Category: foreclosure

Resisting the temptation to declare the start of a Chicago housing market rebound

The March sales numbers from the Illinois Association of Realtors were good for Chicago. Not only did the number of condo and single-family home sales in the city rise during the month, so did the median price of these sales. That last point is important. For months, city of Chicago home sales have been rising,... Read more »

Even in today's dismal residential market, owning a home might be the smart financial move

It’s easy to forget that there actually are some nice things about owning a house. Ron Phipps This came up while I was interviewing Ron Phipps, the current president of the National Association of REALTORS. We spoke a lot about falling home values — the median sales price of a home, $156,100, fell to its... Read more »

Why so stressed out Chicago?

Trying to get to work each morning in the Chicago area is no easy task. Housing values here are falling. The unemployment rate in Chicago stood at 10.5 percent in July, higher than the national average. And a new report from the Federal Reserve said that the economy in Chicago is actually slowing. It’s all... Read more »
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When does renting out that hard-to-sell Chicago condo make sense?

When does it make sense to move from trying to sell your Chicago condo to trying to rent it? For Adam Hrejsa, that point came after he reduced the asking price of his condo in Chicago’s River West neighborhood twice. When his real estate agent suggested he reduce the price a third time, Hrejsa took... Read more »

Are you a 99er? Then you've probably lost your house already

Are you a 99er? If so, my thoughts are with you. For those who don’t know, a 99er is someone who’s been jobless for more than 99 weeks. This is significant because these people will no longer receive federal unemployment benefits. Congress in July voted to extend these benefits for people who’ve been looking for... Read more »

If this is such a great time to buy a home, why aren't more doing so?

A few weeks ago, I spoke with Louis Cammarosano, general manager with HomeGain, about a wide variety of topics, everything from why so many real estate agents across the country don’t like Pres. Obama to why home sellers and their agents have such a wide disconnect between what their homes are worth. At some point... Read more »
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Why do housing foreclosures have to take so much time?

Daniel Burrus Housing foreclosure filings fell in May, a decrease of 3 percent according to online foreclosure company RealtyTrac.com. That sounds good, but there are still a lot of foreclosures going on across the country. According to RealtyTrac’s numbers, one in every 400 U.S. housing units received a foreclosure filing — either a default notice,... Read more »

Who do you blame for the housing crash?

Are you one of the more than 23 percent of U.S. homeowners with a mortgage loan who is underwater according to new figures from Zillow.com? If so, who do you blame for it? Who do you blame for the rapid rise in housing values during the housing boom years, those magical years that came to... Read more »

Would you walk away from your mortgage?

I was talking to a friend the other day. He lives in a close-in Chicago suburb, one that has high property taxes. This year, his property taxes jumped significantly, bumping up his mortgage payment by about $400 a month. At the same time, his house is worth less this year than it was last year... Read more »
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The new world of Chicago housing

My timing was awful. Housing prices in Chicago plummeted as soon as I finished signing my name on our closing documents. That was back in 2006, when my wife and I purchased our home in suburban Chicago. We managed the neat trick of buying when housing prices in the city and suburbs were at their... Read more »