According to the latest report from the Illinois Association of Realtors ® total home sales in the Chicagoland Metropolitan Area were up 32% in the month of February from a year ago! That marks the 8th consecutive month of increases. This statistic includes single-family and condo sales. For the entire State of Illinois, sales were up 15.7%.Home sales are a driving force for the recovery of the U. S. economy as home sales spur additional consumer spending. 

The U.S. stock market has been on a strong run lately as well. We are close to 11,000 on the Dow and 1,200 on the S & P. How does that affect everyone whether you have money invested in stocks or not?  As stock prices rise, corporate managers become more confident. That confidence is an important catalyst to reviving hiring. The more people working, the less homes we will have going foreclosed. The fewer foreclosures, the stronger home prices will be. Rising stock prices also encourages more capital spending from large corporations. And for those that do have money in the market, whether through a 401k plan, IRA account and another investment account, higher stocks, means more consumer spending.

Another interesting statistic was released last month from the Federal Reserve. It reported that U.S. households' total net worth climbed 1.3% in the fourth quarter, to $54.18 trillion from the third quarter's $53.49 trillion. During the second half of 2009, our net worth rose about $3.4 trillion.  Household net worth is assets, such as equity in one's home, savings, stocks and other assets minus liabilities, such as mortgage debt. This increase strengthens the confidence of the individual consumer which will help consumer spending and is likely to make this economic recovery a more durable and lasting one.

Finally, the tax credit for first-time home buyers and for repeat buyers is approaching it's deadline. In order to qualify for the credit, purchase contracts need to be signed no later than April 30, 2010 and close no later than June 30, 2010. So if you are in the market to buy, don't delay! You only have 21 days left! See my blog dated 2/18/10 for more details on the tax credit.

Thought of the day: The one with the plan, is the one with the power!
So plan your day, plan your week, plan your month and plan your life!


Till next time, live your life with purpose and passion!

John Santorineos


Remember, whether you are buying or refinancing, our licensed professionals are ready to assist you with securing your next mortgage.

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