National housing numbers trend up, may affect Chicago properties
Shopping for homes for sale in Chicago, IL, can be an exciting experience, as many top-notch properties are listed at competitive prices. In part, this could have to do with the contradicting housing market numbers released by the Lender Processing Services (LPS) and the U.S. Department of Housing and Urban Development (HUD).
LPS recently reported that national foreclosures on Federal Housing Administration (FHA)-guaranteed homes rose by nearly 73 percent in April 2012, Chicago Agent Magazine reports. The organization stated there were approximately 63,129 foreclosure filings in April for FHA loans, but HUD numbers found the company only sampled 19,000 foreclosures. According to HUD, there was actually an 11 percent decline in foreclosures from March 2012.
However, the CoreLogic Home Price Index (HPI) released undisputed numbers on April home values across the nation, and they too showed positive futures. The statistics found home prices increased 1.1 percent on a year-over-year basis, which is the second consecutive yearly gain for the HPI and the first uptick since June 2010. On a monthly basis, home values rose 2.2 percent from March 2012 to April 2012, which marks the second straight month. In addition, when distressed sales are excluded, prices were up 2.6 percent from in April 2012.
"We see the consistent month-over-month increases within our HPI and Pending HPI as one sign that the housing market is stabilizing," said Anand Nallathambi, president and CEO of CoreLogic to Chicago Agent Magazine. "Home prices are responding to a restricted supply that will likely exist for some time to come - an optimistic sign for the future of our industry."
The city of Chicago has experienced its fair share of housing declines, especially in values. However, positive national signs point toward a brighter future. With all of the recent statistics showing how past numbers continue to show modest growth, CoreLogic experts believe prices will increase another 2 percent from April 2012 to May 2012. In some instances, these price hikes may involve Chicago properties, so homebuyers considering the houses for sale in Chicago, may want to begin their search now to get the best deals.
It may be worthwhile to investigate the neighborhoods in Chicago to find one that suits your needs. In fact, you may want to check out Lincoln Park, as this community may be the ideal spot for professionals just starting their careers. Currently the average housing sale price is $700,428, according to ZipDataMaps.