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Bank-owned home values cut in half

Banks have sold foreclosed homes in Evanston recently for less than half of what buying the same homes cost near the peak of the real estate market.

2209 Emerson
2209 Emerson St. was sold by Hsbc Bk Usa on Dec. 31 for $145,000. Its last owner bought it for $455,000 in 2006.

Ten detached single-family homes or two-flats were sold by banks during the fourth quarter last year at a median price of $172,500 — 49 percent of the median $353,500 price when the properties last changed hands before the banks foreclosed.

The price decline for condos was much less severe. Four bank-owned condos were sold during the fourth quarter, and they sold at a median price of $161,000 — 82 percent of their median last sale price — $196,500.

The drop in prices for bank owned properties has been much more dramatic than the decline in the overall housing market.

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Locations of Evanston properties sold by banks in 4th Quarter 2008.

Other bank-owned home sales

1937 Dewey
1937 Dewey Ave., a two-flat, sold by American Home Mtg Serv Inc
on Dec. 24 for $64,000. Its last owner bought it for $163,000 in 2004.

2141 Brummel
2141 Brummel St. was sold by Grp Loan Llc on Dec. 9 for $220,000. Its last owner bought it for $260,000 in 2004. 

500 Grey
500 Grey Ave. was sold by Deutsche Bk Natl Trust Co on Nov. 24 for $232,000. Its last owner bought it for $138,500 in 1993.

1225 McDaniel
1225 McDaniel Ave. was sold by LaSalle Bank on Nov. 24 for $150,000. Its last owner bought it for $425,000 in 2006.

625 Case
625 Case St. was sold by Mutu Bk Washington on Nov. 13 for $210,000. Its last owner bought it for $625,000 in 2006.

1703 Madison
1703 Madison St., a two-flat, was sold by World Sav Bk on Nov. 12 for $243,000. Its last owner bought it for $260,000 in 2000.

1122 Darrow
1122 Darrow Ave. was sold by Wm Specialty Mtg Llc on Nov. 10 for $180,000. Its last owner bought if for $333,000 in 2004.

1945 Jackson
1945 Jackson Ave. was sold by Bk Usa Hsbc on Oct. 30 for $127,500. Its last owner bought it for $374,000 in 2004.

1621 Dodge
1621 Dodge Ave. was sold by Fed Bk Indymac on Oct. 29 for $165,000. Its last owner bought it for $450,000 in 2006. 

Bank sales of condos

822 Seward, Unit 1D
822 Seward St., Unit 1D, was sold byDeutsche Bk Natl Trust Co on Nov. 18 for $93,000. Its last owner bought it for $166,000 in 2005.

820 Oakton, Unit 4F
820 Oakton St., Unit 4F, was sold by Wells Fargo Bank on Oct. 20 for $194,500. Its last owner bought it for $215,000 in 2002.

536 Michigan, Unit C2
536 Michigan Ave., Unit C2, was sold by Citimortgage Inc on Oct. 20 for $127,500. Its last owner bought it for $178,000 in 2006.

820 Dobson, Unit 1
820 Dobson St., Unit 1, was sold by Bk Us on Oct. 20 for $195,000. Its last owner bought it for $270,000 in 2005.

During the last three months of 2008 banks acquired 23 Evanston properties through foreclosure, well over the 14 properties they’d acquired earlier that they managed to sell — suggesting that the wave of bank sales is not likely to end any time soon.

This story was prepared from Cook County Recorder of Deeds records compiled by BlockShopper.com

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