Home Sales Increase While Prices Decrease

Home sales for the Chicago area rose 27.6 percent to 7,187 homes sold, while the median price of $176,500 was a 10.4 percent decline from the $197,000 recorded in August 2010, the Chicago Tribune reported on September 21, 2011. A report from the Illinois Association of Realtors also showed that 1,787 homes were sold in August within the city of Chicago, up 20.3 percent from a year ago.

The Tribune also noted that Chicago condo sales increased 22 percent to 1,027 units sold but theĀ  $242,500 median price of those units was a 10.5 percent drop from the $271,000 price one year ago. Every county in the Chicago area had double-digit sales increases in August compared with one year prior, but sales for the year to date remain negative. The Tribune also noted that a survey of 111 economists and real estate experts conducted for MacroMarkets LLC showed "downward pressure on home prices is expected to continue and could mean a decade-long poor showing for the housing market."

If you are fighting to stay in a home that is worth less than it was when you bought it, our Chicago bankruptcy lawyers can help. Many Chicagoans and multiple families all over Illinois are struggling through hard times, but our firm can supply you with all of the bankruptcy information you will need to eliminate bills and stop foreclosure. A bankruptcy means test can go a long way toward helping end creditor harassment, but before you can file Chapter 13 or Chapter 7, you need to contact our office first in order to set up a free initial consultation that will help you get started on becoming debt free and credit rich.

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