Posts Categorized: Market Insights

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Chicago REO Properties on the Rise

Recently, the Chicago Tribune posted an article about REO properties and the fact that from 2005 to 2008, the Chicago housing market hs seen a 575% increase in REO homes.  First, what is an REO? An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. … Read more

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Chicago Housing Market Continues To Deteriorate

As you know, I don’t sugar coat the real estate news so here it is. The housing market in Chicago is still on the decline. We’ve had a couple of different statistics released in the last 2 days that show that both home prices and sales volumes are continuing to decline. The Case Shiller index… Read more

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Chicago Condo Market Looking Grim

Well, it looks bad for sellers but good for buyers. Our recent check of months of supply of 2 – 3 bedroom condos in the city clearly highlights what we all instinctively know: there is a ton of inventory out there. 2008 was uniformly higher than 2007 and really shot up over the last 4… Read more

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Chicago Area Real Estate Statistics Show Further Deterioration

Over the last week a number of Chicago area real estate statistics came in that reinforce the fact that the market here continues to deteriorate like other parts of the country. Here is a brief summary: 4th quarter sales for the city of Chicago declined by 29% from 2007, dropping to 1994/1995 levels. The drop… Read more

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What’s Really Going On With Prices In “Prime” Neighborhoods?

It’s not easy figuring out what is going on with home prices in Chicago’s individual neighborhoods. The Case-Shiller data, which I believe provides the best insights into home price trends, is not typically available at the neighborhood level and, as I have often pointed out, I think median price data is worthless. Therefore, on an… Read more