Interest rates across the board spiked last week. Depending on who you asked and when, the 30-year fixed-rate mortgage rose as much as one percentage point. Officially, Bankrate.com has the national average at around 5.5%, but its survey was conducted before the full brunt of the increase.
Various explanations were given for the spike in interest rates. Impending inflation was at the forefront, with one particularly animated pundit claiming U.S. inflation could approach Zimbabwe levels. Fact is, most people are already expecting some inflation down the road, so inflation alone was an unlikely reason. A more plausible explanation is that the Treasury Department has been issuing so much debt lately, $101 billion worth last week alone, that it simply swamped demand, so bond prices fell and the interest the Treasury had to pay to attract buyers rose.
At any rate, it's not the end of the world. Over the past 25 years, the 30-year fixed-rate mortgage has averaged around 7.8%. In 2007, the average rate was around 6.3%. And even last year, the average rate was around 6.2%.
The big concern with last week's rate spike is that it could put downward pressure on home prices and sales. It's a legitimate concern, to be sure, given that existing home sales rose again in April to an annual pace of 4.68 million units, with about 45% of April's sales attributable to foreclosures and short sales. Meanwhile, new home sales continue to make positive strides, albeit slight, with sales rising to 352,000 units annually.
The good new is that homes remain affordable, at least when vetting the national numbers, which, admittedly, aren't always applicable to the local scene. That said, the median price for an existing home in April was $170,200, while the median price for a new home was $209,700.
Eric P. Egeland
RE/MAX UNITED
847.337.7090
DeerfieldsAgent.com
Showing posts with label 60015 mls. Show all posts
Showing posts with label 60015 mls. Show all posts
Sunday, May 31, 2009
Monday, July 28, 2008
Deerfield Illinois Market Update
Market activity for July 14-28th 2008
Single Family Homes
New Listings
23349 N Wildwood LN 2 Beds 1 Baths $439,000
413 Locust PL 4 Beds 2.1 Baths $439,000
444 Hermitage AVE 5 Beds 3 Baths $479,000
1539 Woodland DR 5 Beds 3.1 Baths $649,000
1102 CAMILLE AVE 4 Beds 2.1 Baths $859,000
1562 Crabtree 4 Beds 2.1 Baths $1,199,000
61 Ellendale DR 5 Beds 3.1 Baths $589,000
Under Contract
806 Appletree LN 3 Beds 1.1 Baths $359,000
1315 Greenwood AVE 3 Beds 2.1 Baths $408,000
75 E MULBERRY EAST RD 4 Beds 2.1 Baths $498,000
822 Spruce 4 Beds 4.1 Baths $859,000
657 COLWYN TER 5 Beds 4.1 Baths $1,499,000
Price Changes
857 JUNIPER CT 2 Beds 2 Baths $279,900 New Price $269,900
20880 N CATALPA ST 3 Beds 1 Baths $359,900 New Price $355,000
649 W Elder LN 2 Beds 1 Baths $379,900 New Price $369,900
417 Willow AVE 4 Beds 2 Baths $399,000 New Price $389,000
1356 Hackberry 3 Beds 2 Baths $419,000 New Price $399,000
1119 COUNTRY LN 3 Beds 2.1 Baths $439,900 New Price $424,900
1103 ELMWOOD AVE 3 Beds 3 Baths $449,000 New Price $439,000
1142 Warrington RD 3 Beds 2 Baths $519,000 New Price $507,000
1152 PRAIRIE AVE 4 Beds 3.1 Baths $789,000 New Price $779,000
1116 Linden 4 Beds 4.1 Baths $1,049,000 New Price $999,000
195 River ST 4 Beds 4.1 Baths $1,230,000 New Price $1,075,000
1327 Somerset ST 4 Beds 3.1 Baths $1,290,000 New Price $1,175,000
1164 Wilmot RD 4 Beds 4.1 Baths $1,229,000 New Price $1,195,000
1611 Montgomery RD 5 Beds 6.1 Baths $1,399,000 New Price $1,379,000
461 Woodvale AVE 5 Beds 4.2 Baths $1,699,000 New Price $1,675,000
316 Landis LN 5 Beds 6.1 Baths $2,875,000 New Price $2,799,000
880 Northwoods 4 Beds 2 Baths $675,000 New Price $649,000
Closed
464 Grove PL 2 1.1 3910 $329,000 closed for $297,500
1252 Carlisle PL 4 2.1 3517 $459,900 closed for $430,000
1130 RAGO AVE 3 2 3640 $479,000 closed for $455,000
905 Warrington RD 3 1.1 3750 $499,000 closed for $435,000
43 ESTATE DRIVE 5 3.1 3910 $859,000 closed for $840,000
1314 Hazel AVE 4 3.1 3710 $979,000 closed for $925,000
1541 Hawthorne 5 6.5 3910 $1,699,000 closed for $1,515,000
Attached Homes
New Listings
378 GOSHAWK LN Unit # 378 2 Beds 2.1 Baths $244,900
401 Winston DR Unit # 401 2 Beds 2.1 Baths $252,000
392 Kelburn RD Unit # 222 3 Beds 2 Baths $498,000
Price Changes
1015 Deerfield RD Unit # 232 2 Beds 2 Baths $170,000 New Price $159,900
433 N SWAN BLVD Unit # 433 3 Beds 2.1 Baths $279,900 New Price $279,500
610 Robert York RD Unit # 107 2 Beds 2.1 Baths $599,000 New Price $575,000
Closed
459 Elm ST Unit # 1C 2 Beds 1.1 Baths $184,500 closed for $182,000
423 ELM ST Unit # 5C 2 Beds 1.1 Baths $189,000 closed for $175,000
610 Robert York RD Unit # 110 2 Beds 2 Baths $279,900 closed for $267,000
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
Single Family Homes
New Listings
23349 N Wildwood LN 2 Beds 1 Baths $439,000
413 Locust PL 4 Beds 2.1 Baths $439,000
444 Hermitage AVE 5 Beds 3 Baths $479,000
1539 Woodland DR 5 Beds 3.1 Baths $649,000
1102 CAMILLE AVE 4 Beds 2.1 Baths $859,000
1562 Crabtree 4 Beds 2.1 Baths $1,199,000
61 Ellendale DR 5 Beds 3.1 Baths $589,000
Under Contract
806 Appletree LN 3 Beds 1.1 Baths $359,000
1315 Greenwood AVE 3 Beds 2.1 Baths $408,000
75 E MULBERRY EAST RD 4 Beds 2.1 Baths $498,000
822 Spruce 4 Beds 4.1 Baths $859,000
657 COLWYN TER 5 Beds 4.1 Baths $1,499,000
Price Changes
857 JUNIPER CT 2 Beds 2 Baths $279,900 New Price $269,900
20880 N CATALPA ST 3 Beds 1 Baths $359,900 New Price $355,000
649 W Elder LN 2 Beds 1 Baths $379,900 New Price $369,900
417 Willow AVE 4 Beds 2 Baths $399,000 New Price $389,000
1356 Hackberry 3 Beds 2 Baths $419,000 New Price $399,000
1119 COUNTRY LN 3 Beds 2.1 Baths $439,900 New Price $424,900
1103 ELMWOOD AVE 3 Beds 3 Baths $449,000 New Price $439,000
1142 Warrington RD 3 Beds 2 Baths $519,000 New Price $507,000
1152 PRAIRIE AVE 4 Beds 3.1 Baths $789,000 New Price $779,000
1116 Linden 4 Beds 4.1 Baths $1,049,000 New Price $999,000
195 River ST 4 Beds 4.1 Baths $1,230,000 New Price $1,075,000
1327 Somerset ST 4 Beds 3.1 Baths $1,290,000 New Price $1,175,000
1164 Wilmot RD 4 Beds 4.1 Baths $1,229,000 New Price $1,195,000
1611 Montgomery RD 5 Beds 6.1 Baths $1,399,000 New Price $1,379,000
461 Woodvale AVE 5 Beds 4.2 Baths $1,699,000 New Price $1,675,000
316 Landis LN 5 Beds 6.1 Baths $2,875,000 New Price $2,799,000
880 Northwoods 4 Beds 2 Baths $675,000 New Price $649,000
Closed
464 Grove PL 2 1.1 3910 $329,000 closed for $297,500
1252 Carlisle PL 4 2.1 3517 $459,900 closed for $430,000
1130 RAGO AVE 3 2 3640 $479,000 closed for $455,000
905 Warrington RD 3 1.1 3750 $499,000 closed for $435,000
43 ESTATE DRIVE 5 3.1 3910 $859,000 closed for $840,000
1314 Hazel AVE 4 3.1 3710 $979,000 closed for $925,000
1541 Hawthorne 5 6.5 3910 $1,699,000 closed for $1,515,000
Attached Homes
New Listings
378 GOSHAWK LN Unit # 378 2 Beds 2.1 Baths $244,900
401 Winston DR Unit # 401 2 Beds 2.1 Baths $252,000
392 Kelburn RD Unit # 222 3 Beds 2 Baths $498,000
Price Changes
1015 Deerfield RD Unit # 232 2 Beds 2 Baths $170,000 New Price $159,900
433 N SWAN BLVD Unit # 433 3 Beds 2.1 Baths $279,900 New Price $279,500
610 Robert York RD Unit # 107 2 Beds 2.1 Baths $599,000 New Price $575,000
Closed
459 Elm ST Unit # 1C 2 Beds 1.1 Baths $184,500 closed for $182,000
423 ELM ST Unit # 5C 2 Beds 1.1 Baths $189,000 closed for $175,000
610 Robert York RD Unit # 110 2 Beds 2 Baths $279,900 closed for $267,000
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
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