Chicago Area Foreclosures Jump In February

2010-03-13T22:43:21Z

On Thursday Crain's reported that Illinois foreclosure activity was up 22% in February over last year. For the Chicago area they reported that Kane county was the worst with a 57% increase and Cook, Dupage, Lake, McHenry, and Will counties ranged between a 24 - 29% increase. This data comes from Realty Trac, which defines foreclosure related activity as a property owner receiving a foreclosure related notice. It's not clear whether or not that includes only first time notices or if it also includes repeat notices.

Given that so many housing bears keep talking about the impending doom that will be caused by foreclosures from the massive shadow inventory out there (I've heard 7 million), I decided to get a better handle on the situation in Chicago. I went to the Realty Trac site and dug up a few tidbits which will allow me to better track this information going forward. Here is the trend in foreclosures for the last 12 months:

Notice the significant spike in foreclosures that occurred in October. Does anyone have any insights on what exactly happened? Incidentally, in February the Chicago rate of foreclosures was about twice the national average.

In addition, the Realty Trac Web site has this nifty little interactive heat map of the foreclosure activity rate in Chicago by zip code. The darker colors represent higher rates of foreclosures. As you roll over the graphic (on their site) additional information pops up.

Sunday Open House Gem In West Lakeview

2010-03-11T00:51:48Z

First, let me be clear, West Lakeview is not in Lakeview. Just like only part of the South Loop is actually in the Loop. West Lakeview is in North Center.

On Sunday I strolled into an open house at 1936 W. Oakdale. I was impressed. Listed by Jill Halpern from Park Place Real Estate Services, this 4 bedroom, 2 1/2 bath single family home is priced at $685,000 and is located in a great neighborhood about one block from Hamlin Park.

Standing in front of this house or looking at the front photo below you will underestimate the size of the home. In fact, during my short visit I never did figure out how they got all that space in there. I'm guessing it's around 2400 - 2500 square feet, although square footage is not listed. About half of the basement is finished and one of the big surprises is that, despite the shape of the roof, the ceilings are not angled upstairs.

On the main level the floor plan is very open, with hardwood floors, granite counter tops, and stainless steel appliances. It also has a dual zone HVAC system, a 2 car garage, and a deck off the master bedroom. Purchasing the home in July 2008 for $696,000, the current owner apparently did a lot of work on the home in the short time she owned it, though I don't know the details.

The other thing about this house is that it is impeccably rehabbed and decorated. The house is pristine. It gleams. While some people might recoil in horror at the thought of purple walls I think it works, despite the advice of Sabrina Soto (Get It Sold).

For $685,000 I think this home is a deal. If you'd like to check it out they are having another open house this Sunday from 11 - 1.

Getting Real

Chicago Area Foreclosures Jump In February

Sunday Open House Gem In West Lakeview