Archive for May 2020

Covid-19 Week 11: Chicago Real Estate Market Better But Not Recovered

Covid-19 Week 11: Chicago Real Estate Market Better But Not Recovered
Since my last weekly update 2 weeks ago the Chicago real estate market has continued to slowly work its way back to normal. This is week 11, which is the week ending May 16, and it appears that the market for single family homes is doing much better (for sellers) than the condo market. There... Read more »

Case Shiller: Chicago Home Prices...Good News, Bad News

Case Shiller: Chicago Home Prices...Good News, Bad News
I may as well start with the good news. This morning S&P Dow Jones Indices released the March CoreLogic Case-Shiller Chicago area index of home prices and it shows single family home and condo/ townhome prices rising over the last year by the largest percentages in 8 months. If you look closely at the graph... Read more »

Covid-19 Driving Delinquencies, Urban Emigration, And Bidding Wars?

Covid-19 Driving Delinquencies, Urban Emigration, And Bidding Wars?
It’s hard to imagine anything more disruptive than this damn pandemic. In just a few weeks it’s turned the world upside down, forcing millions into immediate and severe financial distress and creating new challenges for home sellers and buyers. Do you want to have strangers walking around inside your house? Do you want to be... Read more »
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Pandemic Policies Force Chicago Foreclosure Activity To Record Low

Pandemic Policies Force Chicago Foreclosure Activity To Record Low
Add Chicago foreclosure activity to the list of things that the Covid-19 pandemic is screwing up. On the surface it might seem pretty cool that all three components of April foreclosure activity were down 80%+ from last year. However, the reality is that this is nothing more than the result of the government mandated moratorium... Read more »

No, Chicago Housing Prices Are Not On The Rise

No, Chicago Housing Prices Are Not On The Rise
Just when I thought I’d take a break from reporting on the impact of the Covid-19 pandemic on the Chicago real estate market I run across this article: Chicago housing prices are on the rise. Here’s why. That article and headline are largely drawn from a Crain’s article that makes the case that real estate... Read more »

Week 9 With Covid-19: Worst Might Be Behind Chicago Real Estate Market

Week 9 With Covid-19: Worst Might Be Behind Chicago Real Estate Market
My sense is that the worst of the Covid-19 crisis might be behind the Chicago real estate market though it’s not totally going away any time soon. Looking back at my previous weekly updates it appears that weeks 5 and 6 might have been the bottom. Weeks 7 and 8 were harder to interpret because... Read more »
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Chicago Real Estate Market Update: April Home Sales Plunge 21%

Chicago Real Estate Market Update: April Home Sales Plunge 21%
April is the Chicago real estate market’s first full month with the coronavirus stay at home order and its repercussions. And the picture is not pretty. And it will get worse before it gets better. First, April closings were down 21.0% from last April. However, you should note that the Illinois Association of Realtors will... Read more »

Week 8: Covid-19 Still Screwing Up The Chicago Real Estate Market

Week 8: Covid-19 Still Screwing Up The Chicago Real Estate Market
I hope to post my monthly update tomorrow but I think it’s still worth continuing to look at the weekly data for a while longer to see how fast the Chicago real estate market is changing in response to the Covid-19 pandemic. It certainly fell off a cliff fast when all hell broke loose in... Read more »