Archive for December 2010

Should You Hire A Kick-Ass Inspector?

  A while ago I featured a guest post on how to select a home inspector. However, the one aspect of this task that we didn’t cover is whether or not you want to hire a kick-ass inspector – otherwise known as a deal killer. So maybe these somewhat pejorative terms seem to reveal a... Read more »

Chicago Foreclosure Activity Dips In November

With the holidays I let RealtyTrac’s foreclosure data slip by until now. They released the data almost 2 weeks ago. What it shows is a surprising dip in foreclosure activity in November – down 21% – as demonstrated in the graph below. As you can see November activity was the lowest it has been in... Read more »

Chicago Home Prices Continue To Fall

As expected the Case Shiller home price index was released this morning and showed a continued drop in Chicago home prices for the three months ending in October. Single family home prices fell an additional 2% while condo prices fell an additional 2.5%. That puts single family home prices down 6.5% during the last year... Read more »

More Positive Spin On Plummeting Home Sales In Illinois

  Once again the Illinois Association of Realtors is putting the spin machine in high gear as homes sales continue to plunge in Illinois and the Chicago area. Very close to my estimate of a week and a half ago, Chicago homes sales in November were officially down 38.5% from last year. Nevertheless the IAR... Read more »

Historic Victorian Landmark Mansion Back On The Market: $599,000

  Back in early October I wrote about this historic victorian landmark mansion at 2801 S Prairie that was for sale for $599,000. Shortly after that, on October 23, it went under contract for an undisclosed amount. By November 11 it went PENDING, which usually means that all the contingencies have been met and the... Read more »

Chicago Real Estate Market: Early Signs Of Improvement In November

In about a week and a half the Illinois Association of Realtors will be releasing the home sale statistics for Chicago, the region, and the state. Once again the actual closings will be abysmal relative to last November. I estimate that they will report sales down about 40% from last year – with their usual... Read more »

Why A Mortgage May Be Hard To Get: The No Lend List

Russ Martin of Perl Mortgage sent out a newsletter late Friday with an example of one lender’s No Lend List – basically a list of condominium developments that they will not lend to. Although he was not at liberty to provide the bank’s name he did indicate that it was “too big to fail”. Here... Read more »

Have Mortgage Rates Bottomed?

In the last few weeks 30 year fixed mortgage rates have risen rather sharply. As you can see from the graph to the left they have risen more than at any other time in at least the last year. Could this be the beginning of the end for our record low mortgage rates? Quite possibly.... Read more »

The Most Expensive Homes For Sale In Chicago

Once the most expensive home for sale in Chicago, Jamie Dimon’s home closed back at the end of October for $6.8 MM, a bit shy of the original list price of $9.5 MM. (Just goes to show you that, contrary to popular mythology, the celebrity realtors do not have any special powers at pricing or... Read more »