The House of Representatives approved a revised bailout bill on Friday that will inject up to $700 billion of taxpayer funds into the financial system. Lawmakers hope to hold off a financial meltdown that has toppled several banks worldwide, including Washington Mutual, the largest bank to fall in the history of the United States.

The bailout gives the government authority to buy up the mortgage-based investments that are distressed from banks to ease the pressure on their books. However, the bailout may not have an immediate effect on homeowners who are facing foreclosure. Sen Obama has promised that if he is elected that he will push for legislation that will protect homeowners facing foreclosures. Both Obama and McCain lobbied heavily for the passage of the bailout bill.

However, for now the bailout is designed to keep more banks from falling and to open up the credit markets which have been virtually paralyzed. The bailout has been heavily criticized by constituents around the country, who have flooded the capital with emails, text messages, and calls, demanding that their representatives vote against the bailout. Homeowners around the North Shore Chicago Real Estate market will have to wait and see if this bailout will have any effect on foreclosures and the availability of credit.

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Sales of condominiums and lofts in Evanston rose in September, possibly signaling an end to the slump in the real estate market in the area. High sales were fueled by strong demand for condos on the low end of the market.

According to MLS data for the month, a total of 51 condos and lofts were sold in Evanston in September, up more than 10 percent from the same period a year ago. Sales were still off the high of 61 units sold during September 2006. Demand for condos priced under $250,000 was up by nearly 40 percent during the month, while sales of condos priced at over $500,000 plunged by 50 percent.

This led to a significant drop in the average sales price in September. According to sales data from the MLS, the average sales price in September fell to $293,337, a 21 percent drop in prices from the same period last year. It was also slightly lower than the average sales price of $294,007 seen in September 2006.

Buyers could continue to see some great deals in the short term in Evanston. Browse through the best North Shore Chicago Condos on the market today.

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Sales of new and resale condominium fell in September around the North Shore. It was the second straight year of declining sales in the neighborhood. Prices plunged more than 17 percent as demand for the most expensive units dropped during the month.

According to data from the Chicago Association of Realtors, a total of 124 condominiums were sold during September around the North Shore, down from 136 units sold during the same period last year. However, the drop in sales was much less pronounced than a year ago, when sales were off by 32 percent.

Demand for the most affordable units soared during the quarter. 60 units were sold for less than $250,000 in September, up from 44 units sold in that price range a year ago. Demand for the condos priced over $1 million fell by nearly 50 percent during the month, with just 6 units sold in that price range.

The drop in demand for the highest priced condominiums led to a pronounced drop in the average sales price during the month. The average sales price in September reached $308,010, down 17.2 percent from the same period a year ago. This is good news for homeowners and developers with affordable North Shore Chicago Condos on the market.

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