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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
ChicagoDowntown / Loop

Some profit, some lose at 565 Quincy

565 Quincy

When 565 Quincy slashed prices early in 2010 it was one of the last projects to join the price cutting that was prevalent in the condo market at the time. Last September we noted that three units purchased after the price cuts were on the market and looking to sell at a profit. Two of ...

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

Illinois ranks fourth nationally in foreclosure filings

West Garfield Park

According to a just-released RealtyTrac report, Illinois had the fourth highest rate of foreclosure activity in the nation. Per RealtyTrac: Illinois foreclosure activity decreased 23 percent on a year-over-year basis in May, but two consecutive months with annual increases in REO activity boosted the state’s foreclosure rate to fourth highest nationwide in May. One in ...

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

Metro Chicago home prices continue to rise

CoreLogic graphic

CoreLogic‘s April Home Price Index reflects prices that have continued to rise, and CoreLogic is projecting that prices will rise nationally 6.3 percent (+/- 1.5 percent) from April 2014 to April 2015. In Chicago-Naperville-Arlington Heights, home prices, including distressed sales, increased by 11.4 percent in April 2014 compared to April 2013. On a month-over-month basis, ...

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Posted by Joe Zekas on June 4, 2014
News & trendsMarket conditions

Million-dollar sales up 21% in Chicago through April

1520 W George

The following market update arrived via a news release from RE/MAX Northern Illinois: The Chicago-area luxury home market continued to gain ground over the first four months of 2014. After getting off to a fast start in January and February, the market for homes selling for $1 million or more in the metropolitan Chicago real ...

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Posted by Joe Zekas on May 30, 2014
News & trendsMarket conditions

RealtyTrac reports home price appreciation accelerated in April

RealtyTrac

According to RealtyTrac data, the median sales price of U.S. residential properties — including both distressed and non-distressed sales — was $172,000 in April, an increase of 4 percent from the previous month and an increase of 11 percent from April 2013 — the biggest year-over-year increase since U.S. median prices bottomed out in March ...

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Posted by Joe Zekas on May 29, 2014
ChicagoDowntown / Loop

MLS-listed rental market strengthening in downtown Chicago

Aerial downtown

The number of MLS-listed homes and condos listed for rent in the 14 downtown ZIP Codes that we track stood at 919 yesterday, down from 1,008 just over a month ago. That’s the lowest level of available rentals we’ve seen since last August. The number of available units in the Near North Side ZIP Codes ...

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Posted by Joe Zekas on May 28, 2014