Evelyn Santiago Realtor(R) Fox Valley Distressed Home Specialist

Late in August I decided to set a goal of 30 bike rides before September 30th. Well, yesterday I passed my halfway point. I live in a duplex in the Lakeview subidivision in Oswego, IL. It's a mix of single family homes with duplexes. We have some wetlands with ponds and some great biking trails that run through the subdivisions and along some country roads.

The journey of getting to my 30 rides has been interesting. I have been going to a health club of one sort or another for over 25 years so am not someone new to staying fit. I work out 5-6 times a week and ride the stationary bike as part of my overall fitness program.

Sitting on a staionary bike at the gym and riding a bike on a crisp summer morning is the difference between eating at McDonald's and eating at Morton's. You get fed both times but the ambiance and quality are a bit different.

Winding through my subidivision gives me a close up view of what my neighbors are doing to their homes. From landscaping to roof replacement - neighbors are doing upgrades instead of selling thier homes.

A quick look in my MLS shows 6 listings with one contingent and one short sale in the single family homes. The majority of the listings are under $250K and are in great shape. In the duplexes we have 5 listings with 3 with contracts already - so only 2 are actually available, plus a FSBO. The prices for duplexes for the most part are under $180K.

This is a pretty stable neighborhood with lots of children along with retirees and even some single folks. Just your typical suburban neighborhood with several parks and those bike trails.

My typical ride takes me past the subdivisions to some country roads that wind between the neigboring town. I even go by some farms with horses, lots of corn and soy fields and some more unique homes on much larger lots.

Once I leave the paved trail and head out on the actual road the need to stay sharp and focused on the road takes over. As cars and trucks approach and for the most part pass by giving me wide berth I wonder why the accelerate as they pass. Riding on a bike the sound of a car approaching and picking up speed as they pass can be a bit nerve racking. I realize that getting pass me quickly is their main objective since to a driver's perception I am a obstacle just like a animal or tree limb. But according to driving laws I have the same right to be on the road as they do so perhaps a bit of caution in speed would be appreciated.

I have learned a lot of lessons on my bike rides. That people still will say hello as they pass you on the trail. That someone can even lend a helping hand when you encounter minor problems. That nature is full of sights and sounds that we either take for granted or worse, don't even notice.

The sense of fullfillment that I can get to point A to point B on my own pedal power can not be underestimated. That sometimes the simple things in life, the slowing down of our fast paced lives can bring us more joy and give us the extra charge that we need to focus on life's challenges.

The rides started out as a way to break up my fitness workout and now they have become a way to feel more alive and in tune with what is actually happening around me.

At times I wonder where all the homeowners are since I rarely see people around the homes I pass. Working, school, running errands, commuting, visiting other friends and family but their homes are there waiting for their return. Havens from the daily grind, providing shelter, and sometimes a symbol of their accomplishments.

So if you want to enjoy the bike trails, the parks and ponds/lakes in a small town in IL just give me a call and become a neighbor. Just remember to say "Hello!" when you hear.."passing left!".

With summer almost over lets review what is happening in 3 small villages outside of Aurora, IL....the 2nd largest city in the state.

2009 July July 2009 2009

Town Single Family S/F Attached S/F YTDSF S/F YTDAF S/F

Montgomery 20 8 7 6 133 62 36 23

Oswego 29 13 8 3 168 63 51 19

Yorkville 17 6 5 1 111 40 19 9

Aurora 119 51 43 17 590 269 236 83

2008 July July

Town Single Family S/F Attached S/F YTDSF S/F YTDAF S/F

Montgomery 23 5 1 1 137 15 31 5

Oswego 30 1 5 0 184 11 70 4

Yorkville 19 2 5 1 124 8 34 2

Aurora 121 22 44 7 678 * 346 *

Total 2008 1108 555

The numbers clearly show that short sales/foreclosures are over 40% of the closed sales in 2009 vs. 2008. We are behind in actual sales from 2008 but the margin isn't really wide in most cities. July was pretty close to 2008 volumes.

The rest of the year should be interesting. Hopefully, more 1st time home buyers will take advantage of the $8K credit and snatch up some of the good bargains available in short sales and foreclosures.

Become a statistic - Buy a Home in 2009!

*Separate Indicators for Foreclosure/Short Sales not started until mid-2008

It doesn't seem possible that the banks are still unable to streamline the short sale process after at least 2 years of doing the higher volume that they claim is slowing them down.

My latest bank is Citi Mortgage. After spending over a week trying to fax over my short sale package to their regular short sale faxes I was able to get an agent to feel sorry for me and give me a fax number that actually worked! Apparently they main fax numbers are handled by some processing company which scans everything into their customer database so all agents have access to the information.

If volume is such an issue I am sure there are plenty of fax vendors and software companies that can resolve the problem with busy faxes, insufficient memory, etc. by selling them updated equipment able to handle the volume. Coming from a technical corporate background - the hardware and software are available...stop paying the CEO Millions and invest in the right equipment to handle the volume of short sales or loan modifications currently in the pipeline.

I guess that would make too much sense so instead their customers and those of us that are trying to help get their non-performing assets back into hard money they can use have to suffer with their lack of thinking.

With at least 30 days before a negotiator is even assigned to my short sale package it appears that my latest short sale will be another lesson in patience, patience and even more patience. You know if they admit to 30 it will probably be even longer.

With a great 3 bedroom townhome in excellent shape in a bedroom community of Aurora, IL (Montgomery) I will hopefully be able to keep all the players together through this process.

So I will keep you posted on my trials and tribulation with this large player in today's housing market. Will they rise to the challenge or will they fail....to take advantage of the offer! Stay tuned.....and pray for me :)

Wonders never cease! I am knocking on wood today! We finalized a contract on one of my few market listings with a cash offer! No contingencies....no mortgage commitments....OMG....I must be dreaming!

Don't wake me up....its too good to be true but it's one of those rare events...the only thing missing would have been a full cash offer! OK....now I am pushing my luck!

With only short sales and foreclosures as "solds" and the last activity over 6 months ago it would have been difficult if we had to have an "appraisal" for a mortgage. The home is barely 5 years old and in excellent shape but most buyers will expect the same price that the distressed homes are selling for.

So, fellow Realtors(R), please educate your buyers....liquidation prices versus market prices. They both may be low in today's market - but don't expect a short sale/REO price on a market listing.

Need to get more listings....market, short sale or REO's....and hopefully, I won't have to wait for another blue moon for a cash offer!

Enjoy the weekend!..I Am!

Living next door to Illinois' 2nd largest city is always an interesting experience. We can enjoy many of the amenities without some of the disadvantages (traffic, overcrowding, older infrastructure, etc.). When it comes to real estate and this past month if closings are any indication some of the surrounding villages share the same statistics. What a difference a year makes!

2009

Solds F S %D AVG Price 2 BR 3BR 4BR 5+

AURORA 73 27 11 52.05 $172,945 8 33 29 2

Montgomery 16 7 1 50 $197,550 0 6 11 0

Oswego 24 6 3 37.5 $238,276 0 6 16 2

Yorkville 14 4 3 50 $232,739 0 3 11 0

2008

Solds F S %D AVG Price 2 BR 3BR 4BR 5+

AURORA 92 0 16 17.4 $228,976 15 41 35 1

Montgomery 18 0 3 16 $210,072 0 9 9 0

Oswego 15 0 3 20 $262,731 0 3 12 0

Yorkville 21 0 1 4.8 $296,914 1 8 12 0

These 3 surrounding communities all have their own special charm along the Fox River and like most bedroom communities of large cities they share the transportation, shopping and employment of its much bigger neighbor.

If you are looking to find a great deal on a short sale or foreclosure property don't hesitate contacting me or visit www.dynamicbroker.com.

Perhaps all the April showers will not only bring out flowers but more buyers to take advantage of the increased inventory, great interest rates, first time buyer $8K incentive and terrific prices. Those that want to stay in their homes also have choices to bring down their mortgage rates....call me and we can discuss.

That's it for this rainy May Day! (no pun intended!)

F=Foreclosure

S=Short Sale

%D=Percentage Distressed