Chicago Real Estate Update

April 20, 2010 by
Filed under: Illinois 
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The Chicago real estate market is facing mixed signals during the first quarter of the 2010 fiscal year. According to a March 16, 2010 article in Business Week, “A new report says the number of Chicago homes in foreclosure was up 16 percent in 2009 compared to 2008. The National People’s Action’s 2009 Chicago Foreclosure Report says more than 23,000 homes in the area were in foreclosure last year.” The piece, originally composed by the Associated Press, continued to say that “Senator Dick Durbin says the report suggest foreclosures are no longer being driven primarily by the years of what he calls predatory lending. The Illinois Democrats says they’re now driven more by unemployment and homeowners who owe more than homes are worth. In a statement about the new report, Durbin’s office cited figures showing 11 million homeowners nationwide owe more than their homes are worth.”

One positive bit of news for Chicago homes for sale and Midwest real estate was reported by a March 23, 2010 article by the New York Times. This article reported that “Midwest home sales improved nearly 10 percent over last year as tax credits and low interest rates continued to motivate buyers. The National Association of Realtors released figures Tuesday showing 68,000 sales in the 11-state region in February, and the median sales price fell 2 percent to $128,000.” The piece, also originally released by the Associated Press, continued to say that “In February, Midwest sales improved more than the nation as a whole. Non-seasonally adjusted figures showed total February homes sales increased 8 percent over last year.”

This same general outlook for Chicago real estate for sale was reported by a March 31, 2010 article in the Chicagoist. This piece found that “The Associated Press is reporting that Chicago-area single-family home prices saw the biggest drop among 20 cities in January, according to The Standard & Poor’s/Case-Shiller home price index. Chicago-area prices dropped just over four percent compared to last year, and is a bigger dip than the 0.7 percent year-over-year drop for the 20 cities combined…Analysts fear that bigger home prices may be in store as the first-time home-buyer credit expires.”

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