Home prices are up in Illinois, and 2013 saw a nearly 20% statewide increase in homes sold last year compared to 2012. But that may not last. Bernard Goitien is with with Bradley University's Center for Economic Research, and author of Peoria's "SCOPE" report. He says many of the homes that changed hands late in 2013 came in anticipation of higher interest rates:
"Hey, I better take advantage of the prices and availability now. Obviously if you're not selling or buying, doesn't have a lot to do with your personal situation, but, uh, even in your neighborhood having homes sitting empty for sale is not a good thing for a neighborhood, finding those being bouth by new families, that's a good thing for all of us, even if we're not selling our own homes."
The the average interest rate for a 30-year mortgage rose to 4.53 percent from 4.48 percent last week. The average rate for a 15-year loan increased to 3.55 percent from 3.52 percent.
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