The State Of Foreclosures in Illinois 2014

In May 2014, Illinois home sales recorded a decrease of 9.4 while home prices rose by 8.3 percent, compared to May 2013. Also, in the same month, statewide home sales amounted to 13,947 homes sold, which apparently, is less than 15,388 recorded in May 2013. April sales were 16.4 percent lower than May. Although the available inventory increased in May, it was still seven percent less compared to May 2013. This resulted in drop of homes for sale from 73,171 in May 2013, to 67619 this year.

In May 2013, the statewide median price was $155,000. However in May 2014, the price increased by 8.3 percent to $167,900. The median is a distinctive market price in which half the homes were sold for less and half sold for more. The president of Illinois Association of REALTORS admitted that buyers face a market where they have fewer properties to choose from. Sellers on the other hand, are able to sell their property in a short time, but still get more money.

While keeping with the consumer demand, the time taken to sell a home in May 2014, averaged 76 days, a 7.3 percent reduction as compared to 82 days in 2013. In the city of Chicago, the average days on market decreased by 7.4 percent to fifty days, while in Chicago PMSA the average days reduced by 14.5 percent to 59 days.

According to federal Home Loan Mortgage Corp, the average commitment per month for a fixed rate mortgage for North Central region was 4.18 percent in 2014. This was an apparent increase as compared to May 2013. Out of the 102 counties in Illinois, 39 recorded annual sale increases in 2014. Fifty two of these countries recorded increases in price.

The city of Chicago witnessed a decline in home sales of 15.7 percent with sales of 2390, down from 2834 in 2013. The median price increased to $270,000 compared to 235,000 in 2013. This represented an annual increase of 14.9 percent.

As buyers seek out new homes from the available inventory, median home prices continue to increase. Farrell, the managing partner of Urban Real Estate, said that buyers are becoming more realistic about finding a home. For instance, they do not expect to find their dream homes immediately.

As foreclosure statistics fluctuates, the stock of houses for sale and bank inventories in the property market are adversely affected. Accordingly, the laws of demand and supply set the prices. If only you understand the trends and bids accordingly, then be sure to make wise and informed investments.

For a buyer who is planning to sell shortly, it is important to have the knowledge to interpret foreclosure statistics. What most people do not know is that foreclosure statistics vary widely from one state to another. As such, it is important to choose carefully the state to buy from.

However, alone, you may not manage. So, what should you do? Well, there exists a variety of options, but one thing is apparent; you need help. If you need to sell your house fast in Illinois, we are at your service. We can buy most houses, even if they have no equity. For more information, contact us.

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