Elmhurst,IL January 2012 Real Estate Market Trends

Elmhurst,IL January 2012 Real Estate Market Trends

Elmhurst,IL January 2012 Real Estate Market Trends

Year-To-Date January, 2012 vs. Year-To-Date January, 2011, the average price in the Elmhurst Area is down 39.4%.  The YTD average price is down from $468,153 to $283,687. The YTD median price decreased 3.42%, from $226,500 to $219,000.  As of February 13, 2012 there are 286 active listings in the MLS, representing a 11.44 month supply of inventory (MSI).  Remember, 5.5 months is considered a "balanced" market by most.  Year-To-Date average Days on Market (DOM) is down  from 208 in January, 2011 to 155 in January 2012.

 

 

 

 

 

 

               

The statistics presented in Market Tracker are compiled monthly based on figures and data generated by MRED for detached single family and attached single family properties. Due to possible reporting inconsistencies, Days on Market (DOM), average prices, and rates of change should be used to analyze trends only. Property and statistical data sourced from MLS is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.
 

 

Mortgage servicers settle $26B foreclosure suit

The banks have settled the 16-month probe. The agreement includes $5 billion for states, $17 billion to help borrowers and $3 billion to refinance homeowners and foreclosure victims.

 

(Bloomberg) - Five banks will pay $26 billion to end a nationwide investigation of abusive foreclosure practices stemming from the collapse of the housing bubble, a senior administration official said.

 This level of achievement is no small accomplishment in these economic times.

The U.S. Justice Department and Department of Housing and Urban Development will announce the resolution of the 16-month probe Thursday morning. Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. are among the banks—the nation's five largest servicers—participating so far.

The $26 billion agreement includes $5 billion in cash for states, $17 billion to help borrowers in the form of mortgage debt forgiveness, forbearance and short sales, and $3 billion in refinancings to lower homeowners' interest rates, the official said in a phone call with reporters.

The total figure could grow to $40 billion if the next nine largest mortgage servicers sign on to the agreement, the official said. In a best-case scenario, if banks participate fully, the deal could be worth $45 billion to homeowners and victims of foreclosure.

Terms of the settlement were to be announced at a press conference in Washington by Attorney General Eric Holder and Housing Secretary Shaun Donovan.


 

Record Low Mortgage Rates

According to a January report by mortgage giant Freddie Mac, the national average commitment rate for a 30-year, fixed-rate conventional mortgage fell to 3.96 percent in December, down from the 4.71 percent rate reported at the end of 2010. These rates are the lowest on record, dating back to 1971 when record keeping began. This is an ideal time to refinance your existing home, or to get pre-approved for a new loan.

Contact us for our preferred list of local mortgage planners and take advantage of today's low interest rates!

 

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