Friday, September 24, 2010

U.S. Double Dip Not Likely in 2010

A double dip occurs when home price growth slides back below previous lows after a period of growth.

Clear Capital, a provider of data and solutions for real estate asset valuation, investment and risk assessment, has some comments on the real estate market.

"We continue to see softening of home price gains, due in large part to the buyer pullback after the expiration of the tax credit," said Dr. Alex Villacorta, Senior Statistician, Clear Capital. "Overall, prices look poised to continue their deceleration with a likely drop into negative territory by the end of the year. But keep in mind, the price gains we experienced over the past two years are providing a cushion against prices going into double dip territory, meaning it is unlikely we'll see prices below their 2009 lows this year."

"As we head into the final months of the year it will be interesting to see how markets respond to an environment without any buyer incentives," added Dr. Villacorta. "We are observing local markets that are within a few miles of each other diverging in their response to the current housing climate—some are showing strong stable growth and others have yet to reach a price bottom. All of this points to the fact that recovery in the housing market will occur segment by segment in micro markets around the country."

"While local micro markets may face an eventual double dip, it’s important to note that both quarterly and yearly prices at the national and regional levels are still up, and price gains of the last year-and-a-half have created a buffer that will slow the development of a national double dip scenario. So, for a national double-dip to occur, prices would need to drop below their 2009 lows. This would be a complete direction change and decline of 11.7 percent from current levels. Barring a meltdown reminiscent of late 2008, we think it unlikely prices would reach new record lows anytime before spring 2011."

Des Plaines, Il - Current Housing Market


The chart shows the market activity in Des Plaines, IL in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 329 active listings of detached single family homes as of 09/24/2010.

The median list price is $275,000.00

In the last 30 days there have been 34 closed sales.

The median sales price was $246,000.00

At the current rate of absorption there are 9.67 months of unsold single family inventory in Des Plaines. This level of inventory is considered an over supply.

Saturday, September 18, 2010

Hoffman Estates, IL - Current Housing Market

The chart shows the market activity in Hoffman Estates in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 225 active listings of detached single family homes as of 09/18/2010.

The median list price is $290,500.00

In the last 30 days there have been 23 closed sales.

The median sales price was $240,000.00

At the current rate of absorption there are 9.78 months of unsold single family inventory in Hoffman Estates. This level of inventory is considered an over supply.

This Month in Real Estate : September 2010

Friday, September 17, 2010

Edgewater House Walk September 19, 2010

This Sunday the Edgewater Historical Society will be having its 22nd annual house walk. Homes built from the 1890s thru the 1910s will be open for viewing in Chicago's Edgewater neighborhood.

On the walk will be one of the Gauler Twin Houses shown in the photograph. These are two identical Prairie style houses built in 1908 by architect Walter Burley Griffin. They were designated a Chicago Landmark on June 28, 2000

The tour begins at Granville United Methodist Church, 1307 W. Granville Ave.from 12 noon until 4 p.m. The cost is $25.00, for more information go to: www.edgewatwerhistory.org