The housing crash in property values has been devastating to practically every neighborhood and that can never be good. However during the recovery it appears a trend is emerging that may be very positive for many Chicago neighborhoods’.
Essentially it appears a back to basics with first time home buyers purchasing property in their neighborhood and not moving to the Chicago suburbs. The typical reason to move out there was larger homes at more affordable prices. But with an ample supply of suitable homes for the modern family within the City of Chicago, this reason has dissolved so a certain extent. In addition gas prices are high and expressways like I-55 and I-290 are always a nightmare.
It is unknown if this trend will continue but if it does it will actually strengthen the neighborhoods with more family members living closer together.
There is plenty of affordable housing on the South side of Chicago available in Chatham, Mount Greenwood and Beverly. Not to mention in many other parts of the City.
Dec 21, 2010
Judge Has Questions for Big Banks
In Trenton, New Jersey, the mortgages industry's biggest players have been called to court. The judges question is "why should you keep your license", considering that the six largest lenders made 30,000 foreclosure filings in this state alone. And as we all know, due to time constraints, did not or could not, make a real review of the documents before signing.
It is a good question, why should they keep their licenses? Firstly this question will most likely be asked in every State. The answer I fear is that the public has no choice. So I do not see any revocations.
But I fear some pretty hefty fines being placed which of course will be loose change for the big players.
It is a good question, why should they keep their licenses? Firstly this question will most likely be asked in every State. The answer I fear is that the public has no choice. So I do not see any revocations.
But I fear some pretty hefty fines being placed which of course will be loose change for the big players.
Dec 20, 2010
Chicago South Side Markets Still Struggling
Below are median prices compared from the beginning of 2010 to the end of 2010. In each case taking the median for a three month period.
Oak Lawn $200,000-$197,400
Oak Forest $171,000-$174,750
Tinley Park $251,000-$215,000
Orland Park $290,000-$278,750
Bridgeview $155,000-$162,000
Burbank $170,100-$160,000
Evergreen Park $160,000-$149,000
Mt Greenwood $220,000-$232,900
It is interesting to note how adjacent communities can vary. Tinley Park has been in decline all year while Oak Forest has stuck its ground. The same story for Burbank and Bridgeview. In both cases it is the dominant community that is struggling.
It is good to see Mount Greenwood surviving. There are many comments to be made about Evergreen Park. Taxes and water are high for example. The schools used to be very good but are now far from the best.
Oak Lawn $200,000-$197,400
Oak Forest $171,000-$174,750
Tinley Park $251,000-$215,000
Orland Park $290,000-$278,750
Bridgeview $155,000-$162,000
Burbank $170,100-$160,000
Evergreen Park $160,000-$149,000
Mt Greenwood $220,000-$232,900
It is interesting to note how adjacent communities can vary. Tinley Park has been in decline all year while Oak Forest has stuck its ground. The same story for Burbank and Bridgeview. In both cases it is the dominant community that is struggling.
It is good to see Mount Greenwood surviving. There are many comments to be made about Evergreen Park. Taxes and water are high for example. The schools used to be very good but are now far from the best.
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