The real estate market is moribund. Prices have plummeted. So who knew that people were still making big bucks from flipping properties?Turns out, speculators have found new ways to profit amid the wreckage of the housing boom.
The latest numbers from Realty Trac show that foreclosure filings in the Chicago area fell in September. But experts say the crisis isn’t over, it’s just getting dragged out.Ed Jacob heads the non-profit group Neighborhood Housing Services of Chicago, which helps people buy homes and stay in them.
Foreclosure filings in Illinois jumped 18 percent from July to August, and that means the housing market still has a long slog ahead. The latest numbers from RealtyTrac show banks are starting to move ahead with foreclosures again.
Home prices and interest rates are still low compared to where the market was before it crashed at the end of 2008. It’s created opportunity for new buyers, and buyers who are looking to resell a property for a quick profit.My husband Demian and I are packing up our apartment.
When you are the nation's largest owner of foreclosed homes, even little things can get expensive fast. Such is the case for mortgage giant Fannie Mae, which as of March 31 had a mind-boggling 153,000 foreclosed homes on its books.One example — mowing the lawn.
Chicago homeowners could see the value of their houses drop another 5.8 percent this year – a bigger drop than the nation as a whole. That forecast comes from Clear Capital, a company that does home appraisals for big banks. Eric Landry is a housing analyst with Morningstar in Chicago.