Chicago Foreclosure Activity Slowly Drifting Up But Remains Low

Here’s just a quick update on Chicago foreclosure activity. Remember that, for all practical purposes, we are in the middle of an indefinite moratorium on foreclosures. It keeps getting extended because of all the people left unemployed from the pandemic. So it’s no surprise that every month the answer is pretty much the same, though... Read more »

Chicago Real Estate Market Update: Sales Up Again, Inventory Ridiculously Low

Hmmm. After looking at the February data I’m thinking that maybe the Chicago real estate market really is doing something more than simply making up for the lost activity during the initial lockdown when the pandemic first hit. Maybe we really have entered a bull real estate market, though the bull may be losing a... Read more »

Case Shiller: Chicago Area Home Prices Continue Surge While Lagging Nation

Case Shiller: Chicago Area Home Prices Continue Surge While Lagging Nation
S&P Dow Jones released their December CoreLogic Case Shiller home price indices this morning. The year over year price increase for the nation’s single family homes moved into double digit territory with a 10.4% gain, which is the largest increase in 7 years. That was up from a 9.5% increase for November so price appreciation... Read more »
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Tenth Month Of Record Low Chicago Foreclosure Activity

Tenth Month Of Record Low Chicago Foreclosure Activity
The January 2021 U.S. Foreclosure Market Report from ATTOM Data Solutions came out last week along with updated numbers for RealtyTrac (owned by ATTOM). The Biden administration also just extended the foreclosure moratorium and forbearance program through June. Nationwide foreclosure activity is still down around 80% from last year. As Rick Sharga, RealtyTrac executive vice... Read more »

Chicago Real Estate Market Update: Powerful Start To 2021

Chicago Real Estate Market Update: Powerful Start To 2021
It looks like the Chicago real estate market is off to a really strong start in 2021 with January setting a 14 year record high for closings. Closings last month were 17.1% higher than last January as the market continues to make up for lost home sales early in the pandemic. In fact, for the... Read more »

Case Shiller: Chicago Losing The Home Price Race To Other Metro Areas

Case Shiller: Chicago Losing The Home Price Race To Other Metro Areas
Remember on Tuesday when I posted on the November Case Shiller home price indices? At that time I mentioned that the Chicago area was one of the few metro areas that had not recovered back to the peak price levels of the housing bubble. So exactly how bad do we look? I got the graph... Read more »
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Case Shiller: Chicago Home Prices Rise At Fastest Rate In 6 1/2 Years

Case Shiller: Chicago Home Prices Rise At Fastest Rate In 6 1/2 Years
The November CoreLogic Case Shiller home price indices, released by S&P Dow Jones this morning, were pretty impressive. As everyone has been noting home prices are really skyrocketing across the nation. The Chicago area has also seen some pretty solid growth in home prices but is still lagging the rest of the country. For the... Read more »

How The Chicago Luxury Home Market Really Compares To The Suburbs

How The Chicago Luxury Home Market Really Compares To The Suburbs
The demise of the Chicago luxury home market is greatly exaggerated. Last week Crain’s ran this story on area luxury home sales: Luxury home sales skyrocket in suburbs, dip in city. The article led with the fact that home sales above $1 MM were down 7% in the city and up 40% in the suburbs... Read more »

Small Signs Of Chicago Foreclosures Picking Back Up

Small Signs Of Chicago Foreclosures Picking Back Up
Late last week ATTOM Data Solutions released their Year-End 2020 U.S. Foreclosure Market Report and updated their RealtyTrac data. As seen in the graph below both the number of foreclosure filings and the foreclosure rate for the US hit a 16 year low last year. It’s no surprise since those numbers have been coming down... Read more »
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Chicago Real Estate Market Update: 2020 Ends With Burst Of Activity

Chicago Real Estate Market Update: 2020 Ends With Burst Of Activity
Last month I was thinking that the Chicago real estate market was losing steam in its recovery from the pandemic slowdown. The year over year gains were declining as we reached the end of the year. However, I just looked at the December data and that trend was broken. The graph below has monthly home... Read more »