September 14, 2009
Rebuttal by Christine Moscinski, Broker Associate and HouseHunter at Gobber GMAC Real Estate
YES The sales have jumped but I bet they don't include "regular home sales". Most of the sales reported are generated on a "general" or "overall" basis of "overall sales". These sales more than likely mark the “pre-foreclosure” and bank owned “REO's” that are flying like hotcakes lately due to the First Time Buyer Credit expiring at the end of November 2009 and the 203K loan option for fixing a home up.
These are the ONLY homes that are moving quickly.
Regular home sales have seen a marked reduction in days on market, but still have a long way to go to sell. Average market days are still in the high 160's down from 184 on average and even higher in some areas. With the abundance of REO and foreclosure homes, regular homes just sit on the market because better deals are out there.
This is a positive article from RWSSC.COM, which is true overall but the trend has to be clarified outlining the “actual” percentage of sales that identifies “foreclosure sales”, “REO Sales” and “Regular Home Sales”.
From RWSSC.COM : August Marks Third Straight Month of Year-to-Year Increases
DOWNERS GROVE, Ill. - Sales of single-family detached homes went up 8.6 percent in August compared with the same period a year ago, according to statistics released today by the Mainstreet Organization of REALTORS® (MORe), indicating the third consecutive monthly increase.
MORe measured activity on homes in about 120 southern and western suburban communities through information from Midwest Real Estate Data LLC.
"We're definitely seeing many first-time homebuyers take advantage of the various economic incentives available to them," said Mike Drews, President of MORe, and the Designated REALTOR® of Charles Doss, REALTORS®, in the Aurora and Oswego areas. "There was a 9.4 percent increase in homes sold in the summer months of June, July and August in 2009 compared to the same period in 2008."
There were notable home sales gains across the 120-community area, where the numbers of homes sold leaped by double- and triple-digit percentages.
Standouts in the south suburbs for number of homes sold were Chicago Heights (92 percent increase from a year ago); Country Club Hills (64 percent); Evergreen Park (73 percent); Lemont (100 percent); and Oak Forest (64 percent).
In DuPage County, home sale activity was highest in Addison (225 percent increase from a year ago); Downers Grove (36 percent); Glendale Heights (170 percent); Lombard (100 percent); and Villa Park (57 percent).
Exceptional home sale activity was posted in the western Cook communities of Brookfield (183 percent increase from a year ago); Burbank (100 percent); Westchester (171 percent); and Western Springs (90 percent).
In addition, the number of homes under contract (but not yet closed) in the same West and South Suburban Chicago area was 52 percent higher than a year ago, the ninth consecutive month of year-to-year growth in pending sales.
There were standout increases in homes under contract in several suburban communities, particularly in Addison (350 percent increase from a year ago); Bensenville (1,400 percent); Glen Ellyn (65 percent); Maywood (210 percent); Melrose Park (400 percent); and Naperville (39 percent).
source: www.rwssc.com
THE DEALS ARE OUT THERE!!
Christine Moscinski is a Broker Associate and local market expert and member of the "House Hunters Team" at Gobber GMAC Real Estate specializing in Chicago's South Loop & Western Suburbs including: Brookfield, La Grange, La Grange Park, Westchester, Countryside, Downers Grove and more!
Buyers, Investors! Call her today to find your next home - you'll be glad you did! (708)369-8094
More information can be found on her website at http://www.eHouseHuntOnline.com