Chicago is Sizzling This Fall!
It may be autumn, but October was sizzling hot in the housing market, with Chicago-area home sales jumping 33% from the same month last year.
Just as exciting, in early November the government extended the popular first-time buyer's tax credituntil spring of 2010. A very important CHANGE is that this wildly popular program is now available not only to first-time buyers, but also to current homeowners who want to buy a new principal residence, with certain restrictions.
Factors contributing to the burst of market activity include a good selection of homes to choose from, low prices, amazing mortgage interest rates, and the tax credit… all factors which largely still exist. You don't want to miss what appears to be a once-in-a-lifetime opportunity!
Note:
• October's monthly average mortgage commitment rate for a 30-year fixed-rate in the North Central region was an amazingly low 5%.
• The supply of homes nationally is at its lowest level in 2½ years. As the old saying goes, "He who hesitates is lost."
(Source: Chicago Tribune November 23, 2009)
Posted at 04:04PM Nov 25, 2009 by Bob Billimack in Market News Comments[0]
