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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
News & trendsMarket conditions

Thirty percent of mortgaged Chicago homes seriously underwater

Chatham Club

RealtyTrac defines a mortgaged home as “seriously underwater” when “the combined loan amount secured by the property is at least 25 percent higher than the property’s estimated market value.” According to RealtyTrac, 17.2 percent of all mortgaged homes in the US were seriously underwater in Q2 2014. Equity rich properties, i.e. those with at least ...

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Posted by Joe Zekas on July 24, 2014
News & trendsMarket conditions

Foreclosure, delinquency rates down sharply in Chicago metro area

CoreLogic graphic

Foreclosure rates in the Chicago – Naperville – Arlington Heights metro decreased for the month of May 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 2.82 percent for the month of May 2014, a 41% ...

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Posted by Joe Zekas on July 23, 2014

The Millennials are coming, perhaps

Hubbard Place party

One of the few things you can say for certain about the Millennial Generation is that its membership is huge in number. Beyond the sheer size of this cohort, certainties vanish. Predicting the impact that Millennials will have on the sale and rental housing markets is, in some respects, akin to playing the lottery. The ...

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Posted by Joe Zekas on July 22, 2014
News & trendsMarket conditions

June foreclosures at lowest levels since 2006

East Garfield Park

RealtyTrac released its Midyear 2014 U.S. Foreclosure Market Report today. The report reflects a 19% decrease in US foreclosure filings over the previous six months and a 23% decrease from the first six months of 2013. States with the highest foreclosure rates in the first half of 2014 were Florida (one in 74 housing units ...

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Posted by Joe Zekas on July 17, 2014

Profiling homes that sell at a deep discount or at a premium

RealtyTrac graphic

RealtyTrac released an analysis today profiling which single family homes sell at the deepest discounts and which sell at the highest premiums based on four variables: foreclosure status, equity, occupancy and year built. According to RealtyTrac, the Chicago metro area had 4,365 properties matching the 5 profiles that resulted in the deepest discounts. The property ...

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

Completed foreclosures plummet in metro Chicago area

West Englewood

CoreLogic released its May National Foreclosure Report yesterday. According to CoreLogic, for the month of May 2014, there were 47,000 completed foreclosures nationally, down from 52,000 in May 2013, a year-over-year decrease of 9.4 percent. On a month-over-month basis, completed foreclosures were up by 3.8 percent from the 45,000 reported in April 2014. As a ...

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Posted by Joe Zekas on July 9, 2014

Meet Jola Jablonska, a Chicago photographer

Jola and Eric

I’ve take many photographs while shooting 1,000s of videos and I’ve often been asked by real estate agents to do the photography for the home. I always decline, and advise the real estate agent that I can illustrate what a home looks like but a talented photographer can capture something more important: what a home ...

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Posted by Joe Zekas on July 9, 2014
News & trendsMarket conditions

Chicago doesn’t rank among top rental markets for investors

Forest Park

RealtyTrac just released its Q2 2014 Residential Property Rental Report, which ranks the best markets for buying residential rental properties along with the best markets for renting to baby boomers and the best markets for renting to millennials. Chicago-area counties don’t rank in any of the rankings, which are largely dominated by counties in small- ...

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

Chicago area ranks high in zombie foreclosures

RealtyTrac

According to RealtyTrac, the Chicago metro area had 9,975 “zombie foreclosures” in Q2 2014, ranking it third in the nation. The following is from a recent RealtyTrac news release: RealtyTrac recently analyzed zombie foreclosures for Q2 2014 — properties that have started the foreclosure process but never been foreclosed and the homeowner has vacated the ...

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Posted by Joe Zekas on June 26, 2014
News & trendsMarket conditions

The state of the nation’s housing

JCHS screen cap

Each year Harvard University’s Joint Center for Housing Studies publishes a much-anticipated and widely-read report on The State of the Nation’s Housing. The 2013 report is linked, above, and the 2014 report is slated for release on Thursday, June 26. You can watch a live panel discussion webcast of the release at 11 to noon ...

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

Were Illinois home sales up or down in May?

Volo

The answer to the headline question depends on which data source you’re looking at. According to the Illinois Association of Realtors (IAR), the volume of May 2014 home sales in Illinois was 9.4% lower than in May 2013, but 16.4% higher than in April 2014. IAR aggregates data from 30 participating Multiple Listing Services. According ...

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Posted by Joe Zekas on June 24, 2014
News & trendsMarket conditions

What’s really the fastest-selling neighborhood in Chicago?

742 N Western

Chicago Real Estate Daily has a report that spotlights the five community areas that had the shortest average market times for single-family homes and for condominiums during the first four months of this year. North Park had the shortest average market time, 46 days, for single-families and that honor went to West Town, at 65 ...

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Posted by Joe Zekas on June 18, 2014
News & trendsNeighborhoods

Metro Chicago’s growth is not in its urban core

Grant Park

A US Census report in 2012 (PDF) singled out Chicago as the metro area with the largest numeric increase in “downtown” population between 2000 and 2010. For purposes of the report, the Census Bureau defined “downtown” as the area within a 2-mile radius of the location of the city hall in the principal city in ...

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Posted by Joe Zekas on June 18, 2014
News & trendsMarket conditions

Illinois ranks fourth nationally in foreclosure filings

West Garfield Park

According to a just-released RealtyTrac report, Illinois had the fourth highest rate of foreclosure activity in the nation. Per RealtyTrac: Illinois foreclosure activity decreased 23 percent on a year-over-year basis in May, but two consecutive months with annual increases in REO activity boosted the state’s foreclosure rate to fourth highest nationwide in May. One in ...

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Posted by Joe Zekas on June 10, 2014
News & trendsArchitecture & design

Watch the Tilt tilting at the Hancock

Hancock Center

For those among you who have an affinity for watching grass grow and paint peel, we offer a video view of the Tilt at the Hancock tilting. The website tells you that Tilt “extends out over the Magnificent Mile.” It faces south on the Chestnut Street side of the building and, given the Hancock’s taper, ...

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Posted by Joe Zekas on June 9, 2014
News & trendsMarket conditions

Metro Chicago home prices continue to rise

CoreLogic graphic

CoreLogic‘s April Home Price Index reflects prices that have continued to rise, and CoreLogic is projecting that prices will rise nationally 6.3 percent (+/- 1.5 percent) from April 2014 to April 2015. In Chicago-Naperville-Arlington Heights, home prices, including distressed sales, increased by 11.4 percent in April 2014 compared to April 2013. On a month-over-month basis, ...

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Posted by Joe Zekas on June 4, 2014
News & trendsNeighborhoods

Do street fairs reflect Chicago’s racial divide?

Do Division

If all you knew about Chicago’s demographic and racial mix is what you saw at your local street fair, would you have an accurate picture of Chicago or a distorted one? Does Chicago’s vaunted diversity disappear at the neighborhood level? The crowds I saw at Saturday’s Do Division and Millennium Art street fests appeared to ...

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Posted by Joe Zekas on June 2, 2014