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Distressed property

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 & trendsMarket conditions

One-third of mortgaged Chicago-area homes are deeply in the red

Madison & Western

Here’s some bad news for home buyers who’ve been expecting rising home values to result in a broader selection of homes coming on the market. According to recently-released RealtyTrac data, 19% of all US homes that have a mortgage are “deeply underwater,” i.e. the amount of the mortgage exceeds the estimated market value of the ...

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

Chicago foreclosures drop sharply as US activity ticks up

West Garfield Park

RealtyTrac has just released its July 2013 U.S. Foreclosure Market Report. The report shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 130,888 U.S. properties in July, an increase of 2 percent from the 78-month low in June but still down 32 percent from July 2012. The report also ...

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Posted by Joe Zekas on August 15, 2013
News & trendsMarket conditions

Foreclosures, shadow inventory in steep decline, Chicago still troubled

4500 block Wilcox

CoreLogic released its May National Foreclosure Report yesterday along with a supplement featuring quarterly shadow inventory data as of April 2013. Of the fifteen largest metro areas by population, Chicago ranked second behind New York in foreclosure inventory and first in the percentage of mortgage loans (8.7%) that are seriously delinquent. According to the CoreLogic ...

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Posted by Joe Zekas on July 10, 2013
News & trendsMarket conditions

Distressed sales decline sharply in major cities, modestly in Chicago

Wilcox Ave, Chicago

Last week the ever-informative Calculated Risk blog posted a table showing the share of the market accounted for by distressed properties, i.e. short sales and foreclosures, in 13 major cities. The market share of distressed properties declined significantly year-over-year in March in a number of cities. Las Vegas and Phoenix, for example, saw year-over-year declines ...

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Posted by Joe Zekas on April 22, 2013
ChicagoSouth Side

Silly price reductions on an Eastgate Village townhome

Aerial view of Eastgate Village

We last wrote about Eastgate Village, a troubled townhome / condo development on the Near South Side, back in October of 2011. At the time, 26 units were slated for auction. Those units had previously been the subject of a bulk purchase at a third of their original prices. A 3-bedroom, 3-bath, 4-level townhome in ...

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Posted by Joe Zekas on March 6, 2013
ChicagoFar North

Distressed properties dominate the market in Rogers Park

7401-11 N Hoyne Chicago

Rogers Park developers periodically fall prey to a state of irrational exuberance. The peak of the most recent mania had already passed in May of 2008 when a 2-day survey of Rogers Park took us to more than 100 active condo conversions. It was already clear that the bubble had popped, and it only remained ...

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Posted by Joe Zekas on February 22, 2013
ChicagoDowntown / Loop

More new apartments headed for the West Loop

Aerial view of 123 N Sangamon  Chicago

In September of 2007 we reported that 75% of the loft condos at 123 N Sangamon in the West Loop were under contract and closings would begin the following month. In April of 2008 the plan was to convert half the building to rental units and unit deliveries were anticipated later that summer. In January ...

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Posted by Joe Zekas on February 15, 2013
News & trendsMarket conditions

Increased competition for distressed properties in downtown Chicago

Aerial view of Streeterville, Chicago

After hearing of a short sale that elicited 33 bids – 22 of them cash offers – within a week, I reached out to Vik Wadhwa of Urban Living to learn whether this was a common occurrence. Vik’s response to my email: Clients searching for properties in downtown neighborhoods – especially in River North, Gold ...

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Posted by Joe Zekas on February 8, 2013
ChicagoDowntown / Loop

River North short sale draws 80 showings, 33 offers in a week

River North Chicago

Well-located, attractively-priced properties, especially if they’re distressed, are once again generating a frenzy of activity on the part of buyers. If you doubt that, consider the email that Prudential Rubloff’s Donna Urbikas recently sent to the losing bidders on a River North listing: Thank you very much for submitting your offer for my short sale ...

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Posted by Joe Zekas on February 7, 2013
News & trendsMarket conditions

Illinois foreclosures up 19% year-over-year

West Garfield Park

RealtyTrac released its U.S. Foreclosure Market Report for October 2012 yesterday. The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 186,455 U.S. properties in October, an increase of 3 percent from September but still down 19 percent from October 2011. According to the report: One in every ...

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Posted by Joe Zekas on November 16, 2012
News & trendsMarket conditions

Chicago October home sales volume up 50% year-over-year

Grant Park, Chicago

The following market update arrived via a news release from RE/MAX Northern Illinois: The seven-county metropolitan Chicago real estate market delivered a strong performance in October, with 43 percent more homes changing hands than in the same month last year. The increase in sales activity was especially pronounced in Cook County and the City of ...

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Posted by Joe Zekas on November 15, 2012
News & trendsMarket conditions

Metro Chicago third quarter sales volume highest since 2007

Chicago skyline from afar

The following market update arrived via a news release from RE/MAX Northern Illinois: The residential segment of the metropolitan Chicago real estate market extended the upswing experienced in the first half of 2012 through the third quarter, registering the largest number of third-quarter home sales since 2007. According to an analysis by RE/MAX, home sales ...

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Posted by Joe Zekas on October 26, 2012
News & trendsMarket conditions

Home inventory drops sharply in some Chicago neighborhoods

Market conditions by neighborhood

It could be just a case of a spring market up-tick, but a number of neighborhoods have seen the inventory of available homes drop sharply last month. In mid-March there were six neighborhoods with 4-6 months inventory (the accepted definition of a balanced market). Today, 17 neighborhoods are in that balanced category and two neighborhoods ...

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Posted by Jody Wise on June 2, 2012
News & trendsMarket conditions

Chicagoland home sales volume up 22 percent in March

Mill Creek, Geneva

The following market update arrived via a news release from RE/MAX Northern Illinois: A RE/MAX analysis of March home sales activity in the metropolitan Chicago real estate market indicates that the marked increase in home sales activity seen in recent months is beginning to have a positive impact on home prices. According to RE/MAX, combined ...

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Posted by Joe Zekas on April 17, 2012
News & trendsMarket conditions

CoreLogic touts investment returns on single-family home rentals

Symphony Meadows, Volo

CoreLogic has just released its April MarketPulse report (pdf), with a raft of statistical data from February and some analytical insights that are worth a close read. In the Chicago-Joliet-Naperville area 37.6% of sales were foreclosures or short sales in February. The House Price Index was down 1.7% month-over-month and 7.3% year-over-year. Almost one of ...

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Posted by Joe Zekas on April 11, 2012
News & trendsMarket conditions

CoreLogic – Chicago-area home prices continue decline

Lawndale Chicago

CoreLogic released its February Home Price Index yesterday, and once again the Chicago numbers are down: In the Chicago-Joliet-Naperville area, home prices, including distressed sales, declined by 7.3 percent in February 2012 compared to February 2011 and declined by 9.1 percent* in January 2012 compared to January 2011. Excluding distressed sales, year-over-year prices declined by ...

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Posted by Joe Zekas on April 5, 2012
News & trendsMarket conditions

Chicago-area home sales up 26 percent over last February

Downtown Woodstock

The following market update arrived via a news release from RE/MAX Northern Illinois: Home sales activity in the metropolitan Chicago real estate market continued to accelerate in February, posting its strongest increase in six months. There were 4,760 closed sales in the seven-county area during the month, 26 percent more than during February of last ...

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Posted by Joe Zekas on March 16, 2012
News & trendsMarket conditions

CoreLogic sees year-over-year decline in January home sales in Chicago

Humboldt Park homes

According to CoreLogic’s March MarketPulse report (PDF), the Chicago-Joliet-Naperville CBSA saw 3,622 home sales in January of 2012, down 10.4% from the previous year. REO sales (1,267) and short sales (668) accounted for 53.4% of all January sales. Mean days on market for active properties increased by 22.4%, while the mean days on market for ...

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Posted by Joe Zekas on March 9, 2012
News & trendsMarket conditions

Chicago’s collar counties lead January home sales surge

Lakefront home

The following market update arrived via a news release from RE/MAX Northern Illinois: Home sales in the seven-county metropolitan Chicago real estate market continued their upward momentum in January, led by strong sales gains in five of the collar counties, according to an analysis by RE/MAX. Home sales for the month totaled 4,433 and were ...

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Posted by Joe Zekas on February 14, 2012