Archive for the 'Market Data' Category

Micro Market Review: Year 2015

2015 is finally coming to a close and it’s time again to see how the year did in relation to 2014 statistics. The review is for a micro market review of Evanston and Wilmette Communities. Statistics are from all sales posted up to December 29, 2015 a couple of days before the end of the year.

I have included both Single Family and Attached closed statistics for each community.

Year 2014: Single Family

City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 424 $525,432 71 0
Wilmette 368 $861,219 58 0

Year 2015: Single Family

City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 485 $576,526 81 9%
Wilmette 358 $852,961 72 0

Summary:

All year agents were complaining about low inventory but in reality the number of homes sold was the same for single family homes for the past two years. Evanston prices actually increased 9% while Wilmette remained about the same. Wilmette’s average home prices however are much higher than Evanston. The average market time was also the same for the past two years.

 

Yr 2014: Attached

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City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 548 $260,949 89 0%
Wilmette 95 $335,373 114 0%

Year 2015 Attached

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City # Closed Avg. Sold Price Avg. Days on Mkt. % Increase/ Decrease
Evanston 637 $258,292 92 0%
Wilmette 83 $341,445 109 1%

Summary:

Attached properties include both condo and townhouse sales.  Evanston has more attached homes than Wilmette. Inventory levels for Evanston were slightly better than Wilmette. However the  average sale price seems to be flat with no increase. Average days on market is also about the same.

Written by Jack Lewitz | Discussion: No Comments »

Illinois Association of Realtors Predictions for 2015

 

 

land-of-lincoln

 

The Illinois Association of Realtors is predicting modest growth in home sales and home prices in 2015. They are predicting a better economic outlook for 2015 with more jobs.

While it is true the real estate market is the last to recover during a bad economy. The fact that the economy is finally recovering does not mean the housing market will recover quickly

Keeping an eye on the number of jobs created this year and what happens downstate with a new Governor is critical to the housing market

 

housing market

Written by Jack Lewitz | Discussion: No Comments »

WGN Rates Chicago 13 out of 33 Richest Cities

WGN rates Chicago 13 out of 33 Richest Cities.  I am not surprised that Chicago and our Midwest upbringing rates us in the middle of the pack. This to me is a good thing to be rated in the middle because then we have room to improve. While I am glad Chicago is not the cheapest City to live in I am happy we are not considered the most expensive. My only objection to this report is the number 13 and that is because I am a little superstitious.

Written by Jack Lewitz | Discussion: No Comments »

Illinois Hardest Hit Program Will End in September 2013

Illinois Hardest Hit Program will end September 30, 2013.  Families who are eligible for the program can receive up to $35,000 in mortgage assistance. This is a stop gap measure for people who lost their job or have had an illness which prevented them from paying their mortgage.

Governor Quinn said the program has been a success because it has helped over 9,000 individual families. This number however does not even come close to helping people who have received a Notice of Default in the past 90 days.

In Cook County  there were 8,016 New Foreclosure Notices filed in the past 90 days and another 10,456 Pending Foreclosure Sales.

I am not as confident to say Illinois Hardest Hit program was a success nor am I confident about our housing recovery. There are still too many homes going into foreclosure and too many people falling behind on their mortgage payments for me to say things are improving.

 

Written by Jack Lewitz | Discussion: No Comments »

Anyone Interested in Seconds… A look at 2nd Quarter Sales Data..

Second Quarter 2010 Single Family Home Sales Data:

County Total Sales Total # Foreclosure Total # of Short Sales Distressed Sales expressed as % of Total Sales Active listings # Sales in 1 Month Absorption Rate
Cook County 6,215 1,803 568 38% 19,288 2,521 7.65%
Lake County 1,402 351 134 35% 5,833 619 9.42%
McHenry County 604 149 89 39% 2,912 253 11.50%
Dupage County 1,538 240 123 24% 5,568 671 8.29%
Will County 1,312 319 141 35% 4,595 513 8.96%

In the second quarter of 2010, Foreclosure Sales and Short Sales together represent 24% -39% of all sales in each of the five counties researched.

There are three (3) times as many foreclosures than Short Sales in the second quarter of (April-June)  2010.

The Real Estate Market is still a buyers market.  In each of the five counties surveyed it is taking anywhere from 7 months -12 months to close on a home.

The next few quarters for the real estate market will be challenging for several reasons.

The First Time Home Owners Tax Credit Expired April 30, 2010 and fewer qualified buyers are looking to purchase a home even though Mortgage Interest Rates are at a all time low.

There is speculation of a Double Dip in the Real Estate Market as a result of more Foreclosures come on the market. Right now the “Shadow Inventory” of foreclosures is paying attention to the abosorption rates discussed above.

Written by Jack Lewitz | Discussion: No Comments »

What Me Worry?

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“What Me Worry?” was the phrase used in Mad Magazine and I think it is appropriate here.

They say bad news comes in threes:

 First, the National Association of Realtors reported existing homes sales dipped 2.2% last month.

 Second, the National Association Of Home Builders shows sales of new homes dropped a record 32.7% in May. This is the lowest level in four decades.

Finally, the Mortgage Bankers Association showed mortgage applications dropped off by 5.9% even when mortgages are at a all time low.

All three indicate the real estate market is struggling after the First Time Home Buyer Tax Credit expired April 30, 2010.

Lets hope there is a silver lining somewhere for real estate in the near future.

Written by Jack Lewitz | Discussion: No Comments »

New Study On Illinois Foreclosure reveals…

The Woodstock Intstitute releases new study on Foreclosures in Illinios and the results do not look favorable.

According to this new study, there were 9,302 completed foreclosure auctions in the first quarter in the region. This number was the largest number recorded in a quarter since 2006.

This number represents a 56% jump when compared to the first quarter in 2009.  Within a six county region, Kane County saw the largest  increase with a  122% year over year completed foreclosure auctions.

According to the Woodstock Institute the reason for the increase in Foreclosure auctions maybe the result of the statewide moratorium on foreclosures in support of the Home Affordable Modification Program (HAMP). In January the moratorium was lifted.

It  also appears from early data on HAMP that 50% of all loan modifications fail. As they fail lenders have no other recourse but to begin the foreclosure process.

Geoff Smith of the Woodstock Institute asks ” Did the moratorium help borrowers in the end?” “Are these foreclosure provention programs working” ” If HAMP was working you’d have less completed foreclosures.”

Written by Jack Lewitz | Discussion: No Comments »

2009 Foreclosure Data: Impact on 5 Counties in Illinois

County map

On Wednesday December 9 and Thursday December 10, 2009 I will be attending a Mortgage Foreclosure Conference in Chicago. This event is being sponsored by The Federal Reserve Bank of Chicago, The Chicago Community Trust, John D and Catherine T. MacArthur Foundation, Neighborhood Housing Services of Chicago, and the Woodstock Institute.

The conference event is titled ” Mortgage Foreclosure Policy: Past, Present, and Future”. The conference will discuss the evolution, current impact, and likely outcomes of foreclosure on homeowners, lenders, housing counselors, secondary mortgage market, and local governments.

As I prepare for this conference I decided to do a little review of the foreclosure market from a point of view as a realtor. I decided to do research on five counties ( Cook, Lake, McHenry, Dupage, Will, and Kane) in Illinois. I plan to bring along and discuss this data at the convention.

The information is deemed to be reliable and comes from both my local MLS and Record Information Services of Illinois.

Single Family Home Sales data from January 1, 2009 through December 3, 2009:

County Total Sales Total # Foreclosure Re-Sales Total # of Short Sales Distressed Sales expressed as % of Total Sales
Cook County 20,730 6,761 2,098 43%
Lake County 4,362 1,073 459 35%
McHenry County 2,023 451 307 37%
Dupage County 4,865 782 527 27%
Will County 4,409 1,170 529 39%
Kane County 2,973 671 414 36%

The table above shows foreclosures are dominating the Real Estate Market in terms of total sales. Foreclosures out number the number Short Sales in every county.

Single Family Foreclosure  from January 1, 2009 through December 3, 2009

County Total #of Foreclosures Total # Foreclosure Re-Sold Remaining # to be Sold
Cook County 12,553 6,761 5,792
Lake County 1,841 1,073 763
McHenry County 1,243 451 792
Dupage County 2,368 782 1,586
Will County 3,095 1,170 1925
Kane County 2,368 671 1,697

The table above is showing total number of foreclosures in each county and then subtracts the number of foreclosures put back on the market and re-sold to new buyers and the number of remaining foreclosures unsold to date. As the data suggests there are more foreclosures that are going to be coming onto the market for re-sale.

Single Family Pre-Foreclosures from January 1, 2009 through December 3, 2009

Cook County Total # of Pre-foreclosure Notices Total # Unsold Foreclosures Total # Potential Foreclosures 2010 Total# Home Sold in 2009
Cook County 23,629 5,792 29,421 20,730
Lake County 3,344 768 4,112 4,362
McHenry County 2,123 792 2,915 2,023
Dupage County 3,758 1,586 5,344 4,865
Will County 4,984 1,925 6,909 4,984
Kane County 4,008 1,697 5,705 2,973

The Table above shows the number of homes who have received some sort of Pre-foreclosure Notice.

Typically a homeowner has to be 90 days past due or delinquent on their mortgage to receive such Notice of Default (NOD).

While many of these homeowners may be trying to modify their mortgage with their lender and never go to foreclosure there are many homeowners unable to modify their mortgage because they are unemployed.

As the data suggests if these pre-foreclosures do become foreclosures and are added to the already unsold foreclosure on the market the combined total will exceed the total sales of single family homes for 2009.

As a realtor it is difficult to see how  the real estate market is going to keep pace with the number of foreclosures. There isn’t enough buyers out there to absorb the number of homes that could potentially come on the market in 2010.

Written by Jack Lewitz | Discussion: No Comments »

How The Real Estate Market Affected One Middle Class Community

year in review

I decided to write about one particular middle class community. This community is a microcosm look at the 2009 real estate market. As we look back at the year we will notice some challenges this community faces.
These challenges are not unique to this community but emphasize the struggle most communities struggled with in 2009.

Community Facts Most Recent Statistics
Number of Residents 12,359
Number of Households 4,343
Percent Owner Occupied 92%
Median Family Income $83,657
Average Home Price 2009 $394,767

The information above provides the basic information on a typical middle class community. The name shall remain anonymous for many reasons. The name is not important, what is important is how a typical middle class community is being affected by foreclosures.

2009 Real Estate Market (Information is deemed to be reliable and comes from the MLS)

Sales Type # of Active Listings # Pending Sales # of Single Family Sales
Totals 101 25 88
Short Sales 14 7 11
Bank Owned 3 0 22
% Distressed 17% 28% 38%

As we can see from the table above 17% of all active listings are either Short Sales or Bank owned properties and foreclosures represent 38% of all sales during the last year.

According to Record Information Services, a Real Estate Service that searches public information and tracks foreclosures in all counties in Illinios, there were 42 homes in this community that went into foreclosure.

Only half of these homes 22 have come back on the market and have re-sold according to the MLS. Another 20 homes are waiting to come on the market.

If all of these foreclosures were to enter the market at the same time the number of Active Foreclosures would increase from 17%  to 30% of all Active listings.

What affect does this number of foreclosures have on a middle class community?

Well it will definitely bring down prices of homes.  According to the MLS the average sale price of a home has declined 15% in this community in  2009.

What will the outlook be for 2010? We will just have to wait and see…

Written by Jack Lewitz | Discussion: No Comments »

Is there A relationship between Foreclosures and Unemployment?

Is there a correlation between the number of Foreclosures and Unemployment. Can we assume that those States with more unemployment will have more Foreclosures?

Below are the ranks for the Top 10 Foreclosure States according to Realty Trac. Illinois is listed as 10th by Realty Trac but other poles show Maryland as 10th and Illinois slipping to 12th.

1 out of every House Holds (HH) is the number of family households that has received a foreclosure notice. This information came from a recent CNBC poll.

The unemployment data comes from the Bureau of Labor Statistics.

From the data we can understand why Michigan is listed as number 1 in terms of unemployment with the loss of jobs from the automobile industry in Detroit by why are they ranked 8th in terms of unemployment. Will there be more foreclosures in Michigan due to the high unemployment?

Nevada is Ranked number 1 in Foreclosures and Number 2 in terms of unemployment. These statistics make sense.

Yet Rhode Island which is ranked 3 in terms of unemployment at 13% does not even make the top 10 list in terms of Foreclosures. What is Rhode Island doing that other states are not?

In contrast Utah which is 6th on the list of states with the most Foreclosures (1 out 251 households) has the lowest unemployment rate at 6.2 %.

It appears the statistics are inconclusive when it comes to a coorelation between State Rank in Foreclosures and Unemployment Rate.

Foreclosure Rank State 1 out of every # of HH Unemployment Rank State % Unemployment
1 Nevada 1-59 2 13.3%
2 Arizona 1-179 22 9.1%
3 Calif 1-154 4 12.2%
4 Florida 1-158 8 11.0%
5 Idaho 1-250 26 8.5%
6 Utah 1-251 51 6.2%
7 Georgia 1-265 14 10.1%
8 Michigan 1-270 1 15.3%
9 Colorado 1-342 39 7%
10 Illinois 1-363 12 10.5%

Written by Jack Lewitz | Discussion: No Comments »

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