Welcome  Residential Market Statistics  Distressed Properties  Financing Statistics

2 Oak Park Condo Statistics # Units# Condos% of Market % % % %

3 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, $241, $205, $191,847

Distressed Property  Property selling for reasons of hardship  Bank-Owned (foreclosed), Court Ordered & Short Sales properties  NON-financeable property

5 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

6 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

7 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

8 Financially Distressed House Sales in Oak Park Sold % of Market % % %

9 Financially Distressed Condo Sales in Oak Park Sold % of Market % % %

10 Financially Distressed Condo Sales in Forest Park Sold % of Market % % %

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. Price Less than $100,000 $100,000 or more CASH (44 units) 2321 Financed (166 units) 12154

Conventional, FHA v. Price Less than $100,000 $100,000 or more Conventional (114 units) FHA (39 units) 138

15 Financing  Buyers are getting Conventional & FHA loans  FHA & Conventional Loans have very similar requirements for the Association

Market Share  39 FHA (20%)  44 Cash (22%)  117 Conventional (58%)

17 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 Issue  Right of First Refusal  FHA 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