Loretta
Alonzo, president of the Illinois
Association of Realtors, stated that the numbers may represent a
“turning point” provided there is not an “influx of foreclosures” flooding the
market or any other drastic events that potentially could cause buyers to
hesitate.
In the city of Chicago alone, March
home sales rose 12.1%, with the median price at $171,750, a 5.2 % increase from
a year ago. Condominium sales in Chicago
also increased. Just under 1,000 condos were
sold in March, an increase of almost 20% from a year ago. The median price was $213,250, 4% higher than
in March 2011. It is likely that
investors are particularly interested in snapping up city properties that would
typically be significantly more expensive and that could still be rented at
fairly lucrative rates.
In the greater Chicago area, sales of
single-family homes and condominiums rose 23.8% from a year ago. The median price was $151,850, down almost 4%
from March 2011.
So, some
prices have declined while others have risen.
Although many real estate agents have expressed optimism, many also have
suggested that more time is needed before an accurate assessment of the state
of housing market can be made. More data
is needed before it is apparent whether home values have actually
stabilized.
RE/MAX,
the international real estate company, reported that distressed property sales
accounted for 46% of the
transactions in Cook, DuPage, Kane, Kendall, Lake, McHenry, and Will counties,
in contrast with 52% in February and 51% in January.
The attorneys at the Emerson Firm are
skilled and knowledgeable in the area of Oak Park and River
Forest mortgage foreclosure and bankruptcy. However, we are also happy to advise you
regarding any real estate concerns or questions you many have. Consider speaking with an Illinois
real estate lawyer before the purchase
or sale of your home because it is probably the largest financial transaction
you will ever undertake. In the past
decade, our office has successfully completed more than 800 real estate
transactions, including short sales, condominium conversion projects, FSBOs
(for sale by owner), and first time home purchases. You can be sure you can trust our experienced
real estate attorneys to assist you with your real estate needs.
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