Illinois Association of Realtors

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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

July 24, 2012

Market Stats and Research

Illinois Home Sales Surge 18 Percent in June; Median Price Also Rises
June saw year-over-year gains in sales and median prices in both Illinois and the nine-county Chicago PMSA, according to the IAR's latest housing report. Statewide, 13,111 homes sold, an increase of 18 percent from a year ago. The statewide median price climbed 3.3 percent to $155,000. Find county-by-county statistics, talking points and the latest forecast in Members Only Market Stats (login required). Nationally, existing-home prices rose but sales in June decreased due to constrained inventory.

June Illinois Home Sales in the News  
Here's a few of the housing headlines from around the state:

U.S. Housing Inventory Shrinks by 19 Percent in June
Inventory dropped in all but three of the 146 markets covered by Realtor.com, according  to its June housing survey. The trend also held true in Chicago, which saw a 19.6 percent decline in June. 


Industry News and Trends

Freddie Mac: Housing Turning a Corner
Mortgage rates hit yet another record low — 3.53 percent for a 30-year fixed and 2.83 percent for a 15-year fixed —last week. In a new video, Freddie Mac's Chief Economist Frank Nothaft said low rates are feeding demand and housing is turning a corner. Up ahead, expect to see a pickup in construction, sales and other jobs tied to the housing sector. 

Chicago Picked for FHA Expanded Distressed Asset Program 
The Federal Housing Administration (FHA) has picked Chicago as one of four cities hit hard by foreclosure to participate in a pilot program to sell pools of distressed properties. 

Decatur Makes List of Best American Cities to Buy a House
Decatur was No. 20 and the only Illinois city to make The Daily Beast's  list of the 25 most promising cities to buy a home based on prices, job growth, unemployment and home prices compared to income. 


Legislative & Advocacy

REALTORS® Help Shape Will County Zoning Initiative
RVOICE scored a significant win last week in Will County as REALTORS® worked to help local officials shape a Green Building Initiative in such a way that property rights were protected. Read more.


Sales and Marketing

IAR Member Benefit: IAR Members Get Discounts on Event Registrations
The upcoming IAR Fall Conference & Expo is just $125 for IAR members when you register by September 5. Non-member rates are 40% higher at $175. Get the full schedule and take advantage of your low-rate for this fall's BEST education, CE and business networking opportunity for Illinois REALTORS®.

Another Reason to Build Your Referral Network
Fifty percent of Illinois homebuyers choose their REALTORS® based on a friend or family member's recommendation, according to IAR's WhyIBuy.org website that tracks Illinois homebuyer trends and opinions. Visit the website to learn more about the resources Illinois buyers find most helpful along with buyer demographics and buying patterns.


Legal Issues

Download the Mid-Year IAR Legal Update
If you missed the July 19 IAR legal webinar, Mid-Year Update, you can now download a video or audio recording of the presentation (member log in required). IAR legal counsel discussed recent cases, new legislation, Community Association Manager (CAM) licensing and what is NOT true about a new tax under the federal health care act. 

IAR Legal Hotline Closed July 26-Aug. 3
The Illinois Association of REALTORS® Legal Hotline will be closed beginning the afternoon of July 26 through Aug. 3. The hotline will reopen on Monday, Aug. 6.


Events 

July 25
Chicagoland GRI Course II takes place this August! If you have completed Course I of the GRI program, check into our special Course II offering at MORe headquarters in Downers Grove & Arlington Heights. Visit www.illinoisrealtor.org/GRI for the schedule (pdf) and registration form (pdf). Register by July 25 and save!

July 27
Want to be a sponsor or exhibitor at the IAR Fall Conference & Expo Oct. 3-4? Save $75 on your booth space by July 27. Download a booth/sponsor contract


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