Crain’s reports that the Feds have indicted 10 people in a mortgage fraud scheme involving purchases of condos at 33 W. Ontario, or Millennium Centre, the River North high rise developed by American Invsco. Acting together, the investors provided false information about their employment, income and assets to secure the loans to finance seven condos and two […]
It’s that time of the month again, where we get the sales update on the Chicago market. According to the Illinois Association of Realtors, May sales continued their year over year slide. Median price also plunged. In the city of Chicago, May total home sales (single-family and condominiums) were up 11.5 percent to 1,537 sales […]
Sales continued to decline in Chicago in April while prices are also down sharply from the year ago period. From the Illinois Association of Realtors: In the city of Chicago, April total home sales (single-family and condominiums) were up 16.7 percent to 1,378 sales compared to March 2009 sales of 1,181; sales were down 26.9 […]
The Chicago Tribune recently had an article about getting more for your money in the real estate market- especially in those homes priced between $200,000 and $300,000. But one developer says to look beyond the actual selling price of a home when you’re house hunting. Nick Gouletas of American Invsco also suggests shopping by monthly mortgage payment, […]
On Sunday, the Chicago Tribune looked into the recent buying frenzy over foreclosures in the Chicago area that is clearing out some of the excess inventory. From the Tribune: Orlando and Aminah Burns became first-time homeowners last December when they bought a foreclosed two-flat in Bronzeville that they are now turning into a single-family home […]
How important is the housing story? Important enough that the Chicago Tribune put it on the front page of the Sunday newspaper. From the Tribune: “I’m so thankful,” said Mark Zipperer, a Re/Max Edge agent in Chicago, as he ticked off his busy schedule of appointments last week. “It’s like after a drought, it’s raining. […]
How many different ways can you say the headline every month? Home sales continue to plunge in Chicago and across the Chicagoland area. From the Illinois Association of Realtors (as reported by Crain’s): In the city of Chicago, sales fell 42.2% in March, to 1,181 compared with 2,044 in March 2008. The rate of decline […]
Crain’s reported on an uptick in Chicago home sales in March compared to both February 2009 and January 2009. According to the Chicago Association of Realtors, 1,438 homes sold in Chicago in March, a 26% increase over February. However, the number of sales which were “distressed” – meaning foreclosures or short sales – has been rising. Distressed […]
The January Case/Shiller numbers are out (as some of you have noted.) The Chicagoland area saw prices drop 4.6% from December to January, the third highest in the nation’s largest metro areas. Only Minneapolis, at 4.7%, and Phoenix, at 5.5%, were worse. Year-over-year decline was 16.4%. Are price declines accelerating in the Chicago area? See data on […]
Apparently, the Midwest is home to the fastest sliding home markets in the country. Not by price- but by sales. The Associated Press reports that Midwest home sales, which includes a 12-state region, fell 18% in February from a year ago, according to the National Association of Realtors. The nationwide home sale average was a decline of […]