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Aurora Real Estate

By Jeff Coros

Real Estate Agent with Baird Warner

October 02, 2007 08:48 AM

Aurora, in my opinion is one of the highest "value for money" cities in the area. The homes are beautiful. The town continues to build services and parks for the community that draws home buyers. Aurora has faired very well during the mass assault of the media to over-hype the market correction we are going through. YTD average sales price for detached single family homes in Aurora is only down -3.5%. The number of homes sold is down a staggering 22.8%.

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Randy Lyon

Kettley and Company - Oswego, IL

Jeff, Your observations are right on the mark. The price of homes have come down but not even as much as a stock market correction as far as value goes. The striking neews that hits home is the volume drop of almost 23%. Where do you think all of the buyers have gone? How long do you think they will remain on the sidelines? I know that is the million dollar question but dialogue may give us all some insight. Good post.

Oct 03, 2007 02:57 AM

Jeff Coros

Baird Warner - Naperville, IL

You Home Dreams Realized

Randy, that's an interesting question. The two best jobs are a Weatherman or an Economist. They can be half right ALL the time and keep their job. What is partly cloudy anyway?

Even though interest rates are still historically low, there have been 17 consecutive rate hikes from June 2004 through June 2006. At face value I think this has helped to soften the market. The consumers looks at this from the standpoint that value is lessened due to a higher payment for the same home.

The mortgage crisis, I think, affects some people similar to the Great Depression. The average consumers core confidence in the financial markets is shaken.

Finally, the many of the ARM's are adjusting upward. Some of those very significantly. All of these factors are converging to form the "perfect storm"

I find it hard to believe the Govt. will allow the foreclosure rate to continue to skyrocket. I believe/hope some sort of relief will be forthcoming to help homeowners in trouble. Most "experts" I talk are estimating late 2008-2009 for a recovery of some sort. My bet is the same until further notice.

Warmest regards,

Jeff

Oct 04, 2007 05:56 AM