Illinois first quarter home sales hit by credit, economic factors. Illinois median home prices held their own in the first quarter while sales were constrained by the ongoing credit crunch and a softening economy. According to IAR's first quarter report, total home sales totaled 21,576, down 27.0 percent from 29,553 home sales in the first quarter of 2007. The first quarter median home sale price was $187,500, down 4.3 percent from $196,000 a year earlier. 

Over 700 REALTORS and professionals attended the 2008 annual Spring Conference at the Gateway Center in Collinsville on May 7-8. Attendees were able to earn continuing education credit and attend other elective education programs to improve their marketing and business skills and learn how to manage change.

REALTORS press Congress to make loan limits permanent. Said NAR President Dick Gaylord in a letter to the U.S. House of Representatives: "By making the loan limit increases to FHA, Fannie Mae and Freddie Mac permanent the mortgage market will achieve an immediate increase in liquidity. This increased liquidity should help drive down mortgage costs and create stability in the mortgage market." Learn about the real estate issues REALTORS from Illinois and around the country will tackle at the nation's capital for the NAR MidYear Meetings.

June is Homeownership Month. Plan to join the celebration "National Homeownership Month" by leading your clients to YourIllinoisHome.com, a consumer Web site that features buying and selling tips, how to find an Illinois REALTOR, and the latest news about the Illinois housing market. Plus, share 8 steps to get your finances in order and mortgage loan programs.