Housing Market News Archives

Chicago Property Values Post Double-Digit Growth

May 14, 2015

Chicago home prices notched their fourth-straight month of double-digit growth in April, with the median sale price rising 10 percent from a year ago. The number of properties sold fell 4.8 percent, and the city’s median sale price reached $275,000 as the spring selling season got into full swing. On average, homes fetched 96.6 percent of their asking price, the highest sale-to-list ratio since last July.

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Bi-Weekly Mortgages: Not Always a Scam, But Not Always a Good Idea, Either

May 12, 2015

Want to cut thousands of dollars and years off your mortgage? All it takes are a few simple steps! But here’s a word of advice—don’t pay someone to do it for you, and do your homework first. Sometimes those savings aren’t what they’re cracked up to be.

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Got $157.3 Billion? Mortgage Bailouts Might Not Be Over

May 7, 2015

Profits are weakening, and Fannie Mae and Freddie Mac might be even more fiscally fragile today than they were in 2008. That means a ripple in the housing market could leave taxpayers on the hook for another bailout. For that we can blame Congress and the White House, which never got around to fixing the companies after the mortgage meltdown. That indifference could cost us as much as $157.3 billion for a second bailout if the economy goes really south.

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Homebuyers Faced Fewer Bidding Wars In March Thanks to Surge in New Listings

May 5, 2015

Bidding wars gained steam as the spring home-buying season got under way, with 61 percent of offers written by Redfin agents facing competition from other buyers in March. That’s up from 57 percent in February, but down slightly from 63 percent in March 2014.

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This Millennial Still Won’t Buy a House, and Homeownership Rates are Falling

April 29, 2015

Homeownership fell to its lowest level since 1989, to 63.8 percent. The last time it was this low, gas cost less than $1 a gallon, Paula Abdul was topping the charts and mortgage interest rates were above 10 percent. Millennials like Sara Stevens, 28, might be one reason the rate is so low.

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Today's Housing Data: One Reason You're Stuck in Your Parents' Basement

April 23, 2015

New home sales in March were far below what most economists expected, reaching a pace of 481,000 a year instead of the anticipated 515,000, the Commerce Department reported. While newly built houses and condominiums make up less than 10 percent of the overall market, they’re important.

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