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News & trendsMarket conditions

Chicago-area foreclosure rate continues to decline

East Garfield Park

Foreclosure rates in the Chicago area decreased for the month of August over the same period last year, according to newly released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.57 percent for the month of August 2014, 40.6% below the August 2013 rate of ...

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Posted by Joe Zekas on October 23, 2014
News & trendsMarket conditions

Have free rent offers slowed the for sale market?

Streeter Place view

More than a dozen real estate brokers have told me that the for-sale market slowed perceptibly and dramatically beginning several months ago. None of them ventured much of an explanation for what they were seeing and none of them, when queried, had any familiarity at all with what was happening in the high-rise rental market ...

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Posted by Joe Zekas on October 20, 2014

Millennials are not opting for cities

Kardas aerial

As he often does, Joel Kotkin looks past wishful thinking to the numbers: It’s an idea echoed everywhere from “Friends” to “Girls”: Young people want to live in cities. And, we’re told, a lot of them (at least the cool ones) do. It’s a common assumption. But it’s also wrong. Between 2010 and 2013, the ...

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Posted by Joe Zekas on October 20, 2014
News & trendsMarket conditions

Chicago foreclosure rates on the mend

Foreclosed homes

In October of last year Chicago had the 3rd highest foreclosure rate in the nation among metro areas with a population greater than 200,000. In the third quarter of this year, according to data recently released by RealtyTrac, Chicago had the 19th highest foreclosure rate, with one in every 208 housing units in some stage ...

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Posted by Joe Zekas on October 16, 2014
News & trendsMarket conditions

Percentage of home sales for cash continues to fall

CoreLogic graphic

The following arrived via news release from CoreLogic: Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of a percentage point from June ...

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Posted by Joe Zekas on October 15, 2014
News & trendsNeighborhoods

Follow YoChicago on Flickr

Lakeshore East park

We’ve visited virtually every corner of Chicago and its far-flung suburbs, and we’ve generally take pictures on our travels. The result: our network archives have more than 400,000 images. A relatively small sample of those images, more than 13,700, can be viewed at YoChicago’s Flickr account, which recently passed the more than 4,000,000 view mark. ...

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Posted by Joe Zekas on October 8, 2014
News & trendsMarket conditions

Chicago-area foreclosure rate drops sharply year-over-year

East Garfield Park

Foreclosure rates for the month of July in the Chicago metro area decreased sharply over the same period last year, according to newly-released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-area foreclosures among outstanding mortgage loans was 2.66 percent for the month of July 2014, a 36.5% decrease from July of ...

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Posted by Joe Zekas on October 1, 2014
News & trendsMarket conditions

Chicago-area home sales down 12.9% in August

Aerial view downtown

The following arrived via a news release from Redfin: This past August, typically one of the hottest selling months of the year, the number of newly listed homes dropped 9.3% nationally (month over month), while the median sale price dipped 1.4% (MoM). Usually lower inventory serves as a driver of higher prices, making August 2014 ...

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Posted by Joe Zekas on September 25, 2014
News & trendsMarket conditions

Cash sales fall to a third of the home market

CoreLogic graphic

The following is from a CoreLogic news release: Cash sales made up 33 percent of total home sales in June 2014, the lowest share since September 2008 (considered the unofficial start of the financial crisis), and down from 36.3 percent in June 2013. While the cash sales share also fell month over month from the ...

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Posted by Joe Zekas on September 10, 2014
News & trendsMarket conditions

Chicago-area home prices up 7% year-over-year in July

Skyline view

From a CoreLogic news release: Home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared to July 2013. This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared to June 2014.* Excluding ...

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Posted by Joe Zekas on September 3, 2014
News & trendsMarket conditions

North Shore – Barrington area home price growth is moderating

Barrington kitchen

The following arrived via a news release from the North Shore – Barrington Association of Realtors: Home prices on the North Shore continued to rise last month, but at a lower rate, reflecting the national picture. The medium home sale price in the North Shore – Barrington market increased 0.6 percent in July to $417,500, ...

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Posted by Joe Zekas on August 27, 2014
News & trendsMarket conditions

Chicago ranks highest in distressed property sales

CoreLogic graphic

The following arrived via news release from CoreLogic: Distressed sales (REO and short sales) accounted for 11.4 percent of total home sales in June, the lowest share since December 2007 and a strong improvement from the same time a year ago when this category made up 15.8 percent of total sales. Within this category, REO ...

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Posted by Joe Zekas on August 21, 2014
News & trendsArchitecture & design

Apply for the 21st Annual Chicago Neighborhood Development Awards

Harvest Commons

Applications are now open for the 21st Annual Chicago Neighborhood Development Awards (CNDA). The CNDAs recognize innovation and best practices in neighborhood development. Established in 1995, the awards “recognize and honor the outstanding achievements in neighborhood real estate development and community building, as well as the essential role that both non-profit and for-profit developers play ...

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Posted by Joe Zekas on August 20, 2014

YoChicago’s taking a day off

Paul McCartney

YoChicago won’t be posting about Chicago real estate today, but will resume tomorrow. I returned to Chicago late Sunday after a five-day break in California, visiting my daughter Valerie. We had tickets for Paul McCartney’s concert at Candlestick Park – the last event at “The Stick” before it’s demolished. As usual I took a lot ...

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Posted by Joe Zekas on August 18, 2014

YoChicago reaches record numbers in July

Millennium Park

According to our server logs, YoChicago had 104,196 unique visitors in July. That’s the first time we’ve passed the 100K mark in a month, and it represents a 49% increase over July of 2013. Google Analytics tells us that two-thirds of our visitors were new to the site last month, and only 14% of our ...

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Posted by Joe Zekas on August 11, 2014
News & trendsMarket conditions

Chicago-area home price increases outpace national average

Embassy Club

CoreLogic released its June Home Price Index (HPI) report yesterday. Home prices nationwide, including distressed sales, increased 7.5 percent in June 2014 compared to June 2013. This change represents 28 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.0 percent in June 2014 ...

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Posted by Joe Zekas on August 6, 2014

YoChicago launches condominium review series

55 East Erie, fitness

Late last year we began a series of apartment reviews and they’ve proven popular, contributing to a more than 70% year-over-year increase in our traffic in July. We’re waiting on the stats from our server logs, but YouTube Analytics indicates that we reached more than 90,000 unique visitors last month. Condo buyers need access to ...

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Posted by Joe Zekas on August 4, 2014

Available MLS-listed rentals at a high on North Lakefront

Lincoln Park

As of late yesterday there were 832 homes and condos listed for rent in local Multiple Listing Service in ZIP Codes 60614, 60657, 60613, 60640, 60660 and 60626. Those ZIP Codes span Chicago’s lakefront from Lincoln Park north to Rogers Park. The number of available rentals is at its highest level since we began tracking ...

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Posted by Joe Zekas on July 30, 2014

Question of the day – who’s getting the supervouchers?

500 LSD

Crain’s Chicago Business reported yesterday that the Chicago Housing Authority is issuing “supervouchers” that enable low-income residents to rent in some of the city’s priciest apartment buildings. Supervoucher recipients are currently renting, for example, at 500 Lake Shore Drive and Aqua. There are important public policy and resource allocation questions to be considered. But, this ...

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Posted by Joe Zekas on July 28, 2014

YoChicago nears 3,000 YouTube subscribers

K2

YoChicago has more than 2,500 videos on our primary YouTube channel, and they’ve been viewed more than 3.8 million times. We have far more narrated real estate videos online than all of the other media outlets in Chicago combined, and we’re adding to them frequently. Our most popular video, one of several on the erection ...

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Posted by Joe Zekas on July 28, 2014