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Long Delays From Contracts To Closings Increase 50 Percent

by Chicago Agent

According to data from LeapRE, in 2008 and 2009, homes that took 90 or more days from contract to closing accounted for about 6.9 percent and 6.8 percent, respectively, of all closings in Chicagoland. In 2010, however, homes that took 90 or more days from contract to closing accounted for 11 percent of all closings, and further increased to 11.8 percent this year – almost a 50 percent increase. This jump in closings suggests increased lending restrictions caused more delays, thus increasing home sales that take over three months to close.

 

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