Real estate news & trends
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REO
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
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
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
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
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
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
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
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
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
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
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
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
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
Unit 4N at 4441 S Indiana just came on the market for $79,900, in the Grand Boulevard neighborhood of Bronzeville. It seems an attractive price for a condo that sold for $250,000 in May of 2006, and that’s touted by the real estate agent as able to satisfy the “pickiest buyer.” The property has recently ...
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Posted by Joe Zekas on July 2, 2012
CoreLogic has just released its National Foreclosure Report for April (registration required). According to CoreLogic, Illinois (5.3%) ranked third among the five states with the highest foreclosure inventory as a percentage of all mortgaged homes, trailing Florida (12.0%) and New Jersey (6.7%), and ahead of New York (5.0%) and Nevada (5.0%). Chicago, at 6.3%, had ...
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Posted by Joe Zekas on May 31, 2012
Five years ago we reported that a development called The Terrace was offering 24 3-bedroom, 2 ½ bath condos in four 6-flats at 3917 – 3935 N Kedzie Ave in Irving Park. One building was said to be complete, and the others “in various stages of construction.” Six weeks later we wrote that “approximately 1,800 ...
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Posted by Joe Zekas on May 21, 2012
Five years ago today our “deal of the day” spotlighted Lincoln Crossing, a 35-unit condo development at 5588 N Lincoln Ave in the Budlong Woods neighborhood of Lincoln Square. The developer was offering $20,000 discounts on one-bedrooms priced from the $260s and $30,000 discounts on 2-bedroom, 2-bath units starting at $357,900. In November of 2007 ...
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Posted by Joe Zekas on May 14, 2012
CoreLogic has just released its MarketPulse report for May (pdf), based on March 2012 data. The money quote: Nationally, the housing market is in the process of transitioning to more stability in sales and home prices. Inventory levels are reasonable again, and even tight in some markets. The share of REO sales is declining due ...
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Posted by Joe Zekas on May 10, 2012
RealtyTrac just released its Q1 2012 Metropolitan Foreclosure Market Report, and it doesn’t contain good news for the Chicago-Naperville-Joliet metro area real estate market. Chicago ranked only 17th among the Top 20 metro areas in the US in overall foreclosure activity, defined as the percentage of homes in foreclosure (1 of every 107), but led ...
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Posted by Joe Zekas on April 26, 2012
CoreLogic has just released its April MarketPulse report (pdf), with a raft of statistical data from February and some analytical insights that are worth a close read. In the Chicago-Joliet-Naperville area 37.6% of sales were foreclosures or short sales in February. The House Price Index was down 1.7% month-over-month and 7.3% year-over-year. Almost one of ...
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Posted by Joe Zekas on April 11, 2012
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