Chicago home prices drop 14.3 percent in 2008

IllinoisRealEstate.com In The News From Medill Money Mavens (medillmoneymavens.com)

BY INYOUNG HWANG - MEDILL NEWS SERVICE (medillnewsservice.com)

“There’s no doubt we’ve seen a softening of prices throughout Chicagoland,” said Brian Nygard, a Chicago-based realtor who runs the website IllinoisRealEstate.com and writes regularly on the site’s blog. “There’s just not as much demand.”

Read Full Article: http://medillmoneymavens.com/2009/02/24/chicago-home-prices-drop-143-percent-in-2008/ (copy & paste)

Low mortgage rates hard to get

IllinoisRealEstate.com In The News From The Chicago Journal:

Lenders being more cautious during credit crisis
By Inyoung Hwangand and Claudia-Teresa Pou, Medill News Service

"Applications are one thing," Scott Epstein, the broker and owner of Illinoisrealestate.com, said. "I'd want to see the percent of applicants versus the people that actually get approved."

"Rates will have to stay low for a long time for the housing market to turn around," Epstein agreed."

Read Full Article: http://chicagojournal.com/main.asp?SectionID=42&SubSectionID=120&ArticleID=7009&TM=36873.43

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Housing shows signs of life, but real estate agents still cautious

IN THE NEWS (Medill Reports - Chicago, Northwestern University): A few real estate agents who have seen a surge in demand over the past couple of months, especially in the suburban regions around Chicago, aren’t surprised with the NAR report.

“There was a property in McHenry that was going for $396,000 in 2006. Now it’s going for $240,000,” said Scott Epstein, the owner of Chicago-based IllinoisRealEstate.com, a subsidiary of Realty Resources LLC. “It’s a similar story in Plainfield – a property went from $365,000 in 2005 to $235,000 now.

“But the city of Chicago market has been more stagnant compared to some of the suburban areas,” he said.

Epstein’s comments are in line with the quarterly Zillow.com Home Value Index report, also released Tuesday, which showed a clear difference between home value changes in the city of Chicago compared with area suburbs.

Read Full Article: http://news.medill.northwestern.edu/chicago/news.aspx?id=114017

Chicago homeowners see, but can't get, near-record-low mortgage rates

IN THE NEWS: “Applications are one thing,” Scott Epstein, the broker and owner of Illinoisrealestate.com, said. “I’d want to see the percent of applicants versus the people that actually get approved.”

Inyoung Hwang/Medill

Read Full Article: http://news.medill.northwestern.edu/chicago/news.aspx?id=113215