Archive for August 2010

Chicago Home Prices Rise Again In June

According to the Case Shiller home price index released today, single family home prices in the Chicago area rose by 2.5% in June, while condominium prices rose by 1.6%. The graph below shows the long term history of these two indices along with a trendline (in red). As you can see from the graph, we’ve... Read more »

What Does Chicago's Foreclosure/ Short Sale Market Really Look Like?

A little over a month ago I posted some data from RealtyTrac that supposedly painted a picture of what is being foreclosed upon in Chicago. The only problem is that the last graph I posted looked rather suspicious since it indicated that almost all of Chicago’s distressed properties were studios. In fact, someone on Cribchatter... Read more »

Real Estate Agent Gets Naked With Client

I finally found a real estate agent that provides a service that we won’t provide. The following short story appeared in today’s Chicago Tribune. The son of a property owner whose Naperville home is on the market found a real-estate agent was showing more than the master bathroom to his client. Police said a 46-year-old... Read more »

Will Financial Reform Increase Mortgage Rates?

  Mortgage rates are at absolutely stupid levels right now – the lowest in decades. is reporting 4.51% for 30 year fixed mortgages and 3.51% for 5 year ARMs. Recently, these rates have been depressed by the United States’ reputation as a safe haven in a time of increasing uncertainty in Europe. However, do... Read more »

Another University Village Short Sale Drives Prices Down

As I’ve recently written, home sellers in Chicago’s University Village just can’t compete with the short sales and foreclosures in that neighborhood – or at least they choose not to. Of course, buyers have been choosing not to buy. Just yesterday another short sale closed at what is probably the biggest discount to current asking... Read more »

Chicago July Foreclosures Up 21% - No, Wait They're Down!

It all depends upon what data you look at and the media is great at picking the most dramatic data to write about. RealtyTrac just released their July numbers on foreclosures in Chicago – but there are two different statistics. First, there is foreclosure activity, which is defined as some kind of foreclosure filing being... Read more »

Chicago Home Sales To Decline For First Time In 10 Months

Ever since October of last year the city of Chicago has been seeing year over year increases in home sales of 27 – 70%. Everyone pretty much knew this was being largely driven by the homebuyer tax credit, which was causing buyers to purchase homes sooner than they would have otherwise – but not actually... Read more »

What Is The Best Way To Default On Your Mortgage? - Part II

I asked Doug Katz, a sales manager at Chicago Bancorp, to write a follow up article on the differing impacts of the various ways of walking away from your home and mortgage. The first article dealt with the impact of mortgage default on your credit score. In our present economy, the terms foreclosure, short sale,... Read more »

University Village Sellers Can't Compete With Short Sales And Foreclosures

Because I live in University Village I really keep a close eye on what is going on with real estate there. In particular, the single family home at 1454 S Emerald caught my eye when it became bank owned and was put back on the market, with the list price eventually dropped to $836,900. Keep... Read more »