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