Pontiac, IL

There is no doubt that the Pontiac, IL metropolitan statistical area (MSA) has seen some tough times in recent years. The housing market has been hit hard, with prices falling and foreclosures rising. However, there are signs that the market is starting to rebound. Prices have begun to stabilize, and foreclosures are starting to decline. This is good news for those looking to buy or sell a home in the Pontiac MSA.

One of the most important factors in the housing market is interest rates. Low interest rates make it easier for buyers to afford a home, and they also encourage refinancing, which can help homeowners save money. The average 30-year fixed mortgage rate in the Pontiac MSA was 4.37% in February of 2016, down from 4.54% a year earlier ( Freddie Mac ). This decline in mortgage rates has helped to spur activity in the housing market.

Another positive trend is the decrease in foreclosures . In 2015, there were 1,837 foreclosure filings in the Pontiac MSA , down from 2,241 filings in 2014 . This represents a decrease of 18%. This is good news for both buyers and sellers as it means that more homes are likely to be available on the market, and that prices are less likely to be depressed by foreclosures .

Overall, the trends in the Pontiac MSA housing market are positive . Prices have stabilized , foreclosure filings are down , and interest rates remain low . These trends should continue into 2016 , making it a good time to buy or sell a home in this area .