Archive for July 2010

What Is The Best Way To Default On Your Mortgage?

I asked Doug Katz, a sales manager at Chicago Bancorp, to provide some insight on a common question asked by people who decide they need to get rid of their home and their mortgage.So, you wake up one day and decide that the home on which you owe more than the value is no longer... Read more »

Chicago Home Prices Rise In May?

Chicago Home Prices Rise In May?
Given the way the real estate market in Chicago has been since the expiration of the tax credit it’s hard to believe that home prices in the area actually rose in May. According to the Case Shiller home price index released today, single family home prices in the Chicago area rose by 1.2% in May,... Read more »

How To Throw Away $720,000 Redesigning Your Home

How To Throw Away $720,000 Redesigning Your Home
If you have a bunch of money sitting around and you’d like to get rid of it and indulge your fantasies at the same time you can spend it redesigning your home in a way that no one else will appreciate but you. Then, when you try to sell it, not only will you not... Read more »

Chicago Foreclosure Sales A Smaller Factor In June

Now that the official home sales for Chicago are out and the RealtyTrac foreclosure sales for June have seasoned for a while I feel comfortable sharing the data below on the trend in the percentage of Chicago home sales that are foreclosures. As you can see, foreclosures peaked in January at a bit more than... Read more »

Realtors To Report 28% Increase In Chicago Area Home Sales

On Thursday the Illinois Association of Realtors will announce June home sales for Illinois, the Chicago area, and the city of Chicago. I’m not going to be able to report on those numbers at that time so I thought I would just beat them to the punch. I can easily come up with a pretty... Read more »

What Is Being Foreclosed Upon In Chicago?

This started out as a post about the 11% increase in June foreclosure activity in Chicago but I quickly decided that there was a much more interesting story here. The fact of the matter is that this RealtyTrac foreclosure data is so volatile that you would expect there to be a bit of fluctuation from... Read more »

Where Is The Financial Reform Of Fannie And Freddie?

Noticeably absent from the financial reform bill passed yesterday is any reform of perhaps the biggest culprits of the mortgage crisis – Fannie Mae and Freddie Mac. The politicians have been talking about getting back the TARP funds from the banks but as far as I know they got back a nice return from all... Read more »

Chicago Condo Inventory Rising Again; Market Time Trend Unknown!

As we expected, once the tax credit expired the number of contracts being written on Chicago homes plummeted. Consequently, home inventory is back on the rise. I tend to focus on 2 – 3 bedroom condos as a measure of home inventory since I see that as appealing to the most people. In addition, I... Read more »

Crain's Reports Some Trump Tower Sellers Made Money?

Who would have thought it possible? Condo sellers actually selling at a profit in this real estate market? Well, take this story with a grain of salt. Earlier this week Crain’s reported that the early buyers in the Trump Tower have actually sold their condos at a profit. Although it seems hard to believe, when... Read more »

The Most Expensive Home For Sale In Chicago

In case you have $9,500,000 lying around with nothing better to do you might want to consider buying this 13,500 square foot, 18 room home with 8 bedrooms, 9 full baths, and 2 half baths at 25 E Banks St in the Gold Coast (where else?). Originally built in 1880, the home apparently sits on... Read more »