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Home Prices Increase
(IRN)--While home sales were down slightly in Illinois in 2010 compared to 2009, home prices held steady or slightly increased.

Sheryl Grider Whitehurst, president of the Illinois Association of Realtors, says the market is stabilizing.

"We're starting to see improvement in buyer confidence," Whitehurst said. "We really still need to have our focus on job creation and maybe a little bit less stringent lending requirements, but we are starting to see some positive economic signals. We're starting to see the upper end move somewhat."

According the latest report by the Illinois Association of Realtors, statewide total home sales (single-family homes and condominiums) were down 3.8 percent in 2010 with 103,710 homes sold compared to 107,782 sales in 2009.

At least 43 Illinois counties reported year-over-year median home price increases or no change for the last quarter of 2010 including Grundy, up 3.8 percent to $149,900; Iroquois, up 4.4 percent to $69,950; Knox, up 10.2 percent to $69,000; Macon, up 3.4 percent to $87,900; McLean, up 14.1 percent to $165,500; Peoria, up 12.1 percent to $123,000; Saint Clair, up 11.3% to $128,000; Sangamon, up 4.3 percent to $120,000; Stephenson, up 13.6 percent to $90,000; and Tazewell, up 5.4 percent to $125,425.

Whitehurst says low interest rates have also driven sales. "Affordability conditions remain good for first-time buyers, although credit worthiness and lender documentation requirements have become hurdles for some would-be buyers," she said.

First-time buyers can look to help from the Illinois Housing Development Authority's "SmartMove" loan programs that provides up to $6,000 in down payment and closing cost assistance for those who qualify.

(Source: Illinois Radio Network)
02 11 11 by Newsroom
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