WBEZ | Home prices http://www.wbez.org/tags/home-prices Latest from WBEZ Chicago Public Radio en Foreclosures continue to impact Chicago-area home prices http://www.wbez.org/news/foreclosures-continue-impact-chicago-area-home-prices-103692 <p><p>Sales of foreclosures and other distressed properties continue to weigh down overall Chicago-area home prices, which declined 2.9 percent in September compared to the same time last year.</p><p>That&#39;s according to the real estate information company <a href="http://www.corelogic.com/">CoreLogic</a>, which released its<a href="http://www.corelogic.com/about-us/news/corelogic-september-home-price-index-rises-5-percent-year-over-year.aspx"> monthly Home Price Index</a> on Tuesday. Unlike other monthly home price data, CoreLogic tracks distressed properties as well as regular home sales. (Distressed properties include short sales and foreclosures, or real estate owned transactions.)</p><p>&quot;The foreclosures are having a pretty substantial impact on the market because there&rsquo;s still so many of&nbsp; them,&quot; said the Illinois Association of Relators&#39; Jon Broadbooks, who added that foreclosures can take as long as 22 months to wind their way through the legal system. &quot;Until earlier this year, many of them were bottlenecked in the court system. Now they&rsquo;re beginning to move through, and so that&rsquo;s having somewhat of a dampening effect on prices.&quot;</p><p>Without foreclosures or short sales, home prices in Chicago increased nearly two percent compared to September last year.</p><p>Nationally, home prices increased five percent, including distressed sales. CoreLogic said it was the biggest increase in more than six years &mdash; since July 2006 &mdash; and the seventh consecutive monthly year-over-year price increased. All but seven states are experiencing these year-over-year price increases.</p><p>Illinois is second only to Rhode Island as having the greatest home price depreciation.</p></p> Tue, 06 Nov 2012 13:48:00 -0600 http://www.wbez.org/news/foreclosures-continue-impact-chicago-area-home-prices-103692 Chicago home prices drop in November http://www.wbez.org/story/chicago-home-prices-drop-november-96001 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2012-January/2012-01-31/P1040010.JPG" alt="" /><p><p style="text-align: center;"><img alt="" class="caption" src="http://llnw.wbez.org/story/insert-image/2012-February/2012-02-01/foreclosed house_Ashley Gross.jpg" style="width: 630px; height: 354px;" title="A home for sale in Chicago's West Humboldt Park neighborhood. (WBEZ/Ashely Gross)"></p><p>It got cheaper to buy a home in Chicago in November. According to the Standard &amp; Poor's Case-Shiller Home Price Index, prices are now back to 2001 levels.<br> <br> After rising a bit last year, Chicago home prices have started going in reverse again. They fell 3.4 percent in November compared with October, and that was the biggest drop of any city in the 20-city index. Compared with a year earlier, prices slipped almost 6 percent.<br> <br> Stephen Baird is CEO of the real estate company Baird &amp; Warner and, full disclosure, he also sits on the board of WBEZ.<br> <br> "Every transaction has angst in it. Buyer angst, seller angst," Baird said. "There aren’t any easy transactions anymore."<br> &nbsp;<br> He says buyers lack confidence and are scared to take the plunge because they think prices will keep falling. On the flip side, David Cihla, a broker with RE/MAX Signature, says it's a tough time to be a seller.<br> <br> "A lot of sellers are putting their properties on the market and testing the waters and are having a rude awakening that they're not going to get even close to what they were expecting," Cihla said.<br> <br> Baird says there’s also a larger shift going on.<br> <br> "People are fundamentally rethinking the whole American dream thing," Baird said. "Is it a good idea for me to buy a house?"<br> <br> He says younger people in particular want to stay mobile and are afraid to get tied down to a house.</p></p> Tue, 31 Jan 2012 20:58:00 -0600 http://www.wbez.org/story/chicago-home-prices-drop-november-96001 Home prices edged up in July, report says http://www.wbez.org/story/2011-09-27/home-prices-edged-july-report-says-92495 <p><p>July marked a fourth consecutive month of slight gains in home prices in its surveys covering major cities across the nation, researchers who put together the widely watched S&amp;P/Case-Shiller Home Price Indices <a href="http://www.standardandpoors.com/servlet/BlobServer?blobheadername3=MDT-Type&amp;blobcol=urldocumentfile&amp;blobtable=SPComSecureDocument&amp;blobheadervalue2=inline%3B+filename%3Ddownload.pdf&amp;blobheadername2=Content-Disposition&amp;blobheadervalue1=application%2Fpdf&amp;blobkey=id&amp;blobheadername1=content-type&amp;blobwhere=1245321043141&amp;blobheadervalue3=abinary%3B+charset%3DUTF-8&amp;blobnocache=true" target="_blank">just reported</a>.</p><p>The researchers' 10-city and 20-city composite indexes each rose 0.9 percent in July from June.</p><p>Their report adds that: "Seventeen of the 20 [metropolitan areas] ... posted positive monthly increases; Las Vegas and Phoenix were down over the month and Denver was unchanged. On an annual basis, Detroit and Washington D.C. were the two [areas] that posted positive rates of change, up 1.2 percent and 0.3 percent, respectively. The remaining 18 [regions] and the 10- and 20- City Composites were down in July 2011 versus the same month last year."</p><p>So, cautions David Blitzer, who chairs the committee that puts together the report, "we are still far from a sustained recovery. Eighteen of the 20 cities and both composites are showing that home prices are still below where they were a year ago."</p><p>&nbsp;</p><div class="fullattribution">Copyright 2011 National Public Radio.</div></p> Tue, 27 Sep 2011 08:30:00 -0500 http://www.wbez.org/story/2011-09-27/home-prices-edged-july-report-says-92495 Foreclosures decline nationally in May, rise slightly in Illinois http://www.wbez.org/story/foreclosures-decline-nationally-may-rise-slightly-illinois-87922 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-June/2011-06-16/Home for sale Elgin_Getty_Scott Olson.jpg" alt="" /><p><p>The number of homes entering foreclosure in the United States continues to decline.&nbsp;</p><p>California-based RealtyTrac's monthly report of foreclosure filings shows that foreclosures fell during the month of May and are down 33 percent from the same period one year ago.</p><p>But Illinois foreclosure activity increased in May, rising more than five percent compared to the previous month.</p><p>Illinois posted 10,574 foreclosure filings last month, which includes default notices, auction-sale notices and bank repossessions. The filings represent one in every 500 housing units in the state.&nbsp; The highest number of foreclosures occured in Cook County, followed by Lake, Will, DuPage, and Kane counties.</p><p>The Illinois foreclosure rate is the eighth-highest in the nation, but it's also 30 percent lower than the same period a year ago.</p><p>Foreclosures had fallen more than 16 percent in April compared to March, but RealtyTrac attributed decreases in many states to paperwork processing delays rather than a housing recovery.</p><p>RealtyTrac notes that while the number of new homes entering foreclosure has slowed, inventories of bank-owned properties or REO's, which refers to real estate owned properties, rose in April and May.</p><p>“That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory," said RealtyTrac CEO James Saccino. "Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each month.”</p><p>Five states accounted for more than half of the nation's foreclosure activity:&nbsp; California, Florida, Michigan, Arizona and Nevada.</p><p>Nevada continued to have the nation's highest foreclosure rate at one in every 103 housing units.</p></p> Thu, 16 Jun 2011 13:14:00 -0500 http://www.wbez.org/story/foreclosures-decline-nationally-may-rise-slightly-illinois-87922 Venture: Low home prices fuel artist's vision http://www.wbez.org/story/art/venture-low-home-prices-fuel-artists-vision-83891 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2011-March/2011-03-17/P1070293.JPG" alt="" /><p><p>Each Monday here on Venture, we aim to give you a headstart on the week's business news in Chicago. We want to get insight into the health of the economy by exploring how people all around us are experiencing it.<br> &nbsp;<br> Tomorrow, Deerfield, Illinois-based Walgreens reports second-quarter earnings – and that should help us understand how consumers are feeling these days. Later this week, we’ll find out just how fast the economy has been growing – and that has implications for the recovery of the job market.<br> <br> We’ll also get housing data, including new home sales on Wednesday.<br> <br> Today, the Illinois Association of Realtors said home sales in the Chicago metro area in February fell 8.8 percent from a year earlier, and the median price slipped 7.6 percent. In the city of Chicago, sales fell 14 percent, while the median price was little changed, up less than one percent.</p><p>Still, home prices in the Chicago area have lost about a third of their value since the peak in 2006.<br> <br> But those low prices are drawing out investors. Mabel Guzman, president of the Chicago Association of Realtors, says a lot of them are plunking down cash.<br> <br> "You have investors that are coming in saying I have that kind of money, I have that cash," Guzman said. "So you know, might as well use it. So basically right now investors are looking at how can I get into this marketplace and be profitable?"<br> <br> But not everyone is motivated just by profit. In one South Side neighborhood, an artist is taking advantage of bargain-basement prices to create a cultural oasis.<br> <br> <a href="http://theastergates.com/home.html">Theaster Gates</a> is a potter and musician who works as director of arts program development at the University of Chicago. For him, the housing crisis means a chance to connect the arts world he works in with the block where he lives – in a census tract with a poverty rate almost three times as high as the Chicago metro area. A third of his block is either empty lots or vacant buildings.<br> <br> He’s buying those boardups to create space for artists to live in and an art history library that includes a collection of art slides from the University of Chicago.<br> <br> And on an empty lot, he’s planning what he calls a soul food pavilion – a space for dinners, jazz, lectures – the kind of gathering spot he says his neighborhood of Grand Crossing just doesn’t have. In essence, this stretch of Dorchester Avenue has become his latest work of art:</p><p><audio class="mejs mediaelement-formatter-identified-1332483420-1" src="http://llnw.wbez.org/story/insert-image/2011-march/2011-03-17/theaster-clip-1.mp3">&nbsp;</audio></p><p>Gates moved to the block about five years ago to live in an old candy store that he rehabbed, using recycled stone and salvaged wood. When you walk in, you feel transported – like you’ve landed in a Zen temple.<br> <br> Gates says the idea to turn his block into something more came when the three-flat next door became abandoned:</p><p><audio class="mejs mediaelement-formatter-identified-1332483420-1" src="http://llnw.wbez.org/story/insert-image/2011-march/2011-03-17/theaster-clip-2.mp3">&nbsp;</audio><br> <br> In addition to staying, he’s creating a way for others to stay as well. His message is – with imagination, people can turn devastated neighborhoods into desirable places to live. He says none of this would have been possible without the recent drop in home prices:<br> <br> <audio class="mejs mediaelement-formatter-identified-1332483420-1" src="http://llnw.wbez.org/story/insert-image/2011-march/2011-03-17/theaster-clip-3.mp3">&nbsp;</audio><br> <br> Theaster Gates has explored the world of shoeshines in his artwork. He says a shoeshine is like cheap redemption – a transformation that can happen in 12 minutes.<br> <br> And that leads us to our Windy Indicator, where we veer onto the economy’s sidestreets for a little reality check. At Metro Shoe Service in the pedway by Millennium Park, Mazen Shunnarah says business is down about 30 percent compared with two years ago.</p><p><br> <audio class="mejs mediaelement-formatter-identified-1332483420-1" src="http://llnw.wbez.org/story/insert-image/2011-march/2011-03-17/shoeshine-clip.mp3">&nbsp;</audio><br> <br> So the shoeshine indicator is not pointing to a recovery quite yet.<br> <br> Next week, our Windy Indicator takes a crack at bat.</p></p> Mon, 21 Mar 2011 05:01:00 -0500 http://www.wbez.org/story/art/venture-low-home-prices-fuel-artists-vision-83891 Chicago home prices drop to 2002 levels http://www.wbez.org/story/case-shiller/chicago-home-prices-drop-2002-levels <p><p>Home values in December fell to their lowest level since prices started to drop in late 2006, according to the Standard and Poor&rsquo;s Case Shiller Home Price Index. They&rsquo;ve now slipped all the way back to 2002 levels.<br /><br />Fran Bailey is a realtor with Baird and Warner in Chicago. She says homebuyers are trying to time their purchases to get the lowest price. <br /><br />&quot;Like trying to time the stock market, that&rsquo;s kind of a fool&rsquo;s game,&quot; Bailey says. &quot;But I think people are certainly using that when they&rsquo;re negotiating prices with the expectation that there probably is a little more downside.&quot;<br /><br />Prices for condos dropped even more than for single-family homes. Bailey says that&rsquo;s because it&rsquo;s harder to get financing these days for condos. The Federal Housing Administration only backs mortgages for condos in buildings that are at least half owner-occupied. <br />&nbsp;</p></p> Tue, 22 Feb 2011 21:01:00 -0600 http://www.wbez.org/story/case-shiller/chicago-home-prices-drop-2002-levels Chicago home prices may drop again in 2011 http://www.wbez.org/story/analyst/chicago-home-prices-may-drop-again-2011 <p><p>Chicago homeowners could see the value of their houses drop another 5.8 percent this year &ndash; 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. He said there&rsquo;s still reason for hope that the market is starting to bottom out. <br /><br />&quot;The days of plunging housing prices, you know 20, 30 percent, are very, very far in the rear-view mirror, we&rsquo;re not going to see that again,&quot; Landry said. &quot;There simply has not been enough new construction put in place to constitute such a scenario.&quot;<br /><br />Chicago home prices have fallen almost 30 percent since the slump began more than four years ago. Clear Capital forecasts that home prices will rise in some cities this year, including Washington, D.C., Houston and Honolulu. <br />&nbsp;</p></p> Fri, 07 Jan 2011 06:01:00 -0600 http://www.wbez.org/story/analyst/chicago-home-prices-may-drop-again-2011 Chicago-area home prices fall for 2nd straight month http://www.wbez.org/story/case-shiller/home-prices-weaken-further <img typeof="foaf:Image" src="http://llnw.wbez.org/For Sale Sign.JPG" alt="" /><p>Chicago-area home prices fell 2.0 percent from September to October and posted the steepest year-over-year decline of any big city in the nation, according to a report Tuesday from the S&P/Case-Shiller Home Price Indices. Prices for single family homes in the Chicago-area were off 6.5 percent from the same period a year ago. Overall, home prices decreased 1.3 percent across the nation's 20 major cities in October from September. While Chicago posted the biggest year-over-year decline, Atlanta saw the biggest monthly drop. Meanwhile, Charlotte, Dallas, Denver, Portland, and Tampa all posted their fourth consecutive monthly decreases. "There is no good news in October’s report. Home prices across the country continue to fall," David M. Blitzer, Chairman of the Index Committee at Standard & Poor's, says in the firm's report. "The trends we have seen over the past few months have not changed. The tax incentives are over and the national economy remained lackluster in October, the month covered by these data." Each of the 20 cities surveyed in the report posted monthly declines. The last time that happened was in February 2009. Despite the declines, the index of housing prices is up 4.4 percent since it's low point in April 2009. But it remains nearly 30 percent below it's July 2006 peak. And if current trends hold, this year will rank as the worst for home sales in more than a decade. </p> Tue, 28 Dec 2010 08:10:00 -0600 http://www.wbez.org/story/case-shiller/home-prices-weaken-further