Foreclosures and short sales are a regular portion of the market these days and create market distortions in otherwise stable neighborhoods.  And those distressed properties are selling for 20% or more below values of other homes.  But with this 'distrortion' is another problem with appraisers not adding value for these otherwise below market sales.  Before the new appraisal changes (May 2009) an appraiser might mark up a distressed property to bring it into current line with what market value would currently be.  Not any more, those days are gone! Those distressed properties are now setting the market causing extreme pricing fluctuations and appraisal problems in our area.

This is a market overview for the Northwest Suburbs of Chicago which I serve.  I've given a breakdown for single-family homes sales and for multi-family sales (townhomes, condos, etc) so you can get an idea of which areas are having increased sales and bouncing back faster than others.  These numbers are for the 2nd quarter 2009.

Elk Grove SF    47%  
Elk Grove MF    75%

Bartlett SF    60%
Bartlett MF    15%

Schaumburg SF    97%
Schaumburg MF    110%

Hoffman Estates SF    50%
Hoffman Estates MF    102%

Roselle SF    100%
Roselle MF    130%

Streamwood SF    25%
Streamwood MF    55%

Hanover Park SF    100%
Hanover Park MF    68%

Bloomingdale SF    100%
Bloomingdale TH    75%

Links will take you directly to each detailed report for that particular town.  If you are thinking of purchasing or selling your home, please consider me your neighborhood expert.  I would welcome the opportunity to meet with you and discuss your options in today's marketplace.

Do you know about the First time Homebuyers Tax Credit?