Finally the high end market is heading south.

Finally the high end market is heading south.


At this time of year when we are heading back to school,our real estate market usually starts to heat up. With this report in the paper,I am thinking that the fall market will be soft. There are not enough new jobs being created for the homeowner to get excited about moving up. Clearly Du Page County is taking the biggest hit and Hinsdale, Clarendon Hills, and Burr Ridge are facing many more short sales homes in the coming months. Buyers are you interested in purchasing a good deal?

From the New York Times Chicago News Cooperative:

“In the first half of 2010, the largest increases in new foreclosures occurred in the region’s middle- and higher-income communities,” according to a report this month by the Woodstock Institute, which tracks housing trends in the region.
Du Page County was hardest hit in the Chicago metropolitan area, with a 74.8 percent increase in new filings in the first six months of 2010; Lake County, home to Lake Forest, was second, with a 64.9 percent jump. But in Lake Forest, the increase in the number of foreclosures was a jarring 78.9 percent.
An examination of real estate transactions in Lake Forest through the end of July found that of the 127 houses sold this year, 18 of them, or 14 percent, were either in foreclosure or were transferred on so-called short sales — that is, when the selling price falls short of the amount owed on the mortgage.

Far from poor, real estate woes nip at Lake Forest [New York Times Chicago News Cooperative, Tom Hundley, August 7, 2010]