Archive for November 2010

Chicago Home Prices Clearly Heading For A Triple Dip

The writing has been on the wall for a while now but the data just came in and confirmed it. The Case Shiller home price index for Chicago was released a few minutes ago and it was pretty much what we’ve been expecting: further home price declines in Chicago. In fact, both single family and... Read more »

Update On Foreclosures And Short Sales In Chicago's University Commons

  Back in February I posted on the short sales and foreclosures in Chicago’s University Commons development, which is right next to University Village where I live. At that time 11 out of the 21 sales in the preceding 12 month period were distressed properties – either short sales or foreclosures. Since it’s been a... Read more »

Realtors Find Positive Spin For 40% Drop In Chicago Home Sales

  The Illinois Association of Realtors just came out with their October sales numbers for Chicago and the rest of the region. As I pointed out a couple of weeks ago home sales were down 40% (actually I estimated 41%) from last year. But what eluded me at the time was exactly how the IAR... Read more »

Chicago Condo Inventory Still Unseasonably High

We recently updated our market statistics for several Chicago neighborhoods (looking specifically at 2 – 3 bedroom condos) and for the 6th month in a row condo inventory remains fairly flat with an 18 – 19 month supply. As you can see from the chart above that is still high for this time of the... Read more »

How A Real Estate Agent Becomes A Neighborhood Expert

  About once per week I receive a promotional offer, targeted at real estate agents, promising to make me a neighborhood expert for a fee. The way it works is a realtor pays a monthly fee and receives prepackaged statistics about a neighborhood for which they want to pretend to be an expert. Then the... Read more »

Chicago Foreclosure Activity On The Rise

RealtyTrac recently released their October foreclosure data and it shows a continued upward trend in activity for Chicago. October foreclosure activity was up only 5% from September but if you look at the 2010 graph below you can see that foreclosure activity has been on an upward trend since early in the year. The activity... Read more »

October Home Sales: Chicago Real Estate Market Really Sucks

I don’t know how else to say it but Chicago’s real estate market really, really sucks right now. In about a week and a half the Illinois Association of Realtors is going to report October home sales for Chicago and the rest of Illinois. Don’t confuse this with their third quarter numbers that they released... Read more »

How Many Chicago Homeowners Are Really Underwater?

  Yesterday I posted on Zillow’s estimate that one third of Chicago homeowners are underwater on their mortgages – i.e. the homeowners owe more than their homes are worth. Later in the day I had the pleasure of speaking with Keith Jurow who writes for the Real Estate Channel and has also researched the looming... Read more »

Mortgage Interest Deduction In The Sights Of Deficit Reduction

  President Obama creating the National Commission On Fiscal Responsibility and Reform The National Commission on Fiscal Responsibility and Reform released a draft proposal today of their deficit reducition ideas and as I’ve previously mentioned the mortgage interest deduction is being targeted. If you look at page 26 you will see that one proposal is... Read more »

Will Inflation Bail Out Underwater Homeowners?

  Zillow just came out with their third quarter estimate of home values and according to their “Zestimates” about 1/3 of Chicago single family homes are underwater on their mortgages. A few caveats about this data. As I mention, it’s only for single family homes, which are a smaller part of the total housing market... Read more »