http://60646blog.com/2008/03/28/edgebrook-and-sauganash-home-sellers-the-2008-spring-market-is-in-full-swing-will-your-property-have-sold-by-labor-day/ Suburban Living in Chicago Fri, 30 Sep 2011 02:52:39 +0000 hourly 1 http://wordpress.org/?v= http://60646blog.com/2008/03/28/edgebrook-and-sauganash-home-sellers-the-2008-spring-market-is-in-full-swing-will-your-property-have-sold-by-labor-day/comment-page-1/#comment-41 Markus Azadeh Wed, 09 Apr 2008 00:47:03 +0000 http://60646blog.com/2008/03/28/edgebrook-and-sauganash-home-sellers-the-2008-spring-market-is-in-full-swing-will-your-property-have-sold-by-labor-day/#comment-41 Rob, while I agree with you that higher inventories cause longer market times, foreclosures are not a predominant problem in Chicago's Edgebrook and Sauganash neighborhoods. In fact, Edgebrook and Sauganash homes have held (and often increased) their values over the past three years, as evidenced by <a href="http://60646blog.com/2008/01/25/edgebrook-and-sauganash-market-conditions-2005-2007/" rel="nofollow">these figures.</a> We have been seeing a slight uptick in short sales and REO's in our neck of the woods lately, but I suspect that that figure is well below the average rate of distressed properties for the entire city of Chicago (although I don't have any hard facts and figures at the moment to back this statement up with). I'm simply going by what I see listed in the MLS. Longer market times are primarily a function of lenders having tightened their underwriting guidelines and the loss of numerous mortgage products. Naturally, that will eliminate a big portion of the buyer pool, hence we're experiencing a buyers market. Just today, news came that WaMu is going to eliminate their wholesale lending division. A number of other big banks have already done so. But the bottom line is: homes are being sold eventually, and in our particular locale, not necessarily at a loss to the sellers. Rob, while I agree with you that higher inventories cause longer market times, foreclosures are not a predominant problem in Chicago’s Edgebrook and Sauganash neighborhoods. In fact, Edgebrook and Sauganash homes have held (and often increased) their values over the past three years, as evidenced by these figures. We have been seeing a slight uptick in short sales and REO’s in our neck of the woods lately, but I suspect that that figure is well below the average rate of distressed properties for the entire city of Chicago (although I don’t have any hard facts and figures at the moment to back this statement up with). I’m simply going by what I see listed in the MLS.
Longer market times are primarily a function of lenders having tightened their underwriting guidelines and the loss of numerous mortgage products. Naturally, that will eliminate a big portion of the buyer pool, hence we’re experiencing a buyers market. Just today, news came that WaMu is going to eliminate their wholesale lending division. A number of other big banks have already done so. But the bottom line is: homes are being sold eventually, and in our particular locale, not necessarily at a loss to the sellers.

]]> http://60646blog.com/2008/03/28/edgebrook-and-sauganash-home-sellers-the-2008-spring-market-is-in-full-swing-will-your-property-have-sold-by-labor-day/comment-page-1/#comment-40 Rob Lawrence Tue, 08 Apr 2008 20:34:01 +0000 http://60646blog.com/2008/03/28/edgebrook-and-sauganash-home-sellers-the-2008-spring-market-is-in-full-swing-will-your-property-have-sold-by-labor-day/#comment-40 There's a reason why properties take so long on market, it's because of inventory and the foreclosure rate. The thing about foreclosures is that somebody wins and somebody loses. And guess who's left holding the bag at the end of the dance...WE ALL ARE. Wake up people and realize that it's all of us taxpayers cleaning up this mess. Regards, Rob Lawrence http://www.battlecall.com There’s a reason why properties take so long on market, it’s because of inventory and the foreclosure rate. The thing about foreclosures is that somebody wins and somebody loses. And guess who’s left holding the bag at the end of the dance…WE ALL ARE. Wake up people and realize that it’s all of us taxpayers cleaning up this mess.
Regards,
Rob Lawrence
http://www.battlecall.com

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