April 2010 Chicago Housing Market

Good news for a change!  The real estate market has picked up 42% from the same time last year.  How this equates is that the market has bottomed out for now.  In the Chicago 6 county area the news wasn't all rosey.  Prices overall dropped, to a 12 month over month lose of only .02%.   If this momentum continues and the inventory of foreclosures and homes that still existes on the market  keeps dropping, we could see a small increase in May.  Keep in mind that the $8,000 tax credit for 1st time buyers and $6,500 for move up buyers, is do to expire at the end of April (Saturday is your last chance).  The true market conditions will become clear in May.   So far, there no indication that the government will extend the tax credit a third time.  Unfortunatly they will take a wait and see attitude.  This could shipwreck the progress forward movement of the Chicago real estate market.  The shadow inventory of foreclosures are still trickling in, leaveing worries of continued downward movement of the market.   I am always optimistic and real.  I hope for the best for the market. It is imparitive for the real estate market to recover.  I don't see major market shifts until Fall 2011 to Spring 2012.  The inventory of foreclosures must drop before we will see any improvement is prices.

What if you are a homeowner and have to sell your home and owe more then what your home is worth?  Home affordalble Foreclosure act HAFA laws went into place this year that makes selling your home short quicker and more streamlined.   Short sale is an opportunity to get out from under your home without having a foreclosure on your record for 7 years.

$290,000 Hoffman Estates, lovely 4 br 3bth home great location, walk to all premiere schools, 10 minutes from Woodfield Shopping Center.





Now's the best time in history to invest in real estate, click here for more information.