This can threaten the existence of banks and the livelihood of bank staff
About the Chicago, Illinois Real Estate
For the city of Chicago , $225,600 is the house worth median. 2.1 percent is the amount the value of houses has increased in the last year. There is a prediction that in the following year, the value of homes will increase by 6.1 percent.
$248 is the per square foot list cost median in the city of Chicago. The Metro Area of Chicago-Naperville-Elgin has a per square foot list cost average which is quite a bit lower. It is $166.
For houses listed presently in Chicago, the median cost is $324,900. Regarding homes that have been sold, $279,300 is the median cost.
The foreclosure rate is an important factor when it comes to the real estate economy as well as the economy of the United States. The lower the foreclosure rate, the higher the value of homes.
Regarding the process of foreclosure, mortgage delinquency is the first thing that occurs. Mortgage delinquency is the condition of a homeowner skipping a payment on their house mortgage.
2.0 percent of homes in the city of Chicago have mortgage delinquencies. The United States has a lower mortgage delinquency rate of 1.6 percent.
Mortgage delinquencies are a serious matter for banks. This is because there are a lot of home owners who are mortgage delinquent as a result of not having enough money to pay their bills. This gives bankers a big problem.
If the home owner missed the deadline provided by the bank and is 4 months behind on mortgage payments, the process of foreclosure will usually start. Foreclosures cause banks to have financial hits because banks sell the house at a loss.
There are many banks that have gone out of business when there have been lots of foreclosures. From the recession of 2008, there were a great number of foreclosures, and many banks went out of business.
In the United States, the value of homes dropped more than 20% as a result of the 2008 recession. Because of that recession, there are lots of homeowners who are currently underwater concerning their mortgages. Being underwater on a mortgage means that the owner of the home has a mortgage debt that is bigger than the value of their home.
In the city of Chicago, IL, there are a large number of homeowners who are currently underwater regarding their mortgages. It’s 22.9%. The Chicago-Naperville-Elgin Metro Area has a lower underwater rate, which is 16.4%.
Moving on to Chicago commercial real estate, regarding the Willis Tower redevelopment project in the city of Chicago, there is a very big development plan called the Catalog. It includes a retail and entertainment hub, as well as a 300 square foot restaurant.
Located at the bottom of Willis Tower, Catalog will occupy 5 stories. Known as the pioneer regarding the shopping catalog, the Sears Roebuck Company’s Catalog is the namesake for the Willis Tower.
Bridge Loan Rates/Financing in Chicago, Illinois
Catalog will have the latest in retail. This includes things customers can experience including entertainment and fitness boutiques. Also, there will be food venders as well as soft goods. There is a change happening in our lives in which we have a need for experience and lifestyle being an important part of our workday.
Located in the heart of downtown Chicago, there is the forwarding of the mission to bring about a new Willis Tower through the addition of Catalog. It is an urban location that gives great experiences of work and life as well as capturing the city’s vibrancy for the residents as well as visitors to the Windy City.
Catalog will have a food hall of 14,000 square feet. The food hall will open in the middle of the year 2020.