Northwest Indiana Real Estate Update

Northwest Indiana
What's Happening in the local Real estate market?
2010 has not produced the busy real estate market we were expecting, even in Indiana.
Sales were up from 2009, but below expectations.
Inventory is higher this year than last.
The 1st time home buyer & existing homeowner tax rebates end April 30th.
It will be interesting to see what effect this has on sales.

Sold & Closed Detached Properties
Town ---------------2009 - 2010 (Jan 1-April 8th)

Munster -------------26 - 32
Dyer ------------------14 - 20
Schererville----------24 - 25
St. John---------------16 - 18
Highland -------------31 - 36
So Hammond--------46 - 55

Sales were up on average 17%.


Sold & Closed Attached Properties, Townhomes, Condos, etc
Town ----------------2009 - 2010 (Jan 1-April 8th)

Munster ------------4 - 13
Dyer -----------------9 - 10
Schererville --------14 - 19
St. John -------------8 - 6
Highland -----------11 - 8
So Hammond ------1 - 0

Sales were up on average 20%.

Cathy & Jim are licensed in Illinois & Indiana for your convenience, and belong to both Multiple Listing Services, Illinois & Indiana.

Short Sale vs Foreclosure. What's the difference?

We are getting many questions as to what is the difference between a Short sale & a Foreclosure. Here is your answer:

Short Sale
1. Homeowner owns the property. .
2. Buyer enters into the executed contract with the homeowner,
subject to lender approval.
3. Property is generally occupied by the owner or tenants.
4. Sold As Is.
5. Timeframe from executuion of Contract: 3-6+ months. Maybe more.

Foreclosure
1. Lender owns the property
2. Lender enters into the executed contract.
3. Utilities are often disconnected.
4. Property is vacant.
5. Sold As Is.
6. Timeframe from execution of contract: 30-60 days or more.