And yet another one bites the dust. Washington Mutual was last week’s casualty in a financial saga that has seen Lehman Brothers and IndyMac driven out of business, and that has led to the hastily arranged rescues of Merrill Lynch and Bear Stearns.
In what is by far the largest bank rescue in U.S. history, federal regulators seized WaMu and struck a deal to sell the bulk of its operations to J.P. Morgan. WaMu’s breathtakingly swift collapse was triggered by a wave of deposit withdrawals as many investors – proving to be prophetically right – believed the end was near. The good news is that all WaMu depositors will have access to their cash; the bad news is that holders of $30 billion in debt and all common shareholders will end up with nothing.
To get an idea of how fast and furious WaMu’s fall from grace was, last September its stock was changing hands at $35 a share. In Friday’s trading, it was changing hands at $0.16 a share, and that’s probably overvalued. The irony, if there is any, is that WaMu rejected a takeover offer from J.P. Morgan in March that valued the savings and loan at $4 a share.
Unfortunately, Washington isn’t doing much to assuage concerns of very nervous capital markets. The Bush administration wants Congress to authorize a $700 billion debt issue to allow the government to purchase collateralized debt obligations (CDOs) that banks can’t sell except at large losses, including mortgage-backed securities backed by poorly performing loans. While Democrats say the plan should include direct help for troubled borrowers and protections for taxpayers, some Republicans want any government program to be aimed solely at unfreezing the credit market’s institutions. As of week’s end, the two sides were at an impasse.
Eric P. Egeland
RE/MAX UNITED
847.337.7090
DeerfieldsAgent.com
Sunday, September 28, 2008
Monday, August 25, 2008
Time to Nationalize Fannie & Freddie?
Fannie Mae’s and Freddie Mac’s impact on the mortgage market can’t be understated. Both borrow huge sums of money to buy mortgages. Their demand is a major force in setting the overall rate on standard mortgages, particularly now that many other sources of financing have evaporated. And even though both companies have recently been purchasing larger amounts of mortgages, rates on mortgage loans have stayed relatively high.
If the government believes cheaper borrowing costs are central to a housing recovery, it will have to do something to get mortgage rates to decline in line with Treasury rates. One guaranteed way to lower the spread between Treasury and mortgage rates is for the government to take over Fannie and Freddie. A takeover would lower Fannie’s and Freddie’s borrowing costs, which, in turn, would lower mortgage rates.
More competition from the private sector is another, though less timely, solution. Nationalizing Fannie and Freddie would drop mortgage rates immediately, to be sure, but few private firms would be able to match Fannie’s and Freddie’s borrowing costs. That would mean less innovation and fewer mortgage options for borrowers, and that could hurt the housing and mortgage markets in the long run.
Eric P. Egeland
RE/MAX UNITED
847.337.7090
DeerfieldsAgent.com
If the government believes cheaper borrowing costs are central to a housing recovery, it will have to do something to get mortgage rates to decline in line with Treasury rates. One guaranteed way to lower the spread between Treasury and mortgage rates is for the government to take over Fannie and Freddie. A takeover would lower Fannie’s and Freddie’s borrowing costs, which, in turn, would lower mortgage rates.
More competition from the private sector is another, though less timely, solution. Nationalizing Fannie and Freddie would drop mortgage rates immediately, to be sure, but few private firms would be able to match Fannie’s and Freddie’s borrowing costs. That would mean less innovation and fewer mortgage options for borrowers, and that could hurt the housing and mortgage markets in the long run.
Eric P. Egeland
RE/MAX UNITED
847.337.7090
DeerfieldsAgent.com
Monday, August 4, 2008
Housing Recap
Yesterday’s housing bill is today’s housing law. Among the highlights, first-time home buyers will receive a tax credit of 10% of the purchase price of their home, up to $7,500. If you are wondering how Congress defines a first-time home buyer, it’s someone who hasn’t owned a house in the past three years. The validity and efficacy of the credit has to be questioned, because it’s really not a credit; it must be repaid in equal installments over the subsequent 15 years.
Another highlight helps people who have fallen behind on their mortgages and who owe more than their houses are worth. In such situations, refinancing is difficult, if not impossible. The law seeks to resolve this dilemma by encouraging lenders to forgive delinquent borrowers’ debt down to 87% of the property’s current appraised value. At that point the homeowner can than refinance under an FHA plan (though he or she will be expected to pay higher FHA insurance premiums).
The new law imposes few changes on Fannie Mae and Freddie Mac. Both institutions are a mess, yet the law oddly imposes no changes in management or business approach and no penalties on shareholders. Taxpayers instead are given two dubious protections: The first is that the treasury secretary will have the right to dictate terms if the government has to stump up equity capital for the firms. The second is the creation of a new regulator, whose effectiveness one must question, considering the effectiveness of past regulators.
Outside of the housing market, general economic health is waning. U.S. second-quarter gross domestic product came in below expectations, rising 1.9% versus expectations for a 2.2% rise. Slowing GDP, in turn, is impacting employment, and not in a good way. On Friday, the employment situation showed that payrolls declined by 51,000, pushing the unemployment rate up to 5.7%.
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
Another highlight helps people who have fallen behind on their mortgages and who owe more than their houses are worth. In such situations, refinancing is difficult, if not impossible. The law seeks to resolve this dilemma by encouraging lenders to forgive delinquent borrowers’ debt down to 87% of the property’s current appraised value. At that point the homeowner can than refinance under an FHA plan (though he or she will be expected to pay higher FHA insurance premiums).
The new law imposes few changes on Fannie Mae and Freddie Mac. Both institutions are a mess, yet the law oddly imposes no changes in management or business approach and no penalties on shareholders. Taxpayers instead are given two dubious protections: The first is that the treasury secretary will have the right to dictate terms if the government has to stump up equity capital for the firms. The second is the creation of a new regulator, whose effectiveness one must question, considering the effectiveness of past regulators.
Outside of the housing market, general economic health is waning. U.S. second-quarter gross domestic product came in below expectations, rising 1.9% versus expectations for a 2.2% rise. Slowing GDP, in turn, is impacting employment, and not in a good way. On Friday, the employment situation showed that payrolls declined by 51,000, pushing the unemployment rate up to 5.7%.
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
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
Sunday, July 27, 2008
Housing Bill
We saw a lot of coverage to last week’s House vote to offer $300 billion in assistance to troubled homeowners and to throw government support behind Fannie Mae and Freddie Mac. The bill has won endorsements from key senators in both parties and convinced President Bush to withdraw his long-standing veto threat.
Major provisions of the bill for mortgage markets include permanently increasing the cap on the size of mortgages guaranteed by Fannie Mae and Freddie Mac to a maximum of $625,000 from $417,000. It would also raise the FHA maximum loan limits for high-cost areas to $625,000. For first-time home buyers, the bill includes a tax refund worth up to 10% of a home’s purchase price but no more than $7,500. That said, the refund really isn’t a refund – it’s more of an interest-free loan, because the “refund” has to be repaid over 15 years in equal installments.
The bill will likely give the mortgage and housing markets an immediate boost, but let’s not get carried away with the back-slapping. Artificial stimulus packages are fickle; you can’t be assured that what you want stimulated is actually being stimulated. Besides, markets, if left to their own devices, eventually get it right, though sometimes not as quickly as we’d like. But when they do get it right, they tend to get it right on a more permanent footing.
Eric P. Egeland
RE/MAX UNITED
847.337.7090
DeerfieldsAgent.com
Major provisions of the bill for mortgage markets include permanently increasing the cap on the size of mortgages guaranteed by Fannie Mae and Freddie Mac to a maximum of $625,000 from $417,000. It would also raise the FHA maximum loan limits for high-cost areas to $625,000. For first-time home buyers, the bill includes a tax refund worth up to 10% of a home’s purchase price but no more than $7,500. That said, the refund really isn’t a refund – it’s more of an interest-free loan, because the “refund” has to be repaid over 15 years in equal installments.
The bill will likely give the mortgage and housing markets an immediate boost, but let’s not get carried away with the back-slapping. Artificial stimulus packages are fickle; you can’t be assured that what you want stimulated is actually being stimulated. Besides, markets, if left to their own devices, eventually get it right, though sometimes not as quickly as we’d like. But when they do get it right, they tend to get it right on a more permanent footing.
Eric P. Egeland
RE/MAX UNITED
847.337.7090
DeerfieldsAgent.com
Saturday, July 12, 2008
Deerfield Realty June 27th-July 11th
Deerfield Real Estate Activity
Single Family Homes
New Listings
1030 Hazel AVE 2 Beds 1 Baths $289,900
201 FORESTWAY DR 4 Beds 2.1 Baths $424,900
964 BROOKSIDE LN 3 Beds 2 Baths $439,000
685 INDIAN HILL RD 4 Beds 2 Baths $439,900
1119 COUNTRY LN 3 Beds 2.1 Baths $439,900
1147 Kenton RD 3 Beds 1.1 Baths $469,999
29 Ellendale RD 4 Beds 3.1 Baths $599,000
625 SAPLING LN 4 Beds 2.1 Baths $609,000
715 Byron CT 4 Beds 2.1 Baths $699,000
1118 Williams AVE 3 Beds 3.1 Baths $779,000
1061 SPRINGFIELD 4 Beds 4.1 Baths $1,079,000
675 Indian Hill RD 5 Beds 4.1 Baths $1,450,000
1652 PEARTREE RD 5 Beds 5.1 Baths $1,945,000
7 FORESTWAY DR 4 Beds 3.1 Baths $1,150,000
Under Contract
425 Willow AVE 3 Beds 2 Baths $327,900
1313 Holly LN 4 Beds 2 Baths $369,900
1146 Deerfield RD 3 Beds 2 Baths $389,900
1142 Laurel AVE 4 Beds 2.1 Baths $425,000
1252 Carlisle PL 4 Beds 2.1 Baths $459,900
1128 DAVIS ST 4 Beds 3.1 Baths $839,000
1314 Hazel AVE 4 Beds 3.1 Baths $979,000
133 Birchwood 4 Beds 3.1 Baths $999,000
1124 Greentree AVE 4 Beds 3.1 Baths $1,100,000
1420 CROWE AVE 4 Beds 3.1 Baths $1,274,000
1322 WARRINGTON RD 5 Beds 3.1 Baths $1,325,000
775 Summit DR 5 Beds 5.2 Baths $2,150,000
Price Changes
857 JUNIPER CT 2 Beds 2 Baths $299,900 to $279,900
909 Holmes AVE 3 Beds 1 Baths $349,900 to $328,900
1045 Oakley AVE 2 Beds 2 Baths $375,000 to $349,000
806 Appletree LN 3 Beds 1.1 Baths $375,000 to $369,000
417 Willow AVE 4 Beds 2 Baths $409,000 to $399,000
926 Rosemary Terrace 4 Beds 1.1 Baths $419,000 to $399,000
1020 Oxford RD 3 Beds 2 Baths $413,900 to $399,900
855 Fair Oaks AVE 3 Beds 3.1 Baths $468,000 to $462,000
925 CASTLEWOOD LN 4 Beds 2.1 Baths $499,800 to $494,900
1102 COUNTRY LN 4 Beds 3.1 Baths $677,200 to $629,900
840 Warwick RD 4 Beds 2.1 Baths $657,500 to $647,000
1026 Greenwood 4 Beds 3.1 Baths $879,000 to $799,900
1030 Illinois TRL 4 Beds 2.1 Baths $887,900 to $849,900
855 N BROOKSIDE LN 4 Beds 4.1 Baths $1,049,000 to $999,999
1262 ARBOR VITAE 4 Beds 3.1 Baths $1,124,900 to $1,099,900
423 N LOCUST PL 4 Beds 4 Baths $1,189,000 to $1,159,000
925 Kenton RD 5 Beds 5.1 Baths $1,299,000 to $1,199,000
195 River ST 4 Beds 4.1 Baths $1,220,000 to $1,230,000
1327 Somerset ST 4 Beds 3.1 Baths $1,300,000 to $1,290,000
1340 Stratford RD 4 Beds 4.1 Baths $1,475,000 to $1,395,000
1530 Crabtree LN 5 Beds 5.1 Baths $1,745,000 to $1,675,000
880 Northwoods 4 Beds 2 Baths $695,000 to $675,000
Closed
813 JUNEWAY AVE 4 Beds 2 Baths $230,900 Closed for $208,000
1351 DEERFIELD RD 3 Beds 2.1 Baths $414,000 Closed for $400,000
429 Indian Hill RD 3 Beds 2 Baths $439,000 Closed for $408,000
1044 Wayne AVE 4 Beds 2.1 Baths $525,000 Closed for $514,000
235 Oakmont DR 5 Beds 3.1 Baths $699,000 Closed for $680,000
117 Park LN 5 Beds 2.1 Baths $724,900 Closed for $660,000
920 Summit DR 4 Beds 2.1 Baths $759,000 Closed for $710,000
442 Amberley LN 3 Beds 2.1 Baths $839,900 Closed for $782,500
1064 GREENTREE AVE 5 Beds 5 Baths $1,099,000 Closed for $1,034,000
1250 Linden AVE 4 Beds 3.1 Baths $1,250,000 Closed for $1,140,000
Attached Homes
New Listings
1154 INVERRARY LN Unit # 1154 2 Beds 1.1 Baths $199,500
1339 BARCLAY LN Unit # 1339 2 Beds 1.1 Baths $249,900
432 SWALLOW LN Unit # 432 3 Beds 2.1 Baths $289,900
739 GROUSE CT Unit # 739 4 Beds 2.1 Baths $304,900
666 MALLARD LN 2 Beds 3.1 Baths $318,500
Under Contract
1216 Inverrary LN Unit # 1216 2 Beds 1 Baths $169,900
459 Elm ST Unit # 1C 2 Beds 1.1 Baths $184,500
352 Redwing DR Unit # 352 2 Beds 2.1 Baths $209,900
427 WINSTON LN Unit # 427 4 Beds 3.1 Baths $257,500
382 Kelburn Unit # 322 2 Beds 2 Baths $278,000
610 Robert York RD Unit # 110 2 Beds 2 Baths $279,900
Price Changes
1228 INVERRARY 2 Beds 1.1 Baths $179,890 to $174,500
463 ELM ST Unit # 1I 2 Beds 1.1 Baths $185,500 to $182,000
1193 Deerfield RD 2 Beds 1 Baths $239,900 to $229,900
425 Swan BLVD Unit # 425 3 Beds 2.1 Baths $282,000 to $277,000
433 N SWAN BLVD Unit # 433 3 Beds 2.1 Baths $285,600 to $284,500
940 IVY LN Unit # B 3 Beds 2 Baths $325,000 to $305,000
731 CENTRAL AVE 2 Beds 2.1 Baths $629,000 to $624,000
440 INVERRARY LN Unit # 440 2 Beds 2 Baths $249,353 to $244,353
Closed
381 Kelburn RD Unit # 111 1 Beds 1 Baths $196,666 closed for $185,000
838 Inverrary LN Unit # 838 2 Beds 1.1 Baths $199,900 closed for $190,000
1426 Inverrary LN 3 Beds 1.1 Baths $209,900 closed for $198,000
402 Kelburn RD Unit # 325 2 Beds 2 Baths $267,500 closed for $258,000
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
Single Family Homes
New Listings
1030 Hazel AVE 2 Beds 1 Baths $289,900
201 FORESTWAY DR 4 Beds 2.1 Baths $424,900
964 BROOKSIDE LN 3 Beds 2 Baths $439,000
685 INDIAN HILL RD 4 Beds 2 Baths $439,900
1119 COUNTRY LN 3 Beds 2.1 Baths $439,900
1147 Kenton RD 3 Beds 1.1 Baths $469,999
29 Ellendale RD 4 Beds 3.1 Baths $599,000
625 SAPLING LN 4 Beds 2.1 Baths $609,000
715 Byron CT 4 Beds 2.1 Baths $699,000
1118 Williams AVE 3 Beds 3.1 Baths $779,000
1061 SPRINGFIELD 4 Beds 4.1 Baths $1,079,000
675 Indian Hill RD 5 Beds 4.1 Baths $1,450,000
1652 PEARTREE RD 5 Beds 5.1 Baths $1,945,000
7 FORESTWAY DR 4 Beds 3.1 Baths $1,150,000
Under Contract
425 Willow AVE 3 Beds 2 Baths $327,900
1313 Holly LN 4 Beds 2 Baths $369,900
1146 Deerfield RD 3 Beds 2 Baths $389,900
1142 Laurel AVE 4 Beds 2.1 Baths $425,000
1252 Carlisle PL 4 Beds 2.1 Baths $459,900
1128 DAVIS ST 4 Beds 3.1 Baths $839,000
1314 Hazel AVE 4 Beds 3.1 Baths $979,000
133 Birchwood 4 Beds 3.1 Baths $999,000
1124 Greentree AVE 4 Beds 3.1 Baths $1,100,000
1420 CROWE AVE 4 Beds 3.1 Baths $1,274,000
1322 WARRINGTON RD 5 Beds 3.1 Baths $1,325,000
775 Summit DR 5 Beds 5.2 Baths $2,150,000
Price Changes
857 JUNIPER CT 2 Beds 2 Baths $299,900 to $279,900
909 Holmes AVE 3 Beds 1 Baths $349,900 to $328,900
1045 Oakley AVE 2 Beds 2 Baths $375,000 to $349,000
806 Appletree LN 3 Beds 1.1 Baths $375,000 to $369,000
417 Willow AVE 4 Beds 2 Baths $409,000 to $399,000
926 Rosemary Terrace 4 Beds 1.1 Baths $419,000 to $399,000
1020 Oxford RD 3 Beds 2 Baths $413,900 to $399,900
855 Fair Oaks AVE 3 Beds 3.1 Baths $468,000 to $462,000
925 CASTLEWOOD LN 4 Beds 2.1 Baths $499,800 to $494,900
1102 COUNTRY LN 4 Beds 3.1 Baths $677,200 to $629,900
840 Warwick RD 4 Beds 2.1 Baths $657,500 to $647,000
1026 Greenwood 4 Beds 3.1 Baths $879,000 to $799,900
1030 Illinois TRL 4 Beds 2.1 Baths $887,900 to $849,900
855 N BROOKSIDE LN 4 Beds 4.1 Baths $1,049,000 to $999,999
1262 ARBOR VITAE 4 Beds 3.1 Baths $1,124,900 to $1,099,900
423 N LOCUST PL 4 Beds 4 Baths $1,189,000 to $1,159,000
925 Kenton RD 5 Beds 5.1 Baths $1,299,000 to $1,199,000
195 River ST 4 Beds 4.1 Baths $1,220,000 to $1,230,000
1327 Somerset ST 4 Beds 3.1 Baths $1,300,000 to $1,290,000
1340 Stratford RD 4 Beds 4.1 Baths $1,475,000 to $1,395,000
1530 Crabtree LN 5 Beds 5.1 Baths $1,745,000 to $1,675,000
880 Northwoods 4 Beds 2 Baths $695,000 to $675,000
Closed
813 JUNEWAY AVE 4 Beds 2 Baths $230,900 Closed for $208,000
1351 DEERFIELD RD 3 Beds 2.1 Baths $414,000 Closed for $400,000
429 Indian Hill RD 3 Beds 2 Baths $439,000 Closed for $408,000
1044 Wayne AVE 4 Beds 2.1 Baths $525,000 Closed for $514,000
235 Oakmont DR 5 Beds 3.1 Baths $699,000 Closed for $680,000
117 Park LN 5 Beds 2.1 Baths $724,900 Closed for $660,000
920 Summit DR 4 Beds 2.1 Baths $759,000 Closed for $710,000
442 Amberley LN 3 Beds 2.1 Baths $839,900 Closed for $782,500
1064 GREENTREE AVE 5 Beds 5 Baths $1,099,000 Closed for $1,034,000
1250 Linden AVE 4 Beds 3.1 Baths $1,250,000 Closed for $1,140,000
Attached Homes
New Listings
1154 INVERRARY LN Unit # 1154 2 Beds 1.1 Baths $199,500
1339 BARCLAY LN Unit # 1339 2 Beds 1.1 Baths $249,900
432 SWALLOW LN Unit # 432 3 Beds 2.1 Baths $289,900
739 GROUSE CT Unit # 739 4 Beds 2.1 Baths $304,900
666 MALLARD LN 2 Beds 3.1 Baths $318,500
Under Contract
1216 Inverrary LN Unit # 1216 2 Beds 1 Baths $169,900
459 Elm ST Unit # 1C 2 Beds 1.1 Baths $184,500
352 Redwing DR Unit # 352 2 Beds 2.1 Baths $209,900
427 WINSTON LN Unit # 427 4 Beds 3.1 Baths $257,500
382 Kelburn Unit # 322 2 Beds 2 Baths $278,000
610 Robert York RD Unit # 110 2 Beds 2 Baths $279,900
Price Changes
1228 INVERRARY 2 Beds 1.1 Baths $179,890 to $174,500
463 ELM ST Unit # 1I 2 Beds 1.1 Baths $185,500 to $182,000
1193 Deerfield RD 2 Beds 1 Baths $239,900 to $229,900
425 Swan BLVD Unit # 425 3 Beds 2.1 Baths $282,000 to $277,000
433 N SWAN BLVD Unit # 433 3 Beds 2.1 Baths $285,600 to $284,500
940 IVY LN Unit # B 3 Beds 2 Baths $325,000 to $305,000
731 CENTRAL AVE 2 Beds 2.1 Baths $629,000 to $624,000
440 INVERRARY LN Unit # 440 2 Beds 2 Baths $249,353 to $244,353
Closed
381 Kelburn RD Unit # 111 1 Beds 1 Baths $196,666 closed for $185,000
838 Inverrary LN Unit # 838 2 Beds 1.1 Baths $199,900 closed for $190,000
1426 Inverrary LN 3 Beds 1.1 Baths $209,900 closed for $198,000
402 Kelburn RD Unit # 325 2 Beds 2 Baths $267,500 closed for $258,000
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
Thursday, July 3, 2008
Weekly Mortgage Recap
An anemic economy, sinking home values and soaring gas prices pushed consumer confidence to its lowest level since 1992, the U.S. Confidence Board reported last week Many news outlets jumped on the news, spinning it to suggest the economy is spiraling downward like an unimpeded helix.
But maybe things really aren't all that dire. Gross domestic product – the output of goods and services produced by labor and property – increased at an annual rate of 1.0% in the first quarter of 2008, according to final estimates released by the Bureau of Economic Analysis. In comparison, GDP increased only 0.6% in the fourth quarter of 2007. The data suggest economic growth is accelerating.
Perhaps consumers would feel more upbeat if they knew that existing home sales are stabilizing, with sales rising 2% in May from April to a seasonally adjusted annual rate of 4.99 million units. At the same time, inventory of existing homes fell 1.4% to 4.49 million units in May, which represents a 10.8-month supply at the current sales pace, down from a 11.2-month supply in April.
The Federal Reserve appeared upbeat by switching its focus to abating inflation from inflating the economy. But although the Fed said it expects inflation to moderate "later this year,” it admitted that it is concerned over “continued increases in the prices of energy and other commodities.”
Credit markets didn't appear too terribly concerned about inflation; mortgage rates finally held firm for a week, with the prime 30-year fixed-rate mortgage averaging 6.62%, the prime 15-year fixed-rate mortgage averaging 6.19%, and the prime 5/1 adjustable-rate mortgage averaging 6.28%, according to Bankrate.com's weekly survey.
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
But maybe things really aren't all that dire. Gross domestic product – the output of goods and services produced by labor and property – increased at an annual rate of 1.0% in the first quarter of 2008, according to final estimates released by the Bureau of Economic Analysis. In comparison, GDP increased only 0.6% in the fourth quarter of 2007. The data suggest economic growth is accelerating.
Perhaps consumers would feel more upbeat if they knew that existing home sales are stabilizing, with sales rising 2% in May from April to a seasonally adjusted annual rate of 4.99 million units. At the same time, inventory of existing homes fell 1.4% to 4.49 million units in May, which represents a 10.8-month supply at the current sales pace, down from a 11.2-month supply in April.
The Federal Reserve appeared upbeat by switching its focus to abating inflation from inflating the economy. But although the Fed said it expects inflation to moderate "later this year,” it admitted that it is concerned over “continued increases in the prices of energy and other commodities.”
Credit markets didn't appear too terribly concerned about inflation; mortgage rates finally held firm for a week, with the prime 30-year fixed-rate mortgage averaging 6.62%, the prime 15-year fixed-rate mortgage averaging 6.19%, and the prime 5/1 adjustable-rate mortgage averaging 6.28%, according to Bankrate.com's weekly survey.
Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com
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