MORe Economic Facts What s Being Said About the

MORe Economic Facts What’s Being Said About the Economy and Real Estate Today

National Association of REALTORS® Total existing home sales Listing inventory remains 7. 6% below a year ago 30 -year conventional, fixed rate mortgage rose to 4. 07% in June from 3. 54% in May and is the highest since October 2011 increased 15. 2% in from June 2013

National Association of REALTORS® Existing home sales in the Midwest were unchanged in June at and are 17. 5% higher than a year ago Distressed homes were 15% of June sales, down from 18% in May and 26% in June 2012 Short sales were on the market for a median of 68 days Median time on market in June was 37 days and is 47% faster than June 2012.

National Association of REALTORS® Median existing home price was $214, 300 up 13. 5% from June 2012 in June 16 consecuti ve months of year-overyear price increases "Inventory conditions will continue to broadly favor sellers and contribute to above-normal Lawrence Yun, Chief Economist for the National Association price growth. " of REALTORS®. NAR June Pending Home Sales Report

Illinois Association of REALTORS® June marks 24 consecutive months of Illinois home sale increases. Illinois home sales increased 14. 9% in June over June 2012; statewide sales totaled 15, 268 up 13, 286 in June 2012 Median price increased 9. 7% to $170, 000 from June 2012

Illinois Association of REALTORS® Chicagoland PMSA Info The sales It took 63 days inventory on average to sell a home down from dropped Home sales (single- 84 days in June median price in 37. 4% from a 2012. family and June 2013 was year ago to 38, 082 condominiums) in $206, 000 in the units June totaled Chicago PMSA, up 13. 2% from 11, 103 homes $182, 000 in June sold, up 18. 7% 2012 from June 2012 See IAR Talking Points Exclusive to IAR Members

Illinois Association of REALTORS® "To have this extended run of year-over-year sales gains shows that the housing market in Illinois is indeed recovering, " said Michael Oldenettel, CRS, GRI, president of IAR. See IAR Talking Points Exclusive to IAR Members

U of I Housing Price Forecast "The rising house prices suggest some significant movements toward a more stable housing market, " noted Geoffrey J. D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois. "New analysis of the foreclosure process suggests that a return to pre-recession levels should occur early next year, further enhancing the housing recovery. " Median price for the Chicagoland PMSA for July. Sept. is expected to rise by 18. 3% in July, 20. 3% for Aug. and 20. 2% in Sept.

U of I Housing Price Forecast For July, August, and September in the Chicagoland PMSA…. In June, 2, 181 houses were Sales forecast point to increases between 20. 5% to 27. 7% for Chicago PMSA Pending sales figure is 209. 5, down 4. 8% from last month and up 31. 8% from a year ago. newly filed foreclosure s in Chicago PMSA (65. 9% down from a year ago. )

U of I Housing Price Forecast Housing inventory reached its lowest recorded level since 2008, with 65, 658 for Illinois has 5. 0 months worth of inventory and Chicago PMSA has Illinois and 38, 082 for Chicago PMSA Homes priced 3. 5 months of above $700 k inventory Homes between experienced 64 $300 k and $500 k days on market The Conference Board required the Consumer Confidence shortest time to sale, 50 days for Illinois and 46 days for Chicago PMSA Index increased to 81. 4, the highest level since January 2008

U of I Housing Price Forecast Read the full REAL July Report/Forecast: Read the full Second Quarter Forecast:

Mainstreet Organization of REALTORS® n n n Sales of single-family, detached homes in suburban Chicago increased 17. 7% in June (based on year over year stats) Median sales price for detached homes increased 9. 5% from June a year ago Detached homes under contract increased 36. 5% in June

Mainstreet Organization of REALTORS® "A slow and steady growth in home prices, combined with more properties coming on the market, is creating ideal conditions for both buyers and sellers, " said Tonya Corder, president of MORe. "Buyers especially should look to act soon to lock in today's low interest rates. "

Mainstreet Organization of REALTORS® Du. Page County Sales were up 24. 2% to 1, 495 Lake County Sales were up 17. 2% to 1, 062 Median home sale price was up 6. 5% to $245, 000 Cook County Sales were up 14. 8% to 5, 938 June Home Sales Median home sale price was up 16. 7% to $210, 000 Median sale price was up 11. 9% to $235, 000

National Association of Home Builders "Builders are seeing more motivated buyers coming through their doors as the inventory of existing homes for sale continues to tighten, " noted NAHB Chief Economist David Crowe.

National Association of Home Builders Sales of newly built singlefamily homes surged 8. 3% to a seasonally adjusted annual rate of 497, 000 unitsfastest Their pace in the last five years! Builder confidence in the market for newly built, single-family homes rose 6 points to 57 on the National Association of Home Builders/Wells Fargo Housing Market Index for July.

Fannie Mae We are keeping a very close eye on the effect of rising mortgage rates on the housing market and the economy, but our July forecast is little changed from last month, " said Fannie Mae Chief Economist Doug Duncan. "We continue to see growth in housing partly due to an increase in existing home sales as buyers choose to act while rates remain near historic lows. " Potential homebuyers may enter the purchase market sooner rather than later as more Americans expect mortgage rates and home prices to climb May Fannie Mae news release

Fannie Mae June 2013 National Housing Survey n n The share of respondents who say mortgage rates will go up during the next 12 months jumped 11 percentage points to 57%, the highest level in the survey's three-year history The share of respondents who say home prices will go up in the next year also hit a survey high of 57% 72% say now is a good time to buy and 36% say it is a good time to sell The share who expect their personal financial situation to improve during the next year climbed to 46%, the highest level since June 2010

Freddie Mac Over the next couple of years, house price growth should gradually ease until settling in at around 3 percent a year. The blistering pace in house price appreciation is unlikely to continue, but rather moderate and grow at a seasonally adjusted rate closer to 3 to 4 percent in the second half of the year, for a total gain of 8 to 9 percent for the calendar year. In addition, housing starts fell in June to the slowest pace since August 2012.

Freddie Mac n n n 30 -year fixed mortgages were up a full percentage point between the start of this year and the middle of May, and it's likely to rise further in the coming year Through May, home sales were on their best first-half pace since 2007 In the second half of the year, we anticipate more modest growth with sales (new and existing) up an additional 2% and starts up 12% relative to

Freddie Mac n n Indications of a slowing in the economic recovery also placed downward pressure on mortgage rates Consumer sentiment fell to a three month low in July while retail sales in June grew by only 0. 4%, which was half of the market consensus forecast