Archive for September 2020

Case Shiller: Chicago Area Home Prices Growing Teeny Tiny Bit Faster

Case Shiller: Chicago Area Home Prices Growing Teeny Tiny Bit Faster
S&P Dow Jones’ CoreLogic Case Shiller home price indices for July came out a few hours ago and it shows the nation’s single family home prices rising a bit faster than June with a 4.8% gain vs. 4.3%. As for the Chicago area…at least home prices aren’t going down. The Case Shiller Chicago area index... Read more »

Real Estate Appraisals In The Time Of Coronavirus

Real Estate Appraisals In The Time Of Coronavirus
I’ve written a few blog posts about real estate appraisals in the past – most recently this one about the inherent biases in the appraisal process that make them kinda worthless. That one also contains a link to an earlier one on some of our worst experiences with real estate appraisals. Well, with the Coronavirus... Read more »

The Trick To Saving Thousands On Your Next Mortgage: A Rebate

The Trick To Saving Thousands On Your Next Mortgage: A Rebate
Whether shopping for a new mortgage or just refinancing an existing mortgage it really pays to shop around. A couple of weeks ago I posted an article on how to go about shopping for the lowest cost mortgage, laying out a strategy for putting all your options on a level playing field for easy comparison.... Read more »
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Record FHA Delinquencies While Foreclosure Spigot Is Off

Record FHA Delinquencies While Foreclosure Spigot Is Off
ATTOM Data Solutions released their August 2020 Foreclosure Market Report on Thursday in addition to updating their RealtyTrac data. It doesn’t really tell us much because there is still a moratorium on foreclosure filings but in the interest of completeness I provide the historical graph below of Chicago foreclosure activity. You can plainly see that... Read more »

Data Don't Show People Fleeing Chicago For The Suburbs

Data Don't Show People Fleeing Chicago For The Suburbs
Almost a week ago I posted on how a lot of people are abandoning downtown Chicago. In addition, Crain’s ran a story in mid-August on how Suburban Chicago Homes Are Suddenly Selling Fast. So the obvious question is whether or not people are fleeing Chicago for the suburbs. The Crain’s article has a few captivating... Read more »

Chicago Real Estate Market Poised For Strong September

Chicago Real Estate Market Poised For Strong September
Well, August wasn’t too bad for the Chicago real estate market. Home sales were up 10.6% from last year but, frankly, I expected more, given that July contract activity was so strong. You can see where August fell relative to history in the graph below which has all previous Augusts flagged in red. This is... Read more »
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Is Everyone Really Abandoning Downtown Chicago?

Is Everyone Really Abandoning Downtown Chicago?
A few days ago Dennis Rodkin wrote a story in Crain’s about how Downtown has huge oversupply of homes for sale. The suggestion from some of the realtors interviewed for the story is that the triple whammy of Covid-19, taxes, and now looting is motivating people to move out of Downtown Chicago. I’ve actually been... Read more »

How To Shop For The Lowest Cost Mortgage

How To Shop For The Lowest Cost Mortgage
I posted a guest article on Using APR (Annual Percentage Rate) To Shop For A Mortgage back in November. The gist of that post was that attempting to compare mortgage costs based on APR can be quite deceptive and the author suggested getting a loan estimate in order to fully understand the costs. However, even comparing... Read more »