Friday, October 31, 2008

Itasca, IL 60143 - Housing Market Analysis

The Village of Itasca is located approximately 25 miles West of the Chicago "Loop" in suburban Dupage County. According to the 2000 census the population was 8,302. The total area of the village is 4.9 square miles.

Itasca is bordered by Elk Grove Village to the north, the village of Wood Dale to the east, the village of Addison to the south, and the village of Roselle to the west.

Recent curbs in sub-prime lending has lowered prices and lengthened marketing times. Defaults and foreclosure activity increased dramatically as ARM interest rates reset higher. Further, declining home prices have made re-financing more difficult. This excess supply of home inventory places significant downward pressure on prices.

According to the Northern Illinois MLS the average sales price in Itasca in the twelve months ending October 31, 2008 for detached homes was $409,358.00 with 184 days on the market, with 36 sales.

Average sales prices have decreased -9.18%, sales volume decreased -13.51% and marketing times have increased +16.46% over the previous twelve months.

In the twelve months ending October 31, 2007 the average for a detached home was $450,754.00 with 158 days on the market, with 37 sales.

There are currently 81 active listings of detached homes in Itasca. At the current level of absorption of 3.00 sales per month this represents a 27.00 month supply of existing housing inventory.A 3 to 4 months supply of inventory is considered "in balance", this is an oversupply.

Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

All of this points to a cooling market, long marketing times and lower prices in 2009. If you have an active listing or need to sell now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

How to be sure that your listing is competitive? Get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house in the current market.

Citywide Services provides residential appraisal service in Itasca, Il. 60143. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. For all your Dupage County appraisal needs contact Citywide 1-800-405-9718

Thursday, October 30, 2008

Home prices to decline further - stabilizing in 2010

Fitch Ratings expects home prices to drop another 10 percent before stabilizing in 2010. So far, home prices have fallen 22 percent and will likely decrease by 30 percent from peak prices in 2006. Fitch indicated that the expected drop would reverse the home price increases achieved between 2004 and 2006. Prices are currently at early 2004 levels and will likely return to 2003 levels before the pace of decline will moderate, the agency said.

“Should economic conditions become much worse than expected, home prices would decline more than Fitch’s projection and price stabilization would be delayed,” noted Huxley Somerville, Group Managing Director and U.S. Residential Mortgage Backed Securities Group head at Fitch. “Higher mortgage rates and tighter underwriting also will continue to put downward pressure on prices.” Appraisal Institute Frank Lucco, SRA, of Houston, stated, “I’m glad people are realizing that home price stabilization is not going to be a 90-day fix. More and more experts are referencing 2010 and beyond, which makes much more sense.”

According to Suzanne Mistretta, Senior Director at Fitch, “Government programs such as the U.S. Treasury’s Trouble Asset Relief Program and expanded mandates for Fannie Mae, Freddie Mac and Federal Housing Administration to increase loan purchases and originations may facilitate liquidity in the housing markets, which could have a positive impact on prices.”

Fitch Ratings is a leading global rating agency providing the world's credit markets with independent, prospective credit opinions.

Friday, October 10, 2008

Historical Pullman House Tour

This weekend is the 35th Annual Pullman House Tour

In the 1880's George Pullman built an industrial town for his railroad company employees on the western shore of Lake Calumet. The village is now part of Chicago and is located 13 miles south of the "loop". Architect Solon S. Beman designed approximately 1,000 residences and public buildings.

Pullman is full of historic and architecturally significant buildings, including the Hotel Florence, the Arcade Building destroyed in the 1920s, the Clock Tower and Factory, the Market Square and Greenstone Church. By 1972 the Pullman Historic District had obtained National, State, and City landmark status.

Seven homes will be included in this weekend's housewalk. Tickets are $20.00 and the walk starts at the Historic Pullman Visitors Center. October 11th & 12th -11 to 5 p.m.

Visit the Historical Pullman Foundation at