Chicago is Down in Equity Value
This is just released and it is interesting to note that if you are not buying, you should be for prices are at their best now.
First American CoreLogic just released its first quarter report on negative equity in the United States.
The Chicago market has more homeowners underwater than you would think (and I don’t know if this means Chicago, the city, or the entire Chicagoland area.)
The metropolitan markets with the most underwater home owners in first quarter were:
- Phoenix: 550,000
- Riverside: 463,000
- Los Angeles: 406,000
- Atlanta: 399,000
- Chicago: 365,000
Report: 11.2 million U.S. Properties with Negative Equity in Q1 [Calculated Risk Blog, May 10, 2010]
Additionally, according to the Chicago Tribune, Zillow is also releasing a report on negative equity with these findings on Chicago:
Within Chicago, 62 percent of homes sold for a gain in March, or 57 percent of single-family homes and almost 70 percent of condos.
Translation: 43% of single family home owners sold for a loss and 30% of condo owners sold for a loss in Chicago in March.
In the entire Chicago area, 40% of all homes in March also sold for less than the owner had paid.
Zillow: 40% of home sellers took a loss in March [Chicago Tribune, Mary Ellen Podmolik, May 10, 2010]
Comments(1)