Existing home sales in Illinois rose for the sixth consecutive month as low housing prices, low current Illinois mortgage rates, and attractive distressed properties fueled demand for houses.
Sales of existing homes and condos in the Chicago area rose 32% in February compared to the previous February. Nearly 40% of home sales in Chicago last month were distressed properties. In the past distressed properties were synonymous with ramshackle houses in run-down neighborhoods in dire need of repair. In the current economic climate, however, there are many distressed properties in good condition that are move-in ready. These foreclosed houses are selling at bargain prices and are depressing prices for homes that are not distressed that have to compete with low prices. Over the past sixth months the median house price in the Chicago area dropped 17%.
Foreclosure filings in Illinois were up 21% in February. The upside to this is that before the recovery in the housing market can truly take hold, the market will have to absorb the supply of distressed homes. This process will definitely cause hardship for many sellers, but is a necessary process.
What does all this mean to the average home-buyer in Illinois? It is surely a buyer’s market right now. Prices are at low levels that have not been seen for years. For those who qualify, current mortgage rates are very near their historic lows. The average national 30 year fixed mortgage rate was 4.96% last week. Total Mortgage offers Illinois mortgage rates well below the national average:
Illinois 30 Year Fixed Conventional Mortgage
Illinois 15 Year Fixed Conventional Mortgage
Illinois 30 Year Fixed FHA Mortgage
Illinois 30 Year Fixed Jumbo Mortgage
Illinois 15 Year Fixed Jumbo Mortgage
Illinois 5/1 ARM Conforming Mortgage
Illinois 5/1 ARM Jumbo Mortgage
* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice. All rates assume a credit score of 740+ and are subject to change. Rates are quoted from Totalmortgage.com as of 12PM on Tuesday, March 23rd, 2010.
If you are in the market for a home in Illinois, Total Mortgage would be proud to help find you the right mortgage for your situation. For more than a decade we have offered some of the best mortgage rates in the industry and exceptional customer service. We know the market inside and out and are able to use our in house processing and underwriting to cut costs and save you money. Call us today at 877-868-2503 and learn how we can save you money today.