Chicago Condo Directory

The Fed lowered interest rates by a half percent on Tuesday, giving homeowners with an adjustable interest rate loan a brief reprieve on mortgage costs.

Mortgages with an adjustable rate will immediately feel the effects of the rate change.  However, whether this action by the Fed will spur long term growth in the housing market remains in doubt.

The Chicago housing market is experiencing a downturn in neighborhoods throughout the city.  According to the most recent report from the Chicago Association of Realtors, the number of single family homes sold during the second quarter of this year dropped by 25 percent around the city.

The Fed cut may not help spur demand.  Banks and lenders are pulling back from riskier loans due to the increase in foreclosures across the nation.  The foreclosure rate for Chicago is twice the national average, according to RealtyTrac, Inc.

Until banks and lenders decide to loosen requirements for mortgages, demand for homes will continue to remain stagnant as many potential buyers are unable to qualify for a loan.

Inventory of Chicago Homes around the city is sitting on the market longer.  It now takes an average of 116 days to sell a home.

Technorati Tags: Chicago Foreclosures, Chicago Homes, Chicago Real Estate News

The Fed lowered interest rates by a half percent on Tuesday, giving homeowners with an adjustable interest rate loan a brief reprieve on mortgage costs.

Mortgages with an adjustable rate will immediately feel the effects of the rate change.  However, whether this action by the Fed will spur long term growth in the housing market remains in doubt.

The Chicago housing market is experiencing a downturn in neighborhoods throughout the city.  According to the most recent report from the Chicago Association of Realtors, the number of single family homes sold during the second quarter of this year dropped by 25 percent around the city.

The Fed cut may not help spur demand.  Banks and lenders are pulling back from riskier loans due to the increase in foreclosures across the nation.  The foreclosure rate for Chicago is twice the national average, according to RealtyTrac, Inc.

Until banks and lenders decide to loosen requirements for mortgages, demand for homes will continue to remain stagnant as many potential buyers are unable to qualify for a loan.

Inventory of Chicago Homes around the city is sitting on the market longer.  It now takes an average of 116 days to sell a home.

Technorati Tags: Chicago Foreclosures, Chicago Homes, Chicago Real Estate News

A project to redevelop a 40 acre parcel into luxury condominiums and retail space is moving ahead in Rolling Meadows.

Pine Tree Commercial Realty, based in Northbrook, is studying the possibility of developing the property. Pine Tree Commercial Realty has projects around the midwest and in California.

Plans call for an urban community that would mix cultural events, luxury condominiums, and shopping all within walking distance for local residents.

The project will depend on the demolition of the 12 Oaks at Woodfield apartment complex and rezoning of the land.  City officials have shown support for the proposed development.

The neighborhood is strategically located next to public transportation lines that would give commuters quick access to the downtown Chicago business district.

One plan calls for a 692-unit development of luxury condominiums.

The developer will face a tough market for new Luxury Chicago Condominiums.  According to the Chicago Association of Realtors, condo sales across the city were down over 5 percent from last year.

Tighter requirements on loans have also made it more difficult for many buyers to qualify for a mortgage.

Technorati Tags: Chicago Condos, Rolling Meadows Preconstruction Condos, Chicago Luxury Condominiums