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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Wheaton Illinois, a suburb 25 miles west of Chicago, has a population of 55,000 people and is the county seat of Dupage County. Wheaton is known as the City of Churches, and there are over 60 churches inside its city limits. It is also home to Wheaton College, a top ranked Evangelical Christian college. Wheaton was a dry city up until 1985, not allowing any liquor sales within the city at all. This changed when the Danada Shopping complex was being built, as a way to attract more national restaurants. Wheaton still has a small town feel, and a charming down town with shops to fit every need. Wheaton has been listed as one of the best towns to raise a family, and it is known for the quality of its schools.

Wheaton real estate covers nearly every price point. You can buy starter condos and affordable single family homes, mid priced homes, executive homes priced in the millions. The current average listing price for Wheaton homes is about $430,000, and the average sale price in August 2009 was $300,000. Like most of the area, a good part of the market is now made up of foreclosed properties and short sales. First time home buyers are the most active buyers and the lower tiered homes make up the bulk of the sales now.

Wheaton mortgage financing has traditionally been made up of mostly conventional and with some jumbo and FHA mortgages. Now that the FHA loan limit has been raised to $410,000, Wheaton mortgage rates are made up mostly of a combination of conventional mortgage loans and Wheaton FHA loans. Wheaton Jumbo Loans are also readily available. Wheaton home loans are always in demand, and as a Wheaton area mortgage lender, I can help you find the financing package that is best for you.

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Naperville Illinois, a city of 145,000 people located 28 miles west of Chicago in Western Dupage County, is one of the largest cities in Illinois. Naperville has consistently been named by national magazines as one of the best places to live and a great place to raise a family. Naperville’s school system is recognized for it’s quality nationwide, and most of the students from its 4 high schools go on to college (the ACT ranking is among the best in the state). Unlike most of the nearby suburbs, Naperville is a destination on its own. It anchors the I-88 high tech corridor, and is home to several Fortune 500 companies and the most lively down town shopping and entertainment district outside of Chicago. The Naperville Settlement, a living history museum, and the Naperville Riverwalk add character to the downtown. Big draws during the summer are the Rib Fest and Last Fling festivals, which attract thousands and feature national touring musical acts.

The Naperville real estate market is big enough and diverse enough that it covers every price point from starter condos up through multi million dollar estates. The city covers over 35 square miles in both Dupage and Will County, and is made up of a vast collection of interconnected subdivisions. The average listing price for homes currently listed is over $500,000, and the average sale price in July 2009 was $330,000 – down about 8% from the year before. Most of the sales activity is in the lower to mid-priced range. Over the last few years most of the new construction was in the higher ranges, and the inventory of million dollar plus homes will take years to sell based on the current sales volume.

Naperville mortgage financing has traditionally been made up of mostly conventional and some jumbo mortgages. Home prices have come down nearly everywhere, and Naperville is no exception. With the FHA loan limit now increased to $410,000, Naperville mortgage rates are made up mostly of a combination of conventional mortgage loans and Naperville FHA loans. Naperville is still a relocation destination, and while the premium end of the market has been less active, Naperville Jumbo Loans are readily available. Naperville home loans are well priced, and as a Naperville area mortgage lender, I can help you find the financing package that is best for you.

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This is one in a series of community profiles and a look at how the real estate market is holding up in the community.

Elmhurst Illinois is a city of about 45,000 people located at the Eastern border of Dupage county, in Chicago’s western suburbs. Elmhurst prides itself as the Tree Town, and is home to Elmhurst College and Elmhurst Memorial Hospital and  the Lizzardo Museum of Lapidary Arts. Elmhurst is an affluent area with a median household income of over $100,000 and an average home price of over $400,000. Elmhurst is more of a bedroom community than an employment center, and most of it’s residents work in Chicago or in other suburbs. There is a thriving downtown, and restaurants range from fast food to white linen fine dining.

The Elmhurst real estate market ranges from some condos and starter homes, to homes priced well over the one million dollar range. The median priced home in July 2009 was $310,000. The average listing price is over $500,000, which shows that most of the sales activity is in the lower end of the market. Home prices have decreased by about 11% from last year, and the number of homes sold has decreased by about 38% from last year.

Elmhurst mortgage financing has traditionally been made up of conventional and jumbo mortgages. This has changed over the last two years as home prices have come down and the FHA loan limit has been increased to $410,000. Now Elmhurst mortgage rates are made up of a combination of conventional mortgage loans and Elmhurst FHA loans. There are still a lot of homes priced in the upper ranges, but with a lack of financing for Elmhurst jumbo mortgage loans, there hasn’t been much turnover in the higher priced homes. Elmhurst home loans are readily available, and as an Elmhurst area mortgage lender, I can help you find the financing package that is best for you.

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