Continuing on with the Crain’s discussion- this Tribune article appeared in May 2008. (I’m sure we already chattered about it.) But they too give the 6,000 units figure for new condos and townhouses in the downtown. From the Tribune: Nearly 6,000 condos, by far a record number, are expected to come on the market in […]
Finally- we have some real data. Crain’s is reporting that new home sales fell 39% in the city of Chicago to 852 in the second quarter. This includes the entire city- not just the downtown- and presumably includes condos, townhouses and single family homes. As has been stated several times over the last few months, […]
The Wall Street Journal is talking about the tightening lending standards in today’s issue. According to the article, the entire Chicagoland area is now designated a “declining market” by 4 out of 5 of the largest mortgage insurers. That means that mortgage insurers are routinely requiring at least a 10% downpayment to purchase a house, […]
Mary Umberger, the Tribune’s real estate reporter, talked about the increase in sales of upper bracket properties in the Sunday real estate section. Apparently, Barrington is seeing a spike in sales of luxury homes. And Chicago is seeing the same thing: I rang up Jim Kinney, president of Rubloff Residential Properties in Chicago, who said […]
As Kenworthey posted in another thread, IndyMac has been shutdown and will be taken over by FDIC. It is the second largest bank failure in U.S. history, second only to the failure in in 1984 of Continental Bank which was $40 billion. From Marketwatch: U.S. banking regulators said Friday they have closed IndyMac Banorp Inc., […]
The Illinois Association of Realtors have released May sales numbers for the state and the nine county Chicagoland area. From the Tribune: In the nine-county Chicago area, home and condominium sales were down 29 percent to 6,095 in May compared to a year ago. Prices were fairly stable dipping just 0.5 percent to $251,000. Between April […]
The S&P/Case-Shiller Home Price Index for April was released this morning. Prices in the top-20 metro areas were down 15.3% from April 2007. Chicago saw less of a drop. From the Tribune: Most of the 20 metro areas posted annual declines, though Chicago managed a slight gain to 150.44, from 150.33. However, Chicago prices are […]
Perhaps you caught the “price pulse” column in the Chicago Tribune’s real estate section over the weekend. It certainly has some interesting data regarding the three month time period from December 2007 to February 2008 (the dead of winter, aka, the “slow” period in Chicago real estate) compared with the same time period the year before (Dec […]
Remember this Crain’s article from late April called “Stuck with Two Mortgages” with several sellers who had multiple mortgages because their properties weren’t selling? Here’s an update on two of them from the article. To refresh: Eric Fontaine, 37, and Colleen Borkowski, 28, are eager to begin their new life together in Boston, where Mr. […]
The Chicago Tribune discussed what parts of Chicago real estate are “hot” or “not” in its real estate section on Friday. (This is the article that Steven linked to.) Apparently, no area is truly “hot” but the downtown market is holding up fairly well. Lance Ramella, principal at Meyers Builders Advisors, summed up the sentiment of most […]