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Chicago is Down in Equity Value

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Real Estate Agent with Roudebush Realty,Inc.

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:

  1. Phoenix: 550,000
  2. Riverside: 463,000
  3. Los Angeles: 406,000
  4. Atlanta: 399,000
  5. 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]

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Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Beth:  It's always been my perception, that in past down cycles .. the midwest typically fared a little better than the rest of the nation.  This time it seems we didn't escape the damage inflicted on the housing market.  If there is any good news at all, IMO it's with the condos.  The actual figures you state are better than the media would have us believing the condo market in Chicago would be.  I appreciate the facts you supply ...

Gene

May 11, 2010 07:33 PM