Thursday, July 05, 2007

 

Chicago Home Inventories

One of my favorite real estate sites is Housingtracker.net which keeps track of home inventories and a number of other useful statistics. In Chicago, the number of homes for sale is over 40,000 which is about 80% more than during the heady days of the bubble back in 2005. Prices remain stubbornly high, however.

Housingtracker has added a new category, REO which stand for real estate owned- as in owned by the bank. The bank owns them because of mortgage default. Presumably these homes will be sold as quickly as possible with the only consideration being the bank wants to relieve itself of the burden and recoup as much of the failed loan as possible.

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