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Outlook on Housing: A Local perspective

Outlook on Housing: A Local perspective. Jim Haisler, AHWD, CIPS, e-PRO, RCE Chief Executive Officer Heartland REALTOR® Organization.

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Outlook on Housing: A Local perspective

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  1. Outlook on Housing:A Local perspective Jim Haisler, AHWD, CIPS, e-PRO, RCE Chief Executive Officer Heartland REALTOR® Organization

  2. 2013: Where have we been:Illinois saw strong housing sales and pricing gains across the board in August, with many areas reporting continued year-over-year increases. To put this in perspective, it’s important to remember that August 2012 saw a sizable sales increase, but the median price was still down 1%. In fact, August 2012 was the turning point for housing prices. The data showSthat every month since August 2012 median prices have increased from a meager 1.5% in September 2012 to the much more robust 13.6% gain in August 2013. Information provided by the Illinois Association of REALTORS®

  3. Among the highlights for August 2013: The Chicago area saw very strong median price growth. The nine-county PMSA recorded a 16.2% median increase to $197,500; and the city of Chicago saw a whopping 22.5% increase to $245,000.  Time on market data show there’s tremendous heat still in the housing market. Homes are selling faster — an average of 72 days on market statewide in August and under two months in the Chicagoland area.  Inventories of available homes for sale in the Chicago market are down by nearly a third. The state as a whole shows an annual inventory decrease of 22.1%. Information provided by the Illinois Association of REALTORS®

  4. BUT What’s happeninglocally?

  5. McHenry County, IL Information from RealtyTrac.com 10/15/2013

  6. McHenry County, IL Information from RealtyTrac.com 10/15/2013

  7. McHenry County, IL Information from RealtyTrac.com 10/15/2013

  8. McHenry County, IL Information from RealtyTrac.com 10/15/2013

  9. FORECLOSURE STATS: In September, the number of properties that received a foreclosure filing in McHenry County was 20% higher than the previous month and 46% lower than the same time last year. Home sales for August 2013 were down 12% compared with the previous month, and up 22% compared with a year ago. The median sales price of a non-distressed home was $178,000. The median sales price of a foreclosure home was $119,000, or 33% lower than non-distressed home sales.

  10. FORECLOSURE STATS: Top 5 cities: Hebron 1 in every 201 homes Spring Grove 1 in every 248 homes Union 1 in every 252 homes Harvard 1 in every 284 homes Wonder Lake 1 in every 290 homes

  11. OVERVIEW: Interest rates remain low 4.5% for a 30 yr fixed rate loan 3.5% for a 15 yr fixed rate loan variable rate loans have done extremely well QRM – 20% down requirement – GONE! McHenry County Stats: 307,000 people 9% unemployment 5.82% of our homes are vacant Crime rate ~ B Schools ~ B Consumer Confidence is up and people are buying!

  12. Outlook on Housing:A Local perspective Jim Haisler, AHWD, CIPS, e-PRO, RCE Chief Executive Officer Heartland REALTOR® Organization

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