Sharp drop in mortgage rates encouraging sign for housing market. With the recent Federal Reserve Board action resulting in lower mortgage interest rates in the 4 percent range, the Illinois Association of REALTORS® is optimistic this will be an encouraging incentive for homebuyers in the new year, states IAR President Pat Callan in the latest IAR housing report for November 2008 data. Total home sales (which include single-family homes and condominiums) were down 33.9 percent in November 2008 to 6,076 sales compared to November 2007 sales of 9,191. Year-to-date January through November 2008 sales were down 24.1 percent to 100,435 homes sold compared to 132,388 homes sold in the same 11-month period in 2007.
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