Home Sales Rise In the Greater Chicago Area
The Chicago Tribune reports that the number of homes sold in the Greater Chicago market dramatically increased in March of 2012 as compared to the same period one-year earlier. All six counties (Cook, Du Page, Kane, Lake, McHenry, Will) showed increases with Will and McHenry counties leading the way with gains of 49.6% and 47.3% respectively. Additionally, home prices actually increased 5.2% in March of 2012 compared to March of 2011 in the city of Chicago.
CoreLogic has also identified the Chicago Area as one of the more attractive markets for purchasers looking to snap up investment properties, which they intend to convert into rentals. These investors continue to play an important role in the recovery of the housing market on both a local and national level.
Interest rates remain at historically low levels. 30 year fixed rates for owner occupied properties are as low as 3.750%/3.784% APR for Illinois home purchases. Please see our assumptions on our Illinois Mortgage Rates tab.