February 2010

As popular a village as Orland Park is, the current economy has hit this lively southwest suburb the same as most others.  Prices continue to decline and that started in 2007 for single family Orland Park homes.  Orland Park condos and townhomes have shown a decline since the first year I have data for, which is 2006.

There is a bit of positive news.  There was a 2.2% increase in the amount of Orland Park homes for sale and a much larger increase of 21% for Orland Park townhomes and condos sold.

Orland Park is one of the highest priced towns in the southwest suburbs I work in with an average sales price of $345,465 in 2009 for single family Orland Park homes.  The highest price posted in the data I have was an average of $422,090 in 2006.

FHA has once again removed the ability to do an FHA spot approval on condominium purchases.  They seem to have gone back and forth over the past year.  They took it away, brought it back and took it away again.

Here is one of the excerpts from a 2009 Mortgagee Letter from the Department of Housing and Urban Development:

"“Spot Loan” Approval Process
Mortgagee Letter 2009-46B eliminated the Spot Loan Approval Process as defined in Mortgagee Letter 1996-41 for all FHA case number assignments effective on or after December 7, 2009. However, to address concerns involving the volatility in the condominium market, the new effective date for the elimination of this practice is for all FHA case number assignments on or after February 1, 2010. FHA may