In this report I am getting the picture that we are not out of the declining market yet. The Assessor's office released this about the foreclosure status in Cook county. In 2010 will we see any upswing? I do not think we will until 2011.
From the Tribune:
“The market is still having problems,” said Fran Lefor, a senior research analyst at the assessor’s office. “But if you’re not in foreclosure, things are not as bad as you might think. It’s good news if you don’t have a house in foreclosure. It’s bad news if you’re a bank.”
The study found that 35.2 percent of the 8,092 residential property sales completed during the first quarter were foreclosure-related transactions, and the $88,500 median price was a 21 percent drop from a year ago.
But in the traditional market for the county as a whole, the number of properties sold rose almost 49 percent, and the median price fell only 6.7 percent, to $231,000, from 2009’s first quarter. The median means half the homes are sold for more and half for less.
The assessor’s data includes all sales within the county, not just those reported to the local multiple listing service. The most dramatic year-over-year price changes were found in Chicago, where the 2010 first-quarter median price fell 6.5 percent, to $252,500, for traditional sales and plummeted 23.8 percent, to $80,000, for distressed homes.
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