(Before we start - I was going to use a photo of someone getting a haircut. Go ahead and do a Google image search for "haircut". The results are pretty funny. I'll make it easy on you - here's a link...)
Short sales and foreclosures are certainly something that is on the radar for home buyers in Chicago. But the numbers of them are typically very low as a percentage of the overall market. But if you have followed along on this here site, you'll know that a vague statement like "(short sales are) very low as a percentage of the overall market" is something that bothers me due to it's lack of specificity.
So I wanted to find out what the exact numbers are.
"North side" = Near North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square.
So there you go - 3.84% of the condos listed on the north side are short sales. It doesn't surprise me as the foreclosure rate in Illinois is under 5%. So this seems in line.
Damn - now I'm wondering if the prices on those short sales is much different than the rest of the market. For instance - are the prices of those short sales higher, lower or in line with the rest of the market? And now I've run out of time. OK - stay tuned. I'll have something this week.
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