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Realitico

Real estate market news, opinions and updates from an REO insider

By Peter Kedzior | Agent in Arlington Heights, IL
  • September 29 - October 5 2013 Northwest Suburbs Foreclosure Report

    Posted Under: Home Buying in Cook County, Foreclosure in Cook County  |  October 9, 2013 9:59 AM  |  369 views  |  No comments
    Last week, another 25 single family homes were listed or re-listed in the MLS of northwest Chicago area. There were 12 new listings, 9 price reductions and  4 homes were back on the market. The area covered by this report includes northwest neighborhoods of Chicago and the towns located near I-94 in the east throughout Route 59 in the west, and from Lake Cook Rd in the north to North Ave in the south.

    StatusPropertyAddressCityList PriceBedsBsmt
    New265ParallelPalatine $     104,9003Full
    New108JillStreamwood $     124,5003Full
    Reduced698IllinoisHoffman Estates $     149,5004None
    Reactivated295IllinoisHoffman Estates $     149,9003None
    New927NormanWheeling $     159,9003None
    New852Golf Cul De SacDes Plaines $     173,0003Full
    Reduced4323AtlanticSchiller Park $     175,0003Full
    New1109ThackerayPalatine $     194,9003None
    Reduced9ElaineProspect Heights $     199,9003Full
    New550BristolElk Grove Village $     204,9003None
    Reactivated598BristolElk Grove Village $     209,9003None
    Reactivated1768EuclidMount Prospect $     209,9003Partial
    New595HillcrestHoffman Estates $     215,5003Full
    Reduced3111BrookviewPalatine $     249,9004Partial
    New1120GannonHoffman Estates $     249,9003None
    Reduced4900LuntSkokie $     259,9003Full
    Reactivated1BeaconBuffalo Grove $     259,9003Full
    New4155DevonChicago $     259,9003Full
    Reduced300ForestwayNorthbrook $     279,9003English
    New4741Bob O LinkSkokie $     294,9003Full
    New6819MendotaChicago $     482,5004Full
    New6668ImlayChicago $     499,9003Full
    Reduced581KathleenDes Plaines $     575,0005Full
    Reduced2269GreenviewNorthbrook $     645,0004Full
    Reduced10HickoryNorthbrook $     874,9004Partial

    © 2013 Midwest Real Estate Data LLC. 

    For more details, please visit my website that has some in-depth information about foreclosed homes for sale in Chicago suburbs.

    *This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period September 29 - October 5 2013. Midwest Real Estate Data LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market. 
  • Weekly Initial Jobless Claims Near Pre-Recession Levels

    Posted Under: Market Conditions in Arlington Heights  |  September 26, 2013 9:37 PM  |  450 views  |  No comments
    For the week ended 20 September, the number of people claiming unemployment benefits fell to 305,000, down from 309,000 the week before. Most experts predicted the number of layoffs go to back to at least 320,000 a week  - to better reflect a difficult job market of the last two quarters. If the number of people losing jobs stays close to 300,000 (a pre-recession level), it would signal a very positive trend – even with new job creation as slow as it has been for the last 3 years, the number of unemployed workers would be getting lower and lower due to fewer people losing jobs. A continued slowdown of layoffs is creating a sense of better job security for the general population and may encourage increase in consumer spending – a vital part of the economic recovery.
  • September 15-22 2013 Northwest Suburbs Foreclosure Report

    Posted Under: Home Buying in Cook County, Foreclosure in Cook County  |  September 25, 2013 5:44 AM  |  510 views  |  No comments
    The number of bank owned single-family homes listed in the northwest suburbs of Chicago jumped to record levels in the third week of September 2013. According to the MLS of northwest Chicago area, 40 single family houses were listed or relisted *. There were 24 new listings, 6 price reductions and 10 houses were back on the market. In the same period, 18 condos and townhouses priced below $75,000 were listed or re-listed last week. 

    The area covered by this report includes northwest neighborhoods of Chicago and the towns located near I-94 in the east throughout Route 59 in the west, and from Lake Cook Rd in the north to North Ave in the south.


    Status     Street Address City/Town List Price # Beds Bsmt
     New  242  6th   Wheeling  $106,000 3  Partial 
     Reactivated  1685  Bedford   Hoffman Estates  $110,000 3  None 
     New  5  Glenview   Glenview  $128,000 3  Full 
     Reduced  6241  Gunnison   Chicago  $144,900 3  Full 
     New  1873  Bennett   Des Plaines  $154,900 3  None 
     Reactivated  557  Mount Prospect   Des Plaines  $164,900 3  None 
     New  5010  Sherwin   Skokie  $164,900 3  Full 
     Reactivated  112  Ridgewood   Elk Grove Village  $169,900 3  None 
     Reactivated  2204  Oak   Rolling Meadows  $169,900 3  None 
     New  991  Thacker   Des Plaines  $169,900 3  Partial 
     Reduced  3158  Patton   Des Plaines  $174,900 3  None 
     New  195  Mohawk   Buffalo Grove  $179,500 3  Full 
     New  6842  Lyons   Morton Grove  $189,900 3  None 
     Reactivated  251  Orchard   Wood Dale  $210,900 3  Partial 
     New  425  Lincoln   Hoffman Estates  $214,000 3  None 
     New  932  Grissom   Elk Grove Village  $219,900 4  None 
     New  6709  Montrose   Harwood Heights  $222,600 3  Full 
     New  433  Edward   Des Plaines  $224,900 3  Full 
     New  1841  Chestnut   Arlington Heights  $239,900 3  None 
     Reactivated  9  Elaine   Prospect Heights  $239,900 3  Full 
     Reduced  21  Cranbrook   Des Plaines  $244,900 3  Full 
     Reactivated  8257  Karlov   Skokie  $244,900 3  Partial 
     New  5144  Oak Park   Chicago  $246,900 3  Full 
     New  711  Lams   Mount Prospect  $259,900 3  Full 
     New  1  Beacon   Buffalo Grove  $259,900 3  Full 
     New  5301  Newcastle   Chicago  $259,900 4  Full 
     Reduced  333  Lawn   Des Plaines  $269,000 3  Full 
     New  4502  Thorntree   Rolling Meadows  $269,900 3  Partial 
     Reduced  921  Princeton   Arlington Heights  $279,900 3  Full 
     New  580  Jamison   Hoffman Estates  $287,500 3  Full 
     New  1913  Central   Northbrook  $304,900 3  None 
     Reduced  4452  Thatcher   Norridge  $309,900 3  Partial 
     New  5361  Washington   Skokie  $329,900 3  Full 
     Reactivated  626  Leamington   Wilmette  $332,405 3  None 
     Reactivated  7354  Oriole   Chicago  $334,900 3  Full 
     Reactivated  8911  Merrill   Niles  $337,900 4  Partial 
     New  5  Lillian   Arlington Heights  $349,900 3  Partial 
     New  104  Regency   Arlington Heights  $409,900 4  Partial 
     New  2336  Cowper   Evanston  $472,500 3  Full 
     New  104  Glade   Palatine  $499,900 4  Full 

    Between September 15th and September 22nd 2013, just 18 of bank-owned, affordable condos and townhomes (listed below $75,000) have been listed or re-listed in the MLS*.

    Listing StatusStreet AddressCity/TownList PriceBedsParking
    New9987LindaDes Plaines $     35,9001None
    New5000CarriagewayRolling Meadows $     39,9001Garage
    Reactivated4ADundee QtrPalatine $     44,0002Space(s)
    New2604WindsorArlington Heights $     44,9002None
    New2400AlgonquinRolling Meadows $     44,9002Space(s)
    New475325thSchiller Park $     51,9001None
    Reduce1149MillerBuffalo Grove $     52,9001None
    New8840WesternDes Plaines $     54,9001None
    New1434CarolPalatine $     54,9002Space(s)
    New845MillerBuffalo Grove $     55,9002Space(s)
    New135DoverDes Plaines $     56,0001Space(s)
    New5816NagleChicago $     60,9001Space(s)
    Reactivated21KristinSchaumburg $     61,2501Space(s)
    New880Old WillowProspect Heights $     64,9003Space(s)
    New5043East RiverNorridge $     67,9001Space(s)
    New945kenilworthPalatine $     72,9001None
    New6767OlmsteadChicago $     73,9001None
    New6454SacramentoChicago $     74,9003None

    © 2013 Midwest Real Estate Data LLC. For more details, please visit website that features foreclosed homes for sale in Chicago suburbs.

    *This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period September 15-22 2013. Midwest Real Estate Data LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market.

  • Robo-Signing Debacle of 2010

    Posted Under: Market Conditions in Arlington Heights, Foreclosure in Arlington Heights  |  September 20, 2013 9:29 PM  |  716 views  |  No comments
    Do you remember September 2010? What started a few weeks earlier as a curious case of one bank employee who admitted he used to approve thousands of foreclosure cases every month without even reading most of them, turned into a nationwide scandal involving hundreds of thousands of homes in the process of foreclosure.  By end of September 2010, three major banks: J.P. Morgan Chase, Wells Fargo, Bank of America and GMAC, all announced a halt on foreclosures while the extent of “flawed paperwork” was being investigated.
    Congress, in an unusually expedited manner, quickly reacted by passing a bill that would make foreclosure documents that meet legal standards in one state, exempt from verification procedures in any other state that requires court approved foreclosure proceedings. 
    Many banks in addition to halting pending foreclosures, also removed foreclosed properties from the market fearing their documents are so flawed that no title insurance company would cover them, once sold.
    The crisis lasted until the end of 2010 and resulted a bottleneck of foreclosed properties throughout the nation. In year 2011 home prices have reached the bottom - the lowest point since the recession started.

    In February 2012, the “Robosigning Mortgage Settlement” has been reached between the big banks, States’ Attorneys General, and the U.S. Attorney General, the Office of the Comptroller of the Currency (“OCC”). Under this settlement, the big banks have agreed to make available some $9.3 billion in payments and other relief to victims of the robo-signing foreclosure scandal. 

    On June 26, 2013, the former executive at Jacksonville’s Lender Processing Services - Lorraine Brown was sentenced to five years in prison for her role in forging of foreclosure documents. So far, she is the only person to receive a prison sentence as a result of the robo-signing scandal.
  • Market Conditions Update: Cook County, Illinois

    Posted Under: Market Conditions in Cook County, Home Buying in Cook County  |  September 19, 2013 8:59 PM  |  762 views  |  1 comment
    According to Midwest Real Estate Data (MRED) - provider of Chicagoland multiple listing service (MLS), the average sales price of single family homes (detached) sold in Cook County was 5.4% higher in August of 2013 than a year ago. The biggest average price increase took place in the "attached single family" category which includes condominiums, townhomes and duplex homes. The average sales price of this type of homes went up almost 14% in just 12 months since August 2012.
    Average Salles Prices in Cook County Illinois
    Based on data available as of September 19, 2013. All data from MRED. Data deemed reliable but not guaranteed. Powered by 10K Research and Marketing
  • End of Foreclosures is Coming

    Posted Under: Market Conditions in Arlington Heights, Home Buying in Arlington Heights  |  September 16, 2013 7:30 AM  |  805 views  |  No comments
    Foreclosure crisis is drawing to an end. According to RealtyTrac, new foreclosures are down 34% from a year ago – the lowest level in 8 years. The current inventory will last probably for another 2 years but many experts agree that the negative impact on prices which bank owned properties had over the last 5 years, is already fading away. Foreclosure sales are less and less relevant in most of the real estate markets throughout the country.
  • September 23 - 29th 2012 Northwest Suburbs Foreclosure Report

    Posted Under: Home Buying in Arlington Heights, Foreclosure in Arlington Heights  |  September 30, 2012 10:45 AM  |  1,489 views  |  No comments
    Bank owned homes in the northwest suburbs of Chicago recorded near-record levels of activity in the last week of September 2012. According to the MLS of northwest Chicago area, 45 single family houses were listed or relisted *. There were 18 new listings, 21 price reductions and 7 houses were back on the market. In the same period, 39 condos and townhouses priced below $75,000 were listed or re-listed last week.

    The area covered by this report includes northwest neighborhoods of Chicago and the towns located near I-94 in the east throughout Route 59 in the west, and from Lake Cook Rd in the north to North Ave in the south.

    Status Address City List Price Beds Bsmt
     Reactivated   223 Cindy Ln.   Wheeling  $73,000 3  None 
     Reactivated   5203 Lovejoy Ave,   Chicago  $113,500 4  Full 
     Reactivated   270 Linden Ave.   Palatine  $114,000 3  None 
     Reduced   523 Shadywood Ave.   Elk Grove Village  $129,900 3  None 
     Reduced   239 Walnut Ln.   Elk Grove Village  $134,900 3  None 
     New   3851 Harvard Ter.   Skokie  $140,000 3  Full 
     New   5815 Harlem Ave.   Chicago  $147,100 3  Full 
     New   531 Arlington Heights Rd.   Arlington Heights  $150,000 4  Partial 
     Reduced   390 Flagstaff Ln.   Hoffman Estates  $159,500 4  None 
     Reduced   1589 Oakwood Ave.   Des Plaines  $159,900 3  Full 
     New   708 Salem Ave.   Arlington Heights  $160,000 3  Partial 
     Reduced   2306 Cedar St.   Rolling Meadows  $165,000 3  Full 
     New   103 Grand Central Ln.   Schaumburg  $171,912 3  Partial 
     New   5345 Crain St.   Skokie  $174,900 3  Partial 
     New   8928 Harms Rd.   Morton Grove  $179,000 3  Full 
     New   790 Alcoa Ln.   Hoffman Estates  $183,900 3  Full 
     Reduced   934 Tower Dr.   Mount Prospect  $184,900 3  Full 
     Reduced   130 Berkshire Dr.   Wheeling  $184,900 4  Full 
     Reduced   219 Placid Way   Elk Grove Village  $189,900 3  None 
     New   1687 Kingsdale Rd.   Hoffman Estates  $189,900 3  Partial 
     Reduced   756 Debra Dr.   Des Plaines  $192,000 3  None 
     New   5444 Newcastle Ave.   Chicago  $194,900 4  Full 
     Reduced   7225 Lyons Ave.   Morton Grove  $199,900 4  Full 
     Reduced   1314 Old Timber Ln.   Hoffman Estates  $214,900 3  None 
     Reduced   8836 Elmore St.   Niles  $215,000 3  Full 
     Reduced   322 Plum Grove Rd.   Palatine  $218,900 3  Full 
     Reduced   4165 Victoria Dr.   Hoffman Estates  $219,900 3  Partial 
     Reduced   3840 North Shore Ave.   Lincolnwood  $219,900 3  None 
     Reduced   7746 Clarence Ave.   Chicago  $219,900 3  Full 
     Reactivated   521 Western Ave.   Park Ridge  $229,900 3  Full 
     Reduced   824 Ridge Ave.   Arlington Heights  $235,500 4  None 
     New   223 Yale Ave.   Arlington Heights  $243,500 3  Full 
     Reduced   465 Northwest Hwy   Park Ridge  $249,900 3  Full 
     New   5448 Oriole Ave.   Chicago  $249,900 3  Full 
     Reduced   639 Newkirk Ln.   Palatine  $250,000 4  Full 
     New   14 Noyes St.   Arlington Heights  $259,000 3  Partial 
     New   7531 Winnemac Ave.   Harwood Heights  $259,900 3  Full 
     New   7524 Churchill St.   Morton Grove  $274,900 3  Full 
     Reactivated   1900 Hopi Ln.   Mount Prospect  $279,900 4  None 
     New   1309 Glendale St.   Bensenville  $299,900 4  Full 
     New   5016 Jarlath Ave.   Skokie  $300,000 4  Full 
     Reduced   7236 Acadia St.   Morton Grove  $320,000 4  None 
     Reduced   1565 Harding Rd.   Northfield  $399,900 3  Partial 
     Reactivated   4235 Newland Ave.   Harwood Heights  $419,900 5  Full 
     New   4862 Canfield Ave.   Norridge  $569,900 4  Full 
     Reactivated   220 Locust Rd.   Wilmette  $669,000 4  Full 

    Between September 23rd and September 29th 2012, 39 of bank-owned, affordable condos and townhomes (listed below $75,000) have been listed or re-listed in the MLS*.

    Status Address City List Price Beds Parking
    Reduced 9989 Linda Ln. Des Plaines $24,900 1 Spaces
    New 4128 Bonhill Dr. Arlington Heights $25,900 1 Spaces
    Reduced 1477 Winslowe Dr. Palatine $30,000 1 Spaces
    New 1493 Winslowe Dr. Palatine $31,500 3 Spaces
    Reduced 35 Baybrook Dr. Palatine $32,500 1 Spaces
    New 1467 Winslowe Dr. Palatine $34,900 1 None
    Reduced 711 Central Rd. Mount Prospect $36,900 1 Spaces
    Reactivated 680 Hill Dr. Hoffman Estates $37,500 2 None
    Reduced 230 Washington Sq. Elk Grove Village $38,400 1 Spaces
    Reactivated 1313 Exeter Ct. Wheeling $39,900 3 Garage
    Reduced 4751 25th Ave. Schiller Park $39,900 1 Spaces
    Reduced 444 Osage Ln. Palatine $41,000 1 Spaces
    Reduced 1 Renaissance Pl. Palatine $41,900 1 Spaces
    New 915 Countryside Ave. Palatine $42,900 1 Spaces
    New 10357 Dearlove Rd. Glenview $44,900 2 Spaces
    Reduced 11 Oakcreek Dr. Buffalo Grove $44,900 1 Spaces
    Reduced 100 Deborah Ln. Wheeling $44,900 2 Spaces
    New 912 Ridge Square Elk Grove Village $45,000 1 Spaces
    Reduced 75 Kristin Dr. Schaumburg $45,000 1 Spaces
    Reduced 9074 Terrace Dr. Niles $46,500 1 None
    Reactivated 4 Oak Creek Dr. Buffalo Grove $47,900 2 Spaces
    New 5358 Cumberland Ave. Chicago $48,000 1 None
    Reduced 501 Prospect Ave. Mount Prospect $49,900 1 Spaces
    New 5600 Astor Ln. Rolling Meadows $52,500 2 Spaces
    New 931 Casey Ct. Schaumburg $60,390 2 Spaces
    New 975 Charlela Ln. Elk Grove Village $61,500 2 Spaces
    New 8853 Robin Dr. Des Plaines $63,500 2 Spaces
    Reduced 2315 Olive Arlington Heights $64,900 2 Spaces
    New 832 Colonial Dr. Wheeling $66,000 3 None
    Reactivated 8511 Catalpa Ave. Chicago $66,900 2 Spaces
    Reduced 847 Oxford Pl. Wheeling $67,900 2 Garage
    Reduced 1227 Old Wilke Rd. Arlington Heights $69,900 2 Spaces
    New 3 Villa Verde Ave. Buffalo Grove $69,900 2 None
    New 1 Renaissance Pl. Palatine $71,900 2 Garage
    Reduced 21 Kristin Dr. Schaumburg $72,500 2 Spaces
    Reduced 4000 Triumvera Dr. Glenview $73,000 2 Garage
    Reduced 1747 Crystal Ln. Mount Prospect $74,900 2 Garage
    New 6353 Raven St. Chicago $74,900 2 None
    Reactivated 780 Weidner Rd. Buffalo Grove $75,000 2 Garage

    © 2012 Midwest Real Estate Data LLC. 

    For more details, please visit website that features foreclosed homes for sale in Chicago suburbs.

    *This representation is based in whole or in part on data supplied by Midwest Real Estate Data LLC for the period September 23-29 2012. Midwest Real Estate Data LLC does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Midwest Real Estate Data LLC may not reflect all real estate activity in the market. 
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