Archive for May 2015

George Lucas May Have Just Paid $18.75 MM For A Chicago Penthouse

George Lucas May Have Just Paid $18.75 MM For A Chicago Penthouse
The Chicago Tribune and Crain’s reported today that Chicago’s most expensive home sale ever closed on April 28 and speculation is running high that the buyer is George Lucas of Star Wars fame. The property which is the subject of this speculation is the 65th floor penthouse unit in the Park Tower Residences at 800... Read more »

Chicago Rental Affordability Has Actually Improved

Chicago Rental Affordability Has Actually Improved
A new study was just released by the NYU Furman Center and Capital One on Renting In America’s Largest Cities. The Chicago rental market is one of the markets profiled. Their report shows that, while renting in Chicago is still damn expensive for a lot of people, there have been some marginal improvements. The report... Read more »

Case Shiller: Chicago Home Prices Continue Their Advance

Case Shiller: Chicago Home Prices Continue Their Advance
Dow Jones Indices just released the March Case Shiller Home Price Index for the 20 metropolitan areas that they track, which includes Chicago. Once again the year over year advance in the Case Shiller Chicago index for single family homes strengthened a bit from the previous month, while the growth in the condo index weakened... Read more »
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RealtyTrac Market Report: Chicago Foreclosure Activity Comes Back To Earth

RealtyTrac Market Report: Chicago Foreclosure Activity Comes Back To Earth
There’s lots of good information in this morning’s release of RealtyTrac’s April Foreclosure Market Report and the associated Chicago foreclosure activity data. Most significantly the huge spike in activity that we saw in March was probably an anomaly, most likely the clearing of a huge backlog, because April was more in line with recent activity. ... Read more »

Home Price Forecast: No Real Change From Last Quarter

Home Price Forecast: No Real Change From Last Quarter
Yeah, this quarter’s Pulsenomics home price forecast is pretty boring. The 111 panelists surveyed in the Home Price Expectations Survey sponsored by Zillow pretty much landed where they did back in February. From 2014 to 2019 they are projecting cumulative appreciation of 19.2% vs. last quarter’s 19.4%. For 2015 they are projecting 4.3% appreciation, which... Read more »

Realtor Propaganda: Home Ownership Is The Key To Wealth

Realtor Propaganda: Home Ownership Is The Key To Wealth
The National Association Of Realtors is at it again. They’ve never seen a social or economic problem that buying a house couldn’t solve. They even have a full time chief economist, Lawrence Yun, whose job it is to regularly churn out statistics proving the benefits of home ownership or arguing for some kind of government... Read more »
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Chicago Real Estate Market Update: Home Sales Hit Another 8 Year High

Chicago Real Estate Market Update: Home Sales Hit Another 8 Year High
I’m intentionally publishing my Chicago real estate market update one day later this month in an effort to better align my numbers with the Illinois Association of Realtors (IAR). Since their raw numbers have been slightly exceeding my estimates I think they may have switched to an 8th of the month snapshot. Let’s see how... Read more »

Why You May Not Want To Pay Off Your Mortgage Early

Why You May Not Want To Pay Off Your Mortgage Early
A lot of people think that mortgages are bad and that you should use them sparingly, putting down as much cash as possible or taking every opportunity to pay off your mortgage early. The idea of owing that much money and having to make a payment every month makes them really nervous. My parents were... Read more »