Karp Real Estate

North Shore Market Watch - Wilmette and Winnetka

This is my 8th and final post in the series orbout real estate housing trends on Chicago's North Shore (until I repeat this exercise in 6 months!).  I did leave out some communities that are also part of the North Shore this time around.  If you are interested in this info for Northfield, Glenview, or another community on the Shore,  let me know and I can pull the numbers for you.  The Spring market has been SOOOO busy that I had to cut back on my research a little bit in order to continue to provide my clients with the top notch service they deserve. 

I just pulled the data for January 2012...the number of homes that went under contract in January 2012 increased on the North Shore (same communities that I reported on in these recent posts) by over 44% versus 2011!!!  So things are looking up. 

Wilmette

• The number of homes sold in Wilmette declined in 2011 versus 2010 by 1.8%. 
• Over 90% of the Wilmette home sales in 2011 were traditional sales.  Over 5% were bank-owned properties and almost 4% were short sales.
• Inventory for single family homes in Wilmette is just under 7 months, which is the closest to a balanced market (experts say that a “normal” or balanced market has 5 – 7 months of inventory) on the North Shore.  The inventory for condos and townhomes is over 12 months in Wilmette.
• There are 51 homes in pre-foreclosures right now in Wilmette and 22 bank-owned properties for a total of 72 distressed properties.  This is a decline in distressed properties from last July when this number was 92.  Distressed properties in Wilmette are 0.7% of the total housing units (THU) in Wilmette.  Wilmette and Winnetka are tied with the lowest/best percentage of distressed properties as a percent of THU.
• The median price of single family homes in Wilmette fell slightly by 1.5% versus 2010.  Condo/townhome prices slipped by 8.8% - this is the only community that had a price decline of less than 10%.

The market for single family homes in Wilmette is strong.  Sales and prices declined only slightly and the inventory level suggests that it is NOT a buyers’ market anymore - great news! The condo/townhome market is not doing as well, though it is much better than all of the other North Shore communities. 

Winnetka

• The number of homes sold during 2011 in Winnetka increased by 6.7% versus 2010.  For single family homes the increase was 8.2%.
• Almost 95% of the 2011 sales were traditional sales.  The remainder of the sales was equally divided between short sales and bank-owned properties.
• The home inventory in Winnetka is over 9 months for single family homes and almost 16 months for condos/townhomes.
• There are 22 homes in pre-foreclosure in Winnetka, according to public records.  And are 7 bank-owner properties.  This is actually an INCREASE in distressed properties versus last July when there was a total of 20 distressed properties.  Winnetka is tied with Wilmette; both communities have the lowest/best number of distressed properties as a percentage of total housing units (THU) of 0.7%.
• The median price of a single family home in Winnetka fell by almost 9%.  For townhomes and condos the median price fell by over 21%. 

The Winnetka market is doing quite well.  Sales increase versus last year, and there are very few distressed properties.  However, the inventory levels suggest that the number of sellers still exceeds the number of buyers, so it still may be a buyers’ market.  Median prices also fell by more than I would expect given the relatively low level of distressed properties.  I expect to see the number of sales continue to increase and price stabilization over the next several months in this community.

Thank you for reading! If you’d like to understand how this information affects you and your home buying/selling decisions, contact me directly for a consultation.

 

To find any property for sale in the Chicago area, click here.

For up-to-the minute market information, including recent sales, on any North Shore community, click here.

 

 

North Shore Market Watch - Skokie

This is my 7th post in a series about the local real estate market in the individual communities on Chicago's North Shore. (See my recent previous posts for an overview of the North Shore real estate market and information on specific communities and watch for my next two posts which will complete the series.)

Skokie

• Skokie had a 10.1% increase in the number of homes sold in 2011 versus 2012.  Increases were seen for both single family homes (+9.6%) and condos/townhomes (+10.9%).
• Over 47% of the sales in Skokie were distressed properties.  Bank-owned properties represented 31.6% of closed sales in 2011 and short sales were 15.5%.
• Inventory is below the North Shore average, but still on the high side with over 9 months of single family homes available for sale and over 13 months of condos/townhomes.
• The number of distressed properties in Skokie is higher than any of the other North Shore communities.  There are 408 homes in pre-foreclosures and 180 bank-owned properties. This represents 2.3% of the total housing units (THU).  This is about the same number of distressed properties that I saw in Skokie last July, though the mix has changed.  In July 2011 there were 430 properties in pre-foreclosure and 159 bank-owned properties.  This suggests that an increasing number of homeowners in Skokie are struggling to pay their mortgage.
• As you would expect with a high number of distressed property sales, median prices declined in Skokie.  The median price for a single family home declines by 11.1% and by 23.6% for condos/townhomes.

With the high level of distressed properties in Skokie (and this number appears to be increasing) I do not expect to see prices stabilizing during 2012. However,  I do expect the number of home sales to continue to increase in 2012.

More to come.

Thank you for reading! If you want to know what is going on in your local market and why, please contact me directly.

To find any property for sale in the Chicago area, click here.

For up-to-the minute market information, including recent sales, on any North Shore community, click here.

North Shore Market Watch - Northbrook

This is the 6th post in a series about the local real estate market on Chicago's North Shore.

Northbrook

• The number of homes sold in Northbrook increased by 3.4% in 2011.  Most of the increase was in the townhome/condo market where sales increased by 9.6%.  Single family home sales increased by 1 house in 2011 compared to 2010.
• Almost 23% of the home sales were distressed properties in 2011.  Over 12% were bank-owned properties and over 10% were short sales.
• There is 9 months of inventory for single family homes and over 11 months for condos/townhomes.  This reflects a buyers’ market, but it is better than the North Shore averages.
• Northbrook has 138 homes in pre-foreclosure and 74 bank-owner properties, for a total of 212.  These distressed properties represent 1.6% of the total housing units (THU) in Northbrook.  This is slightly worse than the North Shore as a whole, which has distressed properties at 1.3% of THU. Last July there was a total of 218 distressed properties in Northbrook, so not a lot of improvement on this statistic.
• The median price for a single family home fell by 6.9% in Northbrook, while condos/townhomes saw a decline of 12.8%.

Although Northbrook had an increase in the number of homes sold, this community still has some obstacles to overcome.  Similar to Deerfield, once the distressed properties are out of the market, the downward pressure on prices will relax and we will see some stabilization in prices.  For at least the first half of 2012 I expect to see continued price declines in Northbrook.

Thank you for reading! If you want to know what is going on in your local market and why, please contact me directly.

To find any property for sale in the Chicago area, click here.

For up-to-the minute market information, including recent sales, on any North Shore community, click here.

 

North Shore Market Update - Glencoe and Highland Park

This is 4th posting in a series about the housing market on Chicago's North Shore.

Glencoe

• Glencoe had a terrific year with 24.5% more homes sold in 2011 than in 2010. 
• Less than 15% of the home sales were distressed properties (short sales or bank-owned).  More of the distressed property sales were short sales than bank-owned properties.
• Inventory levels are a little high for both single family homes and condos/townhomes at just over 9 months for all types of homes.  This is the only negative indicator for Glencoe right now.
• The number of homes in pre-foreclosure or bank-owned declined slightly from 27 last July to 25 now.  This is less than 0.8% of the total housing units (THU) in Glencoe.
• The median price of a single family home in Glencoe stayed exactly the same in 2011 versus 2010.  Median prices for condos/townhomes went up in 2011 versus 2010, but this was based on only 5 sales, so I am not going to report that number. 

All of the measures above are very positive.  I expect sales to continue to increase in Glencoe and as this activity increases, we may see some modest price increases in the coming year.

 Highland Park

• The number of homes sold declined by 2.8% in Highland Park in 2011 versus 2010.
• Over 90% of the sales were traditional sales (not short sales or bank owned properties). 
• Inventory levels in Highland Park are high, with over 12 months of inventory for single family homes and over 19 months of inventory for condos/townhomes.
• Similar to Glencoe, the Shadow Inventory (homes in pre-foreclosure or bank owned) is 0.8%  of toal housing unit (THU) in Highland Park – this is good.  Last July there were 121 properties in pre-foreclosure or bank owned.  Now it is down to 93.
• The median price for single family homes in Highland Park declined very slightly, by 1.1% versus 2010.  Condo/townhome median price grew by 33.6% (which is a bit of an anomaly with over 19 months of inventory).  

While the statistics for Highland Park are not quite as good as Glencoe, I think that this market is also on a positive path, maybe a few months behind their neighbors to the South.  I expect sales to increase and then prices should begin to stabilize in the second half of the year.

More to come.

Thank you for reading! If you want to know what is going on in your local market and why, please contact me directly.

To find any property for sale in the Chicago area, click here.

For up-to-the minute market information, including recent sales, on any North Shore community, click here.

Trying to Refinance (and you don't have a Fannie or Freddie Mortgage)?

I know I said that I would write more about real estate property assessments.  I promise I will get to that....FYI the Lake County assessments have been published and sent to homeowners.  You have less than 30 days to appeal your assessment. Today's topic really strikes a chord with me....read on...

Trying to Refinance

The Federal government recently announced a program (HARP) that provide some relief for home owners that have paid their mortgages regularly.  This is exactly what many home owners today want and need.  It is a “reward” for staying the course and doing the right thing, even though your home value has declined and you are very likely upside down, or close to it.  Basically home owners will be allowed to refinance with much lower interest rates without getting an appraisal, as long as they have good credit and are current on their mortgage.

The problem is that this program only applies to Freddie and Fannie mortgages.  So what about all of the other home owners who have also stayed the course and continued to pay their mortgage and home equity loans in the face of falling prices.  Many people would love to refinance and take advantage of today's incredible rates, but they can’t get approved because their loan-to-value (LTV) is over 95% or possibly worse (and still sliding).  Many of these people are struggling to make ends meet.  If they could refinance the monthly savings would give them much needed breathing room. 

I don’t know how many people are in this situation, but I am sure that it is huge. I'd love to start a grass roots campaign to lobby the government to take action to encourage the banks to reward those of us who have been playing by the rules!!  If a significant number of people could save some real $$ on their mortgages it would be a boost to the economy.  These people could use it to purchase goods and services, pay off other debts, go on vacations, or maybe build up their savings so they have a safety net once again.  I realize that the banks will probably lobby against this because they say that they'll lose money on this scenario. I think that in the long run this is better option for the banks than strategic defaults, short sales, foreclosures and bankruptcy…don’t you?

I confess that I am among the many homeowners in this predicament.  So this topic is near and dear to me.  If you have any ideas on how we can get some attention in Washington D.C. on this topic, let me know...I'm all ears.  Feel free to repost this blog - as long as you give me credit for the original content, that is fine with me...

(FYI, photos are from my recent trip to historic Galena, IL)

Thanks for reading!

nsk

Nancy S. Karp

 

To find any property for sale in the Chicago area, click here.

For up-to-the minute market information, including recent sales, on any North Shore community, click here.

Scorecard: market update for the North Shore Communities

After reading my recent series of posts providing an update on the North Shore real estate market, you may still be wondering how the various communities compare to one another.  So, here it is, the executive summary…

This is my personal ranking of the North Shore communities based on these factors within each suburb:

• Number of distressed properties that sold in the past 12 months (foreclosures and short sales)
• Number of properties currently in pre-foreclosure situation now versus 6 months ago.
• Number of bank-owned properties either on the market, or going on the market soon versus 6 months ago.

The communities at the top will see price recovery before the ones lower on the list….Skokie and Evanston at not looking good with an high and increasing levels of distressed properties.

1.Kenilworth

2.Winnetka

3. Glencoe

4. Lake Forest

5.  (4-way tie) Glenview, Northbrook, Northfield, and Riverwoods

9.  (3-way tie) Highland Park, Deerfield, and Wilmette

12. Evanston

13. Skokie

FYI, if you are ever interested in seeing information on recent sales in any suburb on the North Shore, you can find it by clicking here.  Then just click on the community of interest.

Thank you for reading!!  New topic next time, I promise.

Nancy S. Karp

 

To find any property for sale in the Chicago area, click here.

Market Update: Skokie, Winnetka and Wilmette

This is the 7th and FINAL article in a series I have written about the real estate market on Chicago's North Shore.  I have been using the concept of "shadow inventory" to understand how much longer home prices will be declining in each community on the North Shore.  Shadow inventory refers to homes that are in pre-foreclosure (the owners are 3 months or more behind on their payments) and homes that have already gone through the foreclosure process and are bank-owned.  Some of these homes may already be available for sale, but most of them are not.  When they do hit the market, it will be at discounted prices (as short sales or bank-owned properties) because of their distressed status.  When these types of properties are for sale, this causes prices of other properties in the area to decline.  So the fact that these properties are potentially going to hit the market in the coming months is NOT A GOOD THING.

Skokie

Shadow inventory increased by almost 20% over the past 6 months to 589 properties in Skokie.  Almost 27% of these are bank-owned properties. There are 430 households that are behind in their mortgage payments in Skokie – that represents 30% of the pre-foreclosures on the whole North Shore!  Skokie seems to be hit hardest of all the communities on the North Shore with distressed properties.

Skokie - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	126	74	200
% single family homes	59%	61%	60%
% condos/townhomes	41%	39%	40%

 

 

Skokie leads all of the other North Shore communities with 200 distressed property sales during the past 12 months.  These sales are just under 34% of the size of the current shadow inventory.  If these trends continue in Skokie it will definitely be the last suburb on the North Shore to see an end to falling prices.

Wilmette

Wilmette saw shadow inventory increase by 24% to 92 properties.  About 76% of these are in pre-foreclosure, and the rest are bank-owned.

Wilmette - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	12	10	22
% single family homes	75%	80%	77%
% condos/townhomes	25%	20%	23%

 

 

On top of the increase in the shadow inventory, only 22 distressed properties were sold in the past 12 months.   This is only 24% of the size of the shadow inventory.  This means that it will take some time for Wilmette to recover from falling prices because the number of distressed properties in the “pipeline” is increasing and sales of distressed properties is relatively low in comparison. 

Winnetka

Winnetka had a total of 6 bank owner properties and 14 homes in pre-foreclosure as of July 26, 2011, for a total shadow inventory of 20 homes.  This is a decrease from 39 homes in January 2011, a good sign of recovery.

Winnetka - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	6	8	14
% single family homes	100%	88%	93%
% condos/townhomes	0%	12%	7%

 

 

There were 14 distressed properties sold during the past 12 months in Winnetka, which is 70% of the size of the current shadow inventory.  The declining shadow inventory AND the relatively strong sales of distressed properties indicate that this community is close to turning the corner on pricing!!

 

Thank you for reading!!!

To find any property for sale in the Chicago area click here.

To look at recent sales and other sales statistics for your community click here and then click on the map to specify the community you want to see.

nsk

Nancy S. Karp

 
 
nancy@nancykarp.com

@properties | Consultant, MBA, ePro, SFR, CREN |   

love where you LIVE 

 

Market Update: Northbrook, Northfield and Riverwoods

This is the 6th article in a series I am writing about the real estate market on Chicago's North Shore.  I have been talking about "shadow inventory" and how this affects home prices.  There are homes that are in pre-foreclosure (the owners are 3 months or more behind on their payments) and homes that have already gone through the foreclosure process and are bank-owned.  Some of these homes may already be available for sale, but most of them are not.  They are called "shadow inventory" because most of them will be for sale in the coming months at discounted prices (as short sales or bank-owned properties) because of their distressed status.  When these types of properties are for sale, this causes prices to decline.  So the fact that these properties are potentially going to hit the market in the coming months is NOT A GOOD THING.  There are many other factors that affect home prices, such as interest rates and unemployment rates - in these articles I have not been discussing these factors directly.  To a large extent these factors are already reflected in the shadow inventory numbers.

Northbrook

Northbrook showed a dramatic decline in shadow inventory, which is a positive indicator for this community.  There were 286 distressed properties (bank-owned and pre-foreclosures) in January, and now it is down to 218.  Over 70% of these are pre-foreclosures.

Northbrook - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	56	49	105
% single family homes	68%	73%	70%
% condos/townhomes	32%	27%	30%

 

 

Another positive sign for Northbrook is that the number of distressed properties that sold in the past 12 months (see chart above) is about 48% of the size of the current shadow inventory (105 divided by 218).  This is better than the North Shore average of 38%.  Things are headed in the right direction for Northbrook.  We’re not at the bottom yet with regard to pricing, but hopefully that is just around the corner. 

 

 

Please bear in mind that once prices do hit bottom, they aren't going to just pop right back up to where they were before the bubble burst.  Experts are saying that we will see small increases in real estate prices over the next several years. 

Northfield

This is a small community in the New Trier school district nestled between Winnetka, Wilmette, Glenview, and Northbrook.  During the past 12 months there were a total of 5 distressed properties sold, as shown in the chart below:

Northfield - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	4	1	5
% single family homes	75%	100%	80%
% condos/townhomes	25%	0%	20%

 

 

The shadow inventory in Northfield dropped from 32 to 24 over the past 6 months (8 are bank-owned properties).  Distressed properties sold in the past 12 months as percentage of shadow inventory is under 21%.

This is well below the 38% average for the North Shore, but like Kenilworth, when the numbers are this small it is difficult to gauge whether or not this is significant.  I believe that there will continue to be downward pressure on prices in Northfield until the 8 bank-owned properties are sold and the remaining pre-foreclosure properties are resolved one way or another. 

Riverwoods

Part of the Deerfield zip code, Riverwoods is another small community on the North Shore, known for its homes on large wooded lots.  Shadow inventory in July was 25, about the same as it was in January (26).  On the positive side, Riverwoods had 11 distressed properties sold during the past 12 months.  The distressed sales as a percentage of shadow inventory is 44% - this is above the North Shore average. 

Riverwoods - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	5	6	11
% single family homes	100%	100%	100%
% condos/townhomes	0%	0%	0%

 

 

This means that even though there were 11 distressed sales, there are still households experiencing financial difficulty because the number of distressed properties in the pipeline stayed the same.  Translation – in this wooded community, we’re not yet out of the woods on declining prices. 

Thank you so much for reading!  The next and last installment in this series will cover Skokie, Winnetka and Wilmette.  If you would like the entire analysis all in a single report, please contact me directly and I can send it to you in PFD or WORD format.

To find any property for sale in the Chicago area click here.

To look at recent sales and other sales statistics for your community click here and then click on the map to specify the community you want to see.

nsk

Nancy S. Karp

 
 
nancy@nancykarp.com

@properties | Consultant, MBA, ePro, SFR, CREN |   

love where you LIVE 

 

Market Update: Highland Park, Kenilworth, and Lake Forest

This is the 5th article in a series I am writing about the real estate market on Chicago's North Shore.  In these blog posts I talk about "shadow inventory."  These are homes that are in pre-foreclosure (the owners are 3 months or more behind on their payments) or homes that have already gone through the foreclosure process and are bank-owned.  Some of these homes may already be available for sale, but most of them are not.  They are called "shadow inventory" because although they are not for sale at this point in time, and many of them will be for sale in the coming months at discounted prices (as short sales or bank-owned properties) because of their distressed status.  When these types of properties are for sale, this causes prices decline.  So the fact that these properties are potentially going to hit the market in the coming months is NOT A GOOD THING.

Highland Park

 Shadow inventory in Highland Park increased to 121 properties from 113 during the past 6 months; 23 % of these are bank owned and 77% are in pre-foreclosure.  This isn't a huge increase, but it still isn't a good sign for this market.  

A total of 54 distressed properties were sold during the past 12 months – less than half were bank owned and the rest were short sales.  The good news for Highland Park is that the number of distressed properties sold over the past 12 months as a percentage of the current shadow inventory is 44%, which is above the North Shore average of 38%.   

Highland Park - 12 months ending 7.26.2011	Bank-owned Properties Sold	Short Sales	Total distressed property sales
Total	26	28	54
% single family homes	100%	89%	94%
% condos/townhomes	0%	11%	6%

 

 

Overall, I think that pricing recovery for Highland Park is going to be a little bit slower than for its neighboring communities to the North and South.

Kenilworth

This is a very small and exclusive area.  The shadow inventory in Kenilworth increased by 28% since January.  I know that sounds like a lot, but in reality it only “jumped” from 7 properties to 9.  (This is why you have to be careful when you hear people quoting statistics – they can be very misleading!).  There is one bank owned property and 8 pre-foreclosure properties.  Yes, believe it or not, there are 8 households living in Kenilworth that have not been paying their mortgage!

During the past 12 months there were 3 distressed properties that sold in Kenilworth – 1 bank owned property and 2 short sales.  The distressed sales are 33% of shadow inventory, which is below the North Shore average.  But again, we are talking about very small numbers in a very small community.

Kenilworth - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	1	2	3
% single family homes	100%	100%	100%

 

 

Prices will probably stabilize in Kenilworth before anywhere else on the North Shore.  However, just like the other communities, the presence of bank owned properties will continue to put some downward pressure on prices. With only one bank owned property right now, things aren’t too bad.

 

Lake Forest

Lake Forest had a dramatic decrease in shadow inventory since January.  It went from 107 properties to 69.  This is a very good sign for the real estate market in Lake Forest.  Interestingly, only 26 distressed properties sold in the past 12 months in Lake Forest.  Almost 70% of these were short sales.

 

Lake Forest - 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	8	18	26
% single family homes	87%	94%	92%
% condos/townhomes	13%	6%	8%

 

 

The number of distressed sales relative to the shadow inventory is about 38%.  This is equal to the North Shore average.  I think that this benchmark is outweighed by the dramatic decline in overall shadow inventory during the past 6 months.  This community may see prices stabilize in the near future if the number of distressed properties continues to decline at this rate.

If you are interested in seeing the complete report, just contact me and I will send you document that includes all the info for the North Shore in one article.

Next post will cover Northbrook and Northfield...

Thank you for reading!!

Nancy S. Karp

 

To find any property for sale in the Chicago area, click here.

 

Market Update: Glencoe and Glenview

Before getting to the Glencoe and Glenview updates, I first want to share a little info about the North Shore for comparison.

For the entire North Shore, here are some important numbers to note with regard to distressed property sales during the past 12 months. 

Chicago’s North Shore 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	408	338	746
% single family homes	59%	65%	62%
% condos/townhomes	41%	35%	38%

 

 

 

Meanwhile, as of July 26, 2011, there were 1,465 properties on the North Shore in pre-foreclosure.  These are households that are behind on their mortgage payments by at least three months.  All of these properties that may end up on the market as short sales or they may end up in foreclosure and sold as bank-owned properties.  Some homeowners may recover from and catch up on their payments, but the majority will not. 

Additionally, on the same date, I found 503 bank-owned properties in the tax records on the North Shore.  Some of these are already listed for sale, and the rest will be hitting the market in the coming months. 

So, to summarize, there were 746 distressed properties sold in the past 12 months, and there are potentially 1,968 distressed properties in the wings on the North Shore.

Interestingly, even though there were 746 distressed properties sold during the past 12 months, the total number of distressed properties in the wings (also known as “shadow inventory”) is about the same today as it was in January when I last reported on this.  This means that there are additional households having financial difficulties and falling behind on their mortgages.  A useful benchmark I am using to analyze the local markets is the number of distressed properties sold during the past 12 months as a percentage of the shadow inventory.  For the entire North Shore this is 746 divided by 1,968 or 38%. 

Glencoe

Shadow inventory in Glencoe declined from 33 properties to 27 properties from January to July.  This is a good sign for this community.  And, there were 17 distressed sales (short sales or bank-owned properties) during the past 12 months.  The number of distressed sales over the past 12 months was about 63% of size of the shadow inventory – another good sign for this market as this is significantly higher than the North Shore benchmark average of 38%. 

Glencoe 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	6	11	17
% single family homes	100%	100%	100%

 

 

Glencoe may be at, or close to, the bottom of the market and should see stabilization in home prices as the remaining distressed properties are sold. 

Glenview

The number of distressed properties in Glenview as of July 26^th (265) is about the same as it was on January 26^th (262).  About ¼ of these are bank owned properties – the rest are in pre-foreclosure.

A total of 136 distressed properties sold in Glenview during the past 12 months.  This is about 51% of the shadow inventory, and is better than the 38% average for the North Shore.

Glenview 12 months ending 7.26.2011	Bank-owned properties Sold	Short Sales	Total distressed property sales
Total	84	52	136
% single family homes	62%	35%	51%
% condos/townhomes	38%	65%	49%

 

 

 

I believe that Glenview will continue to see some downward pressure on prices in the coming months because even though 136 distressed properties were sold, they have almost the same number in shadow inventory as they did 6 months ago.

Watch for Highland Park, Kenilworth and Lake Forest tomorrow...(or contact me directly for the complete report all in a single document.)

Thanks for reading!!

To find any property for sale in the Chicago area click here.