Rising home equity is putting more homeowners into a good position for refinance or pursue additional purchases.
According to a new report from the Federal Reserve, household equity rose 10.9 in 2016, or $1.317 trillion to a total of $13.349 trillion.
The current level exceeds to the previous peak level of equity ($13.27 trillion) set in 2005. Following the real estate crash, equity fell by 54 percent to $6.16 trillion in 2010 before the current recovery.
Read more at Chicago Agent Magazine here.
According to the latest home sales numbers the ten most expensive zip codes in Illinois are all in the Chicago area.
The most expensive was Kenilworth, with a median sale price of $1,212,500 for a home sale. It was followed by Winnetka with a median sale price of $890,000 and Glencoe right behind with $882,500.
One city zip code made the list, 60603. That's a Loop zip code that ecompasses an area immediately east and south of Millennium Park.
Read more at Chicago Agent Magazine here.
The latest data shows that Chicago's housing market has largely returned to it's pre-crisis level, with foreclosures representing a very small component of the overall market.
Only eight of the Chicago-area's 250 zip codes had more than a very small percentage of their houses in foreclosure last month, largely concentrated in the south suburbs. In 98 of those zip codes, there were no homes in foreclosure.
A total of 5,290 homes in the area were in some stage of foreclosure in February, down more than 9 percent from the previous year when Chicago had the third-highest rate of foreclosure activity in the country.
Read more at Crain's Chicago Business here.
Related Midwest has unveiled a new set of renderings showing the amenity spaces at the up-coming tower that will be a "landmark" addition to the West Loop.
Known as "Landmark West Loop," the building is expected to be completed by August and will ultimately host 300 units and 12,000 square feet of amenity space in a 30-story building at 1035 W. Van Buren. It will include a game room, fitness center, yoga studio, demo kitchen, lounge, shared work space and library.
Apartments will range from 500 to just under 2000 square feet and will rent from $1,650 per month to $3,295 per month.
Read more at Curbed Chicago here.
A 60-story skyscraper, the highest proposed for River North in a decade, was officially unveiled to residents of the neighborhood at a community meeting yesterday.
Named the Carillon, the 725-foot tower would contain 216 hotel rooms, 120 timeshares, 246 condos and 30,000 square feet of retail space.
Designed by Chicago's Skidmore Owings & Merril (SOM), the tower could bring more than a 1,000 construction jobs to the city and another skyline-altering project to the city.
Read more on the meeting at Curbed Chicago here.