Realty Trac is reporting that Cook County foreclosures soared 51% in February compared to February of a year ago. “In Cook County last month, 3,106 mortgage holders were notified that their properties had fallen into default and foreclosure proceedings had begun. Another 1,894 properties were scheduled for court-supervised auction while 2,045 became bank-owned. That level […]
We’ve often chattered about the rising level of student debt and how that could stifle any kind of housing recovery. Bloomberg Businessweek explores this very topic this week: Roshell Schenck has a Ph.D. in pharmacy and earns $125,000 a year. Yet, because she has more than $110,000 in student loan debt, counselors have told her […]
It’s that time of the month again when the Illinois Association of Realtors tells us if the housing market is recovering or not. From the Illinois Association of Realtors: In the city of Chicago, January 2012 home sales (single family and condominiums) totaled 1,093, up 5.7 percent from 1,034 homes sold in January 2011. The […]
Conventional wisdom would have it that as the number of foreclosures and short sales declines, then that should put a floor under prices as its these properties that have been bringing down overall housing prices. However, as Diana Olick, the real estate reporter at CNBC, recently found out when she talked to some experts on […]
Crain’s is reporting that sales of new downtown condos reached a new 3 year low in 2011. According to the Appraisal Research Counselors, sales fell 54% year over year. 2011: 770 sales 2010: 1682 sales 2009: 1891 sales With new rental high rises that were either built as condo building originally (and converted to rentals) […]
We first started chattering about this modern new construction single family home, being marketed by North Clybourn Group, at 1214 N. Rockwell in the East Humboldt Park neighborhood, in November 2010. See our prior chatter here. Back then, some of you were into it. After all it was a new construction house that was listed for […]
Crain’s is reporting that the developers of The Legacy, at 60 E. Monroe, across from Millennium Park, were able to secure refinancing. A venture led by Chicago-based Mesa Development LLC borrowed the money last month from U.S. Bank and PrivateBank & Trust to refinance the Legacy at Millennium Park, a 355-unit project at 60 E. […]
The Chicago Tribune is reporting on a phenomena that many have chattered about here on Crib Chatter: that some areas are seeing more sales than years past and decent, affordably priced properties are also selling quickly. Yet, the article says the improvements are coming in just 14 zip codes out of the entire Chicagoland area. And no- […]
Just as credit remains tight, especially for new buyers who might not have a large downpayment, comes word that some condo buildings in Chicago are losing FHA eligibility and others that are applying for it are getting turned down. From the Chicago Tribune: Since Feb. 1, 2010, condo buyers haven’t been able to secure unit-by-unit […]
It’s time for more monthly housing data from the Illinois Association of Realtors. We already know from G and Gary that sales rebounded year over year but the median price continues to slide. From the Illinois Association of Realtors: In the city of Chicago, December 2011 home sales (single family and condominiums) totaled 1,536, up 6.4 […]