Illinois posted the third highest state total after California and Florida, with 19,946 properties receiving a foreclosure filing in October 2009—a 56% spike from the previous month and the highest monthly total for Illinois since RealtyTrac began issuing its report in January 2005. The state’s foreclosure rate jumped from No. 11 in September to No. 6 in October, and it was the only state with a foreclosure rate in the top 10 to post a monthly increase in foreclosure activity. A recent state law (SB 2513) that gives distressed homeowners an extra grace period to seek counseling to help avoid foreclosure may have created some pent-up foreclosure activity in the state. After the law went into effect in April, Illinois foreclosure activity decreased for three straight months before beginning to climb again.
Provisions of the new tax credit include:
• Extends the $8,000 first-time Homebuyers Tax Credit and creates a new $6,500 tax credit for
other qualifying buyers.
• Homebuyers with building contracts as of April 30 qualify for the credit so long as they close
the transaction by July 1.
• Available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a
joint return, with a phase-out on income up to $20,000 higher.
• Not available for homes costing over $800,000.
• Homebuyers who owned a home in the previous three years are eligible if the home they are
leaving has been used as a principal residence for five consecutive years in the last eight.
• Provides authority to the IRS to provide greater oversight while processing the return and
requires that the taxpayer claiming the credit be 18 or older and fully document qualification.
• Members of the military, military intelligence and foreign service who have been deployed
overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.
Eric P Egeland
RE/MAX UNITED
ChicagolandHomeSeller.com
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Purchases dropped 2.7 percent in August to a 5.1 million annual rate, while the median priced dropped 12.5% from August 2008.
As can be seen in the data below the lower end of the market (much of which is distressed) has seen the most activity Year-Over-Year, while the mid-upper end of the market has seen sharp declines in activity.
August Regional Existing Home Sales by Price Class
Existing Single Family Home Sales Year-Over Year Percent |
| REGION | $0-100K | $100-250K | $250-500K | $500-750K | $750-1M | $1M-2M | $2M+ |
| Northeast | 8.8% | 14.4% | 0.0% | -13.4% | -18.4% | -23.7% | -54.3% |
| Midwest | 3.8% | 2.2% | -8.1% | -32.2% | -27.5% | -31.5% | -45.7% |
| South | 20.9% | -0.2% | -11.0% | -12.5% | -6.8% | -17.3% | -47.7% |
| West | 152.3% | 10.8% | -16.6% | -10.9% | -33.6% | -20.9% | -8.0% |
| U.S. | 20.9% | 4.9% | -9.6% | -14.7% | -22.5% | -22.1% | -39.1% |
August Regional Existing Home Sales by Price Class |
Existing Single Family Home Sales Sales Distribution (August 2009) |
| REGION | $0-100K | $100-250K | $250-500K | $500-750K | $750-1M | $1M-2M | $2M+ |
| U.S | 20.9% | 48.3% | 23.1% | 5.3% | 1.3% | 1.0% | 0.2% |
Eric P. Egeland
RE/MAX UNITED
DeerfieldsAgent.com
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5+ Years of Experience Servicing the North Shore, Northwest Suburbs, & the northside of Chicago. REO expert.
Eric has been practicing Real Estate since 2002. Eric started his Real Estate career with Coldwell Banker & made the change to RE/MAX where he is now the Top Producing Agent. Eric graduated from the University of Illinois (Urbana-Champain) in 1996. After graduating Eric began a career trading financial derivatives. In 2002 Eric made a transition from the financial world to Real Estate. It has been a great fit for Eric because he can not only apply his understanding of finance, but he also has a great background in Construction as well. Eric is the son of a general contractor and spent many summers as a young adult building and remodeling homes. If a well-rounded Realtor is what you are looking for, Eric is the professional you need.
Member of North Shore/Barrington Association of Realtors
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