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Housing Market Hits Lowest Monthly Average Sales Price Since 1990's

Stateline home foreclosures are up, while the prices of homes are down, leaving the Rockford housing market with the lowest average sales price since the1990's.
ROCKFORD - The Rockford area realtors have been feeling the wrath of the Polar Vortex, and its effect on the Stateline housing market.

Steve Bois, the CEO of the Rockford area realtors said “this has been an unusual winter; in fact, it has impacted the national economy.”

The housing market statistics show that the amounts of homes that have been sold in the area are on a strong decline.  Only 197
homes were sold in the Rockford area in February.  That number is down over 11% from the 223 homes that were sold in
February of 2012.To make things worse, those homes are selling for even less, the average price dropped to about $89,000.
That is the lowest February total since 1999.

Bois said that although the number of homes is dropping that does not mean the value of your home is.
 
“it is not necessarily saying that the value of a home is down, its saying that the action in the market has been at the lower price ranges.”

Although the housing market's drop in sales is hurting some, it is not bad news for everyone. Andy Dixon just bought a home
in Rockford and said he got a great deal. 

“unfortunately there are a lot of foreclosures in the area, but it is good for someone like me who is a first time home buyer”

Dixon said potential buyers should not be scared to look for a home in this market.

“it is a good time right now, prices are reasonable there is a lot of stuff out there and you can get some good deals”

For those who are not looking to buy a foreclosed home, but are looking to sell. Bois said the market should recover.

"i cant predict the future, but i think the trend line is going to change a little bit in 2104 to be more positive"
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