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Showing posts from December 24, 2008

Market Conditions: November Sales Plummet 41.3% Year Over Year

Its not like anyone in the Real Estate market needs numbers to quantify the severity of the pain, but just the same, here Crib Chatter's is a quick, dirty summary of Illinois Association of Realtors' November sales reports:

Chicago home sales continue to plunge, as November recorded the sharpest year-over-year decline in the city in 2008.Sales of single family homes and condominiums in the city fell 41.3% in November compared to a year ago. Only 1,057 sales closed compared with 1,801 in November 2007.The median price declined 23.3% to $222,500 compared to $290,000 in November 2007.“The REALTOR® Association is calling upon the federal government and mortgage industry to address continuing problems that are impeding the delivery of mortgage credit to potential homebuyers.” said David Hanna, president of the Chicago Association of REALTORS®.“Mortgage insurers need to make sure they have not over-corrected and added unnecessarily strict underwriting standards preventing people fro…