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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
ChicagoDowntown / Loop

Number of MLS-listed downtown rentals on the rise

Loop aerial

There are currently 994 homes, apartments and condos listed for rent in the Multiple Listing Service (MLS) in the 14 downtown Chicago ZIP Codes that we track. That number represents an 8.2% increase over the last two months and a 28.6% increase over the same time last year. The number of listings has changed little ...

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Posted by Joe Zekas on August 7, 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

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
ChicagoDowntown / Loop

Is a South Loop rental bubble in the cards?

River City

When the condo market hit the skids in the latter part of the last decade the South Loop was one of the neighborhoods with the greatest imbalance between supply and demand. It took years to work off the excess inventory, some of which is still on the market in developments that were taken over by ...

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Posted by Joe Zekas on July 29, 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
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
ChicagoDowntown / Loop

Catalyst 50% leased with no free rent concessions

Catalyst

Yesterday evening I met a member of the leasing staff at Catalyst who told me that move-ins at the new West Loop building have begun and 50% of the units have been leased. Unlike a number of other new high-rises, Catalyst did not offer any free rent concessions. The 19-story, 223-unit building has a mix ...

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Posted by Joe Zekas on July 11, 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 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
ChicagoDowntown / Loop

Vetro studio returns to market as pricier one-bedroom

Vetro

If you’re looking for a 1-bedroom condo your new listing search will surface Unit 1401 at Vetro, 611 S Wells. The unit was one of 40 Vetro condos sold at auction early in 2009. It was purchased for $160,000, including a parking space. The developer had marketed the unit as a studio. The copy for ...

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Posted by Joe Zekas on June 20, 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
ChicagoFar North

MLS-listed Edgewater rentals reach a low

Aerial view of north lakefront

There were 43 homes, apartments and condos listed for rent in the local Multiple Listing Service in ZIP Code 60660 as of yesterday morning. That’s the lowest level we’ve seen since we began periodic tracking over two years ago. The available listings ranged from a studio renting for $650 a month to a 3,000 square-foot ...

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Posted by Joe Zekas on June 12, 2014