Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Chicago & Midwest  + Finance  | 

Distressed Home Sales Reach Record Lows

Sales of distressed homes in Chicago dropped to their lowest point on record in July. The percentage of home sales represented by foreclosures and short sales fell to 4.9%, the first time that distressed sales dropped below 5% since the Chicago Association of Realtors began keeping track in January 2008.

At that time, distressed sales already represented about 9% of all Chicago home sales. The figures increased as 2008 progressed, to reach nearly 40% by December of that year.

The peak of distress locally occurred in February 2012, when more than 55% of all sales were foreclosures or short sales. Although the general trend has been downward for the past six years, the decline hasn’t been linear: distressed sales peak during the winter months.

As a measure of how far the crisis has ebbed, distressed sales represented more than 35% of the city’s home sales in the warm-weather months of 2011 and 2012.

Get Chicago News in 150 Words

For comments, questions or concerns, please contact Paul Bubny


Inside The Story

Read more at Chicago BusinessConnect With Chicago Realtors

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).