The Illinois Association of REALTORS®’ release this week of Illinois homes sales for May brought with it some welcome housing market news: statewide home sales rose 22.1 percent in May while the statewide median price saw a 3.6 percent gain. That along with news that the Chicago-area market broke a 49-month streak of median price declines garnered media coverage around the state.
Here are a sampling of some of those headlines:
Chicago-area home prices break 49-month losing streak – Chicago Tribune
Chicago-area home prices edge up, first year-over-year bump since ’08 - Chicago Sun-Times
Home sales jump 22.1% in Illinois – HousingWire
Local home sales numbers for May show positive trend – State Journal-Register
In other news:
Wanted: More homes for sale to meet the growing demand of buyers. With housing inventory is at its lowest level in years, potential buyers are finding a smaller supply of homes to choose from, the Chicago Tribune reports.
Bank regulators have outlined their plan to compensate homeowners who experienced foreclosure errors and it could mean a payout of as much as $125,000 per customer, the Wall Street Journal reports.