Buyer Market Conditions Continue as 2010 Begins

SPRINGFIELD, Ill., Feb. 11 /PRNewswire-USNewswire/ -- Fueled by the tax credit incentive, home sales rebounded in the latter half of the year with Illinois buyers gaining some long-awaited confidence bolstered by low mortgage interest rates and moderating home prices. According to the Illinois Association of REALTORS® (IAR) fourth quarter 2009 report, Illinois home sales (which include single-family homes and condominiums) totaled 29,822 in the fourth quarter, up 35.6 percent from 21,986 home sales in the same period a year ago. For the year 2009, total sales were down 1.4 percent with 107,613 homes sold compared to 109,195 sales in 2008.

In the fourth quarter, the statewide median home sales price was $155,000, down 5.5 percent from $163,950 in the fourth quarter of 2008. The median is a typical market price where half the homes sold for more, half sold for less. The year-end statewide median home price was $157,000, down 14.6 percent from $183,900 in 2008.

"In the final quarter of 2009 more than 70 percent of Illinois counties reporting showed positive year-over-year increases in home sales and nearly 50 percent marked median price increases as consumers motivated by strong buyer market conditions and the tax credit took opportune action in the Illinois housing market," said REALTOR® Mike Onorato, GRI, president of the Illinois Association of REALTORS® and broker-owner of Onorato Real Estate in Coal City. "A year ago the economy was in severe turmoil; going forward the focus must be on jobs and reducing the number of foreclosures, which continue to destabilize home prices."

Adds Onorato: "Opportunities remain for buyers and sellers with the tax credit deadline extended through April 30 and expanded to give long-time homeowners some incentive to make their next move. First-time buyers who need help with the down payment should see if they qualify for the Illinois Housing Development Authority's Home Start Loan program with its optional Down Payment Assistance and Tax Credit Advance loans at www.ihda.org."

The 4Q09 interest rate for 30-year, fixed-rate mortgages averaged 4.99 percent in the North Central Region, according to the Federal Home Loan Mortgage Corporation. It was down from 5.28 percent in the third quarter and also down from 5.86 percent a year ago in 4Q08.

"The Illinois economy continued on a downward trajectory in the fourth quarter of 2009," said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. "By the end of 2009, the state shed 237,300 jobs in 2009 and 381,500 jobs since the recession began in December 2007. Illinois lost jobs at a faster rate than the United States in 2009."

Adds Hewings: "The state never recovered from the 2000-2001 recession and absent a miraculous rate of growth, it may be more than 18 years before the state is back to 2000 employment levels."

In the Chicagoland Primary Metropolitan Statistical Area (PMSA) total home sales (single-family and condominiums) were up 44.9 percent in the fourth quarter of 2009 to 19,947 homes sold compared to 13,765 home sales in the fourth quarter of 2008. For the year, total home sales in the Chicagoland PMSA reached 69,373, nearly even with 69,406 home sales in 2008.

The region's fourth quarter 2009 median price was $187,000, down 13.0 percent from $215,000 in the fourth quarter of 2008. The Chicagoland PMSA median home sale price for 2009 was $196,000, down 18.3 percent from $240,000 in 2008.

According to the IAR report, total home sales (single-family and condominiums) comparing 4Q09 to 4Q08 were up in 72 of 99 Illinois counties reporting with 49 of 99 counties posting median price increases. The following Illinois counties reported both sales and median price increases for the quarter: Champaign sales up 51.0 percent, median price up 6.0 percent to $143,950; Kankakee sales up 13.8 percent, median price up 2.4 percent to $128,000; Peoria sales up 7.7 percent, median price up 1.1 percent to $110,000; Sangamon sales up 44.5 percent, median price up 8.1 percent to $115,000; and Williamson sales up 13.4 percent, median price up 16.2 percent to $97,000.

In the city of Chicago, total home sales (single-family and condominiums) in the fourth quarter were up 43.7 percent to 5,639 sales compared to sales of 3,925 in the fourth quarter of 2008. The city of Chicago median price in the fourth quarter was $215,000, down 11.5 percent from $243,000 in the same period for 2008. For the year, home sales in the city reached 19,401 in 2009, down 7.4 percent from 20,946 sales in 2008. The 2009 median price was $225,000, down 22.4 percent from $290,000 in 2008.

"Stability is eluding the Chicago market," said REALTOR® Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. "As consumers struggle with confidence in larger credit purchases such as real estate, we again ask for parity in the mortgage markets and for more aggressive action to be taken to stop the flow of foreclosures, especially given recent Illinois unemployment statistics. Without revisions in lending regulations targeting urban areas, designed to reasonably accommodate purchasers looking to buy and especially to 'move-up,' Chicagoans will witness declining homeownership, loss of tax revenues and erosion of the equity they have placed and created in their homes."

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 37 participating Illinois REALTOR® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

The Illinois Association of REALTORS® is a voluntary trade association whose 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Detailed fourth quarter 2009 Illinois home sales data can be accessed at the IAR Web site, www.illinoisrealtor.org, on Market Stats.

SOURCE Illinois Association of REALTORS

IDNR Announces Volunteer Fire Assistance Program Grants

SPRINGFIELD, IL Governor Pat Quinn today announced that residents and property owners in 61 Illinois communities will benefit from $512,217 in matching grants to rural fire protection districts and fire departments through the federal Volunteer Fire Assistance grant program.

(Media-Newswire.com) - SPRINGFIELD, IL – Governor Pat Quinn today announced that residents and property owners in 61 Illinois communities will benefit from $512,217 in matching grants to rural fire protection districts and fire departments through the federal Volunteer Fire Assistance grant program. “The federal funding that supports this program provides important assistance to rural and small town fire departments as they upgrade their firefighting equipment and training,” Governor Quinn said.  “Homeowners, business owners and other residents of these communities are the real beneficiaries of this assistance to their firefighters.” The Volunteer Fire Assistance grant program reimburses 50 percent of the recipient’s cost for providing training and acquiring equipment to assist local firefighters.  Grant recipients must make the initial financial outlay for the projects before being reimbursed.  The grants announced today are supporting more than $1 million in local projects. The U.S. Forest Service grant program is administered in Illinois by the Illinois Department of Natural Resources ( IDNR ). “The new equipment or training that these grants are helping to provide will enable local fire departments to do an even better job of protecting their communities,” said IDNR Director Marc Miller.

  IMPROVE YOUR HOME'S ENERGY EFFICIENCY THIS WINTER

In the cold winter months, much of your attention turns to reducing energy costs and making your home more energy-efficient. Unless you have a specially designed, energy efficient home, you can almost always reduce your energy costs and improve your home's comfort level by sealing air leaks and adding insulation.

Here are some easy ways to seal your home and make your rooms more comfortable

• In unfinished areas of your basement, seal where the cement meets the wood frame at the top of the basement wall.
• Seal around windows and door frames. You should use good caulk that will last a long time.
• Weather strip doors and windows so they close tightly.
• Seal with spray foam insulation around pipes and wires that pass into your home.

Sealing can't do the job alone

Maximize your home's energy efficiency by improving your insulation, moisture control and allowing proper ventilation. Balancing all these aspects of your home's airflow will create a healthier home and pay for itself quickly, even in a newer home.

Improve the air flow and insulation of your home  The air flow in your home can be the single, most important factor affecting your energy costs, comfort and health. Of course weather factors change that rate, but while your home needs to have adequate ventilation to be healthy, significant, uncontrolled air leakage is the biggest energy waster and does not promote comfortable living.To make your home energy truly efficient while allowing it to ventilate at the proper level may require hiring an energy analyst. They will use particular diagnostic tools to assess your air leakage.
If you feel comfortable doing it yourself, you first need to find out where your home isn't - but should be insulated, the type of insulation you have, the R-value and the depth of that insulation. Good places to check first are the garage, basement, crawlspaces and attics. You can inspect the exterior walls using an electrical outlet (refer to safety procedures and more details regarding this on a Web site such as www.Energy.gov).
If you have a newer home, the insulation may be found on the outside foundation or basement walls. You may have to contact the original builder to determine if this type of insulation was used.
If you decide you need to add insulation anywhere in your home, make sure you select the proper R-value and the type of insulation necessary. A further explanation of this can be found on www.Energy.gov. You can even use a calculator on this site to find out your payback period for adding insulation and the potential cost.

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 John Goleman with RE/MAX Professionals - Springfield would like to thank you for your continued business. If you or anyone you know has any real estate needs, please have them contact John Goleman at 217-8996789.

John Goleman had the best year ever in 2009! 2010 is a great year to get on board with John!

Illinois Home Sales in December Log Fourth Consecutive Gain Year-End Home Sales Down 1.5 Percent in 2009

SPRINGFIELD, Ill., Jan. 25 /PRNewswire/ -- Illinois housing markets show signs of stabilizing as low interest rates and the tax credit stimulus helped to reduce inventories through the end of 2009 while more markets reported median price increases in December. According to the Illinois Association of REALTORS^® latest report, statewide total home sales (which include single-family and condominiums) in December 2009 were up 20.1 percent, totaling 8,197 homes sold compared to December 2008 sales of 6,823 homes, marking the fourth consecutive month of year-over-year sales increases statewide. The median price in December 2009 was $152,000 down 1.9 percent from $155,000 in December 2008. The median is a typical market price where half the homes sold for more, half sold for less.

For the year, Illinois home sales were down just 1.5 percent to 107,503 homes sold compared to 109,195 homes sold in 2008. The year-end statewide median price for 2009 was $157,000, down 14.6 percent from $183,900 in 2008.

"Four consecutive months of sales increases and two months of median price increases in 40 to 50 percent of Illinois counties are all good signs that markets are stabilizing in some areas although the overall economy must improve to see a full recovery in the housing market," said REALTOR® Mike Onorato, GRI, president of the Illinois Association of REALTORS® and broker-owner of Onorato Real Estate in Coal City. "In 2009, we saw demand primarily for lower-priced homes from first-time buyers in addition to short sales and sales of foreclosed homes. There is opportunity now for the move-up buyer to take advantage of the tax credit that ends April 30 and lower mortgage interest rates, which many analysts expect to rise by mid-year."

Adds Onorato: "In the year ahead REALTORS® support continued programs to stem foreclosures and help people refinance or sell, as well as a focus on job creation and retention by state and local governments. As the economy improves so will the housing market."

In the Chicagoland Primary Metropolitan Statistical Area (PMSA), year-over-year home sales were positive for the sixth consecutive month, up 33.1 percent to 5,752 homes sold (single-family and condominiums) in December 2009 compared to 4,320 homes sold in December 2008. The median home sale price for the Chicagoland PMSA was $183,000 in December 2009, down 10.4 percent from $204,200 in December 2008.

For the year, Chicagoland PMSA home sales were off slightly at -0.2 percent totaling 69,290 homes sold compared to 69,406 homes sold in 2008. The year-end Chicagoland PMSA median price for 2009 was $196,000, down 18.3 percent from $240,000 in 2008.

The monthly average commitment rate for a 30-year, fixed-rate mortgage for the North Central region was 5.04 percent in December 2009, up from 4.93 percent during the previous month, according to the Federal Home Loan Mortgage Corporation. Last year in December it averaged 5.19 percent.

"The continuation of positive changes in annual sales data recorded in the last three months of 2009 is forecast to continue through the first quarter of 2010 and there is evidence to suggest that median prices might be starting to inch upwards," said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. "Illinois' March 2010 median price is forecast to be just above the level recorded a year earlier but Chicago's median price will be down by just under 8 percent."

Adds Hewings: "Illinois has recorded 24 months of job declines since the recession began in December 2007. Nationally, four in 10 of those currently unemployed have been in this position for more than 27 weeks."

Illinois' official unemployment rate in December reached 11.1 percent (up from 10.9 percent in November) and remained above the national rate of 10.0 percent in December.

In the city of Chicago, December total home sales (single-family and condominiums) were up 39.8 percent to 1,768 sales compared to 1,265 homes sold in December 2008. The city of Chicago median price in December 2009 was $210,000 down 10.6 percent compared to $235,000 a year ago in December 2008.

For the year, city of Chicago home sales were down 7.4 percent to 19,401 homes sold compared to 20,946 homes sold in 2008. The year-end city of Chicago median price for 2009 was $225,000, down 22.4 percent from $290,000 in 2008.

"In the city of Chicago, December closed with nearly a 40 percent increase in units sold over the same period in 2009, indicating that the correction of the marketplace continues as distressed properties are absorbed by investors, and stimulus credit homebuyers continue to pave their way to making their purchases," said REALTOR® Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago. "We will continue to monitor closely the impact of the first-time homebuyer tax credit, as well as the evolving lending regulations, including FHA's new guidelines, as we serve Chicago's homebuyers in 2010."

According to the IAR report, total home sales (single-family and condominiums) comparing December 2009 to the same month in 2008 were up in 50 of 99 Illinois counties; 50 percent of reporting counties also logged median price increases.

The following Illinois counties reported both sales and median price increases in the month of December: Champaign County sales up 16.3 percent, median price up 20.7 percent to  $157,500; Logan County sales up 20.8 percent, median price up 14.1 percent to $85,000; Rock Island County sales up 1.2 percent, median price up 5.2 percent to $87,550; Sangamon County sales up 24.2 percent, median price up 33.0 percent to $128,000; and Tazewell County sales up 3.0 percent, median price up 1.6 percent to $126,950.

Sales and price information is generated from a survey of Multiple Listing Service sales reported by 37 participating Illinois REALTOR^® local boards and associations. The Chicago PMSA, as defined by the U.S. Census Bureau, includes the counties of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

The Illinois Association of REALTORS^® is a voluntary trade association whose 50,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS^® works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

Find Illinois market stats data at www.illinoisrealtor.org, click on Market Stats.

SOURCE Illinois Association of REALTORS

RELATED LINKS
http://www.illinoisrealtor.org

You are running out of time to take advantage of this amazing opportunity! Whether buying for the first time, or selling your home! Give John Goleman a call at 217-899-6789, to help you make the most of this short term incentive!!!