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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

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

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

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

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
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

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

Illinois ranks third in seriously underwater mortgages

RealtyTrac

RealtyTrac today released its U.S. Home Equity & Underwater Report for the first quarter of 2014. Thirty percent of all Illinois homes with a mortgage were seriously underwater, i.e. had a combined loan amount secured by the property at least 25 percent higher than the property’s estimated market value. Illinois ranked third behind Nevada (34%) ...

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Posted by Joe Zekas on April 17, 2014
News & trendsMarket conditions

Illinois home prices and sales volume up in February

RealtyTrac

RealtyTrac released its February 2014 U.S. Residential and Foreclosure Sales Reportearlier today. Here are some of the metrics for Illinois: The number of homes sold in February rose 20.4% year-over-year. Illinois’ sales volume increase ranked 7th highest among the states. The median sales price increased 14% year-over-year to $152,500. Illinois had the 8th highest increase ...

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Posted by Joe Zekas on March 27, 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-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

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

One-third of mortgaged Chicago-area homes are deeply in the red

Madison & Western

Here’s some bad news for home buyers who’ve been expecting rising home values to result in a broader selection of homes coming on the market. According to recently-released RealtyTrac data, 19% of all US homes that have a mortgage are “deeply underwater,” i.e. the amount of the mortgage exceeds the estimated market value of the ...

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Posted by Joe Zekas on January 9, 2014
News & trendsMarket conditions

Chicago sales volume up 31% year-over-year in October

Lincoln Park aerial view

According to just-released RealtyTrac data, Chicago’s October residential sales counts were at an annualized pace of 182,767, 31% higher than in October of 2012. The Chicago metro area had the highest annualized sales rate in the nation in October, edging out Miami (171,508) and substantially ahead of Los Angeles (148,945) and New York (148,090). Nearly ...

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Posted by Joe Zekas on November 26, 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

Institutional investors active in Chicago metro home market

RealtyTrac September graphic

According to data just released by RealtyTrac, institutional investors (defined as those purchasing 10 or more properties in the last 12 months) accounted for 13% of Chicago metro-area home sales in September. Cash purchases accounted for 49% of sales during the month. Short sales and sales of bank-owned properties were 20% and 14%, respectively. The ...

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Posted by Joe Zekas on October 24, 2013
News & trendsMarket conditions

National flips dip, Chicago’s rip

Winnetka streetscape

RealtyTrac released its Q3 2013 Home Flipping Report, which shows 32,993 single family home flips — where a home is purchased and subsequently sold again within six months — in the third quarter of 2013, down 35 percent from the second quarter and down 13 percent from the third quarter of 2012. According to the ...

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Posted by Joe Zekas on October 17, 2013
News & trendsMarket conditions

RealtyTrac reports sales, prices rose in Chicago metro area

Volo water tower

RealtyTrac today released its August 2013 U.S. Residential & Foreclosure Sales Report, which shows that U.S. residential properties, including single family homes and condominiums and townhomes, sold at an estimated annualized pace of 5.6 million in August, up 2 percent from the 5.5 million pace in July and up 12 percent from the 5.0 million ...

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Posted by Joe Zekas on September 26, 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