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Aurora Mortgage Rates and Aurora Real Estate Profile
30th September 2009
This is one in a series of community profiles and a look at how the real estate market is holding up in the community.
Aurora Illinois is both a far west suburb of Chicago, and the second largest city in Illinois. The town has grown to 171,000 people, and now is spread into parts 
of 4 counties, Kane, Dupage, Will and Kendall, anchoring the Fox River Valley. Aurora was at one time a thriving industrial city, but it fell on hard times in the sixties and seventies. It’s revival came about as a result of the suburbs spreading westward, with new subdivisions and housing developments sprouting up past Dupage County and into what was once considered the far reaches of the Chicago area. The downtown area is now benefitting from the Hollywood Casino, and the recently restored Paramount Theatre. Aurora is home to the Fox Valley Shopping Mall and the Waubonsee Community College. Located alongside the I-88 Technology Corridor, Aurora is home to many Fortune 500 corporations, and a big employment center.
The Aurora real estate market ranges includes entry level condominiums, older Victorian homes and subdivisions catering to nearly every price point from first time home buyer to executive. The average listing price for an Aurora home was $214,00 in September. The median sale price was at $165,000 in August 2009. Home prices have decreased by about 12% from last year, and the number of homes sold has decreased by about 26% from last year. Foreclosures and short sales make up a big part of the Aurora real estate market.
Aurora mortgage financing has traditionally been made up of conventional and FHA mortgages. Aurora mortgage rates and Aurora FHA loans are available for both purchases and refinances in every type of Aurora mortgage loan. Aurora home loans are readily available, and as an Aurora area mortgage lender, I can help you find the financing package that is best for you.
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