AGENT MLS HOME FINDER

The Springfield real estate market is in negative territory compared to pre-market conditions, but it is not far removed from the general state of the Illinois economy. There are a series of problems involving foreclosures, although there have been a series of community reactions throughout the capital of Illinois. One of these efforts was noted by a September 29, 2009 article in the State Journal-Register. This piece, written by Tim Landis, reported “the announcement of a $1.2 million grant to build 11 new homes and demolish 25 abandoned properties on the east side. Participants in the program include a half-dozen local agencies, among them the city of Springfield…Simpson said that she believes the renewal projects ‘is a first step toward changing perceptions of the east side.’”

The Illinois economy has also been affecting Springfield homes for sale, according to an October 16, 2009 article in the State Journal Register. The piece, which was originally written by Karen Hawkins of the Associated Press, found that “The jobless rate in Illinois increased to 10.5 percent in September after a slight dip to 10 percent in August, according to figures  released Friday. The three-month unemployment average rose 0.1 percent to 10.3 percent, its highest level since December 1983, according to the Illinois Department of Employment security. The state’s unemployment rate at this time last year was 6.7 percent.” The slightly positive news reported on September 29, 2009 by the Associated Press, which gave a helpful background for the further development of real estate in Springfield.

The state of Illinois faced a higher rate of foreclosures in the month of September, according to an October 15, 2009 article in the Chicago Tribune. The piece, written by Mary Ellen Podmolik, found that “The number of homeowners receiving default notices – the first step in the foreclosure process – continued to rise in Illinois last month, a bad omen for the state’s housing industry and economy. Lenders filed initial court documents last month against 7,174 Illinois homeowners whose mortgages were delinquent, according to data scheduled to be released Thursday by RealtyTrac. That compares with 6,892 filings in August and 6,770 filings in June.”