David Roeder writes today:

Some 46 percent of lenders believe there’s “significant overvaluation” in real estate, said the business turnaround specialists Phoenix Management Services. The firm surveyed 122 commercial lenders. “Belief in the existence of a real estate bubble appears to be gaining some momentum,” said E. Talbot Briddell, Phoenix managing director. Thirty-nine percent of the respondents disavowed belief in a bubble

Since a bubble is by definition a confidence game, it’s in big trouble if the lenders (the ones underwriting the game) begin to back away.

In other news, he also says that construction on the Kinzie Station North residential and supermarket components on the old Milwaukee Road land across/catty-corner from Blommer Chocolate should begin this fall, now that RDM Development and Jewel have cleared plans with the city. (This is remarkable only because Milwaukee, Desplaines, and Kinzie is an integral junction in my bike commute; Kinzie is a great low-traffic shortcut across River North/River West.) Jewel received TIF funds, apparently for infrastructure, a parking deck, and since it will straddle the Blue Line subway. Now that I think about it, though, the Blue Line should continue along Milwaukee Avenue’s alignment and thus under the residential block at the southeast corner of Kinzie/Desplaines, not under Jewel’s site on the southwest corner. Oh well.

Apologies for the absence: I was in Boston last weekend (photos soon) and have been putzing with a new Treo this week. Can’t figure out how to post from it yet, though.