Sales of existing single-family homes in Illinois fell to 11,281 in November, down 17.6% from 13,691 a year earlier, according to the Illinois Association of Realtors.The statewide median sales price dipped 0.5% to $199,000 from $200,600 a year earlier, the association said. "The Illinois housing market did not experience a dramatic run-up in prices like other markets in the country over the past several years, and we continue to experience fairly stable price appreciation," said Robert Zoretich, president of the association. "Sales figures in November reflect a return to more normal market conditions compared to the boom years, as well as a seasonal slowdown as we begin the holiday months." In the Chicago metropolitan statistical area, resales totaled 7,580 in November, down 21.9% from 9,702 a year earlier, and the median sales price was $245,000, up 0.5%. The association can be found on the Web at http://www.illinoisrealtor.org.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11