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82 STATE OF AFFAIRS: NORTHEAST/MIDWEST ยป Pennsylvania Housing Market Sees Second- Quarter Slowdown Like much of the country, Pennsylvania's housing market showed a little more life in the second quarter than in the first, though activity fell short of last year. According to the state's Realtor association, Pennsylvania saw 38,701 closed home sales statewide in the second quarter, down 3.7 percent from a year ago. e decline is still an improvement compared to the first quarter of 2014, which saw sales drop 4.5 percent year-over-year to 24,969. e median sales price was also down annually, falling 2.8 percent $170,000 in the first quarterly decline in more than two years. "We're seeing some pockets of the state with positive growth, while others are a little more lackluster," said Kim Skumanick, president of the Pennsylvania Association of Realtors. "Many regions [are] experiencing increased activity with homes in the higher than average-price ranges." In a more positive development, the association reported an 8.6 percent jump in new inventory to 82,013. Still, demand continues to outpace supply, with the average number of days on market declining 3.4 percent to 84 days. Meanwhile, buyers have other challenges to deal with. "We're continuing to see a somewhat- restrictive mortgage market, and with tight credit, it can make it difficult for many buyers," Skumanick said. Rhode Island RANK: 11 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 3.64% 2.33% 7.9% YEAR AGO 4.25% 3.15% 9.5% YEAR-OVER-YEAR CHANGE -14.4% -25.8% -1.6% Top County PROVIDENCE COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 4.49% 2.89% YEAR AGO 5.23% 3.76% YEAR-OVER-YEAR CHANGE -14.3% -23.3% Top Core-Based Statistical Area PROVIDENCE-NEW BEDFORD-FALL RIVER, RI-MA 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 4.18% 2.25% YEAR AGO 4.25% 3.15% YEAR-OVER-YEAR CHANGE -1.5% -28.5% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Vermont RANK: 8 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 1.58% 2.43% 3.5% YEAR AGO 1.56% 3.60% 4.4% YEAR-OVER-YEAR CHANGE 1.7% -32.7% -0.9% Top County GRAND ISLE COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.08% 5.27% YEAR AGO 1.27% 6.07% YEAR-OVER-YEAR CHANGE 63.7% -13.1% Top Core-Based Statistical Area RUTLAND, VT 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.16% 3.84% YEAR AGO 2.13% 4.99% YEAR-OVER-YEAR CHANGE 1.3% -23.0% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Illinois RANK: 7 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate MAY 2014 2.36% 2.74% 7.1% YEAR AGO 2.71% 4.81% 9.2% YEAR-OVER-YEAR CHANGE -12.7% -43.0% -2.1% Top County HANCOCK COUNTY 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 4.10% 8.20% YEAR AGO 2.92% 5.89% YEAR-OVER-YEAR CHANGE 40.5% 39.4% Top Core-Based Statistical Area LINCOLN, IL 90+ Day Foreclosure Delinquency Rate Rate MAY 2014 2.49% 6.14% YEAR AGO 3.07% 7.11% YEAR-OVER-YEAR CHANGE -19.0% -13.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the May 2014 foreclosure rate. All fi gures are rounded to the nearest decimal. The unemployment rate refl ects preliminary May 2014 fi gures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS Bank Collapses Continue to Grow; Failures Total 11 e list of 2014 bank collapses grew into the double digits recently as River Valley Bancorp was forced to close two of its subsid- iary operations. FDIC also announced the shuttering of Valley Bank branches in Moline, Illinois; Illinois Re/Max Professionals 630.768.5175 Office 630.768.5175 Cell edjrsellsreos@wearepros.com 484 W. Boughton Rd., Suite C Bolingbrook, IL 60440 Follow my listing on Twitter: twitter.com/Ed_Lukasik_Jr Edward Lukasik Jr. Broker/ Owner Home sales in Philadelphia County increased by 1% in June 2014, according to Long and Foster. KNOW THIS