Archive for September 2012

Chicago Condos Not Sitting On Market As Long As We Thought

Chicago Condos Not Sitting On Market As Long As We Thought
When we did our bi-monthly update of market time data a couple of weeks ago for 2 – 3 bedroom condos in the city of Chicago I noticed a huge drop off in June, which I knew couldn’t be real. Eventually I figured out that this was due to a single event that occurred in... Read more »

Chicago Home Prices Continue Upward March

Chicago Home Prices Continue Upward March
With today’s release of the July Case Shiller home price index for Chicago single family home prices have now bounced back a total of 13.5% from the March low. July came in 2.7% above June, which brings us back to September 2001 levels. Prices are still down 30.8% from the bubble peak in September 2006... Read more »

Noah Properties Single Family Homes Continue To Sell Briskly In East Village

Noah Properties Single Family Homes Continue To Sell Briskly In East Village
As you know I’ve been following the Noah Properties construction boom in my new East Village neighborhood. These guys have it down to a science, having quickly built 3 homes almost next to each other in the 1800 block of West Erie. They recently completed and sold a 4th one just a couple of doors... Read more »
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Economists Much More Optimistic About Housing Market

Economists Much More Optimistic About Housing Market
At the end of each quarter Zillow sponsors a survey of about 114 economists through Pulsenomics to see what their outlook is for home prices at the national level. The September Home Price Expectations Survey just came out and what’s interesting about it is that on the whole these economists are remarkably more optimistic about... Read more »

The Math Of Renting Vs. Buying A Home In Chicago

The Math Of Renting Vs. Buying A Home In Chicago
In the past week I must have seen at least 3 different news stories about how buying a home is better than renting a home. Most prominent among these stories was the Trulia blog post with the headline that Buying A Home Is 45% Cheaper Than Renting. The 45% number is the average savings associated... Read more »

Chicago Foreclosure Activity Trending Up; Illinois Has Nation's Highest Foreclosure Rate

Chicago Foreclosure Activity Trending Up; Illinois Has Nation's Highest Foreclosure Rate
With today’s RealtyTrac Chicago foreclosure activity report release for August we are starting to see a clear upward trend in foreclosure activity. Now these numbers have no seasonal pattern and are highly volatile so I don’t normally pay attention to the year over year changes in foreclosure activity. However, August marks the 8th consecutive month... Read more »
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Underwater On Your Mortgage? Keep Your Eyes On Congress.

Underwater On Your Mortgage? Keep Your Eyes On Congress.
There is a little known provision in the income tax code (most of the thousands of pages contain little known stuff) that basically says that if someone releases you from your debt obligation then you’ve earned income equal to the amount of debt forgiven. Normally that makes sense. If I loan you $10,000 and then... Read more »

Chicago Home Prices To Recover Slower Than Rest Of Country

Chicago Home Prices To Recover Slower Than Rest Of Country
The cover story in this Week’s Barron’s Magazine has the headline Home Prices Headed Up 7%. You probably can’t access that article without a subscription but they make the case that: The Case Shiller index has been moving up Various forecasters are predicting price increases of around 10% over the next 3 years Areas impacted... Read more »

Going Into The Slow Season And Home Inventories Are At Unbelievable Lows

Going Into The Slow Season And Home Inventories Are At Unbelievable Lows
Normally as we move through August Chicago home sale activity starts to fall off much faster than the available inventory of homes. Therefore, the months of supply of homes begins a rather predictable pattern of a dramatic rise through the winter months. But this year the pattern has not materialized in the least, with August... Read more »
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Chicago Home Sales Continue The Winning Streak In August

Chicago Home Sales Continue The Winning Streak In August
We get the Illinois Association of Realtors’ August sales release in 1 1/2 weeks and what it will show is the 14th straight month of year over year sales increases and the 6th straight month of double digit year over year sales increases. Closings last month were up by 23.7% over last year. August Home... Read more »
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    Gary Lucido

    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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