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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
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
ChicagoNorthwest Side

Buying into a walk-up conversion was often a bad deal

4246 N Spaulding

In the 40 years that I’ve followed Chicago condo conversions I’ve rarely seen the renovation and condo conversion of a 12+ unit walkup buildings with studio to 2-bedroom apartments result in economic gains for the initial buyers. That’s been the case regardless of the attractiveness of the neighborhood, but the results have often been disastrous ...

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Posted by Joe Zekas on July 14, 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
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
ChicagoSouth Side

Is the price finally right at Marquette Village?

Marquette Village

We first took note of Marquette Village in February of 2007 when single-family homes at the development were priced from the $290s. Our last visit to Marquette Village, in the above video, was in September of 2011. At the time the Marquette Park project, which was originally planned for 139 homes, was in foreclosure with ...

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

Chicago-area loan delinquency, foreclosure rates down sharply

CoreLogic foreclosure rates

According to statistics released yesterday by CoreLogic, the percentage of Chicago metro area mortgage loans that are more than 90 days delinquent fell sharply year-over-year in March, from 9.44% to 7.01%. During the same period the local foreclosure rate fell from 5.22% to 3.09%. Both rates are substantially higher than US averages, but that may ...

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

Illinois foreclosure starts down, completions up year-over-year

West Garfield Park

According to data just released by RealtyTrac, Illinois had the sixth-highest rate of foreclosure filings in the nation, with one in every 706 Illinois homes in some stage of foreclosure. New foreclosure filings in April fell 38.63% year-over-year in Illinois and foreclosure completions soared by 54.61%. “The rise in bank repossessions in many states is ...

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Posted by Joe Zekas on May 15, 2014
ChicagoSouth Side

Who will buy this remodeled Grand Boulevard home?

47th & Calumet mural

In June of 2007 a single-family home at 4842 S Calumet Ave sold for $565,000 subject to a $565,000 mortgage. Early in 2008 it went into foreclosure, the predictable fate of very many fully-leveraged homes on Chicago’s South Side. The home sold in 2009, following the foreclosure, for $122,500. It went into foreclosure again in ...

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Posted by Joe Zekas on May 12, 2014

A visit to Chicago’s West Side with a real estate appraiser

Michael Walsh

Citywide Services’ Michael Walsh is a veteran appraiser whose work takes him to many areas of Chicagoland. I joined Michael for a mid-morning visit to Humboldt Park and North Austin on the city’s West Side for a look at two foreclosed properties. Along the way we chatted about the appraisal process and some of the ...

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Posted by Joe Zekas on April 25, 2014
ChicagoNorthwest Side

A stolen porch in Humboldt Park

Avers & Augusta

Yesterday morning I accompanied veteran appraiser Michael Walsh of Citywide Services on part of his daily rounds. Our first stop was at a foreclosed home in Humboldt Park, just past three police cars parked in the middle of the block. There was a Police Observation Device a/k/a blue light camera on the corner. The northeast ...

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Posted by Joe Zekas on April 24, 2014
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