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News & trendsMarket conditions

Available MLS-listed North Lakefront rentals on the rise

Kardas, Aqua

There were 946 homes, apartments and condos listed for rent in the local MLS yesterday in the six North Lakefront Zip Codes that we track: 60614, 60657, 60613, 60640, 60660 and 60626. That’s the largest number we’ve seen since we began tracking in January of 2012, when there 558 listings. Listings increased in all of ...

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

Chicago-area foreclosure rate continues to decline

East Garfield Park

Foreclosure rates in the Chicago area decreased 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-area foreclosures among outstanding mortgage loans was 2.57 percent for the month of August 2014, 40.6% below the August 2013 rate of ...

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Posted by Joe Zekas on October 23, 2014
News & trendsMarket conditions

Have free rent offers slowed the for sale market?

Streeter Place view

More than a dozen real estate brokers have told me that the for-sale market slowed perceptibly and dramatically beginning several months ago. None of them ventured much of an explanation for what they were seeing and none of them, when queried, had any familiarity at all with what was happening in the high-rise rental market ...

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Posted by Joe Zekas on October 20, 2014
News & trendsMarket conditions

Chicago foreclosure rates on the mend

Foreclosed homes

In October of last year Chicago had the 3rd highest foreclosure rate in the nation among metro areas with a population greater than 200,000. In the third quarter of this year, according to data recently released by RealtyTrac, Chicago had the 19th highest foreclosure rate, with one in every 208 housing units in some stage ...

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

Percentage of home sales for cash continues to fall

CoreLogic graphic

The following arrived via news release from CoreLogic: Cash sales made up 32.9 percent of total home sales in July 2014, the lowest share since August 2008, and down from 35.9 percent in July 2013. Month over month, the cash sales share was mostly flat, falling only one tenth of a percentage point from June ...

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Posted by Joe Zekas on October 15, 2014
ChicagoDowntown / Loop

Record number of new downtown apartments opening in 2015

Tower crane

Renters will have a bonanza of new apartment offerings to choose among in downtown Chicago next year. We define downtown Chicago as the area bordered by the Stevenson Expressway on the south, North Ave (1600 N) on the north, Lake Michigan on the east and Ashland Ave (1600 W) on the west. The downtown market ...

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Posted by Joe Zekas on October 14, 2014
ChicagoNorth Side

MLS-listed Lincoln Park rentals up 72% year-over-year

Lincoln Park aerial view

At this time a year ago there were 138 homes and condos listed for rent in Lincoln Park ZIP Code 60614 in the local Multiple Listing Service. As of yesterday that number had soared to 237, nearly a 72% year-over-year increase. Available units in Lakeview ZIP Code 60657 increased 45% year-over-year, from 157 to 228. ...

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Posted by Joe Zekas on October 1, 2014
News & trendsMarket conditions

Chicago-area foreclosure rate drops sharply year-over-year

East Garfield Park

Foreclosure rates for the month of July in the Chicago metro area decreased sharply 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 2.66 percent for the month of July 2014, a 36.5% decrease from July of ...

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Posted by Joe Zekas on October 1, 2014
News & trendsMarket conditions

Chicago-area home sales down 12.9% in August

Aerial view downtown

The following arrived via a news release from Redfin: This past August, typically one of the hottest selling months of the year, the number of newly listed homes dropped 9.3% nationally (month over month), while the median sale price dipped 1.4% (MoM). Usually lower inventory serves as a driver of higher prices, making August 2014 ...

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Posted by Joe Zekas on September 25, 2014
ChicagoDowntown / Loop

A surge in MLS-listed downtown rentals

Aerial downtown

The number of homes and condos listed for rent in the 14 downtown ZIP Codes that we tracked rose 14% from 6 weeks ago, and 13% over the same time a year ago. The overall increases mask significant differences among the Zip Codes. While most remained relatively flat or declined, a number showed substantial increases ...

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Posted by Joe Zekas on September 19, 2014
ChicagoDowntown / Loop

Will the North Loop absorb all the new apartments?

Block 37

Five years ago there were fewer than 200 rental apartments in the Loop north of Madison St, at MDA City Apartments. Since that time nearly 1,900 apartments have become available at Randolph Tower, 215 West, Oakwood 200 Squared, 73 East Lake and OneEleven . Construction is underway on 432 units at 200 N Michigan and ...

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Posted by Joe Zekas on September 15, 2014
News & trendsMarket conditions

Cash sales fall to a third of the home market

CoreLogic graphic

The following is from a CoreLogic news release: Cash sales made up 33 percent of total home sales in June 2014, the lowest share since September 2008 (considered the unofficial start of the financial crisis), and down from 36.3 percent in June 2013. While the cash sales share also fell month over month from the ...

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

Chicago-area home prices up 7% year-over-year in July

Skyline view

From a CoreLogic news release: Home prices nationwide, including distressed sales, increased 7.4 percent in July 2014 compared to July 2013. This change represents 29 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 1.2 percent in July 2014 compared to June 2014.* Excluding ...

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Posted by Joe Zekas on September 3, 2014
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