Summer could end hot, with a surge of homes in the Chicago area in the next few months, according to a new report.

Applications for mortgages and mortgage pre-approval spiked in the Chicago metro area during the second quarter of the year, according to data released today by Attom, an online real estate information service.

If large numbers of them go to the next step, purchasing a home, “we expect the Chicago area to be one of the hottest in the nation in the third quarter,” Daren Blomquist, Attom’s senior vice president wrote in an email.

The Chicago area ranked second only to Colorado Springs in Attom’s study of “pre-movers,” or people who own houses but apply for a purchase mortgage or pre-approval. (Refinances are not counted.) The index for Chicago was 241, and for Colorado Springs, 249. Nationwide, the index was 100, which means Chicago-area homeowners were more than twice as likely to buy a house than homeowners nationwide.

Attom’s study reports only an index figure, not raw numbers of mortgages.

Blomquist said the growth in interested buyers in the Chicago area may come from two key factors. First is that home prices are more affordable here than in “overheated markets such as San Francisco and San Jose,” where moving up may not be an option for many homeowners at the moment. Second is that as the housing recovery brings more Chicago-area homeowners into the positive-equity zone on their mortgages, they’re finally able to consider selling for a move to their next home.

Most of the mortgage activity in the first quarter would convert to purchases in July, August and September. Sales data for July, also released today, showed a decline in sales volume throughout the region.

But Blomquist noted that Chicago homeowners showed a similar surge in mortgage applications in the first quarter of the year, and it played out as an increase in home sales of about eight percent the following quarter. In the same period, sales were down three percent nationally.

If the same thing happens during the current quarter, Blomquist said, it’s “a healthy sign of upward mobility available to current homeowners and prospective homeowners” in the Chicago area, and “something many of the red-hot coastal markets are missing in this housing boom.”

Markets where homes are changing hands are noteworthy at a time when inventory shortages have constrained sales while pushing prices higher and provoking bidding wars for listings that do hit the market. Limited supply and high prices have damped activity in markets, like San Francisco, that are typically associated with high demand.

The figures derive from mortgage applications submitted during the second quarter of 2017, offering a glimpse of home sales just ahead. The index is compiled by comparing the number of homes flagged in mortgage applications to the total number of homes in a given market.

Because the data come from applications submitted from April through June, they include some transactions that have already closed and some that are still pending. The index offers faster feedback than data pulled from recorded sales, according to Blomquist.

The report offers clues to where buyers are finding a greater supply of affordable homes.

“Within regional markets, we’re seeing some similar patterns to the last housing boom, where it became drive until you qualify,” Blomquist said, referring to the real estate adage urging home hunters to go where they can afford to buy. Home loans are harder to get this time around, he added, but housing market activity appears most robust in “the outlying counties further from jobs, but also less expensive.”

Bloomberg contributed.

We’re only a few days away from the big solar eclipse that will be visible across all of North America, but what can Chicagoans expect? Chicago’s location means that residents won’t experience the full sun-blocking effects of the phenomenon, but the moon will block 87 percent of the sun from our perspective. And in typical Chicago fashion, the weather may or may not be ideal for the big spectacle. Despite an unusually long streak of sunny and temperate summer weather, Monday is shaping up to be a cloudy one.

According to the latest weather reports from WGN and the Weather Channel, Monday’s forecast is suggesting clouds and possible thunderstorms later in the day. It’s also shaping up to be a hot and humid day with a high of 87 degrees expected. But of course, we’re still three days out which is more than enough time for things to completely change. This is Chicago after all.

In Chicago, the eclipse is expected to begin at 11:54 a.m. and by 1:19 p.m. Numerous parks and sites around the city are hosting eclipse watching parties next Monday for the event. The Chicago Park District alone is organizing 20 separate events for next week. And while many of the formal watching parties will offer certified solar glasses for the eclipse, it may not be a bad idea to pick some up just in case.

While we won’t be in the direct path for a full eclipse of the sun, downstate residents are. If you’re considering a last-minute weekend trip, Carbondale is going to be the place to be. The city is expecting an influx of 60,000 visitors for the celestial event. Carbondale is hosting a full-on festival for the eclipse for this weekend with numerous events and a huge watch party at Souther Illinois University’s Saluki Stadium.


Eldorrado Chicago Real Estate is proud to officially announce the addition of a new power broker to the Eldorrado Group.  Please join us in welcoming one of the finest in the industry, Isaac Torres, and to his becoming more so by the joining of mutual values, skills, and integrity, which are the keystones of our organization.

Isaac Torres

A lifetime resident of Chicago, Isaac not only knows and loves the city, he’s eager to share his knowledge with all of those in need of real estate advice or counsel.  Isaac having enjoyed the search for and acquisition of his own property, discovered that his career in Finance was a perfect segway into the real estate arena.  He immediately saw that his skill set and his passion combined were a winning combination to skyrocket a career in real estate and help others.

With a combined 8 years of service as Director of Finance and Minister of Operations at his house of worship, CityLights Church, Isaac has become very familiar with zoning, permitting, construction and renovation.  His leadership skills, knowledge, and experience dovetail perfectly into helping clients with residential, commercial, and special use real estate needs.

Prior to being in the non-profit sector, his prior 7 years in Banking having last served at Chase Bank as a Business Specialist Banker also garnered him valuable experience that translates into helping real estate clients.  His experience and interaction with investment bankers, loan officers, and clients has given him the wealth of knowledge and understanding to help others with their finances.

Isaac has proven to be a trust worthy and knowledgeable agent.  His consistent display of honesty and integrity for all parties of the real transaction is what sets him apart. Eldorrado Chicago Real Estate is thrilled to have another team player with high standards to represent them in the industry.  Whether buying or selling, Isaac proves he can successfully deliver results for his clients.

In his spare time, Isaac enjoys serving and being a resource to those in the community.  A lot of people need financial literacy training. Isaac is passionate about educating others on budgeting, debt elimination, credit counseling, and financial planning. All to better prepare people to realize their dreams of home ownership.

Isaac resides on the Northwest side of Chicago bordering the Village of Oak Park and although knows the entire City well, knows this area extremely well. He resides with his beautiful wife, an employee at Moody Bible Institute, and with his soon-to-be born son, Ian.

Isaac is licensed in the State of Illinois as a Real Estate Broker and is a member of the Chicago Association of Realtors, the Illinois Association of Realtors, and the National Association of Realtors.

Isaac Torres
Office: 312-612-9060
Direct: 312-304-6417

Attention Chicago Airbnb scofflaws: The city is finally ready to stop you from flouting its home-sharing rules.

After a prolonged delay, the city’s Department of Business Affairs & Consumer Protection is officially rolling out its registration system for hosts on the short-term housing rental website.

Beginning today, thousands of Airbnb hosts with pending registration applications will be notified that they have been approved to host guests. At the same time, the city is starting a process to alert hundreds of other hosts that their applications have been denied under the home-sharing ordinance the city passed last year.

The system’s activation offers relief for many Chicago Airbnb hosts who for months have been waiting to get the city’s stamp of approval to rent out their properties.

The city’s ordinance imposing license fees, taxes and registration rules on short-term rental sites like Airbnb went into effect in March. But the system to weed out those that are restricted by the city law has been delayed in its rollout, leaving most local rental listings with a notification that their city registration was pending and homeowners unsure about whether they could legally rent their properties.

As a result, the city has not been able to enforce its ordinance or issue fines for those that violate it, which range from $1,500 to $3,000.

Business Affairs & Consumer Protection Department Commissioner Rosa Escareno said the delay was partly due to the city’s effort to carefully evaluate and process data shared by Airbnb about all of its Chicago listings.

If the new system works as planned, it will be able to catch any hosts that don’t comply with the city’s short-term rental rules based on information Airbnb provides twice a month about its active hosts. The system is designed to flag ineligible properties that don’t have the proper zoning or are located in a building that prohibits short-term rentals, for example.

Sifting through thousands of registration applications sent by Airbnb in recent months and making sure the automated system categorized them properly took time, Escareno said. “We wanted to do it right. We’re counting on the system to work.”

Data from Airdna, a Santa Monica, Calif.-based firm that sells data analytics to Airbnb hosts, show there were nearly 7,000 Airbnb listings in Chicago as of June. That number, while higher than the figures the city is dealing with, is down 10 percent since the city’s ordinance was passed in the fall.

Escareno said the delay was also exacerbated by lawsuits filed late last year against the city over its home-sharing ordinance, which pushed back timing on when it could begin collecting data from Airbnb about its hosts.


While the approval process is relatively simple, however, the steps to deny home-sharing applicants are cumbersome. The city will begin notifying those hosts individually, beginning with units in buildings where short-term rentals are prohibited.

Those hosts will have 20 days to file an appeal with the city. If they do, the city has 10 days to notify them of a hearing date. If they don’t, they receive notices that they are in final denial status, Escareno said.

“We just need to be very cautious in how we approach these,” she said. “Because of the process we must go through to allow everyone due process, we internally have to make sure we have proper resources for that.”

Complicating matters: The city has a list of hundreds of other units whose information received from Airbnb is incomplete in some way, such as a missing unit number. Escareno said her department will work with Airbnb to contact those hosts and have them update their information.

In the meantime, any host that is not compliant with the ordinance can continue to operate until they hear from the city. That is a major flaw in the registration system, said Ald. Michele Smith, 43rd, who has been a vocal critic of the city’s home-sharing ordinance and was briefed on the new registration system before its debut.

“To me, that’s backwards. It always has been backwards, that somehow you start with the assumption that you can have this short-term rental,” she said. “We are really going to have to hold the city’s feet to the fire to do these enforcement actions.”

Another pending issue for the city is that its registration system incorporates only Airbnb hosts, while listings on other home-sharing sites are not included.

Escareno said the city has sent a letter to a “handful” of companies with local listings that do not have licenses to operate in Chicago as required under the city ordinance.

One such large company is Austin, Texas-based HomeAway, which sued the city in May seeking a court ruling that the city’s home-sharing ordinance is unconstitutional.

That lawsuit is pending, but Escareno said the city has been in conversation with HomeAway officials on setting up a licensing process for hosts listed on its platform. HomeAway did not respond to a request for comment on the matter.


Deck with city view, Walking distance to restaurants, shops and CTA. Parking Included…