Archive for April, 2015

March 2015 IAR Report on Housing

The Illinois Association of Realtors has now published the March 2015 Housing Report.

The report said it is monitoring the number of foreclosures and regular home sales. While the number of foreclosures is still an issue the number is reducing and it appears that home buyers are starting to prefer normal transaction sales over foreclosures.

I would add to this my observations that investors interested in foreclosures have also left our state and have moved on to other states with higher foreclosure rates.  This too will help normalize sales by having fewer investors or buyer with cash and more normal sales transactions by owner occupants who purchase homes with financing terms.

While this report is feeling optimistic about the housing market and the direction it is headed I am a little bit more “cautiously optimistic” for several reasons.  If the Fed raises interest rates in June will this affect home buyers ability to qualify for a loan. If Inventory levels increase will the market shift from a sellers market to a buyers market and reduce the gains we have had in home prices. If the unemployment figures go up or minimum wages do not increase then this will also affect buyers entering the market as first time homebuyers.

 

Written by Jack Lewitz | Discussion: No Comments »

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