According to a new report from the Illinois Association of Realtors, the total number of sales of single-family homes dropped by 31.1 percent during January 2008.
According to the report, extreme winter weather played a part in the decline in sales around the state. However, homeowners are also facing increasing difficulty in qualifying for financing from banks and lenders that have been hard hit by a steep rise in foreclosures.
The drop in sales was accompanied by a drop in the median price during January. The median sales price during January was $189,400, down 5.3 percent from January 2007.
However, lower interest rates for new mortgages could help the market pick up across Illinois. The Fed recently lowered a key interest rate to spur real estate markets that have been hardest hit around the country. Also, help is on the way for homeowners who are facing a possible foreclosure, a measure which should also take some pressure off of the market.
The real estate market in both the Chicago suburbs as well as around the city has also been hit by a drop in sales in recent months. However, buyers are starting to find great deals on Chicago Homes For Sale.
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