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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

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
News & trendsMarket conditions

Chicago foreclosures drop sharply as US activity ticks up

West Garfield Park

RealtyTrac has just released its July 2013 U.S. Foreclosure Market Report. The report shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 130,888 U.S. properties in July, an increase of 2 percent from the 78-month low in June but still down 32 percent from July 2012. The report also ...

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Posted by Joe Zekas on August 15, 2013
ChicagoDowntown / Loop

Sellers taking losses at Jefferson Tower

Fulton River District

The Fulton River District was still a new neighborhood, but it had become relatively established by the time that Jefferson Tower, 200 N Jefferson, was begun in 2004 and completed early in 2006. The 24-story condominium tower’s developers, concerned that the downtown Chicago market for 2-bedroom condos might be overbuilt, adapted their plans by converting ...

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Posted by Joe Zekas on July 23, 2013
News & trendsMarket conditions

Foreclosures, shadow inventory in steep decline, Chicago still troubled

4500 block Wilcox

CoreLogic released its May National Foreclosure Report yesterday along with a supplement featuring quarterly shadow inventory data as of April 2013. Of the fifteen largest metro areas by population, Chicago ranked second behind New York in foreclosure inventory and first in the percentage of mortgage loans (8.7%) that are seriously delinquent. According to the CoreLogic ...

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Posted by Joe Zekas on July 10, 2013
News & trendsMarket conditions

Bank repossessions rise 44 percent in Illinois

Belmont & Western

The following arrived via email from RealtyTrac: RealtyTrac today released its U.S. Foreclosure Market Report™ for May 2013, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 75-month low in April but still down 28 percent ...

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Posted by Joe Zekas on June 13, 2013
News & trendsMarket conditions

Foreclosures less of a market factor nationally, still high in Illinois

Chicago Lawn board-ups

RealtyTrac today released its Q1 2013 U.S. Foreclosure & Short Sales Report, which shows that a total of 190,121 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the quarter, a decrease of 18 percent from the previous quarter and down 22 percent from the first quarter of 2012. From RealtyTrac’s ...

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Posted by Joe Zekas on May 30, 2013
News & trendsMarket conditions

CoreLogic – Rising home prices put upward pressure on rents

CoreLogic graphic

Yesterday CoreLogic released its April MarketPulse Report (PDF, free registration required). The report includes a discussion of housing’s anticipated contribution to economic growth and an analysis of single-family rental supply and demand trends. Key findings in the report include: Increasing equity has revived buyer demand, and trade-up opportunities are increasing for some buyers. Investor demand ...

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

Chicago foreclosure inventory decline badly lags national rate

East Garfield Park

According to data released yesterday by CoreLogic, of the nation’s 25 largest CBSAs, Chicago had the third highest number of completed foreclosures (20,113) in the twelve months ending in February 2013, trailing only Atlanta and Phoenix. Chicago’s foreclosure inventory declined 1.3% year-over-year while the national foreclosure inventory declined by 21%. Yesterday’s CoreLogic news release: According ...

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Posted by Joe Zekas on March 29, 2013
News & trendsMarket conditions

Shadow inventory down 28 percent from 2010 peak

CoreLogic graphic

CoreLogic released its January 2013 Shadow Inventory Report yesterday and issued the following news release: CoreLogic® (NYSE: CLGX), a leading residential property information, analytics and services provider, reported today that the overall shadow inventory is down 28 percent from its peak in January 2010, when it reached 3 million homes. Current residential shadow inventory as ...

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Posted by Joe Zekas on March 27, 2013
News & trendsMarket conditions

Foreclosures, short sales were 43 percent of 2012 US sales

RealtyTrac graphic

RealtyTrac today released its Year-End and Q4 2012 U.S. Foreclosure and Short Sales Report, which shows a total of 947,995 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the year, a decrease of 6 percent from 2011 and down 11 percent from 2010. These foreclosure-related sales accounted for 21 percent ...

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Posted by Joe Zekas on February 28, 2013
ChicagoFar North

Distressed properties dominate the market in Rogers Park

7401-11 N Hoyne Chicago

Rogers Park developers periodically fall prey to a state of irrational exuberance. The peak of the most recent mania had already passed in May of 2008 when a 2-day survey of Rogers Park took us to more than 100 active condo conversions. It was already clear that the bubble had popped, and it only remained ...

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Posted by Joe Zekas on February 22, 2013
ChicagoNorthwest Side

Condo buyers need to do their homework

Springfield View video

Just over a year ago I visited the Springfield Vue condominium, a/k/a The Springview, at 1920 N Springfield, on the border of Logan Square and Hermosa. You can see the video from my visit, above. Every unit in the project has been in foreclosure at least once, and several have made multiple trips to Chancery ...

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Posted by Joe Zekas on January 22, 2013
News & trendsMarket conditions

RealtyTrac reports foreclosure inventory up 33% in Illinois year-over-year

Downtown Round Lake IL

RealtyTrac released its Year-End 2012 U.S. Foreclosure Market Report yesterday, and Illinois earned an unenviable spot in a number of its rankings. Illinois was in third place among the states in foreclosure inventory, i.e. the number of homes bank-owned or in some stage of foreclosure. Illinois’ foreclosure inventory amounted to 135,858 properties, comprising 9% of ...

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Posted by Joe Zekas on January 18, 2013
News & trendsMarket conditions

Nearly 1 in every 4 Illinois sales foreclosure-related

East Garfield Park

RealtyTrac released its Q3 2012 Foreclosure & Short Sales Report yesterday. In, Q3 24% of Illinois sales, or nearly in every 4, were foreclosure-related. The report: … shows a total of 193,059 U.S. properties in some stage of foreclosure or bank-owned (REO) were sold during the third quarter, an increase of 21 percent from the ...

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Posted by Joe Zekas on December 7, 2012
News & trendsMarket conditions

CoreLogic – Illinois one of top states in foreclosures

Chicago Lawn

CoreLogic released its National Foreclosure Report for October yesterday. The report provides data on completed U.S. foreclosures and the overall foreclosure inventory. According to CoreLogic: There were 58,000 completed foreclosures in the U.S. in October 2012, down from 70,000 in October 2011 representing a year-over-year decrease of 17 percent. On a month-over-month basis, completed foreclosures ...

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Posted by Joe Zekas on December 4, 2012
News & trendsMarket conditions

Illinois foreclosures up 19% year-over-year

West Garfield Park

RealtyTrac released its U.S. Foreclosure Market Report for October 2012 yesterday. The report shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 186,455 U.S. properties in October, an increase of 3 percent from September but still down 19 percent from October 2011. According to the report: One in every ...

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Posted by Joe Zekas on November 16, 2012
News & trendsMarket conditions

Metro Chicago third quarter sales volume highest since 2007

Chicago skyline from afar

The following market update arrived via a news release from RE/MAX Northern Illinois: The residential segment of the metropolitan Chicago real estate market extended the upswing experienced in the first half of 2012 through the third quarter, registering the largest number of third-quarter home sales since 2007. According to an analysis by RE/MAX, home sales ...

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Posted by Joe Zekas on October 26, 2012

September foreclosure totals lowest in over 5 years

Englewood streetscape

RealtyTrac today released its U.S. Foreclosure Market Report™ for September and the third quarter of 2012, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 180,427 U.S. properties in September, a decrease of 7 percent from the previous month and down 16 percent from September 2011. September’s total ...

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Posted by Joe Zekas on October 11, 2012
ChicagoNorth Side

Spanish Colonial home is new again in Lincoln Park

2732 N Marshfield Chicago

The 4-bedroom, 3 ½ bath home at 2732 N Marshfield Ave surfaced as a new listing nearly 7 months ago – and again today. It’s still priced at $1,099,000. In real estate it’s far too often the case that old and stale is the new new. Judging from the MLS pictures the exterior’s Spanish Colonial ...

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Posted by Joe Zekas on August 29, 2012