Monday, September 03, 2012

Highland Park, IL 60035 - Current Housing Market

The chart shows the market activity in Highland Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 217 active listings of detached single family homes as of 09/03/2012.

The median list price is $725,000.00

Thursday, May 24, 2012

Hoffman Estates, IL 60192 Current Housing Market

The chart shows the market activity in Hoffman Estates for attached homes & condominiums in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 131 active listings of attached homes & condominiums as of 05/24/2012.

The median list price is $89,900.00

Tuesday, May 08, 2012

Fannie Mae: Confidence in Economy and Home Values Increasing

Both the expectation for home prices and the percentage of those who think the U.S. economy is on the right path reached record highs in Fannie Mae’s April 2012 National Housing Survey.
 
Americans continue to expect home prices to go up, with the projection averaging 1.3 percent over the next 12 months, the highest value recorded.
At 71 percent, a high percentage of Americans still say it is a good time to buy while the percentage who said it is a good time to sell was 15 percent, a 1 point increase from March.
“Overall, consumer views of housing market conditions have become more supportive of home purchases, and sustained healthy hiring is required to help realize these improved expectations,” said Doug Duncan, Fannie Mae chief economist.

 Duncan also mentioned the recent figures on employment in April, which showed a decline in job growth.“Friday’s report of a second consecutive setback in job creation supports the view that the housing recovery will remain uneven this year,” said Duncan.

The expectation for average rental prices decreased slightly to 3.6 percent; in March, respondents expected rent to go up by 4.1 percent over the next 12 months.

If respondents were to move, 32 percent said say they would rent while 64 percent said they would buy. The percentage of those who said they would rent increased 2 points and reached the highest level since November 2011.

The percentage of Americans who believe the economy is on the right track rose to 37 percent, a 2 point increase from the previous month and the highest level in the survey’s two-year history. Still, an even greater 56 percent believe the economy is moving in the wrong direction.

Also, 23 percent of Americans reported their household income is significantly higher than it was a year ago, while 36 percent said their household expenses are significantly higher since the same time period. Both categories rose 2 percentage points compared to March.

The percentage of those who think their financial situation will decline was unchanged from the previous two months at 12 percent, the lowest value recorded in over a year.

The Fannie Mae survey polled a nationally representative sample of 1,000 respondents aged 18 and older between April 4, 2011 and April 27, 2012.

So what's your Walk Score?

Driving less and living more is what Walk Score is all about.

Walk Score helps you find a walkable place to live. Walk Score is a number between 0 and 100 that measures the walkability of any address.
  • a Walk Score of 0-24 is considered Car-Dependent, almost all errands requires a car
  • a Walk Score of 50-69 is considered Somewhat Walkable, some amenities are within walking distance
  • a Walk Score of 70-89 is considered Very Walkable, most errands can be accomplished on foot
  • a Walk Score of 90-100 is considered a Walker's Paradise, daily errands do not require a car
As an example Plainfield, IL, located 47 miles southwest of Chicago has a Walk Score of 30 and is considered Car-Dependent, River Grove, IL, located 12 miles northwest of Chicago has a Walk Score of 62 and is considered Somewhat Walkable and Chicago's Wrigleyville neighborhood has a Walk Score of 87 and is considered Very Walkable.

Overall the city of Chicago has a Walk Score of 74 and is considered Very Walkable. The most walkable neighborhood in Chicago is Printers Row with a Walk Score of 99.

 So check out your Walk Score at Walkscore.com and Drive Less & Live more

Judge dismisses challenge to city's landmarks ordinance

(Crain's) — Chicago's landmarks ordinance got a boost Wednesday when a Cook County judge dismissed claims that the law is unconstitutionally vague.

In a 27-page ruling, Judge Sophia Hall sided with the city, frustrating a six-year campaign by landmarking opponents to nullify two landmark districts on the city's North Side.

But the legal battle over the landmarks law, which allows the city to designate properties and areas as historically significant enough to prevent their demolition, isn't over yet. Thomas Ramsdell, the attorney for the plaintiffs, real estate executive Albert Hanna and broker Carol M. Mrowka, is vowing an appeal.

"We're disappointed in her ruling. The most I can say is we strongly disagree with her reading and interpretation of the binding Illinois appellate court decision of 2009," says Mr. Ramsdell, a partner in the Chicago office of Royal Oak, Mich.-based Howard & Howard PLLC.

A spokesman for the Department of Law says in an email that the city is pleased with the ruling. The city is the primary defendant in the case.

Sunday, May 06, 2012

Dupage County Real Estate Tax Appeals

Planning on filing a real estate tax appeal? Dupage County property owners have an annual opportunity to appeal their assessments to the DuPage County Board of Review. The period during which an appeal may be filed begins on June 10th of the assessment year, and ends September 10th or thirty days after the publication of the township assessment roll, whichever is later.

An assessment appeal does not address the amount of the property tax bill, it is an attempt to prove that the assessed value overstates the property's market value, or is higher than the estimated value of similar properties.

If the property owner believes that their property is overassessed, they may file an assessment appeal.
A property owner must provide evidence to support their assessment appeal. The appeal can be based on market value, or based on assessment uniformity.

The assessor will also compile sales and/or uniformity comparables to present to the Board of Review. 
 
After the appeal deadline, Board of Review hearings are scheduled. Board of Review hearings are held at the DuPage County Government Center, 421 N. County Farm Road, Wheaton.

At the hearing, the appellant is given the opportunity to explain their. The Assessor or a Deputy Assessor will respond, and present an analysis of both the Appellant's Comparables and the Assessor's Comparables.

The Board of Review may ask questions of the appellant and the Assessor. After the hearing, the Board will render a decision. The decision is mailed to the property owner after all Board of Review action is completed for the tax year.

If a property owner is not satisfied by a decision of the Board of Review, they can appeal to the Illinois Property Tax Appeal Board, or to the Circuit Court.

Citywide Services provides residential appraisal service in Chicago & suburbs. Our appraisers are Illinois State Certified and listed on the FHA Appraiser Roster. We have experience with single family homes, townhouses, condominiums as well as small residential income properties. Appraisals for conventional or FHA loans, divorce, bankruptcy, tax appeals, and estate purposes.

Appraisals fees for a typical single family home or condominium for tax appeal purposes is $275.00. Time to file an appeal is short so call Citywide Services at 1-800-405-9718 and get started.

Northbrook, IL 60062 - Current Housing Market

The chart shows the market activity in Northbrook in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 195 active listings of detached single family homes as of 05/06/2012.

The median list price is $539,000.00

Thursday, May 03, 2012

CoreLogic reports 69,000 completed foreclosures in March

CoreLogic released its National Foreclosure Report for March, which provides monthly data on completed foreclosures, foreclosure inventory and 90+ day delinquency rates.

Through the first quarter of 2012, there were 198,000 completed foreclosures compared to 232,000 through the first quarter of 2011.

Since the start of the financial crisis in September 2008, there have been approximately 3.5 million completed foreclosures.

Buying a home won't get much cheaper


Several housing experts are predicting that this year will be the last chance for homebuyers to cash in on the weak housing market.

According to Money Magazine buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable -- but it won't stay this way for much longer.
 
Stuart Hoffman, chief economist for PNC Financial Services (PNC, Fortune 500), said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.


Some economists, like Trulia's Jed Kolko, expect home prices to pick up even more quickly. Trulia's data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared with the last three months of 2011.

Read the entire article HERE

Wednesday, May 02, 2012

Evanston, IL 60202 - Current Housing Market


The chart shows the market activity in Evanston in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 151 active listings of detached single family homes as of 05/02/2012.

The median list price is $539,000.00

This Month in Real Estate May 2012

Monday, April 23, 2012

Glenview, IL 60025 - Current Housing Market

The chart shows the market activity in Glenview in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 243 active listings of detached single family homes as of 04/23/2012.

The median list price is $619,000.00

Thursday, April 19, 2012

Glendale Heights, IL 60139 - Current Housing Market

The chart shows the market activity in Glendale Heights for attached homes & condominiums in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 108 active listings of attached homes & condominiums as of 04/18/2012.

The median list price is $89,400.00

Sunday, April 15, 2012

Hinsdale, IL 60521 - Current Housing Market

The chart shows the market activity in Hinsdale in the last 30 days based on information from the MRED Multiple Listing Service.


There are currently 209 active listings of detached single family homes as of 04/15/2012.

The median list price is $1,175,000.00

Tuesday, April 10, 2012

Is Chicago the Next Atlanta?


Will Chicago be the next big city to witness its housing market implode, virtually without warning?

Friday the Treasury Department set off alarms in the Windy City when it spotlighted Chicago's housing market in its monthly Housing Scorecard, describing its condition as "continued fragility."

"Fragile" is not a word Chicagoans like to hear others use to describe their homes. Within hours of the release of the Treasury Scorecard the Chicago Tribune carried a report on it, noting that it "shines a national spotlight on Chicago and paints a somber picture of President Barack Obama's hometown."

In fact, Chicago has been encountering a rising tide foreclosures over the past year, and they've had their impact on prices. The greater Chicago market's foreclosure count is up 43 percent over a year ago; one in every 302 housing units is a foreclosure, ranking it fourth in the nation, according to RealtyTrac. With an REO saturation level of 35.7 percent compared to 29 percent nationally and it ranks 13th among Clear Capital's lowest performing markets, with a median 4.4 percent year-over-year price decline. Moreover, foreclosure processing in Illinois, a judicial state, takes an average of 575 days which means distressed mortgages in Chicago remain unresolved in the foreclosure pipeline 50 percent longer on average than in other cities, the Treasury report said.

While much of the nation's foreclosure concern has been focused on the Sand States, Chicago has fallen victim to a stuttering economy and a high degree of negative equity. Nearly one in four residential properties in the Chicago six county region is underwater, with just under $25 billion of negative equity. The average underwater property has 31.8 percent more outstanding mortgage debt than the property is worth, according to the Woodcock Institute. In fact, Chicago's housing market faces a full plate of challenges including a high percentage of distressed mortgages, high vacancy rates, a surge in suburban poverty, as well as severely underwater mortgages.

Read more:

Park Ridge, IL 60068 - Current Housing Market

The chart shows the market activity in Park Ridge in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 193 active listings of detached single family homes as of 04/10/2012.

The median list price is $445,000.00

Monday, April 09, 2012

Greater Chicago Real Estate Market

According to the MLS 98,687 residential properties are available


The MRED MLS shows the following active listings as of April 9, 2012

Single Family Home 49,658
Attached Single Family Home 26,990
Multi-Unit Building (2-4 units) 5,084
Mobile Home 358
Vacant Land 10,940
Residential Rental 5,483
Deeded Parking Space 178
Multi-Family Building (5+ units) 934

In the last 30 days there were 7,402 closed sales of residential property. Based on the current level of absorption that means there is 13.33 months of inventory currently listed on the market for sale.

This level is a large oversupply

Thursday, April 05, 2012

Franklin Park, IL 60131 - Current Housing Market

The chart shows the market activity in Franklin Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 120 active listings of detached single family homes as of 04/05/2012.

The median list price is $147,200.00

This Month in Real Estate April 2012

Wednesday, April 04, 2012

Norridge, IL 60706 - Current Housing Market

The chart shows the market activity in Norridge in the last 30 days based on information from the MRED Multiple Listing Service.


There are currently 65 active listings of detached single family homes as of 04/04/2012.

The median list price is $250,000.00

River Grove, IL 60171 - Current Housing Market

The chart shows the market activity in River Grove in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 34 active listings of detached single family homes as of 04/04/2012.


The median list price is $192,250.00

Treasury Pushes for Fannie, Freddie Principal Write-downs

U.S. Secretary of the Treasury Timothy Geithner (right) told a subcommittee of the Senate Appropriations Committee March 28 that he believes officials at both Fannie Mae and Freddie Mac favor mortgage write-downs for underwater borrowers, despite resistance from the agencies' regulator, the Federal Housing Finance Agency, Bloomberg reported.

While the Obama administration has continued to pressure the FHFA to offer principal reductions, the agency’s Acting Director Edward J. DeMarco has persistently refused, explaining his contention that write-downs do not make economic sense for the two government-sponsored enterprises, Bloomberg reported. DeMarco noted that such an action could create a “moral hazard” where borrowers who are current on their mortgages would begin to strategically default.

At the end of 2011, 12.1 percent of mortgages were delinquent or in foreclosure, according to data from the Office of the Comptroller of the Currency. The mortgage delinquency rate was 12.4 percent in 2010.

Read the complete article at the Appraisal Institute

Friday, March 30, 2012

Prospect Heights, IL 60070 - Current Housing Market

The chart shows the market activity in Prospect Heights in the last 30 days based on information from the MRED Multiple Listing Service.


There are currently 57 active listings of detached single family homes as of 03/30/2012.

The median list price is $384,900.00

Thursday, March 29, 2012

Home prices decline to 10-year low

Home prices have fallen a whopping 34.4% from the peak set in July, 2006.

The housing market started off the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.

The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.

“Despite some positive economic signs, home prices continued to drop,” said David Blitzer, spokesman for S&P. “Eight cities — Atlanta, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — made new lows.”

Read the entire article at CNN/Money

Deerfield, IL 60015 - Current Housing Market

The chart shows the market activity in Deerfield, Illinois in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 111 active listings of detached single family homes as of 03/29/2012. The median list price is $539,000.00

Wednesday, March 28, 2012

Housing Hype - Are we really on the road to recovery?

Can you believe all that you hear about the "Housing Recovery" Some of us wonder "What Recovery, its Housing Hype".

A slew of new housing data last week disappointed the analysts and the stock market, and all of a sudden you started to hear concern that maybe housing wasn’t exactly in a robust recovery.

From home builder sentiment to housing starts, to home builder earnings right through to sales of newly built homes, there was not one hopeful headline in any of it (except perhaps if you invest in rentals, as multi-family housing starts made more gains, but that is a contrary indicator to housing recovery).

Read the entire article at CNBC

Gilberts, IL 60136 - Current Housing Market

The chart shows the market activity in Gilberts, Illinois in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 42 active listings of detached single family homes as of 03/28/2012.

The median list price is $278,490.00

Sunday, March 25, 2012

Chicago's Norwood Park Neighborhood - Current Housing Market

The chart shows the market activity in Norwood Park in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 158 active listings of detached single family homes as of 03/25/2012.

The median list price is $284,450.00

Wednesday, March 07, 2012

This Month in Real Estate: March 2012

Clear Capital® Reports U.S. Home Prices Stable but Sliding - Fighting Increased REO


Year-over-year losses are at lowest levels since April 2011, quarterly prices virtually unchanged

Year-over-year home prices for the nation are down, with quarter-over-quarter prices remaining very stable.

All regions showed improvements in quarterly and yearly prices, while three out of four saw upticks in REO saturation.

Top 15 MSAs resilient against notably higher REO saturation, and showing higher average gains than last month.

All of the lowest performing MSAs saw quarter-over-quarter losses, but softer than in February. http://www.blogger.com/img/blank.gif

Read the complete report at Clear Capital

Tuesday, March 06, 2012

Streeterville to get a new highrise


Streeterville may be getting a new highrise and its impressive.

In February 2012 a application for a change in zoning was filed for this parcel.

435 North Park Drive will be 55 stories, 625' feet high, with 400 hotel rooms, 398 residential units and 230 parking spaces.

A community meeting will be held on Thursday, March 22 to discuss the development proposed for 435-456 North Park Drive. Sponsored by SOAR and Alderman Reilly's office, this meeting is an opportunity for residents to provide input to the developer, ask questions, etc.

For more info go to SOAR

Riverwoods, IL 60015 - Current Housing Market


The chart shows the market activity in Riverwoods in the last 30 days based on information from the MRED Multiple Listing Service.

There are currently 39 active listings of detached single family homes as of 03/06/2012.

The median list price is $775,000.00

In the last 30 days there have been 2 closed sales.

The median sales price was $455,000.00

At the current rate of absorption there are 19.50 months of unsold single family inventory in Riverwoods, IL 60105. This level of inventory is considered an over supply.