2014 Illinois Housing Market

2014 Illinois Housing Market

By the end of 2012, the 2013 Illinois housing market appeared set to experience growth through the year ahead. Predictions appeared moderately optimistic at best. A market analyst interviewed by the Illinois Association of Realtors predicted a slow but steady pace of recovery last year. By and large, his predictions appear to have come to fruition. Both the median sale prices for homes and the overall number of home sales in the state improved … [Read more...]

Foreclosures Rise 18%

The epidemic of foreclosures is rising, according to newly released figures from RealtyTrac, despite a slight slowdown in activity during the month of May. Year over year foreclosures rose 18%. Foreclosure filings, including default notices, scheduled auctions and bank repossessions were reported on 321,480 properties during the month, a decrease of 6% from April. The drop apparently developed as a result of moratoriums on foreclosures by the … [Read more...]

2013 Illinois Housing Market

According to economist Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory and professor of Geography, Economics and Urban and Regional Planning for the University of Illinois, the state should experience home sale price recovery through 2013. In 2012, Illinois Realtor magazine interviewed Hewings regarding the future of Illinois real estate. The magazine asked him what the most important factor was in the health … [Read more...]

2011 Illinois Housing Market

Troubled by a state economy on the edge, lingering high unemployment and a foreclosure crisis that rivals the most devastated areas in the nation, Illinois is losing residents as they flee high state income and property taxes for greener pastures. The uncertainty of the Illinois economy signals a housing market that has made little progress in recovering from the worst real estate crash in U.S. history. Home sales are declining and few … [Read more...]

States Rip Off Foreclosure Victims

By Mike Colpitts Almost $1-billion targeted to victims of banking foreclosure fraud is being ripped off from foreclosure victims to be used to pay for other programs for states facing serious financial deficits. The nation’s largest five banks agreed to pay a $25 billion settlement as part of their agreement to settle allegations of illegal forgeries and other frauds in the robo-signing scandal. However, only $2.5 billion is dedicated to … [Read more...]

Mortgage Delinquencies Drop Two Straight Months

By Mike Colpitts Mortgage delinquencies fell for the second consecutive month in July and are down 11% for the last year, signaling a major improvement for the U.S. housing market, according to Lender Processing Services. Loans that are 30 days or more past due made up just 7.03% of home mortgages. The decline in late payments is positive news for the market beleaguered by the foreclosure crisis, with more than 2-million homes in the … [Read more...]

Top 10 Real Estate College Towns

Investors and parents shopping for rentals for college students might realize a sharp increase in rents when students go off to college this fall. Rents on homes and apartments rose an average of 4% in the U.S. in the last year, and higher rents are expected. Realtor.com released its second annual round-up of the top 10 college towns to consider investing in real estate. Topping the list are Boston, Massachusetts and Washington D.C., which … [Read more...]

Declining Foreclosures Bring Better Times

By Mike Colpitts Foreclosure activity declined 25% in the nation’s most populated state, California from one year ago in July, but the Golden State holds the distinction of having more foreclosures than any other. In fact the two highest foreclosure states, which are California and Arizona, are down in foreclosure filings. Nevada, which had been at the top of the list more than five years until earlier this year when the state imposed a new … [Read more...]

Formal Foreclosures Fall 21 Straight Months

By Mike Colpitts Formal foreclosures fell for the 21st straight month in July as repossessions on U.S. residential properties ran into additional snags. Lenders completed 53,654 foreclosures during the month, a 1% fall from June and a 21% drop from a year ago, according to RealtyTrac. Bank owned REO activity also fell on an annualized basis in 38 states and the District of Columbia. Some of the biggest drops in foreclosed property sales … [Read more...]

Home Price Appreciation Jumps 2.5% for Year

By Mike Colpitts For the fourth straight month home values have increased in appreciation across the U.S., according to real estate research firm CoreLogic. Prices increased 2.5% in June compared to a year ago in the 100 largest metro areas the company tracks. On a month-over-month basis, including foreclosure and short sales, home price appreciation rose 1.3% in June compared to May 2012. The company’s forward looking Home Price Index shows … [Read more...]