Welcome Residential Market Statistics

Distressed Properties

Financing Statistics

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Oak Park Condo Statistics# Units # Condos % of

Market2007 900 497 55%2008 589 251 42%

2009 550 190 34%2010 520 200 38%

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Average Sale Price

The entire year of 2010 saw a 6.5% drop in sale price over 2009

The last year of sales indicates that the trend is still downward

2007 $277,1102008 $241,6102009 $205,0222010 $191,847

Distressed Property Property selling for reasons of

hardship Bank-Owned (foreclosed), Court

Ordered & Short Sales properties NON-financeable property

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Today’s Market Currently there are 326 Active

Condo Listings 80 are disclosed on the MLS as

being Bank Owned or a Short Sale

That is 25% of what is available to buyers

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Absorption Rate

Less than 5 months of inventory is the industry definition of a Seller’s Market

Over the last six months Oak Park is averaging about 13 condos closings per month

With an inventory of 326 there is a 25 month supply provided NO other units come on the market

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On the Horizon 102 units in Pre-foreclosure 69 units are Bank Owned 171 units in Oak Park are Financially

Distressed, only 80 are on the market!

91 units will be on the market in the near future

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Financially Distressed House Sales in Oak Park

Sold % of Market

2008 19 6%2009 68 20%2010 40 14%

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Financially Distressed Condo Sales in Oak Park

Sold % of Market

2008 12 5%2009 27 14%2010 46 23%

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Financially Distressed Condo Sales in Forest Park

Sold % of Market

2008 4 5%2009 20 28%2010 28 41%

Financed Buyers vs.

The Cash Buyer

The Cash Purchase Lending rules have Changed Buyers unable to get Loans Practices of Condo Associations

are resulting in loan denial Condos are selling for less

CASH v. PriceLess than $100,000

$100,000 or more

CASH (44 units)

23 21Financed (166 units) 12 154

Conventional, FHA v. Price

Less than $100,000

$100,000 or more

Conventional (114 units)

11 103

FHA (39 units)

1 38

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FinancingBuyers are getting

Conventional & FHA loansFHA & Conventional Loans

have very similar requirements for the Association

Market Share 39 FHA (20%) 44 Cash (22%) 117 Conventional

(58%)

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10

20

30

40

50

60

1st Qtr

FHACASHCon.

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FHA in Today’s Market FHA as an Financing Option is a

stable option Currently FHA occupies 20% of

Oak Park’s condo sales

NOT an IssueRight of First RefusalFHA Spot Loans

Is Your Building Sound? Be familiar with lender criteria Conventional lending criteria is not

always clear and consistent, FHA guidelines are a good start

The Building may not be eligible for financing

CASH buyer may be the ONLY option