The past year’s vigor in the Chicago-area residential real estate market might carry it over the new hurdles that have recently been thrown in the path, but it could take some serious lift to get over them. Three hurdles in particular are ahead. The Federal Reserve’s Dec. 18 statement that it will slow the pace of interest...
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By Dennis Rodkin - Crains Chicago The aldermanic sponsors of a new anti-gentrification ordinance are calling for a delay until March for their plan to give renters in fast-gentrifying neighborhoods the right to buy their building instead of letting it get sold to outside investors. The delay, which Ald. Carlos Ramirez-Rosa, 35th, will...
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Renters in some North and West Side neighborhoods will soon have the rare power to control who buys the buildings they live in, under the city's latest tool for cooling off gentrification hot spots. In parts of Humboldt Park, West Town, Logan Square, Pilsen and Avondale, renters in many buildings will have the right of first refusal...
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The number of renter households in the U.S. has surged, growing three times faster than homeowner households, according to recent data from the U.S. Census Bureau analyzed by Redfin. While both groups hit all-time highs in the second quarter of 2024—with 45.2 million renter households and 86.3 million homeowner households—the...
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The price of a house in Chicago took a big step down in January, a time when they’re usually rising. The median price of houses sold in the city was $261,000 in January, down 10% from the same time a year earlier. That’s according to data posted Feb. 14 by the Chicago Association of Realtors. The drop is considerably larger...
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In real estate, 2022 will be remembered as the year that started in a boom and ended in a bust, a profile that the year's home sales figures make crystal clear. In booming January 2022, an unprecedented housing boom fueled by low interest rates and pandemic-era changes in what households wanted was in full swing. That month, the...
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The IRS has delayed new reporting requirements for online payment services, but you still may need to pay taxes on that money . The 2023 tax season was supposed to be the first with mandatory 1099-K forms for taxpayers who earned more than $600 from online payment services like Venmo, Cash App, Zelle or PayPal. But after hearing a "number...
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Midwestern markets will heat up, and more friends and family members will pool their money to buy homes together in 2023, as people look for new ways to overcome the housing affordability crisis. However, that crisis will stabilize — if not improve — from its pandemic-era apex. New construction will be focused on rental...
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Reports from two different real estate data firms suggest Chicago's housing market is more insulated against a big fall than most other major cities. In Chicago, there's less reason to fear a big drop in home prices lies ahead than in most other major cities, two new reports indicate. More people own their own homes outright,...
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KEY POINTS Mortgage rates fell sharply Thursday after a government report showed that inflation had cooled in October. The average rate on the 30-year fixed plunged 60 basis points from 7.22% to 6.62%, according to Mortgage News Daily. The rate, however, is still more than double what it was at the start of this year. Mortgage rates...
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After 124 weeks of increases, local home prices finally stopped topping themselves, according to the latest report. Chicago-area home prices didn’t budge last week for the first time since the pandemic era’s housing boom began in late spring 2020. The median price of homes sold in the nine-county metro area in the week ended...
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Two separate reports show that it's easier to afford a home now than it has been historically, although with interest rates going up that could change quickly. Despite a rapid run-up in prices in 2021 that has shrunk affordability around the country, homes in much of the Chicago area are easier to afford than they have been historically,...
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