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Sales of Single Family Houses and Condos Up in Some Illinois Areas

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By : John Cutts    99 or more times read
Residential property sales, including single family houses and condominium units, jumped in several areas of Illinois in January 2011 compared with the same 2010 month. However, prices of homes sold remained the same year-over-year in most of the state's housing markets.

Distressed homes in Round Lake and non-foreclosed dwellings in several other parts of the state showed slight to moderate improvements compared with year-ago levels. In Rockford, housing sales jumped by 2.6% in January 2011 compared with January 2009, giving the area a good start for the current year. The metro area posted a total number of 160 home and condo unit sales last month, slightly higher than the January 2010 total of 156.

The presence of foreclosed and distressed houses listings in Illinois prevented prices from posting an increase for the month, with the average price of houses sold in Rockford for the past three months pegged at $117,520. This is higher when compared with the December 2010 selling rate of $116,675, but slightly lower or almost flat when compared with the January 2010 average selling rate of $118,720.

According to local realtors, the slight gain in sales of condominiums and single family houses is good news for the area, particularly since residential property sales for the full period of last year tanked in majority of the local markets. Realtors also stated that they do expect sales figures in 2011 to be better than 2010 and are now waiting whether the projected rise in sales will take home prices along with it.

Realtors stated that the positive projection for the home selling sector is primarily due to the low interest rates in mortgages. They stated that homebuyers who have remained undecided until the end of last year will hopefully be encouraged to take advantage of the low interest rates and start buying homes, even those under fixer upper home listings, before rates start to climb again.

In addition, most realtors believe that more single family houses and other residential properties will be sold this year as unemployment levels continue to decline. In Rockford, unemployment rate was at 13% as of December 2010, much lower than the 16.3% recorded in December of 2009.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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