Morning Minute: Upbeat Illinois May housing numbers make the news

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

Home sales improve statewide in May – WJBC

Local home sales numbers for May show positive trend – State Journal-Register

Chicago-area home sales post best May since 2007 – Crain’s

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.

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