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News & trendsMarket conditions

Chicago foreclosure rate plummets year-over-year

Tastee-Freez

RealtyTrac today released its U.S. Foreclosure Market Report for February 2014, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 112,498 U.S. properties in February, a 10 percent decrease from January and down 27 percent from February 2013 to the lowest monthly total since December 2006 — a ...

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Posted by Joe Zekas on March 13, 2014
News & trendsMarket conditions

Chicago still ranks high in foreclosures

Chicago aerial

Chicago ranked fourth among the 25 largest US metro areas in the percentage of mortgaged homes in foreclosure in January, according to data recently released by CoreLogic. The percentage of Chicago-area homes in foreclosure, 3.4%, declined a modest 2.1% year-over-year. Another index that housing troubles are not yet behind us is that 7.4% of Chicago-area ...

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Posted by Joe Zekas on February 28, 2014
News & trendsMarket conditions

Chicago-area sales volume, prices up sharply year-over-year

The Grove, Forest Park

Chicago-area sales volume increased 21% year-over-year in January 2014 and the median sales price increased 17%, to $175,000 according to RealtyTrac‘s just-released January 2014 Residential and Foreclosure Sales Report. Annualized sales volume in January was 170,394 homes. Institutional investors accounted for 7.6% of the sales. Nearly 46% of January sales were all cash. Short sales ...

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

Foreclosure filings continue downward trend

North Lawndale street scene

RealtyTrac just released its Foreclosure Market Report for January 2014. The report shows foreclosures rising 8% month over month nationally, but down 18% year-over-year in January. January marked the 40th consecutive month of year-over-year decline in the number of homes in foreclosure. The Chicago metro area tracked the national pattern, with foreclosures rising 2.9% month ...

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Posted by Joe Zekas on February 13, 2014
News & trendsMarket conditions

Chicago drops out of top 10 metros in foreclosure rate

Thumbnail image for Chicago drops out of top 10 metros in foreclosure rate

Miami had the highest foreclosure rate in the nation in 2013, with 3.93% of its housing units in some stage of foreclosure, according to recently-released RealtyTrac data. Among Metropolitan Statistical Areas with a population of more than 200,000, seven other Florida metros were in the top 10 in 2013 foreclosure rates. Rounding out the top ...

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

Chicago-area foreclosure rates in sharp decline

Cabrini-Green row-homes

Foreclosure rates in Chicago-Naperville-Arlington Heights decreased for the month of October over the same period last year, according to newly released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-Naperville-Arlington Heights area foreclosures among outstanding mortgage loans was 3.70 percent for the month of October 2013, a decrease of 2.04 percentage points ...

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Posted by Joe Zekas on December 24, 2013
ChicagoDowntown / Loop

Will The Sterling become sterling?

The Sterling

Nearly six years ago Crain’s Chicago Business cited The Sterling, 345 N LaSalle St, as the “condo foreclosure capital of Chicago.” Ninety-five foreclosures had been filed in the 389-unit building, according to Crain’s. Three months later, in an article on the prevalence of foreclosures in American Invsco-sponsored condo conversions, Crain’s reported that there had been ...

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Posted by Joe Zekas on December 23, 2013
News & trendsMarket conditions

Chicago foreclosure rate third-highest among large metros in October

West Garfield Park

Chicago had the third-highest foreclosure rate among the 20 largest metropolitan areas in October, according to data just released by RealtyTrac. One in every 427 homes in Chicago had a foreclosure filing during October. Chicago foreclosure activity fell for the 11th consecutive month on a year-over-year basis, but the metro area saw a 30 percent ...

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Posted by Joe Zekas on November 14, 2013
News & trendsMarket conditions

Chicago-area foreclosure rate plummets year-over-year

Englewood streetscape

Foreclosure rates in Chicago-Joliet-Naperville decreased 31.3% 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-Joliet-Naperville area foreclosures among outstanding mortgage loans was 4.25 percent for the month of August 2013, a decrease of 1.94 percentage points compared ...

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Posted by Joe Zekas on October 22, 2013
News & trendsMarket conditions

Number of new foreclosure filings plummets

4000 block Wilcox

RealtyTrac today released its U.S. Foreclosure Market Report for August 2013. The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions — decreased 2 percent from the previous month and were down 34 percent from August 2012 — the 35th consecutive month where foreclosure activity has decreased on an annual basis. The ...

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Posted by Joe Zekas on September 12, 2013
ChicagoDowntown / Loop

Will Park Kingsbury return from the deadpool as apartments?

501 W Kingsbury

In the boom years of the mid-2000s the River North site formerly occupied by Ronsley was one of the most sought-after development opportunities on the north side. The site, which includes a 5-story loft building (pictured above) at the southwest corner of Kingsbury and Huron and a parcel of vacant land at the northeast corner ...

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Posted by Joe Zekas on August 29, 2013

A homeless man builds a shelter in Wicker Park

2300 block North Ave

DNAinfo posted an article yesterday about Bruce Johnson, a 51-year old homeless man who had built himself a concrete block shelter from materials found on a foreclosed property in Wicker Park. Meanwhile, his neighbors said they have “no problem” with Johnson and requested that his address not be revealed, for fear police would force him ...

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Posted by Joe Zekas on August 27, 2013
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

Woodstock Institute makes foreclosure data more accessible

Woodstock Institute

The Woodstock Institute self-describes as “a leading nonprofit research and policy organization in the areas of fair lending, wealth creation, and financial systems reform.” The organization recently revamped its website to make its collections of local lending-related data more readily accessible online. According to a news release: Of particular note is the new interactive data ...

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Posted by Joe Zekas on July 24, 2013
ChicagoDowntown / Loop

Sellers taking losses at Jefferson Tower

Fulton River District

The Fulton River District was still a new neighborhood, but it had become relatively established by the time that Jefferson Tower, 200 N Jefferson, was begun in 2004 and completed early in 2006. The 24-story condominium tower’s developers, concerned that the downtown Chicago market for 2-bedroom condos might be overbuilt, adapted their plans by converting ...

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Posted by Joe Zekas on July 23, 2013
News & trendsMarket conditions

RealtyTrac: Illinois foreclosures average 817 days

East Garfield Park

RealtyTrac released its Midyear 2013 U.S. Foreclosure Market Report today. Some relevant excerpts: Florida posted the nation’s highest state foreclosure rate in the first half of the year: 1.74 percent of housing units with a foreclosure filing (one in every 58) during the six-month period — nearly three times the national average. A total of ...

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Posted by Joe Zekas on July 11, 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

Chicago-area foreclosure rates down sharply

Aerial view

Foreclosure rates in Chicago-Joliet-Naperville decreased for the month of April over the same period last year, according to newly released data from CoreLogic. The CoreLogic data reveals that the rate of Chicago-Joliet-Naperville area foreclosures among outstanding mortgage loans was 4.89 percent for the month of April 2013, a decrease of 1.63 percentage points compared to ...

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Posted by Joe Zekas on June 25, 2013
News & trendsMarket conditions

Bank repossessions rise 44 percent in Illinois

Belmont & Western

The following arrived via email from RealtyTrac: RealtyTrac today released its U.S. Foreclosure Market Report™ for May 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 75-month low in April but still down 28 percent ...

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Posted by Joe Zekas on June 13, 2013
News & trendsMarket conditions

Foreclosures less of a market factor nationally, still high in Illinois

Chicago Lawn board-ups

RealtyTrac today released its Q1 2013 U.S. Foreclosure & Short Sales Report, which shows that a total of 190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012. From RealtyTrac’s ...

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Posted by Joe Zekas on May 30, 2013