LACK OF CONSUMER CONFIDENCE Key Culprit Stalling U.S. Housing Turnaround! - 12/30/08 10:16 PM
"FEAR!  It's a scary thing!" 
This sounds like a quote from Baseball Great Yogi Berra, but its true source is unknown.   But fear might be playing a key part preventing quick rebound in the housing market.
Which factors keep the U.S. and Chicago Housing Markets from beginning to rebound?  Fear over rising unemployment.  Reduced confidence in the U.S. Economy.  And the perception - generally true - that mortgage money is available, but often extremely tight for all but the most credit-qualified borrowers.
In their latest survey of Consumer Confidence, research firm The Conference Board surveyed 5,000 households to calculate a Consumer Confidence Index … (1 comments)

VHS TAPE FORMAT - EMBRACED BY BUSINESSES AND CONSUMERS ALIKE - HAS BITTEN THE DUST! - 12/29/08 07:38 PM
Hi, All!
Back in the early 1990's, our Chicago Real Estate Team did a beautiful Personal Video Brochure on VHS Tape, and distributed the video, along with periodic installments of our listings in the area, to our clients and prospective clients. 
We placed the tape in a nice plastic case, with a custom label - and were considered Cutting Edge Marketers, back in the day.
Well, it's the end of an era now, for both business and personal users (i.e, thousands of movie viewers) of the VHS Video Tape Format.  Without tears being shed, according to a story in last Saturday's Chicago Tribune by … (4 comments)

Chicago IL Market Statistics Update - December 29, 2008 - 12/29/08 08:57 AM
Good Morning!  We hope you had a very Merry Christmas!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 28, 2008 - 
This week's sample is small, and, for that reason, not scientific.  But a couple of things jump out here.
First of all, Active Listing Inventory has been stable the last few weeks, despite declines in Just Sold (Pending) inventory and Average Sale Price.  This might indicate that only those properties at the lowest price ranges are selling this time of year here in the Chicago North and Northwest Side Neighborhoods … (1 comments)

They're Back - CHICAGO POTHOLES Spring Up to Mangle Axles, Gobble Hubcaps! - 12/28/08 12:40 PM
Those nasty POTHOLES are back in Chicago once again.  And, according to the Chicago Department of Transportation, we're only at the beginning of Chicago Pothole Season!
For those not as city-fied as those of us here in Chicago, potholes are those growing craters, both large and small, that begin to pop up on our expressways, major thoroughfares, and less-busy residential streets each winter and spring.  They destroy wheel alignment, damage fancy aluminum wheels, and jar the nerves of those who cannot avoid them.
Even though winter is officially only a week old, cold weather and snow, intermittently followed by periods of … (0 comments)

CHICAGO ASSISTANCE AGENCIES Ready to Help Homeowners Face Foreclosure Threat in 2009! - 12/28/08 12:25 PM
For homeowners delinquent in their mortgage payments, January, 2009 will usher in a frightening time.  Effective January 9th, the Fannie Mae and Freddie Mac Foreclosure Moratorium, imposed during the holiday season, will end. 
Predictions for thousands of new foreclosure filings, fed by a weak U.S. Economy, a continued freeze in the credit markets, declining home values amidst high homes-for-sale inventory, and the ongoing threat of job loss will cause concern, and sleepless nights, for many others trying to stave off delinquency.
Several Chicago and Chicago Area assistance groups will be proactive in the New Year, while, at the same time, remaining … (1 comments)

CHICAGO NEIGHBORHOOD NEWS - December 26, 2008 - 12/26/08 10:27 AM
Hope you enjoyed Christmas with your family!
I just wanted to share the latest Chicago Neighborhood News, compiled by our Team Member Jennifer Arcand.   This week, Jennifer discusses goings-on in the Chicago Neighborhoods of Lakeview, Lincoln Park, the Chicago Loop, and Norwood Park, and the Chicago Suburb of Naperville IL.
LAKEVIEW

Even in a slowing economy, nothing will dim the spirits of the aggressively cheerful holiday sweater.  This festive garb has launched an event of its own: the ugly sweater party.  Folks young and old, urban and suburban, gather together with a common goal-to don their ugly sweater and toast each other … (0 comments)

Lil' Buddy's Blog: Canine Reflections on Some Tougher Times - Christmas in Chicago, 2008 - 12/25/08 05:13 PM
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Merry Christmas, you dogs! 
This week, I decided to post a day early due to the holiday.  I wanted to capture the mood of the Moss-Bartosiewicz Family Christmas, 2008, while all the fragrant memories are still fresh in my mind - and the taste of the end of Prime Rib is still fresh in my lil' belly!
To me, Christmas in Chicago is an odd collection of TV ads, classic movies, and dozens of humans heading from store to store, fighting … (5 comments)

NEED ONE MORE UNIQUELY-CHICAGO CHRISTMAS GIFT? AL CAPONE'S CHICAGO HOME FOR SALE! - 12/25/08 11:09 AM
CURRENT OWNER OF 7244 SOUTH PRAIRIE AVENUE, CHICAGO, TO SELL HOME WITH NOTORIOUS HISTORY THIS SPRING!
Perhaps you're the one who already has everything - and everything else all lined up under the Christmas Tree this morning!  Well, just in case you're looking for one more uniquely-Chicago gift, one will be available after the New Year.
The early-1900's era two-flat building where Al Capone lived when he first came to Chicago will be for sale!  Its current owner, Barbara Hogsette has plans to relocate out of state in a few months, and needs to sell.  She will be asking somewhere in the … (8 comments)

HOME SALES DOWN AGAIN IN CHICAGO, But Lower Interest Rates an Encouraging Sign! - 12/23/08 11:14 PM
More snow here in Chicago tonight, slowing everyone's holiday travel plans here.  Be safe in your travels over Christmas!
The dark cloud continues over home and condo sales, both here in Chicago, across Illinois, and nationally. 
Figures released earlier today by the Illinois Association of Realtors for the City of Chicago indicate the sale of single family and condos sold dropped 41.3% in November as compared to 2007 numbers, while the median home and condo price fell 23.3% during the same period.  The current Chicago Median Price is $222,500, down from $290,000 one year ago.
Across Illinois, units sold 33.9% versus one … (6 comments)

LOAN MODIFICATION PROVES ELUSIVE - Not Surprisingly! - 12/22/08 09:54 PM
It is still freezing here in Chicago!  
You want proof?  Watch ESPN for tonight's Chicago Bears-Green Bay Packers football game, and note the steam rising from the field, and from the players on both sides.
While you're watching the game - say a prayer that the Bears will pull this one off tonight and keep their post-season hopes alive.  Will ya?
Much has been said about Mortgage Loan Modification Programs, and their potential to make it easier for those in financial distress to keep their homes and fend off foreclosure.  Have you heard?
Indeed, several large lenders - including Bank … (6 comments)

Chicago IL Market Statistics Update - December 22, 2008 - 12/22/08 07:45 AM
Good Morning!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 21, 2008 - 
Falling numbers for Active Listing Inventory and Just Sold (Pending) seem normal for the week before Christmas - they have slowed.  Closed Properties shows many scheduling their usual end-of-month closings early, in advance of Christmas Week. 
Expired Properties may be following the same pattern, although comparative numbers are small.  All numbers predictable given the time of year - only a couple of weeks before Christmas, and the Chicago Real Estate Market appears to be slowing, perhaps a bit more than … (1 comments)

FALLING RATES SPUR REFINANCING HERE IN CHICAGO - But Not Everyone Qualifies! - 12/21/08 08:06 PM
Rates on 30-Year Mortgages are falling here in Chicago, and they likely are where you are as well. 
But those who qualify to re-finance with these new, lower-rate loans - and not every family does - are being quite a bit more cautious with the money they may save each month.
Last week, the Mortgage Bankers Association indicated the average new 30-Year Fixed Mortgage had an interest rate of 5.18% for the week ending December 12th - the lowest average rate since the Association began keeping records 37 years ago.
There is a bit of a different complexion to today's rush to re-finance, … (1 comments)

POOR CONDITION OF REO HOMES Scares Away Many Potential Home Buyers! - 12/21/08 07:57 PM
Hey, folks!
If you've ever been inside a bank-owned home, especially one in Chicago during the winter, you know the condition can vary greatly.  Some recent foreclosures bear close resemblance to any recently-vacated home - clean and ready to move in.
A few, however - well, they could be pretty rough, especially in cases of burst pipes in the wintertime, or when squatter take up temporary residence.   This is a real shame, of course, as the poor condition of many homes re-acquired by banks are intimidating potential buyers, not willing to take on extensive repair and renovation right away.
But the … (6 comments)

ECONOMIC BOUNCE BACK IN 2009? Many Say It's Not Likely! - 12/21/08 07:43 PM
Man, is it cold here in Chicago!  We woke up this morning to an official O'Hare Airport low of Minus 6 degrees.  Now, it's a bit warmer - MINUS THREE!
It's likely nicer where you are, I would hope - unless your a Dakotan or a Minnesotan, I would assume!
More pessimistic predictions from local economists about 2009, I am sorry to report!  Many here are predicting tough times ahead for next year, and no easy recovery in the Real Estate Market, here in Chicago or elsewhere.
However, one spirited roofer in the Chicago Suburb of Naperville IL plans to attack the … (13 comments)

CHICAGO NEIGHBORHOOD NEWS - December 19, 2008 - 12/19/08 01:57 PM
Good Afternoon, folks!  If you enjoy snow, slush, and extended commutes, Chicago is the place to be today.  Live Back East?  Batten down the hatches - it's all coming your way!
Here is this weeks' summary of Chicago Neighborhood News, from our Team Member, Jennifer Arcand.  This week, Jennifer covers the Chicago Neighborhoods of The Chicago Loop,  Edgewater, Lincoln Park, and Logan Square, as well as the Chicago Suburb of Oak Park IL.
THE LOOP
Railroad reconstruction crews rebuilt a nearly century-old curve along the CTA Loop elevated tracks in about five minutes.
The recently completed work replaced about 1,000 feet … (0 comments)

Lil' Buddy's Blog: Rules Protecting Credit Card Users About to Get More User-Friendly! - 12/19/08 05:43 AM
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
You dogs:  Do you carry Plastic? 
Know what I'm talking about?  Visa.  Master Card. Discover.  Am Ex.
I consider myself a responsible canine, and pay cash for most of my own purchases (in this photo, I'm counting my savings for my annual Christmas Eve Shopping Trip, at 4:30 PM, with my Human Dad, Team Leader Dean). 
However, I must admit, I do have a couple of Credit Cards in my own lil' wallet.
American Express, for example.  "Member since '06."  Visa - … (1 comments)

MORTGAGE RATE VOLATILITY HOUR-BY-HOUR - Although Best Rates Hug Historic Lows! - 12/18/08 03:17 PM
Quick!  What's the Average 30-Year Fixed Mortgage Rate?
Wait - it was even lower an hour ago!  And it has kept changing, often several times during the day, since the Federal Reserve Board lowered its benchmark Fed Funds Rate, as well as its bank-to-bank Discount Rate, last Tuesday afternoon around 1:20 Chicago Time.
After the Fed announcement, average 30-Year Fixed Rates almost immediately fell to 5.3%, from an average of over 5.6% last week. 
Yesterday, mortgage rates fell even further - to a 5.06% average - the lowest average in nearly 40 years!  It was reported that some lenders dropped their … (5 comments)

TEN CRITICAL TIPS for Selling Your Home in Today's Somewhat-Challenging Real Estate Market! - 12/17/08 06:54 PM
EEY - How you doin'?  (That's "Chicago shorthand" for "How are you doing this evening?")
Over the last few Weekly Status Meetings for our Team, we put together a list of Ten Critical Tips for Getting Your Home Sold in Today's Real Estate Market. 
For the sake of brevity, here are the Top Five.  Feel free to append, modify, and share as you would like.
Click to our post today via BlogChicagoHomes.com for the complete list.
Indeed, it is likely that the year 2008 will go down as one most friendly to home buyers with good credit and solid down payment … (25 comments)

FANNIE MAE - For Tenants Current On Rent, No Evictions on Foreclosed Properties! - 12/17/08 09:38 AM
Got snowshoes?  Another 5 inches of white, fluffy stuff snow fell over Chicago last night.  Hey - we're tough here - no big deal!
On properties which have been taken back by the lender, long-standing policy allows the lender to evict any tenants who remain - often, with little notice, so long as the PRIOR OWNER of the property was properly served.  Often, delinquent owners would not inform tenants of a pending foreclosure, and these tenants wouldn't learn of a lender take-back until the county sheriff shows up at the door with an Order to Evict. 
Although details have yet to be finalized, … (0 comments)

FED KEY INTEREST RATE HISTORICALLY LOW - But How Will The Real Estate Market React? - 12/16/08 10:18 PM
This afternoon, around 1:20 Chicago Time, the Federal Reserve Board reduced it's benchmark Fed Funds rate to a target range of between 0% and 0.25% - the lowest in history!  Will the Fed's latest move to make financing to consumers and businesses more affordable spur the U.S. Housing Market?
That's unknown, of course.  However, previous Fed rate cuts, as well as aggressive economic action by the Treasury Department, have yet to turn the housing market around, despite lower mortgage interest rates.
For those who may have been snoozing this afternoon, the Fed completed their December meeting this afternoon by reducing it's benchmark … (5 comments)

Statistically Speaking, Chicago is More Affordable - But Local Real Estate Market Yet to Rebound! - 12/15/08 03:15 PM
Hey, Gang - Good Afternoon!  I hope it is warming up a bit where you are today - still cold, and icy, here in Chicago.
According to statistics compiled byIHS Global Insight as part of their "Home Prices in America Report," the Chicago Real Estate Market is a fountain of opportunity!  Today, it seems median single-family home prices here in Chicago are far more affordable than they were at the peak of the housing boom, a couple of years ago.
Back during the Third Quarter, 2006, Chicago Single Family Home Prices were overvalued by 13.8%, according to the IHS formula, as explained by Jeannine … (0 comments)

Chicago IL Market Statistics Update - December 15, 2008 - 12/15/08 08:01 AM
Good Morning!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 15, 2008 - 
The figures below indicate market slowdown, perhaps a bit more than usual, here in Chicago.  That's predictable given the time of year - only a couple of weeks before Christmas.
The only surprise this week is the Average Sales Price figure, which increased strongly this week.  We'll again monitor this next week to see if this is just an aberration.
Absorption Rate, or theoretical time to clear existing listing inventory, continues weak, at nearly 17 1/2 months in the North and Northwest Side … (4 comments)

CHICAGO NEIGHBORHOOD "HEAT MAP" - Some City Communities Showing Gains Since 2007! - 12/14/08 06:53 PM
Man, it is WINDY here in Chicago tonight - but no where near as bad as folks in the Northeast have it with those incredibly destructive ice storms.  If you're there - please take care, and try to stay warm.
Back just before Thanksgiving, on November 24th, I posted data on several Chicago Neighborhoods actually showing Median Price Comparative Stability or Increases over the last year - including the popular neighborhoods of Lakeview, Lincoln Square (where our Dean's Team Chicago Keller Williams office is located), and Lincoln Park.
I did this to emphasize that all real estate markets are LOCAL - and … (2 comments)

GOOD NEWS? CHICAGO HOMES-FOR-SALE INVENTORY DROPS IN NOVEMBER! - 12/14/08 06:23 PM
Hey, folks!
If you're in the Northeast tonight, hope you're fairing well after the ice storms.  Those without power - let's hope they find adequate warm shelter.
In the opinion of many Real Estate Practitioners, one of the problems preventing a resurgence in Real Estate Sales is the continuing high levels of homes-for-sale inventory (high supply), combined with lowered buyer interest (low demand).  It appears, however, that these inventory levels are beginning to fall somewhat, both here in the Chicago Metro Area, in other markets, and, in aggregate, nationally.
According to Chicago Area MLS Data compiled by HousingTracker.net, homes-for-sale inventory (a figure … (2 comments)

CHICAGO NEIGHBORHOOD NEWS - December 12, 2008 - 12/12/08 03:38 PM
Good Afternoon, Folks!
Here's this week's summary of Chicago Neighborhood News, from our Team Member, Jennifer Arcand.  This week, Jennifer covers the Chicago Neighborhoods of The Chicago Loop, The West Loop, Uptown, and Edison Park, and the Chicago Suburb of Niles IL.
What's going on in your Chicago Neighborhood or Suburb?  Let us know, and we'll help you publicize it on the Internet.
THE CHICAGO LOOP 
Caroline Walker-Ireland is finding if difficult to pay for food, utilities and other essentials for her two daughters and three foster children. As a result, this year she could not afford a Christmas tree.    On … (0 comments)

Lil' Buddy's Blog: The "Worst for Your Health" Value Fast Food Winner! - 12/12/08 09:51 AM
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
Winter came early to Chicago this year - and my four lil' paws are VERY COLD!   I wanted to look back on the warmer days of last Summer.  In this picture, my human daddy, Team Leader Dean, was catching a ballgame with me last July visiting friends up in St. Paul MN.  What fun!
You know, you dogs, being canine does have its carefree side.  I never even think about my cholesterol intake, or high blood pressure, or heart disease (although my Human Mom, … (2 comments)

MAKING A COMEBACK - Rent To Own Options Made Popular in the 1980's! - 12/11/08 09:30 PM
Hey, folks - hope you're keeping warm tonight, while those of us here in Chicago are reaching for another blanket!
Some may remember those double-digit, near 20-percent mortgage interest rates in the early 1980's.  For some buyers back then, rates over 16% were considered attractive, and these loans came with steep monthly payments.
Looking for creative ways to sell their properties, when buyers willing to pay such high interest rates were comparatively rare, many sellers and their Real Estate Agents tried to offer a Rent to Own Option.
Today, with fewer options for those with challenged credit and low down payment, Lease … (4 comments)

IL GOVERNOR DISGRACED - But Can Anyone, ANYWHERE Be Trusted in Politics? - 12/10/08 09:27 PM
In Chicago, it is cold tonight!
Somewhat gray.  And feeling like our city, and our whole state, has just been kicked in the shins, hard!
It's been over 36 hours since IL Governor Rod Blagojevich was arrested, in a pre-dawn raid at his home in the Ravenswood Manor Neighborhood of Chicago. 
As reported in the Chicago Tribune, the FBI first called the Governor at home, at around 6:15AM yesterday, and asked him to quietly answer his door.   Fifteen minutes or so later, our Governor was arrested, led away in handcuffs, and packed into a Chevy SUV bound for arraignment in Federal Court in Downtown Chicago.
… (5 comments)

VENERABLE CHICAGO BUILDER - KIMBALL HILL HOMES - Set To Liquidate! - 12/09/08 07:20 PM
In a story that has become all to familiar in many housing markets across the U.S., one major homebuilder with roots in Chicago is poised to close its doors.
Kimball Hill arrived here as an independent home builder in the early 1950's, expanding Chicago Suburbs and building affordable homes for returning World War II and Korean War Veterans and their families. 
In 1952, Hill built his first small, three-bedroom, one-bath, on-a-crawl ranch home in an subdivision about 25 miles northwest of the City of Chicago.  That then-remote patch of farmland became the Suburb of Rolling Meadows IL, as Hill named it.  It is now … (5 comments)

Top Pols Support Worker Sit-In at Republic Windows, Chicago Supplier to Builders, Now Shuttered! - 12/08/08 04:28 PM
What started out being a strictly local story here in Chicago has garnered National Attention, as well as the vocal support of President-Elect Barack Obama, IL Governor Rod Blagojevich, IL Senator Dick Durbin, Chicago U.S. Congressman Luis Gutierrez, and IL Attorney General Lisa Madigan. 
It's the direct link to the sluggish Real Estate Market, as well as the Fed Bank Bailout, that makes the story compelling.
The now-shuttered company, Republic Windows and Doors, manufactured and sells custom windows and doors out of its plant on the North Side of Chicago, near the historic Old Town Neighborhood.   The company closed its doors with scant … (6 comments)

Chicago IL Market Statistics Update - December 8, 2008 - 12/08/08 08:10 AM
Good Morning!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, December 7, 2008 - 
We have experienced considerable bounce back in Pending Units and Sales Volume this week, compared to last week's figures that included the Thanksgiving weekend.
Active Listing Inventory continued its likely-seasonal fall.  Closed Units, properties that went under contract about a month or so, was stable versus last week.  Here, many may have scheduled pre-Thanksgiving closings which also preceded the end of the month of November.  Expired Listings showed there usual end-of-month run-up.  
Average Sales Price washed last week's 12% loss with a 20% … (2 comments)

WEB 2.0 - The Next Generation! Can Anybody Help Us? - 12/07/08 09:34 PM
Starry, Starry, but Cold . . .  Winter Night in Chicago!
Help us out, somebody.  Whoever can help us make sense of this new stuff available via the Internet.
We've got the blogging thing down.  Got a cool, lead-generating website.  We have SEO.  Used Pay-Per-Click. The list goes on.
And just when we feel like we know something about this thing called "Online Marketing," it evolves once again.
Now, folks are using Twitter (I just started playing around with this). Flickr (not there yet).  Facebook and LinkedIn for Social Networking (It took a while, but I'm beginning to get the hang … (7 comments)

As Economy Continues to Sputter - Consumer Borrowing Takes a Tumble in October! - 12/07/08 03:20 PM
Good Afternoon, folks!
Fear over potential loss of their jobs and their rising debt levels may have been the impetus for American Consumers to curtail their borrowing in October, according to the most-current Federal Reserve Report on Consumer Credit.  Outstanding credit held by consumers dropped $3.5 Billion in October, to $2.578 Trillion - a decrease of 1.6%.
In prior months, Consumer Outstanding Credit actually rose in September by $6.7 Billion, after an August decline of $6.4 Billion.
It appears obvious that consumers have cut their spending dramatically.  The latest Gross Domestic Product (GDP) figures indicate that consumer spending fell by the … (0 comments)

SOME BUYERS STILL FIND 100% FINANCING - Even Today! - 12/07/08 11:23 AM
Good Morning, Everyone!
We woke up here in Chicago to another chilly morning - only 15 degrees now.  What, you say - you woke up in Southern California, or Florida, or Hawaii this morning?  You went out golfing this morning, in 65, or 75, or 80 degree warmth?
SHUT UP!
This might seem a bit difficult to understand, but the latest NAR Survey of Home Buyers and Sellers - 2008, based on data compiled through responses from 10,000 home buyers and sellers through last June 30th, indicates there is still a sizable percentage of home buyers purchasing with NO MONEY DOWN!
… (7 comments)

CHICAGO NEIGHBORHOOD NEWS - December 5, 2008 - 12/05/08 02:54 PM
Good Afternoon, folks!
This week, our Team Member Jennifer Arcand talks about the Chicago Neighborhoods of Uptown, Edgewater, Lincoln Park, and Logan Square, and the Northern Chicago Suburb of Evanston IL, in her Chicago Neighborhood News post.
Do you have a Chicago Community Celebration or Party coming up this holiday season?  Let us know, a few days in advance, and we'll help spread the word around!
UPTOWN
Wilmette Rotary considered a book drive for Chicago's inner-city schools, although some wondered whether it would work in the Internet Age.
Many years later, the book drive has become a huge success.  Currently there's … (1 comments)

Lil' Buddy's Blog: In IL, Thousands of Baby Boomers, 50 - 64, Have No Health Insurance! - 12/05/08 08:20 AM
THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!
Hey, you dogs!  It's just me - Gracie Moss!
I'm filling in this week.  Our usual Lil' Blogging Doggie, Buddy Holly Moss, quite frankly, has a bit of a headache.  Why?
Well, this past Monday, I needed to go into the vet for a very important surgical procedure.  It's one my human Mom and Dad, Sue and Dean, say should be done to all dogs once they reach about 6 months of age.  I'm OK, although I have the urge to scratch … (4 comments)

MORE BAD NEWS - Mortgage Delinquencies Expected To Double Next Year, and Fed Chairman Bernanke Proposes Quick Action! - 12/04/08 09:56 PM
Hey, folks - hope you're well, and WARM!  It's mighty cold here tonight on the North Side of Chicago!
Foreclosures are skyrocketing.  Mortgage delinquencies are projected to rise substantially in 2009.  And Federal Reserve Board Chairman Ben Bernanke wants to see more aggressive action to stem the tide!
According to TransUnion LLC, one of the three Major Credit Bureaus, based in Chicago, the percentage of consumers at least 60 days behind on their mortgage payments will hit 7.17% by the end of next year.  That would be the highest level of mortgage delinquency since 1992, when the firm started tabulating statistics.
Much of … (5 comments)

CHICAGO PARKING METERS to Get More Expensive in 2009! - 12/03/08 10:12 AM
Got Quarters?
You're going to need more of them if you park your car at a Chicago Parking Meter effective January 1, 2009, even though the meters are scheduled to be modified to accept Charge Cards by 2011.
Chicago plans to privatize its thousands of parking meters, in return for a $1.2 Billion up-front payment and a 75-year lease from a New York company.  Beginning after January 1, 2009 - or as quickly as existing meters can be retrofitted - meter parking on streets throughout Chicago Neighborhood Business Districts across the city will cost $1.00 per hour, up from the current hourly rate … (2 comments)

NOVEMBER CONSUMER CONFIDENCE REBOUNDS - But Still Close to Historic Lows! - 12/03/08 09:07 AM
Good Morning!
Over the past 30 days, gas prices have fallen.  So have mortgage interest rates.  Have consumers become more confident about the future of the U.S. Economy, and the likelihood of turnaround for the U.S. Housing Market, as a result?
A little bit . . . YES!  But, still, overall consumer confidence hugs the 34-year-old low reading from last October.
The November Index by The Conference Board, a private research group, was 44.9, up from the record-low 38.8 reading in October, but still the second lowest index of overall consumer confidence since the index began 34 years ago.
The Present Situation … (2 comments)

REMEMBERING A CHICAGO FIRE TRAGEDY, on It's 50th Anniversary - 12/01/08 05:16 PM

It happened 50 years ago today - December 1, 1958. 
The tragic fire in the Our Lady of the Angels School in Chicago didn't have to happen.  Or, it could have happened again and again, at dozens of other older schools across the country in the 1950's.
In the end, one of the worst school fires in U.S. history is remembered today, along with its young victims.
One was a ten-year-old fifth-grade boy - John Jajkowski.  He lived with his family in the surrounding West Humboldt Park Neighborhood of Chicago. 
(Chicago Tribune Archives Photo - click here for Photo Gallery) 
… (1 comments)

Chicago IL Market Statistics Update - December 1, 2008 - 12/01/08 08:55 AM
Good Morning!
Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, November 30, 2008 - 
Historically, the period between Thanksgiving and New Years Day is the slowest time on the annual real estate calendar.  This week's numbers, showing sizable drop-offs in Pending Units and Sales Volume, bears this out.
Active Listing Inventory showed a slight fall, while Closed Units, properties that went under contract several weeks ago, as well as Expired Listings, showed stability.  Average Sales Price fell over 12% this week, indicating the serious downward price correction here in the North and Northwest Side of Chicago Neighborhoods … (0 comments)

 
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Dean Moss - Dean's Team Chicago IL Real Estate Team

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