Our trusted attorney, Tom, has an excellent post today on what to expect after a foreclosure or short sale, and how to prepare if you find yourself in a similar situation.
You still have a slightly better chance of getting a loan modified than winning the lotto. And since getting a loan modified is like winning the lotto, you should probably be taking a shot at both if you need to. An article in the Tribune yesterday says, “Only 31,382 mortgages across the nation were permanently made more affordable.” Across the nation! Now there are hundreds of thousands more supposedly in a “trial period”, but let me know if you bump into anyone who has actually even made it to the “trial period”.
Now I don’t believe everyone should get their loan modified. I am just tired of seeing stories in the media (and the government acting like it is doing something) giving people false hope that they are going to have a chance of getting help when clearly it is a long shot. I have seen too many people lose too much time waiting on a loan modification that never happens. They end up in a worse position than when they started the loan mod process. It hurts everyone, the market, and especially the people who legitimately need the modification the most.
Mt. Prospect in great location near train. Updated kitchen, just refinished hardwood floors, fantastic yard! Great schools. Just $240,000. 109 S. Bobby Lane. Full listing.
You may want to give it just a couple more weeks. Our favorite attorney posted an article about the changes being made to the paperwork. Thanks Tom!
Single Family
Active listings: 181
Under contract: 54
Sold & Closed: 200
Avg days on market: 216
Condo/Towhomes
Active listings: 125
Under contract: 15
Sold & Closed: 86
Avg days on market: 198
Bartlett homes and the local Real Estate market in general are having a slightly better 2009 than ‘08 to date. Market times have gone down and there are more under contract homes in Bartlett than last year. Townhomes and condos in Bartlett also are showing better numbers. There is still a ways to go to get back to a ‘normal’ market, but if these trends continue we are on our way. Bartlett homebuyers will enjoy great prices, great rates, and a generous tax credit when they buy in the near future. And that is what will get things going so that the market improves further.
Data courtesy of MRED MLS for 1/1/09 – 10/31/09 for closed listings.
It looks like there may be some help on the way for the short sale process. We have heard some of this talk before so let’s just hope it actually becomes part of the process this time. If even some of these changes get implemented they would help things along. Read the Yahoo News story.
5483 Elizabeth Place, Rolling Meadows. Beautiful townhome with basement and 2 car garage. Listed for $267,000. Find your Rolling Meadows home here.
Single Family
Active listings: 186
Under contract: 63
Sold & Closed: 212
Average days on market: 217
Condo/Towhomes
Active listings: 176
Under contract: 56
Sold & Closed: 141
Avg days on market: 206
Streamwood Real Estate is seeing more homes go under contract than in the previous year. So if the 2009 finishes strong there should be more closings than in 2008. That is an encouraging sign for the local market. There is still a ways to go, but at this point we need these steps in the right direction. If you’re considering buying a Streamwood home or townhome that is for sale, this is a great time to take advantage of the strong buyer’s market.
This data comes courtesy of MRED MLS and reflects activity from 1/1/09 – 10/31/09.
Single Family
Active listings: 108
Under contract: 7
Sold & Closed: 36
Average days on market: 347
Condo/Towhomes
Active listings: 19
Under contract: 0
Sold & Closed: 9
Avg days on market: 268
It has been awhile, but we are back with an update for Inverness homes and Real Estate. It continues to be a strong buyer’s market in Inverness for homes and townhomes. On a positive note, there were 40 closings of Inverness single family homes last year and we are almost there already this year. If you have ever thought of purchasing a home in Inverness, now is the time to take advantage of prices that may never be seen again in Inverness. You may have thought it would never be possible to live there, it is now!
Data from MRED MLS from 1/1/09 – 10/31/09 for closed listings.
The Cary News Weekly (Cary’s email newsletter) reported last week that the Woodstock Institute had released foreclosure totals for McHenry County. They were happy to announce that Cary had the lowest number of foreclosures so far in 2009 for all of McHenry’s larger communities. Here is the list:
- Lake in the Hills – 221
- Crystal Lake – 192
- Algonquin – 131
- McHenry – 123
- Woodstock – 113
- Cary – 73
