Renting Still Preferred To Buying

Rent increases around Chicago and the suburbs will continue through the fall and could escalate into next year, according to new market studies that were reported in the Chicago Sun-Times on September 22, 2011. Foreclosures, falling home values and tighter standards for mortgage loans have driven prospective homebuyers to rent instead of buy and caused vacancies to decline, industry watchers told the Sun-Times.

A report from real estate brokerage firm Marcus & Millichap said rents should rise 2.9 percent this year after an increase of 2.2 percent in 2010 throughout the Chicago area. The Sun-Times also noted that mid-year reports from Appraisal Research Counselors said suburban apartments “charge on average 5.2 percent more than a year ago and that the pattern should continue.” Downtown Chicago seems to be the only part of the region where new apartments are being built, as the Sun-Times noted that several “suburbs frown on rental buildings and use their zoning powers to ensure that multi-family buildings are condominiums.”

If you have no interest in putting your toe into the renter’s market because you are busy seeking foreclosure help for the home you already own, our Chicago bankruptcy lawyers can assist you in utilizing a Chapter 13 bankruptcy repayment plan to get current on your mortgage. A bankruptcy means test could also determine if you are eligible for Chapter 7 , but our Chicago bankruptcy attorneys can help determine which is the best plan for you and your family. How much longer do you think people will opt to rent instead of buy?

Home Sales Increase While Prices Decrease

Home sales for the Chicago area rose 27.6 percent to 7,187 homes sold, while the median price of $176,500 was a 10.4 percent decline from the $197,000 recorded in August 2010, the Chicago Tribune reported on September 21, 2011. A report from the Illinois Association of Realtors also showed that 1,787 homes were sold in August within the city of Chicago, up 20.3 percent from a year ago.

The Tribune also noted that Chicago condo sales increased 22 percent to 1,027 units sold but the  $242,500 median price of those units was a 10.5 percent drop from the $271,000 price one year ago. Every county in the Chicago area had double-digit sales increases in August compared with one year prior, but sales for the year to date remain negative. The Tribune also noted that a survey of 111 economists and real estate experts conducted for MacroMarkets LLC showed “downward pressure on home prices is expected to continue and could mean a decade-long poor showing for the housing market.”

If you are fighting to stay in a home that is worth less than it was when you bought it, our Chicago bankruptcy lawyers can help. Many Chicagoans and multiple families all over Illinois are struggling through hard times, but our firm can supply you with all of the bankruptcy information you will need to eliminate bills and stop foreclosure. A bankruptcy means test can go a long way toward helping end creditor harassment, but before you can file Chapter 13 or Chapter 7 , you need to contact our office first in order to set up a free initial consultation that will help you get started on becoming debt free and credit rich.

Benjamin Brand Services – Chicago bankruptcy attorneys

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