It is no secret that downtown Chicago commercial real estate is weaker today than it was a year or two ago. But the situation in the suburbs is worse, according to recent surveys.
MB Real Estate, a diversified real estate firm, said its analysis shows that the overall vacancy rate for downtown increased from about 11.7 percent in the final three months of 2007 to 12.3 percent in the first quarter of 2008. Those numbers, while not exhilarating, are certainly better than Chicago saw in the early 1990s when vacancies soared. But in the suburbs, MB Real Estate found, the vacancy rate rose from 16.1 percent in the last quarter of 2007 to 17.3 percent in the first quarter of this year.
Saturday, May 10, 2008
Friday, April 18, 2008
Realtor Foresees Chicago Real Estate Market's Recovery
Chicago, IL (AHN) - Chicago realtor Barbara Marriott reported a slight rise on median house prices in the city and an apparent increase in real estate transactions the past few weeks.
This indicates the real estate market in Chicago "has bottomed out and primed to recover," Marriott wrote in Realty Times.
For the meantime, the Illinois capital city's market will remain steady as foreclosed properties in the Chicago's inventory are sold leading to a positive growth in existing home sales by the second half of 2008.
This indicates the real estate market in Chicago "has bottomed out and primed to recover," Marriott wrote in Realty Times.
For the meantime, the Illinois capital city's market will remain steady as foreclosed properties in the Chicago's inventory are sold leading to a positive growth in existing home sales by the second half of 2008.
Sunday, April 6, 2008
Chicago Foreclosure Rate Second Highest Among Top 5 Metros
Chicago's foreclosure rate was higher than New York, Philadelphia and Dallas, but lower than Los Angeles, according to the latest RealtyTrac U.S. Foreclosure Market Report.
One in every 475 households in the Chicago metro area received a foreclosure filing in February, the second highest foreclosure rate among five of the nation’s largest metropolitan areas.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
One in every 475 households in the Chicago metro area received a foreclosure filing in February, the second highest foreclosure rate among five of the nation’s largest metropolitan areas.
RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
Tuesday, March 25, 2008
Chicago Real Estate Auction by Hoffman Estates
"Hoffman Estates is conducting a Chicago Real Estate Auction of up to 150 properties. The properties include both new construction and resale homes and willing be sold through auctions".
That headline is a sure indication that auction as a tool to sell properties is here to stay. According to Holland Home Auctions, nearly 150 properties which are quality built homes in preferred settings. This is very unlike the usual auctions where the houses are usually foreclosed or distress sale houses in undesirable locations.
That headline is a sure indication that auction as a tool to sell properties is here to stay. According to Holland Home Auctions, nearly 150 properties which are quality built homes in preferred settings. This is very unlike the usual auctions where the houses are usually foreclosed or distress sale houses in undesirable locations.
Monday, March 17, 2008
Chicago-area banks see mounting losses on loans
Losses from such loans rose at rates well into double digits in 2007, and even more suspect transactions could be working their way through the books as 2008 gets under way, a Tribune analysis reveals.
Nationally, banks could experience "significantly higher" loan losses and more failures because of housing problems, financial market upheaval and reduced consumer spending, the Federal Deposit Insurance Corp. said in a memo released Friday.
Nationally, banks could experience "significantly higher" loan losses and more failures because of housing problems, financial market upheaval and reduced consumer spending, the Federal Deposit Insurance Corp. said in a memo released Friday.
Monday, March 10, 2008
Springfield housing tops in Midwest
"The key here is that housing is affordable," he said. "We are seeing people from Florida and Arizona who found those areas to be too crowded and expensive, and they are moving back to Springfield."
A sizable house next to Lake Springfield sells for a median price of $345,000, he said, "and that's about the price of a townhouse in Naperville or Schaumburg."
"The healthiest housing markets today generally are moderately priced and are experiencing job growth and often population growth," said Lawrence Yun, chief economist for the Realtors group.
A sizable house next to Lake Springfield sells for a median price of $345,000, he said, "and that's about the price of a townhouse in Naperville or Schaumburg."
"The healthiest housing markets today generally are moderately priced and are experiencing job growth and often population growth," said Lawrence Yun, chief economist for the Realtors group.
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