Pending home sales index falls 3.2% in July ~NOT in the Midwest we are up 2.8%

This goes hand in hand with how busy I am with buyer traffic right now.
There are tons of Bargains out there and with the GOV just taking over
Freddie Mac and Fannie May the 30 Mortgage rate dropped to 5.88%!
It is under 6% again. So lock in while you can. If the inflation numbers
don't moderate then the fed may have to raise rates which will have a
negative effect on the overall mortgage market.

So how is your area holding up in this buyer's market?

Price Change Year to Date (July 2008) from the MLS Stats:
(Median Sale Price)

• Clarendon Hills -19.7%
• Darien -1.2%
• Downers Grove -8.4%
• Hinsdale -6.1%
• Lemont -0.0%
• Lisle -1.7%
• Naperville -6.4%
• Plainfield -7.2%
• Western Springs -4.5%
• Westmont -9.3%
• Woodridge -2.7%

The prices have moderated over the last year but as you can see we are not in the same camp as Florida, California, and Nevada where they have dropped 20% to 40%. These areas in some instances were logging 15% to 30% increases Year over Year in their peak. They were bound for a big price correction. Where as the suburbs of Chicago were getting more modest increases of 7% to 13%. So we are not faring that bad. According to Case-Shiller price index the Chicago area is going to drop (peak through trough) 16%. I believe we are pretty much through this correction now. Buyers are coming out of the woodwork to start browsing the bargains. I had four new buyers on Wednesday contact me for home showings. We have a lot of pent up demand for housing and sooner or later those flood gates are going to break. People are just trying to make sure the waters are safe!

Denis J Sharkey

Denis J Sharkey Broker/Owner

The Real Estate Market is Alive in the Midwest!

I am currently handling more clients than I can almost handle efficiently. There are buyers out there and there are sellers that are selling. Prices are moderating a bit but nothing to go crying to momma about. If you are selling and buying (stepping up) YOU ARE IN GREAT SHAPE! The money you lose having to lower you price on your current home in order to get it to sell will be more than made up for in most instances when you buy. There will be a large net gain! You just need to make sure you real estate agent
does their job when negotiating the sale price on your replacement home!
There are a lot of bargains out there currently.