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CHICAGO PRICE INDEX FALLS - But Fares Better Than U.S. Average! - 04/30/08 09:28 PM

Since 2000, Standard & Poors has compiled the Case-Shiller Home Price Index, comparing average relative price for the Top 20 Real Estate Markets, versus a January, 2000 Benchmark of 100.00. Based on this index, the Average Home Price in the Chicago Metro Area dropped 1.98% between January and February, 2008, to … (0 comments)

LEAD A TEAM? Please Read This Post, and Share Your Thoughts! - 04/28/08 09:23 PM

Good Evening, Folks!
Would like some input from those of you that lead a Team, as I do. It can be a Team of Real Estate Agents, Unlicensed Assistants + Yourself, a Lending Team, a Staging Team, or a Husband & Wife Team in any of the above categories.
When times are tough, … (4 comments)

Chicago IL Market Statistics Update - April 28, 2008 - 04/28/08 08:13 AM

Happy New Week, Everyone!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, April 27, 2008 -
Active Listing Inventory continues to grow, slowly, while Units Pending Sale ("Just Sold") jumped last week. Sold Units and Sales Volume were flat last week, and Average Market Time … (1 comments)

"DECLINING MARKET" LABEL Impacts Local Home Buyers with Greater Frequency - Critics Say "Unfair!' - 04/27/08 07:49 PM

Last February 5th, we commented on a trend of what many would consider"Redlining" of local real estate market areas by Countrywide Homes Loans. Last January, Countrywide, and several other lenders and Private Mortgage Insurance Companies, have created their own "Soft Market Index" of zip codes or metro areas they consider "In … (0 comments)

Chicago Based Kimball Hill Homes- With Operations in Other States - Files for Chapter 11 Bankruptcy Protection! - 04/26/08 10:49 AM

Kimball Hill Homes, based in the Chicago Suburb of Rolling Meadows IL, became the latest casualty of the sharp drop in new home sales nationally. The company filed for Chapter 11 Bankruptcy Protection here in Chicago this past week.
President and Chief Executive Officer Ken Lovesays he has begun negotiations with possible investors, … (0 comments)

SHORT SALE TRANSACTIONS Only Rarely Successful! - 04/26/08 10:08 AM

The latest buzz among real estate investors - and real estate trainers - is Short Sales!
Investors think they will find a new home for pennies on the dollar. Distressed homeowners see a solution to their strangling house payments, and a house that now might be worth less than they owe … (3 comments)

Lil' Buddy's Blog - Have Higher Gas Prices Kept You From Sticking Your Head Out of the Car Window? - 04/25/08 08:02 AM

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
In this early-2006 photo, I am but a passenger! But, usually, I am the DRIVER!
However, with gas prices here in Chicago going through the roof (or, "through the WOOF," as we dogs … (1 comments)

WANT A GOOD CHICAGO-STYLE HOT DOG? Our Team Member Sue Tells You Where to Find One! - 04/24/08 08:28 PM

Often, when it comes to Hot Dogs here in Chicago - I'm the one most often referred to!
However, my wife and our Team member, Sue Moss, offers these Hot Spots for the best Chicago-Style Hot Dogs, here in the city and the suburbs.
Before we begin, you have to understand … (14 comments)

CONDO BUYERS GET ADDED SQUEEZE - Now, Fewer Will Be Approved! - 04/23/08 04:21 PM

New, far stricter underwriting requirements will hit condominium buyers with added force, as our Team, and one of our clients, recently found out here in Chicago.
One of our moderate-income clients, purchasing a smaller, inexpensive one-bedroom unit, had his application last-minute rejected due to the building being located in a "declining market" zip … (5 comments)

CHICAGO HOME & CONDO SALES FALL - But Beat IL Statewide Figures! - 04/22/08 06:54 PM

Monitoring Chicago Real Estate Sales and Prices?
You will see a drop in units sold here, year over year, between March, 2007 and March of this year, but it is not as severe as the State of Illinois figure. Even comparing the City of Chicago against the larger Chicago Primary Metropolitan Statistical … (0 comments)

MOTIVATION - Biggest Predictor of Success in Agent-Client Relationship! - 04/22/08 02:59 PM

Hi, folks! Hope you're well!
Our Team members,Jeff Ardito and Kathleen Weaver-Zech, lost a listing the other day. It was for a small, three-unit apartment building in the Chicago Neighborhood of Jefferson Park.
The successful agent has made a living in the area by discounting his fees, signing for short listing terms, and taking … (20 comments)

Chicago IL Market Statistics Update - April 21, 2008 - 04/21/08 08:02 AM

Good Morning, Everyone!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, April 20, 2008 -
Rebounds in Sold Units, Sales Volume, and a nealy 22% drop in Average Market Time might be a good omen for the Spring market here in Chicago. This was … (0 comments)

In Chicago, Housing Affordability Index Improves - But Affordable Housing Still Out of Reach for Many! - 04/20/08 04:27 PM

It's a beautiful, sun-filled, Sunday afternoon here in Chicago. Hope it's nice today where you are!
BTW - the Cubs are winning - AGAIN!
According to Economy.com, the local Housing Affordability Index is in balance when the median income earner in a given market area, with at least a 20% down payment, can afford the … (1 comments)

Delinquent Homeowners Still Have Options to Foreclosure! - 04/19/08 10:43 AM

Morning, everyone!
Although the real estate market here in Chicago seems to have picked up a bit in the last couple of weeks, in several neighborhoods and many suburbs, it is clear around here that things are not like they used to be in a typical Spring real estate market.
On beautiful city and … (5 comments)

Lil' Buddy's Blog: This "Big Cat" on the North Side of Chicago was REAL! - 04/18/08 08:33 AM

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
It's not every day you find a 120-pound Mountain Lion, or Cougar, prancing the streets of a major city. In Chicago, as a matter of fact, there has never been such a … (4 comments)

CHICAGO'S ORIGINAL BREW PUB FALLS VICTIM TO SUCCESS . . . and Higher Rents! - 04/17/08 05:38 PM

For 20 years on the North Side of Chicago, near the intersection of North and Clybourn Avenues, the Goose Island Brewery has been serving up pub fare, and great craft beer - some of it brewed right on the premises. It's been one of Chicago's oldest and most popular brew pubs … (0 comments)

PHOTO EDITING SOFTWARE? What's YOUR Fave? - 04/16/08 10:29 PM

Good Evening, Nighthawks!
Cubs Win tonight! Here on the Northside of Chciago - we're happy!
Folks, I'm just a layman - we don't do any fancy photo effects, turn day into night, or vice versa, put pigs heads on people, or even remove myself from the reflection in my client's bathroom mirror, or … (15 comments)

YOU DRIVE? The Increase in the Annual Cost of Operating a Vehicle Will Shock You! - 04/16/08 09:09 AM

Unless you're checking in this morning from a Major Oil Producting Country, you already know the price of a gallon of gasoline has risen dramatically since January, 2007. Through the end of last year, prices were up 31%, on average, nationwide - to an average of $2.94 at the end of … (1 comments)

CHICAGO Seeems to be Bucking the National Trend in Escalating Home Foreclosures! - 04/16/08 08:24 AM

We're unsure if this has anything to do with simple LUCK, or the way our market here has behaved over the last few years. However, while foreclosures increased 57% nationally, year-to-year, between March, 2007 and March, 2008, the increase here in Chicago, and throughout Illinois, was a far more "acceptable" rate, … (1 comments)

Chicago IL Market Statistics Update - April 14, 2008 - 04/14/08 08:36 AM

Good Morning, All!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, April 13, 2008 -
Drops in Sold Units, Expired Listings and Sales Volume generally occur during weeks in the middle of the month - but the drop in Volume this past week was … (1 comments)

NEW TOUGH CONSEQUENCES for Mortgage Walk-Aways! - 04/14/08 08:31 AM

By now, you've undoubtedly heard about the growing trend of walking away from homes with delinquent mortgages. Many who take this radical step have little or no equity in their home, as declining home values have made their mortgage balance higher than the home's market value.
Some walkaways put little down … (3 comments)

CHICAGO PROPOSED NEIGHBORHOOD PROJECT SPURS DEBATE - City, or Neighborhood - What Takes Priority? - 04/13/08 10:35 AM

Residents of Chicago's Logan Square Neighborhood protested in the rain yesterday morning, in the shadow of the historic Illinois Centennial Column, on Logan Boulevard at Milwaukee Avenue.
Their concern - the City of Chicago's plan to turn a long-abandoned department store building into a Community Arts Center, plus about 28 units of affordable … (0 comments)

GOT COVERAGE? When the Flu has you Out of Commission - Who Steps In? - 04/13/08 09:30 AM

Hey, folks! Hope you're having a relaxing Sunday morning!
It's been a good couple of days since I've been up in the Blog-o-Sphere - been fighting a nasty fever and the flu. I'm one of those guys who only gets sick like this about once every three years or so. Well, now, … (3 comments)

Lil' Buddy's Blog - In This Chicago Suburb, Crazy Things Happen! - 04/11/08 06:51 AM

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
Was that YOU who called? Sorry, I must have just missed you!
The Chicago Suburb of Berwyn IL has had a history of crazy politics! This Bungalow Community about 7 miles straight west … (1 comments)

PROPOSED NEW GOOD-FAITH ESTIMATE FORM - Will it Make Loan Terms Easier to Understand? - 04/09/08 03:52 PM

Good Afternoon, everyone! Hope it's sunny and bright where you are today - sunny, but cool here in Chicago!
Have you ever been confounded when reading or explaining a lender's Good Faith Estimate of Closing Costs? The one you receive when you first make loan application?
For most folks, even trained Real Estate … (0 comments)

CHICAGO'S LAKE SHORE DRIVE - Famous Local Roadway One Bumpy Ride Today! - 04/07/08 10:52 PM

"There's a Road I'd Like to Tell You About . . . It's in My Home Town. Lake Shore Drive the Road is Called and It'll Take You Up and Down . . ."
That 1972 song, by Aliotta, Haynes, and Jerimiah, is still in every Chicago baby boomer's head as they travel … (2 comments)

Chicago IL Market Statistics Update - April 7, 2008 - 04/07/08 07:47 AM

Hey, Everybody!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, April 6, 2008 -
Over the last few weeks, benchmark figures for Active Listings, Properties Pending Sale, Sold Units have shown improvement. Average Sale Price up and down, but, compared to the beginning of 2008, … (0 comments)

CONSUMER CREDIT EVALUATION, Recently Based Solely on FICO, Now Adding an Old-Fashioned Enhancement! - 04/06/08 11:19 PM

For the last few years, those wanting to buy a home simply had to have their FICO score taken and evaluated. For some, limited analysis was given to income, assets, job status, potential equity, recent credit habits, and other factors which could predict the likelihood of a borrower to pay his … (1 comments)

CHICAGO HAS TWO SEASONS - Winter, and ROAD CONSTRUCTION! - 04/05/08 10:47 AM

Good morning, folks!
It's a beautiful, sunny, yet cool day here in Chicago - think I'll take in a couple of innings at Wrigley Field this afternoon. With any luck, not another Chicago Cubsstink-a-roo today!
No, contrary to what my father, and my grandfather, told me and us kids many years ago - … (0 comments)

Lil' Buddy's Blog - Politics, Chicago Style: Proposed Children's Museum Site Draws Heat! - 04/04/08 08:44 AM

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
I'm just a dog on the street! You know, a four-pawed observer of Chicago's Political Scene. But, often, the way things happen here, it's hard to imagine they happen like this anywhere … (1 comments)

GOT GAS? Hey - How Are You Coping? Any Adjustments? - 04/03/08 03:55 PM

Hey, everyone!
Just read another bothersome article in the Business Pages of today's Chicago Tribune - Gas Prices, Up Again!
Of course, that doesn't surprise us - down the street from our Team's World Headquarters, in a Basement on Western Avenue, here in the Lincoln Square Neighborhood of Chicago, the guy with the long … (5 comments)

HOMEOWNERS DEFAULT, BANKS FORECLOSE AND OWN THE HOME. Then What Happens? - 04/02/08 10:32 PM

Here is yet another troubling angle to the surge in foreclosures over the past year.
Across the country, and here in Chicago, banks, large and small, are finding themselves with nearly double the number of REO homes in their portfolio than just one year ago. (REO stands for "Real Estate Owned" by banks, … (0 comments)

WHAT IS "THE DAGGER" FOR YOU? When do you KNOW it is Time to Walk Away from a Client or Prospect? - 04/01/08 08:58 PM

Hello, everybody!
Most of us, as kids, are taught to often "turn the other cheek" when insulted our challenged, It's is in our psyche, our DNA (for most of us anyway)!
But, the more experience I build in this crazy business we call Real Estate, the more I tend to realize that, sometimes, … (8 comments)

U.S. Treas. Sec'y Paulson - "Financial Regulatory System Overhaul?" Not So Fast! - 04/01/08 08:38 PM

Hey, hey, gang!
The latest plan out of Washington, as you have surely heard, calls for a massive re-structuring of the nation's regulatory scheme for U.S. Financial Markets. The states, in many cases, would be usurped, eventually, by a centralized federal structure to oversee Deposit Institutions, such as banks, Insurance Companies, and … (1 comments)

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