Dean's Team Chicago Real Estate Blog

POOR PROSPECTS FOR NEAR-TERM HOUSING MARKET TURNAROUND? SELLERS TO BLAME?

2012-01-23T09:37:47Z

Have you read all the news?

The U.S. Economy is improving. Indicators are positive. Unemployment Rates, both across the U.S. and here in Chicago, are down. Optimism is building.

So why is the Housing Market in Chicago still floundering? According to some, the attitude of Home Sellers may hold the key!

Last week, in an article posted by Chicago Tribune Real Estate Columnist Mary Umberger, Mary interviewed Syracuse University Professor Gary Engelhardt. Mr Englehardt seemed confounded by the continued negative attitude of today's home sellers, as well as those homeowners contemplating whether or not they should sell.

According to a study recently completed by the Research Institute for Housing America, and the Mortgage Bankers Association, 80 percent of those surveyed felt now is a good time to buy a home.

Polling home sellers, however, provided a far different answer. Today, only an estimated seven percent feel now is a good time to put their home on the market to sell! During better days in the real estate market, as recently as 2005, as many as 60% of home sellers harbored positive feelings about selling their homes.

Across the U.S., the inventory of homes for resale by individuals (not by banks who foreclosed on them) is down more than 20% over the past year. Perhaps, Englehardt says, many prospective home sellers don't believe it is in their best interest to sell at this time.

Many, of course, are under water, owing more on their outstanding mortgage balance than their homes are worth today. (Depending on which Chicago Neighborhood or Suburb you are looking at, as many as 42% of homeowners may now be under water, according to National Association of Realtors estimates). Most homeowners do not have the bring to closing to pay the deficit - even those who can bridge the mortgage gap are unwilling to do so.

Others may still have not gotten realistic as to the value of their home in today's market. Indeed, several Dean's Team clients refuse to realize that their home's value may be far lower than what they originally perhaps over a decade ago. Comparable property pricing from even a year ago still is higher than the market bears today.

Many say they are waiting for price levels to improve, according to Engelhardt. But that wait will likely be a long one, as many project. The Mortgage Bankers Association sees essentially flat pricing over the next couple of years, as a "shadow inventory" of low-priced, distressed and bank-owned homes lay in wait to hit the market.

But when the market eventually sees higher pricing, or when sellers are forced into selling by family or financial circumstances, will the number of potential buyers still be as strong? Hard to predict, he says.

What might turn things around? Englehardt points to the obvious - the number of underwater buyers has to decline, the employment picture has to improve, along with salary levels. So does the general level of optimism that better times lie ahead.

It seems, however, that these changes are likely to come slowly. Here in the Chicago Neighborhoods and Suburbs our Real Estate Team serves, we're seeing a pick up of homes and condos under contract. But those selling are doing so at low prices, and many of these sellers have Short Sales - often the only way out when you owe more on the mortgage than your home is likely to sell for.

Please connect to our post today via BlogChicagoHomes.com.

DEAN and DEAN'S TEAM CHICAGO

AFRAID? VERY AFRAID? FEAR STILL PARALYZING MANY HOME BUYERS!

2011-10-16T22:37:22Z

Hope you enjoyed the weekend, folks! Nice, but a bit cool and breezy, here in Chicago.

Here in the Chicago Real Estate Market Dean's Team works most frequently, prospective home buyers calling from all sources - referrals, property ads, and the Internet - generally ask one question FIRST as it pertains to their home search -

WHERE CAN I FIND A STEAL!

Our own perception, often times, is that most new buyers we encounter aren't just looking for a "Good Deal." They are looking for the "Steal of the Century!"

Most of these prospective buyers have little money down. Some have Average or Below Average Credit. But those who have stronger credit credentials, and more cash - they want even more of a STEAL!

Everyone considering any kind of real estate these days believes Home Sellers, so desperate to sell, will happily give their homes away. Some have had the unpleasant experience of selling their own home at far less than they ever would have recently imagined, and hold less equity in hand to buy their new home. Falling short of simple retribution, many feel they can more than make up their own losses when they buy a replacement property.

Others see the over-the-top inventory of Short Sale and Bank Owned Properties at deeply-discounted properties. Not understanding the complications often involved with buying distressed properties, and their often below-average condition, dream-filled buyers see even stronger savings to be had by shooting a Lowball Offer on one of these homes.

Virtually all buyers see a lack of urgency in making a commitment to buy quickly, as they see a continued-weak economy, high unemployment, and so many homes from which to choose due to high for-sale inventory levels likely to drive home prices down even further in the near and mid term.

Chicago Tribune Real Estate Writer Mary Umberger, in Tribune article from October 7th, interviewed two established real estate practitioners from a large national franchise - one the CEO of this 2,500-office Real Estate Brokerage Franchise, and also the President of a Franchise Brokerage in the Western Suburbs of Chicago.

Both professionals see the Chicago Real Estate Market continuing flat through 2012. The National Association of Realtors predict very low increases in both number of properties sold and average sales price - around 2% - through next year, nationally. Across the U.S., home sales improved during the Second Half, 2011, versus the same period in 2010, but First Half, 2011 prices were weak, resulting in similar, slow growth predicted for the balance of this year.

The Franchise CEO sees increased interest in properties at the very high and very low end of the pricing spectrum, with home sales in the middle tiers being squeezed the most. The interviewed broker, as well as our own Team, sees an uncharacteristically-weak early Fall season.

Indeed, some of our buyer inquiries seem to be just "testing the waters" right now - despite very attractive home and condo prices here in Chicago and the Suburbs, and near-record-low Mortgage Interest Rates, still around 4% for a 30-Year Fixed Rate Loan, with some 15-Year Fixed and Adjustable Rate Loans even more affordable, for those who qualify.

Some we personally speak with indicate concerns over their own job security. Like in 2010, many want to make sure they don't receive a "pink slip" over the holidays and plan to put off their final home buying decision until after the New Year. Others see prices continuing to slide downward next year, and don't want to pay too much, then see their likely purchase price erode over the next few months.

A few have questioned whether the U.S. Mortgage Interest Deduction, and its thousands of dollars in annual tax benefits, will continue as The Fed struggles to cut the national debt. Most agree, however, that a radical change to this cherished deduction seems unlikely - especially before the next Presidential Election.

Others see their next home purchase likely to be a long-term stay. Skeptical buyers, who, in better times, moved up every couple of years as their own financial and family situations improved, are fearful the next home they buy might have to last them and their families quite a bit longer. They hesitate to jump at one of the first places they see.

When will greater stability come? It's difficult to see! Short term, those with cash will buy at low prices, pushing values down even more. Upgrading buyers will have less equity to invest in bigger, more expensive homes, muddying their sales future.

But no one can predict what any unpredicted, positive change to the economy, and jobs outlook, will do to continued-high housing inventory levels, and its impact on consumer confidence to buy.

So, for now, buyer hesitation continues. Unless . . .

Please read our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

The "MAGIC BULLET"! Will ONE BIG THING Turn The Housing Market Around?

2011-08-24T11:30:56Z

Morning, Folks!

Here in IL, the rate of Home Foreclosures continues to drop. According to Ivrine CA-based Realty Trac, as discussed in the August 11th edition of the Chicago Tribune, all foreclosure activity fell 3.5% in July versus June, 2011, and stands nearly 46% lower than July, 2010. According to the Realty Trac Report, one in every 498 homes has some sort of foreclosure action filed against it in court.

Still, in the North and Northwest Sides of Chicago Neighborhoods Dean's Team Chicago works extensively, we're often met with one out of every two properties for sale in some sort of financial distress - either in foreclosure, or at pre-foreclosure, as a Short Sale, where the seller owes more than the home is being sold for. The problem seems more acute in certain, once-hot, neighborhoods adjacent to those many consider most desirable, and for condominiums.

For example, one popular condo building in the North Side Chicago Neighborhood of Rogers Park has nearly all of its units priced below their outstanding mortgage balances, and those in this building that have closed actually sold for 45% of their original asking prices when the older building was converted to condos in 2004!

So, here we sit, approaching the Third Quarter, 2011, and most in the know about Chicago Real Estate have little clue as to what is going to be the Magic Bullet to eventually turn our Real Estate Market around.

Mortgage Interest Rates continue to remain low - often times, approaching 4.0%, for those with strong credit and large down payments or re-fi equity. Choices abound, even in the most chic Chicago Neighborhoods and Suburbs. And many sellers, very motivated to sell - are willing to cut a bargain nearly unthinkable a few years ago.

But concerns among potential buyers persist! Are they getting the best deal? Will prices continue to trend even lower? Will I still have a job when the closing rolls around? What happens when banks release the thousands of new foreclosed properties they are holding on their books?

And, one that seems the most scary to those of us working in Real Estate - is Chicago Real Estate still a good investment? (Of course, we contend, Real Estate is THE BEST INVESTMENT, long term - having a place to live is non-negotiable!)

Most practitioners and industry experts agree - the non-stop-appreciation Glory Days of a few years ago are likely not to return soon. But, at some point, in an improving economy, with an improving employment outlook, a stable housing market likely WILL come back.

What say you? WHEN? And what will be the one "Magic Bullet" to bring the Chicago Real Estate Market back?

Please share what you think!

Read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

MANY HOME SELLERS STILL DREAMING OF A HIGH SALE PRICE!

2011-04-29T00:22:23Z

Here in Chicago, and in most Chicago Suburbs, Average Home Sales Prices have fallen considerably since their zenith in mid-2006 - nearly 5 years ago. In some Chicago Neighborhoods, in the experience of our Team members, condo prices are one-third of what they were during those "buy at any price" days. Many single family homes have shed 40% or more of their potential cost versus the housing boom here.

On the surface, it seems, many home sellers have gotten the message, and are willing to lower their prices - often substantially - to meet the new market and sell their homes in a timely fashion. Even so, many of today's buyers still feel homes they are considering are overpriced - some by as much as 20%!

The findings come from a new survey just released by HomeGain, a company which sells names of prospective home sellers, generated through their Internet Marketing Programs, to Real Estate Brokers and Agents across the U.S. Chicago Tribune Reporter Mary Umberger discussed the company's findings in the April 8th edition of The Trib.

Is this counter-intuitive, perhaps? Wouldn't it make more sense for home sellers, tired of the continuing declining market in many Neighborhoods throughout Chicago and the Suburbs, to understand the necessity of pricing right? Doesn't it seem reasonable that prospective home buyers see these newfound discounted homes as true values, swapping them up quickly?

Not according to the HomeGain survey, apparently!

Of nearly 750 Real Estate Agents surveyed nationwide, responding agents indicated that 76% of the owners they eventually contracted with to sell their homes thought their listing price was too low.

The HomeGain Survey also polled 1,600 potential home buyers. They found that 69% of them still thought most homes on the market were overpriced. Of those, 33% thought they listed homes they viewed were as much as 10% too high. Another third felt their viewed homes were too high by as much as 20%!

The drumbeat of the media tells home buyers bargains abound, and, indeed, many of our Team's prospective buyers say they are looking for an "incredible bargain" when they buy.

However, far too many sellers feel trapped in a too-high price range. The high-leverage financing many took out several years ago has left them underwater and owing far more than their homes current market value. Often, their only options - not selling at a price a buyer would likely pay, completing a "Short Sale," where the bank approves a sale for less than the outstanding mortgage balance, or simply walking away, and letting the home fall into foreclosure.

Further, according to the survey, many Real Estate Professionals feel housing may continue its price slide through 2011. However, 17% of agents surveyed felt home values in their home neighborhoods might actually increase a bit in the short term.

Most in the know agree that the expiration of the Federal Home buyer Tax Credit, exactly one year ago this Saturday, had a chilling effect for many home buyers. Without the incentive to "buy now," it appears as if many home buyers are sitting on the sidelines. Some see buying a house now as a declining-value risk, while others see the possibility of facing home price distress down the road if the Real Estate Market here does not turn around.

In all, the results are very confounding, at a time when Mortgage Interest Rates remain historically low, and qualified home buyers can pick up a house in a desirable Chicago Neighborhood or Suburb for a fraction of Housing Boom prices.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

WORLD CRISES DRIVE DOWN U.S. T-BILL YIELDS - AVERAGE MORTGAGE RATES FOLLOW TO NEAR-HISTORIC LOWS!

2011-03-19T22:41:32Z

Despite what appears to be a spotty recovery in the Chicago Real Estate Market, rates for the money to buy real estate here is still near historic lows. With last weeks natural disasters in Japan, and turmoil in Libya, average interest rates seem to be falling once again.

Last week, statistics compiled by U.S. Mortgage Investor and Guarantor, Freddie Mac, as reported in the March 17th Los Angeles Times, showed average 30-year rates nationwide falling to 4.76%, from 4.88% the previous week. Those with excellent credit credentials and strong down payments - in excess of 20% down - are seeing even better rates. In some cases, these new low rates are approaching just slightly higher than 4.5%.

Average 15-Year Fixed Rate Loans, according to Freddie Mac, are even lower - 3.97%. Points and fees average 0.7% of the loan balance.

Some home borrowers are considering adjustable rate loans once again - those made popular during the housing boom a few years ago. Last week, a Five-Year Adjustable-Rate Mortgage (ARM) started out at 3.57%, after which the rate adjusts annually. Some consider this a risk they would not want to take, however - especially given the relative security of low-interest fixed-rate loans.

Typically, Mortgage Interest Rates tend to get their lead from rates on 10-Year U.S. Treasury Bills. Before the earthquake and tsunami in Japan just over a week ago, average 10-year T-Bill rates were roughly 3.4%. Last Wednesday, March 16th, the rates were just over 3.2%.

These new low rates may be short lived, however. T-Bills ticked up a bit on St. Patrick's Day, March 17th, as a new report indicated U.S. Inflation is heating up a bit, fueled, in part, by higher gas prices. Middle East unrest is a partial culprit here.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

BEST REAL ESTATE BARGAINS THESE DAYS? PERHAPS . . . REO PROPERTIES!

2011-02-06T23:17:42Z

Here in Chicago, in many neighborhoods and Suburban Chicago Communities, buyers are king! Especially those with lotsa cash, or stellar credit.

And what are these buyers looking for, gang!

BARGAINS, of course! They want to save a lot of money. In our clients' recent jargon, "I wanna steal da joint!" (Remember, this is Chicago after all - many still talk this way!)

So, many call our Chicago Real Estate Team, asking for a list of Short Sale Properties - those properties where the owners are selling for less than they owe on their mortgage. Problem here, most of the time, the bank takes their sweet time to consider and approve these sales. And, more often than not, they are disapproved!

Some bargain hunters head to the Cook County Chancery Court, and try to pick up a bargain at the Sheriff's Sale. Often times, potential buyers bid too little, and the bank representative outbids them to revert the property to the lending bank.

A higher percentage of success?

Properties that have already reverted to bank ownership - completed foreclosures, known in the business as REO's, for Real Estate Owned by banks - might offer a greater chance of closure, however.

As reported by Patricia Mertz Esswein of Kipplinger News, as syndicated in the Chicago Tribune, lenders are quite anxious to unload REO Properties they acquire, and price them very low to attract a quick buyer. Often, however, many bank-owned REO Properties sell in multiple offers, at higher than asking price.

Further, some bank-owned properties are in above-average condition - we at Dean's Team Chicago just sold a two-bedroom ranch home in the Norwood Park Neighborhood on the Northwest Side of Chicago in which the bank remodeled the kitchen and baths, upgraded the plumbing and electrical systems, and freshly painted the home to generate peak interest. Our buyer purchased at a sizable discount, and was able to close quickly.

In contrast, many of the short sale properties our Chicago Real Estate Team has put under contract recently have taken up to one year to close, with considerable back-and-forth negotiation with the bank. Often, the seller pays a higher price than originally offered, and the closing date is unpredictable. In several cases, the short-sale lenders have ultimately rejected good offers, at a fair price, after a protracted negotiation. Buyers get frustrated and walk away, and the distressed seller often ends up in foreclosure.

A national compiler of Foreclosure and Pre-Foreclosure Data, RealtyTrac.com, estimates that lenders presently hold over 950,000 REO Properties, but that less than a third are presently on the market. Lenders continue to hold back some REO supply, rather than dump hundreds of foreclosures on local real estate markets already struggling to rebound.

On the flip side, for bargain-seeking investors, the REO backlog suggests an ample supply of low-priced real estate will continue to flow to market for months to come.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - Please, Chicago Dog Owning Humans! Leash Us Dogs!

2011-01-06T22:14:22Z

THE CHICAGO REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs! Happy New Year, 2011. Another year, and I'm still a Lil' White Dog! Can you believe it?

You know, as my Lil' Sister, Gracie Ella Moss, and I walk each morning through the South Edgebrook Neighborhood of Chicago, where we live. we're a little peeved at those who let their dogs walk off-leash.

That's against the law here in Chicago! I know it. You know it. And the errant human dog owner knows it!

But, sadly, some persist!

The other day, some careless human's 65-pound Pit Bull Terrier nearly ate Gracie for breakfast! Thankfully, her always-shrill bark kept that wolf at bay! (As for me, I just ran behind the safety of my Human Daddy Dean's leg!)

As reported today in the Chicago Tribune by Reporter Jon Weigel, humans have to remember, no matter how cute and well-behaved we might be . . . we're still DOGS! It just might be too tough to resist that squirrel running out in the street - and I, for one, do NOT want to be hit by a passing car!

What about those overly-friendly big, big dogs who put their paws over any human's shoulders when saying hello? Or those unleashed dogs that, quite simply, aren't very sociable with us quiet, well-behaved dogs. Indeed, a possible disaster in the making!

Those long, retractable leashes can be a tripping hazard, and some people just don't like being jumped on by canines they are not familiar with.

And don't forget the possible legal liability issues if one of us dogs accidental bites someone! That could be lotsa trouble for the human owner who let their dog run free and unleashed.

Pet Behavior Expert Steve Dalerecommends taking your dog to a dog park - like Wiggly Field in the Lakeview Neighborhood of Chicago - to roam free. Here, there is a better opportunity for control, and less neighborhood-wide roaming.

And, speaking for the dogs here in the South Edgebrook Neighborhood, on Mason and Marmora Avenues, we kind of like being attached to a leash. They actually make us feel most connected to the humans we love.

So please, you dogs! Get your humans to latch you up. OK!

Be safe!

Please read my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

2011 HOUSING RECOVERY? TIGHTER LENDING RULES MIGHT STYMIE HOUSING TURNAROUND THIS YEAR!

2011-01-05T13:14:25Z

For Home Buyers and Real Estate Practitioners alike, 2010 offered the opportunity to buy real estate, in Chicago and elsewhere, at prices not seen in ten years or more. Mortgage Interest Rates, in some cases, down near 4%.

Here in Chicago, and in most Chicago Suburbs, home prices have declined by as much as 50% in some neighborhoods over the past three years. Incredible values can be found, for those with good credit credentials, income, and solid down payment.

But many potential homebuyers are still very concerned about their chances for keeping their job, as unemployment here in IL has topped 10.5%. They read the press, see predictions of home prices continuing to tumble, and wait on the sidelines.

Now, new Federal Regulations being finalized in Washington may make mortgage loan requirements even more stringent. As reported by Chicago Tribune Reporter Mary Ellen Podmolik, yet-to-be-finalized provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, proposed requirements in the act will require mortgage lenders to hold at least five percent of the loans they originate, rather than selling the loans off entirely.

The objective here is to discourage risky investment practices. But, as a practical matter, many experts fear new rules might quash mortgage lending to all but those with strong, solid down payments. Some banks would call these high-down-payment loans "Qualified Residential Mortgages, or QRM's".

If banks make loans not qualifying under the definition of QRM, they will likely impose higher fees and stricter underwriting guidelines. And many first time homebuyers - those driving the Real Estate Market the last couple of years - may lack the funds to qualify.

Smaller community banks, who rely on local loans to many first time buyers may be most vulnerable to lost business - more vulnerable than larger banks with deeper pockets.

If such smaller banks fail, less competition for mortgage loans could result in less of an ability by consumers to shop around, along with the possibility of higher fees for everyone.

Couple these stricter guidelines for conventional loans with proposed increases in fees for FHA Loans, and those backed by Giant U.S. Mortgage Investors and Guarantors Fannie Mae and Freddie Mac, and new guidelines might just dampen a 2011 Housing Recovery, just at a time many are hoping such a recovery can continue.

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

1-1-11 - A NEW YEAR, AND A NEW BEGINNING!

2011-01-01T22:42:01Z

Saw an old rerun of Star Trek Enterprise the other night. About 2AM - on some out-of-town cable channel.

Not talking about the content of the Enterprise episode itself - only the Theme Song, "Faith of the Heart," sung by a fellow named Russell Watson -

"It's Been A Long Time, Getting from There to Here. It's Been a Long, Time . . . But My Time is Finally Near . . ."

2010 was a Crazy Year for me, my Chicago Real Estate Team, and my family.

A somewhat-resurgent year for us in terms of Real Estate revenue, despite the Chicago Real Estate Market continuing downward!
A re-committed Team, with a New Attitude, and Refined Goals!
A successful recovery, from the brink of financial near-disaster!
An incredible opportunity to Train and Mentor Others, as a new Associate Trainer for my Mentor Floyd Wickman, and his outstanding Team!
And, thanks to the magic of Facebook and other Social Media, made important re-connections past friends and co-workers. Indeed, these re-established connections have made an important, completely unexpected impact on my business, and my personal life!

Last year, for days - no, weeks - I would sit back taking it all in. Fearful of the changes. Taking them all in, and, at times, being paralyzed by the negative side. The pain of the uncertainty.

There were times, I now admit, it was difficult to focus on the positive. Namely, how my experiences handling adversity have brought me renewed strength to stand up to new adversities to undoubtedly come.

But, indeed, I have come to realize that ANY OF US can survive the tough times. All you need is the gumption, the resilience, the persistence- and the Faith - to stay the course, keep your standards high, and work hard, sometimes what seems to be unbearably hard, toward your goals.

I started my career as a Real Estate Practitioner 17 years ago. Our Team has enjoyed the sweet taste of success during the good times, and the more bitter pill of the handling fewer, and far more difficult, transactions, in recent months.

But . . . WE'RE STILL HERE! A bit tattered, but STILL HERE, while others have failed, and floundered, and fallen off the wagon!

Surviving adversity has given us the optimism to press onward. And the courage to plan for success that often follows what often seems like failure.

Indeed, what hasn't killed us, has made us stronger. Better! Far more skillful! And more prepared.

As I sit here - on 1-1-11 - I feel more empowered than I have for a long while - a couple of years, at least.

Because I have Faith of the Heart!

Indeed, "My Time is Finally Near!"

Is yours?

C'mon . . . let us know!

Visit our Chicago Real Estate Blog via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

FREEZE ON FORECLOSURES? POTENTIAL LONG-TERM CONSEQUENCES FOR HOUSING MARKET RECOVERY!

2010-10-12T08:20:26Z

Depending on where you live in Chicago, Foreclosures and Short Sale Properties could make up as many as four out of ten Real Estate Transactions today. Unemployment locally, and across the nation, remains high. Credit standards remain tight. And thousands of homeowners have long given up on attempting to keep their house payments current.

In IL, completing the process of a lender acquiring a residential property by means of foreclosure can often take nine months to a year, sometimes longer. But now, alleged shady processing practices among many of the largest banks in the U.S. have put thousands of forecloses on hold. Indeed, as reported by AP Writer Michelle Conlin, and seen in the Chicago Tribune, big names under question for possible sloppy work include JP Morgan Chase, GMAC, PNC Bank, and the Bank of America.

Indeed, B of A has suspended foreclosures in all 50 states over allegations of forged documents, slipshod title work, and vanishing trails of required paperwork.

During the moratorium, the lenders will have to review thousands of foreclosures to make sure proper legal procedures have been followed. In states across the country (not in IL yet, however), attorneys general and other lawyers have filed class action suits against mortgage lenders, alleging mass mortgage fraud.

On the surface, distressed homeowners could view the foreclosure suspension as a bit of a reprieve. They would have more time to live in their homes before having to move on. If they elect not to pay their home mortgages in the meanwhile, they could use their saved money to pay other debt they may have accrued.

For potential home sellers, fewer foreclosures on the market now translate to fewer fire-sale-priced competitors. This might actually, short term, stabilize home prices in some areas, struggling with multi-year price declines, on average.

Longer-term implications are a bit more concerning, however.

These processing errors will eventually be corrected. The result could be a flood of foreclosed properties, at reduced prices, flooding the market months from now. Some experts fear this can stymie an already-fragile economic recovery, and keep home prices low for an extended period of time.

Banks insist that initiated foreclosure proceedings were brought only against those homeowners legitimately behind in their house payments. Even if that is true, however, if the actual foreclosure procedures are eventually deemed fraudulent, these processed foreclosures would have to be restarted again, from scratch.

One possible victim here would be those now purchasing foreclosed, bank-owned properties at a deep discount. Some Title Insurance Companies, including Stewart Title and Old Republic National, have stopped writing title insurance for properties held by banks thought to have engaged in sloppy processing practices. Without clear title, properties cannot be sold to potential homebuyers or investors.

Indeed, on Orlando FL Real Estate Agent points out that 40 of her over 200 listed foreclosed properties - 20% - are impacted by the Foreclosure Freeze. Of those, 12 are under contract, but are unable to close until their foreclosure processes are re-investigated.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - "Detection Dogs" Sniffing Things Out in Some Home Inspections!

2010-08-20T01:01:51Z

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs!

This troubled U.S. Economy - High Unemployment (10.7% here in IL and across the Chicago Area) - has it impacted you? Hard? Having trouble making ends meet? Putting bones in the dish, so to speak?

I am relieved to say I am still the Customer Service Department for Dean's Team Chicago. When anyone has a beef, or if some of our less-trusting clients fail to see the value in our candid advice - I step in, sometimes bark a bit, and, more often than not, I set things straight for them.

But in case things ever get too tight here for me and my lil' sister, Gracie Ella Moss, we might be able to find new work in the Real Estate Business - as "Detection Dogs"!

As reported in the Angie's List Blog, with photos by Sara Cozolino, many inspectors are now employing specially-trained canines, some like you and me, to sniff out things like termites, bed bugs (ooooh . . . disgusting), mold behind walls, and even defective drywall.

Training for us dogs is tough - often, as many as 2,000 hours until we get certified. Then, in many states, we have to get re-certified once a year to do our job.

That's a lot of hard work, and considerable studying up, you dogs! But, if one of us dogs, with our ultra-sophisticated sense of sniff, is able to detect otherwise-hidden defects in a property a homeowner is considering, the savings to that prospective buyer, not to mention the headache, could be immeasurable!

The Angie's List Post follows a couple of Property Inspectors who employ trained detection dogs as routine. As of this writing, we know of no Chicago Area Home Inspectors who have hired such specially-trained canines. But the concept is strong, and the need is there.

So, perhaps soon, you'll be able to find a Home Inspector with a Detection Dog here in Chicago. Will this Lil' White Dog be one of them?

Well, that depends, I guess, on if Gracie and I need any additional bones to keep us adequately treated in the coming months!

Enjoy the weekend, you dogs!

Please read my post via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

IN CHICAGO, Foreclosures Impact Market Strongly, But Non-Distressed Homes Not Taking As Hard a Hit!

2010-08-08T23:51:27Z

Chicago Neighborhoods, like most other Real Estate Markets across the U.S., has seen considerable home foreclosures over the past several years. The sheer number has brought down price medians in many Chicago Neighborhoods and Suburbs.

The price drops have not been lost at the office that assesses property taxes across Cook County - the county which includes the City of Chicago and many Chicago Suburbs. So far in 2010, the Cook County Tax Assessor has reassessed four Suburban Townships north of the city. Each of the four townships - Evanston, Barrington, Norwood Park, and Niles - have shown median price decreases of over 20%.

In Niles Township, immediately north of the Chicago City Limits, Tax-Assessed Values fell 20.4% for this triennial reassessment period. All data compiled in an article in last Friday's Chicago Tribune by Real Estate Reporter Mary Ellen Podmolik.

The assessed value changes are based on a read on the market as of January 1, 2010. Numbers for the First Quarter, 2010, from the Cook County Assessor's Office, show some moderation of price drops, however - especially among non-distressed homes for sale.

Indeed, single-family sold units for the First Quarter jumped 25.1% versus the First Quarter, 2009, while the median price of a home sold across Cook County fell a modest 1.1% versus the prior year.

Of the 8.092 single-family homes sold across Cook County for the year ending March 31, 2010, 35.2% were either foreclosed homes, owned by the bank, or properties nearing foreclosure, or short sale transactions, where the property is sold for less than the outstanding mortgage balance. The median price of these distressed properties - $88,500 - 21% less than one year earlier.

However, of the conventionally-sold properties - not in or near foreclosure - the number of units sold rose 49%, while the median sales price fell only 6.7%, to $231,000.

Cook County Assessor Data includes all homes where a sale is recorded - those sold by Real Estate Practitioners, and those sold privately, or For Sale By Owner. In the City of Chicago, the median price of a non-distressed single-family home fell 6.5% between 2009 and 2010, to $252,000. For Foreclosures and Short Sales, price medians fell 23.8%, to $80,000.

In the North and Northwest Suburbs of Cook County, price medians year over year fell 7.4% for homes in distress, to $150,000. In the South and West Cook County IL Suburbs, the median prices for distressed homes dropped 23.5% year over year, to $173,000.

Frank Lefor, a Senior Research Analyst at the Cook County Assessor's Office, in Podmolik's article, sees annual price declines, to be sure. But the figures are not quite as dire if your property is sold conventionally. Perhaps, he points out, good news for many homesellers, but bad news for the banks now owning or soon to own distressed properties across Chicago and the Chicago Suburbs.

Please see our post at BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - Some Chicago Coffeehouse Shun High-Speed Internet for Patrons!

2010-08-08T21:51:59Z

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs! Have you been OK? I missed you all - have been on Dog Sabbatical, traveling to such exotic haunts as Livonia MI, Cincinnati OH, and Palatine IL.

I sure missed you - dog, human, or other species, and I am glad to be back!

Those of you who know me know I have few vices - The Chicago Cubs, Old Movies from the 1940's, Early Rock & Roll (especially songs from the late rocker I was named after).

And COFFEE! Java! Joe!

What? You're surprised a dog like me has taken up the caffeine habit? Well . . . hey, it beats smokin'! And the stuff helps keep me up when I am working late writing my blog posts, or servicing our Team's many clients.

But something crazy is going on at a couple of the Chicago Coffee Houses I frequent each week. It's so frustrating, even my normally-sedate friend Angus - my Boxer Bud from the Northwest Suburbs of Chicago - is getting a bit ticked!

It seems that some coffee houses - especially the smaller, independent ones - are pulling the plug on their High-Speed Internet Wi-Fi Connections!

Why?

Well, some folks settle down for a long while, milking a single cup of coffee, spreading out their laptop, notes, and accessories on a table that normally serves four, and camping out for the day! Some do work, but others spend the time checking Facebook, Tweeting on Twitter, or watching You Tube Video after You Tube Video.

And, as a dog who is also a successful businessman, I know this doesn't result in a lot of revenue to the coffee shops in question. It can reduce the revenue stream, actually, as Tweeters and Face Bookers commandeer tables that could be used by other, higher-ticket patrons.

As reported by Jessica Gyunn of the Los Angeles Times, as syndicated to The Chicago Tribune, many of the independent Java Houses began to offer free Wi-Fi several years ago to lure customers from Coffee King Starbucks, who used to charge for the service. Last month, Starbucks began offering Wi-Fi for FREE in most of its U.S. stores, and the competitive advantage the smaller shops offered began to lose its luster.

Customer reaction?

Ooooh . . . generally quite negative! However, as Jessica continues, many groups wanting to simply talk, rather than to surf, like the experience, as they can now more easily get table space to drink and chat. Some have defected to the now-free-Wi-Fi Starbucks, or competitive chains, such as Seattle's Best Coffee, who are ramping up their high-speed signals, and installing more electrical outlets throughout the store to accommodate power-hungry laptops.

As for me, my lil' sister Gracie Ella Moss, and the rest of us Chicago Blogging Dogs, no Wi-Fi in our favorite Coffee House is something we would have to get used to. I guess we'll have to do more work out of the Dean's Team World Headquarters, on the Mezzanine Level, on Montrose and Lincoln Avenues, in the Lincoln Square Neighborhood on the North Side of Chicago.

Or, perhaps we'll just pony up for one of those 4G WiMax Cards, and sit in the park, with the rest of you dogs, and type away.

That might not be a bad idea, you know. If we work more in the park, we won't have as far to travel if we have the urge to mark!

Have a productive week, you dogs! Tell your humans to relax a bit. Stay unplugged! And wake up and smell the coffee!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - Chicago is Blackhawk Town Now . . . No Matter Which Side of Town You Come From - North Side or South Side!

2010-06-13T23:52:33Z

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs!

You know, for as long as I have been around - and I'm nearly 5 years old now - there has always been two sides to Chicago, my home town, and my fave city.

There's the South Side. And there is the North Side.

And, as you may know, I am a North Side Dog! True and True! Bluer than blue!

In this weekend of the Chicago Crosstown Baseball Classic, you likely know where my loyalties lie - with the Men in Blue. Those Chicago Cubs, and their North Side Baseball Haunt of Beautiful Wrigley Field.

What??? Some of you dogs like the Chicago White Sox? Those Pale Hose? What have they done for your lately . . . except, perhaps, win the World Series, just about five years ago!

The Cubs? You know they won the World Series too, you know! It's just that nobody alive today - canine or human - can remember that feat. It happened a while ago, you see. A long while! 1908, to be exact. 101 years ago!

So, folks . . . is there any common sports ground that both we North Siders, and you South Siders, can truly share.

Indeed, there is - The Stanley Cup Champion Chicago Blackhawks! Last week, our Beloved Hawks brought home Lord Stanley Mikita's Cup for the first time since our Team Leader, Dean Moss, was about my age. That was 1961! Back in those crazy hockey days, no real goalie wore a mask. And no player would don a helmet!

Truly, a long time ago!

But tonight, at Wrigley Field in Chicago, before the final game of the Crosstown Classic on the Northside. The Hawks brought the Stanley Cup home to Cubs Fans. And White Sox Fans. And all of Chicago!

They posed for an incredible picture on the Wrigley Field pitchers mound. The photo, featured in this Chicago Tribune story tonight by Dave Van Dyck, will live in our hearts and minds forever..

The Chicago Cubs won the game tonight. Cub Left-Handed Pitcher Ted Lilly nearly pitched a No Hitter.

But most Chicago Fans in the stands tonight at Wrigley were thinking hockey. And a Championship Victory.

And it really didn't matter what side of town you came from!

Chicago . . . be proud! We won, and it's not very often that happens around here.

Go Hawks! Congratulations on bringing the Stanley Cup back home to Chicago!

Please see my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

WALK AWAY? New Survey Shows 40% of Underwater FL Homeowners Would Consider It? But in Chicago?

2010-06-07T22:55:57Z

Here in Chicago tonight, we're all singing "Here Come the Hawks . . . the Mighty Blackhawks . . . "

Sorry, Philly - Chicago Blackhawks in 6!

Back in the day . . . say, 2006 . . . few homeowners would consider simply walking away from their home, even if they couldn't keep up on their mortgage payments. Why should they? Likely, they could easily sell their homes at a small to modest profit, no matter their original equity position.

Fast forward to 2010 - a scant four years later!

For many, especially in the heavily-declining Florida Real Estate Market, home values have fallen 40% or more. Those who purchased with little money down during the Housing Boom are in a serious negative equity position - they are underwater, owing far more on their mortgage balance than the likely amount they could sell for today.

With little invested originally, the reality of having to bring considerable money to the table in order to close conventionally, and the often-mind-wrenching status of being out of work and unable to keep up with day-to-day living expenses, more and more underwater homeowners, it seems, are simply considering walking away these days.

In a study conducted by Harris Interactive, for Trulia and RealtyTrac, as reported by Paul Owers of the Orlando Sun-Sentinel, over 40% of distressed, underwater homeowners surveyed would consider leaving their home rather than working out a loan modification or other forbearance with their lenders.

The choice many have, it seems, is either to sell at a staggering loss, or simply stand pat, and not move, until the market improves. If they are not able, or not willing, to take either path, many have already decided to simply pack up and leave.

Rick Sharga, of RealtyTrac, a Foreclosure and Pre-Foreclosure Identification and Compilation Service, feels part of the frustration underwater homeowners harbor involves the callousness of their lenders toward their situation. Only a small percentage of troubled homeowners have qualified for loan modification or work-out programs. Many who have contacted their banks feel they are not sincere about helping them. Thus, they often harbor little guilt about pulling up and leaving, with the lender holding the bag.

The walk-away decision comes despite the considerable negative impact a foreclosure can have on a homeowner's credit score, as well as the old stigma of losing one's home to the bank.

Many economists don't expect the Real Estate Market in the most depressed areas - including the hard hit states of FL, CA, AZ, and NV - to improve dramatically for another two to three years. The prospect for home equity reversal, therefore, does not appear on the horizon near-term.

Further, RealtyTrac suggests high foreclosed and pre-foreclosure inventory is likely to continue for some time. The company has compiled a list of nearly 800,000 foreclosed, bank-owned properties. Fewer than 30% are currently on any local Multiple Listing Service, available for sale.

Here in Chicago?

Walk-aways are not rampant here as they may be in the most hard-hit Real Estate Markets. But, in some Chicago Neighborhoods and Suburbs, price drops from our market peak in 2006 have been in excess of 40% - especially true for certain Chicago Condominiums.

That could make desperation walk-away something more homeowners consider.

Please view our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

This Weekend in Chicago - June 5-6, 2010

2010-06-06T23:52:01Z

There is SO MUCH to do in Chicago each Summer!

Here's a rundown of Chicago Weekend Events and Festivals, courtesy of our Team Member, Sue Moss.

Millennium Park opens its "fest" season this Saturday and Sunday with the Chicago Gospel Music Festival. Three stages will be featuring more than 50 performances by such gospel greats as Kathy Taylor, Hezekiah Walker and Love Fellowship Choir, Kenny Lewis and One Voice with JJ Hairston, and many others. Take a break and stretch your legs by browsing through some art fair offerings before the next performance.

The Lincoln Square neighborhood is hosting its 11^th annual German "fest" this weekend with Mayfest Chicago located at 4700 N. Lincoln Avenue. The usual heaping plates of German food and steins of beer will be available for purchase. So kickback, listen to some live music while enjoying your meal!

The Roscoe Village neighborhood is hosting its 4^th annual June Jam "fest", which marks the end of the school year at Hoyne & Cornelia Avenues (3500 N. Hoyne Avenue) and held partially on the grounds of Audubon School. Food and drink vendors will be on hand as well as party bands on Saturday (Too White Crew) and Sunday (Sixteen Candles) along with plenty of kids' activities.

The Wicker Park neighborhood's "fest" this weekend is the Do-Division Street Fest and Sidewalk Sale located at 2000 W. Division Street. On a 10-block stretch of Division Street, you'll find food and beer vendors, DJs, live music, lots of alfresco shopping on hand, and special areas for kids and pets. The fest extends from Leavitt Street to Damen Avenue, while the sidewalk sale is between Ashland Avenue and Leavitt Street.

Art fair "fests" taking place this weekend are: Eastside Millennium Art Festival located at Michigan Avenue and Lake Street in the Loop featuring works by 150 juried artists, and the 57^th Street Art Fair located at 57^th Street and Kenwood Avenue in the Hyde Park neighborhood and billed as the oldest juried art fair in the Midwest!

This Saturday, between 9:30 a.m. and 12:30 p.m., Cubby Bear Wrigleyville located in the Lakeview neighborhood at 1059 W. Addison Street, will be hosting a kid-friendly benefit at its Wake Up and Boogie Down Family Festival. This benefit includes food, music, balloon animals, face painting and giveaways. A great way to spend some quality time with your kids!

Lastly, the next events are not actually "fests" but rather "benefits" for great causes and worth mentioning -

A tour of eight Wrigleyville bars will be hosting a benefit for Children's Memorial Hospital with their Chicago Mustache Bash this Saturday from 1:00 p.m. to 9:00 p.m. starting at the Rebel Bar & Grill in the Lakeview neighborhood (3462 N. Clark Street). Besides food and drink specials, prizes will be given to those with the most creative and best real mustaches! I wonder if this includes women as well?

United Airlines will be hosting a benefit for Lincoln Park Zoo with their United Run for the Zoo this Sunday at 8:00 a.m. The 5K run or walk, or the 10K run, will benefit the zoo's animals and conservation programs. Afterward, top finishers will receive awards. And at 10:00 a.m. there's a Hawk Hustle for the kids!

And . . . don't forget those Chicago Blackhawks in the Stanley Cup Finals! Will they go all the way this year? (Chicago Cub Fans - please refrain from answering right this moment!)

See Sue's This Weekend in Chicago Blog Archive, via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Chicago Neighborhood News - June 5, 2010

2010-06-06T23:41:42Z

Good Evening, folks!

Here's our Team Member Cathy Maller's latest update on Chicago Neighborhood News. Today, Cathy fills us in on things happening in the Chicago Neighborhoods of Norwood Park, Lincoln Park, The West Loop, and Lincoln Square, as well as the Chicago Suburb of Naperville IL.

It's Summertime in Chicago! Have you a local event in any Chicago Neighborhood or Chicago Suburb you would like us to help publicize? Let us know, and we will help!

Dean's Team offers the Number One Rated Active Rain Blog in the City of Chicago!

NORWOOD PARK

Chicago's new travel website recently released. The site focuses on neighborhoods with over 2000 reference sites discussing the individual neighborhoods. Norwood Park is one area that was featured especially local medieval armor shop, Knights Edge.

LINCOLN PARK

The old Lincoln Park Hospital closed a while back in the Lincoln Park neighborhood. Business partners Michael Supera and Richard Zisook have filed a zoning application to renovate the property with 330 residences and 33,000 square feet for retail space. Alderman Vi Daley wants to bring concerned neighbors and the developers together to come to a consensus.

THE WEST LOOP

Hubbard Street Dance's rehearsal space is located in Chicago's West Loop. On Thursday, the local dance troupe will begin their summer season engagement at the Harris Theater for Music and Dance. The group is set to debut two new products, "Untouched" and "Deep Down Dos."

LINCOLN SQUARE

Lincoln Square is set to get some new visitors every Thursday evening from 4-8pm in Giddings Plaza. The Lincoln Square Chamber of Commerce announced that the Tuesday morning farmer's market will also be extended to Thursday evenings during the farmer's market season. Most of the same farmers are expected to be in attendance both days. The Thursday market will be in the parking lot near the El station.

NAPERVILLE

Dining out takes on a whole new meaning when the warmer months come to the Chicagoland area. Naperville is no different especially with local restaurant Meson Sabika. The outdoor patio seats up to 200 and Meson Sabika also offers a dog menu. According to manager, Adam Luperini, "It's the idea of embracing the good life."

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

Lil' Buddy's Blog -"Tough Economy" Puts Chicago Buckingham Fountain Rehab On Hold!

2010-06-06T23:31:17Z

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Good Evening, you dogs! Taking a break from celebrating the latest Chicago Blackhawks Stanley Cup victory to write a brief post on one of the true Icons of Chicago, and the struggle to modernize it in tough economic times.

The Buckingham Fountain, in Grant Park at Congress Parkway in Downtown Chicago, has been a symbol of the City of Chicago, on everything from travel posters, to picture postcards, to the opening sequence from the Married . . . with Children TV Series.

Built back in 1927, and dedicated by millionaire philanthropist Kate Buckingham to the memory of her brother, the iconic Chicago Landmark Fountain is operating daily, but in need of a much-delayed rehabilitation. The total cost of the re-do - topping $25 Million.

So far, the Chicago Park District has spent roughly $13 Million restoring the plaza and landscaping surrounding the fountain. However, as reported by Glenn Jeffers in the Chicago Tribune, the renovation of the massive fountain itself, with its original pump and much original infrastructure, has been put on hold for the time being.

Although the renovation project cost is to be split equally between public an private sources, up to $4 Million in State of IL Funds have been delayed, as the state has failed to commit financially to the modernization. A bill that would award $30 Million to the Chicago Park District, to go toward renovating Buckingham Fountain and other parks across Chicago, has stalled in the IL State Capital of Springfield.

The work yet to be completed includes rebuilding the massive 280-foot-diameter outer basin, renovating the original pump house, and applying a protective treatment to the fountain's marble finishes and bronze sculptures.

Buckingham Fountain renovation money is also coming from non-profit The Parkways Foundation, which spearheads parks improvements. They have raised roughly $2 Million of the $4 Million they pledged toward the project. Another $8 Million is coming from the Kate Buckingham Endowment, the fund created by the fountain's original benefactor, over 80 years ago.

A portion of the admission fees for this Summer's Lollapalooza Music Fest will be earmarked for Fountain Renovation. Parkways is also selling Premium Donor Plaques for each of the 100 benches situated on the plaza surrounding Buckingham Fountain, for $10,000 each. Tours of the historic Pump House, to be offered each Friday through this fall, will raise $50 per ticket.

Fountain advocates predict shortfall funds will be raised, and work will be completed after the Buckingham Fountain closes its 2010 season in October.

All of this shows, you dogs, that in tough economic times, public spending on such park improvement projects - even those involving a local icon- take a back seat. In more prosperous times, the IL Funding might have been received already, and the work now on hold, completed.

Enjoy your week! If you get a chance . . . visit Buckingham Fountain! All us Cool Dogs do!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Some Positive Numbers, But Chicago Real Estate Market Remains Sluggish!

2010-06-04T00:54:43Z

There is something wrong with this picture! Still is!

Across the U.S., and here in Chicago, Mortgage Interest Rates remain under the attractive 5% level for 30-year Fixed Rate Loans. Some rates hug 4 5/8%!

Even with the low rates, however, according to the Mortgage Bankers Association, as reported in the Chicago Tribune by Mary Ellen Podmolik, mortgage applications for new and resale homes stand at 13 year lows. Last week, mortgage applications for purchase of homes (not for re-finances) fell 4.1% over the previous week.

Figures from the National Association of Realtors on Pending Sales - homes on which signed contracts were placed, but not yet closed, increased 6% in April. Many attribute the final month of the Fed Homebuyer Credit, which offered as much as $8,000 to first-time and some repeat homebuyers when they buy a new or resale home, as the reason for the numbers spike over the last few months.

Most Real Estate Practitioners expect a falloff of Pending Sales when May numbers are released later this month.

So . . . what's happening? And why does Moody's Economy.com predict home sales will fall nationwide by 6% during the Third Quarter this year, versus the Second Quarter, before possibly picking up by the end of 2010?

Here in Chicago, our Team points to high inventory as the culprit - in virtually all price categories, Chicago Neighborhoods, and Chicago Suburbs. We're seeing distressed inventory - bank-owned foreclosed properties and short sale pre-foreclosures - drawing down average sales prices. Many cheaper-priced distressed properties in a neighborhood bring down appraised values, and often scuttle otherwise-solid deals.

Inventory of conventionally-sold, non-distressed properties remains high as well, as some homeowners who still have equity stick to unrealistically-high asking prices, and their often-fearful Listing Agents refuse to challenge them to reduce their price points. These homes don't sell, while more realistic sellers see their prices drawn down by intense competition.

And Real Estate Practitioners are finding it more and more difficult to correctly price homes in a shifting market. In an environment where many buyers wait on the sidelines expecting further price reductions, even pricing aggressively based on current comparable price data is difficult.

Chicago Condominiums in wide-ranging city neighborhoods are selling for half as much as they sold for at the peak of the housing boom here, in 2005-2006. And those that do sell are usually in ultra-prime condition, and in buildings with the most stellar financial resumes.

Investment Properties - small to larger residential apartment buildings - see a reduced pool of qualified buyers as banks are less likely to lend money to all but experienced, successful landlords. Buyers with high cash seem few and far between - and they want a big discount on their high-down-payment purchase!

And with sellers getting severely battered in the price they receive for their home or condo, they expect to make their own losses up when they go to buy - or, they often walk away!

One Indicator here in Chicago that has shown little improvement has been our Unemployment Rate - averaging 10.7% in Cook County, the county which includes the City of Chicago. We tell our seller clients that if it's Friday, and a buyer is fearful about having his job come the following Monday, he is not likely to buy a new house over the weekend!

Some positive numbers here in Chicago? Indeed!

But, apparently, not quite positive enough to turn Real Estate around here. Yet!

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

AAHHHH . . . COOK COUNTY POLITICS Plays A Bit of Volleyball with AZ Immigration Law!

2010-06-03T18:31:17Z

Good Evening, folks!

Here in Chicago, we're still crying in our Old Style Beer over the Chicago Blackhawk loss to the Philadelphia Flyers in Game 3 of the Stanley Cup Finals last night. The Hawks still lead the series, but now only by a 2 to 1 advantage.

Are we nervous? Naaaahhh!!!!! Well . . . maybe! This is CHICAGO, you know!

The new Arizona Immigration Law, which gives AZ Police, in certain situations, the authority to question, check identity documents, and detain those officers may consider "illegal aliens" has drawn harsh criticism from across the country.

President Obama decries the new law. Several state and municipal governments across the country, California being the largest, have threatened boycotts of firms based in Arizona. Radio talk shows have been abuzz with what many consider blatant "racial profiling," while others consider it a just action toward solving a serious immigration problem.

The latest stab at a boycott against AZ comes from the Cook County Board of Commissioners (Cook County IL includes the City of Chicago).

As reported in the Chicago Tribune by John Byrne and Hal Dardick, the new law, as originally introduced, would have forbade new Cook County contracts with companies based in Arizona. However, the final version, approved by a 10 to 6 vote of the County Board last Tuesday requires the board to directs the county to avoid contracts with Arizona-based companies only if there are other, cheaper options elsewhere. The Cook County Boycott would continue until the AZ Immigration Bill is repealed.

The issue, commissioners contended, was a matter of "civil liberties."

Apparently, however, practicality won out over "civil liberties" later in the same meeting, however. The Cook County Board subsequently voted to award a sizable contract to install and maintain Red Light Enforcement Cameras at intersections in Unincorporated Areas of Cook County to Scottsdale AZ-based American Traffic Systems.

Well . . .???

See our post today, please, via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

CHICAGO WATER TAXIS! Commute to Work by Boat, All Summer . . . and Beyond!

2010-05-31T14:15:14Z

Enjoy the Memorial Day holiday, folks!

But as you're enjoying your BBQ, your beer, and later on, Game 2 for the Chicago Blackhawks in the Stanley Cup Finals, take a minute or two to remember the true meaning of the holiday. Many have died in service of our country, just so you can enjoy the freedom we all take for granted today. Please . . . honor them!

Do you work in Downtown Chicago? The Chicago Loop?

If you do, you have several options for getting downtown each day. The least pleasant, especially during the annual Chicago ritual of Major Road Reconstruction, is driving to work. But the stress level, the cost for gas, and the usurious charge for parking in The Loop, might dissuade you from selecting this option.

Many choose the CTA El, or METRA Chicago Suburban Commuter Trains - generally, better alternatives than the automobile.

A growing number of Downtown Chicago Commuters are now finishing their commute by boat, as Water Taxi Service on the Chicago River seems to have taken off this summer season.

As reported by Jon Hilkevitch today in the Chicago Tribune, one Taxi Operator, Shoreline Sightseeing, just added a new double-decker boat, the "Lickety Split," ehich can carry up to 109 passengers - more than double than the 43 commuters it's old, Navy-surplus taxi could carry.

Shoreline now operates a flotilla of 11 Chicago Water Taxis, which began operation early in May.

Water Taxi Service in Chicago took a bit of a hit as the recession, as fewer passengers opted for taking them, as well as other sightseeing tours of Chicago from the Chicago River and the Lake Michigan Shore. But business is coming back - visitors and commuters alike - as the water service is not that expensive, only $2 to $7 each trip.

About 200 commuters and visitors enjoy the Shoreline Water Taxis each day - a total of about 1,000 daily boat passengers ride either the taxis or the sightseeing boats they operate. Service runs from the Chicago River near Union Station, the Willis (Sears) Tower, and the Ogilvie Transportation Center (Union Pacific METRA Station), and runs to the Michigan Avenue Bridge. Separate runs head to Navy Pier.

Shoreline Sightseeing Cruises depart Dock Street at Navy Pier, heading to view the world-renown Buckingham Fountain, Monroe Harbor, and the Museum Campus - by the Adler Planetarium, Shedd Aquarium, and Field Museum of Natural History.

Larger, and older, Water Taxi and Sightseeing Operator Wendella Boats is celebrating 75 years in service this year. Their Chicago Water Taxi Service carries upwards of 2,000 passengers each day, plus an additional 3,500 sightseeing and tour passengers. They also offer a special tour to Chinatown in Chicago, near Cermak Road and the Chicago River, each weekend this summer.

Water Taxis in Chicago are typically first on the river each year. Most are heated, running between St. Patrick''s Day and late December - weather permitting, of course!

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

CHICAGO CONDOMINIUM SNOWBALL! Distressed Condo Units Hamper Closed Sales, and, In Turn, Create More Distressed Inventory!

2010-05-30T23:56:27Z

Tighter lending guidelines have made it tough, in many cases, for the average Chicago Homebuyer to procure mortgage financing to buy a home. Often, however, the task of financing a condominium or townhome in Chicago is even more difficult.

As our Team has found in recent months, many condo buildings, in average to more affluent areas, harbor multiple properties whose owners are in financial distress. Owners behind in their mortgage payments are often behind in their payment of monthly homeowner assessments as well. If too many units are in arrears, lenders may refuse to offer a mortgage against any unit in the same building.

As outlined by Chicago Tribune Reporter Mark Pearlstein, guidelines for both low-down-payment FHA Loans, and Conventional Loans backed by Federal Mortgage Guarantor and Investor Fannie Mae, require that no more than 15% of units be more than 30 days late in their assessment payments.

For smaller buildings, like the two-bedroom ground floor unit, in a ten-unit building, we currently have under contract in the Rogers Park Neighborhood of Chicago, as few as two units behind in their assessments can potentially scuttle an in-process deal.

Right now, one unit in the building is behind - but another is a couple of weeks late on their last month's assessment already, and it is not likely they will pay current by the end of the month.

So what happens to an otherwise-solid deal due to this unplanned-for turn of events? Well . . . it could get derailed!

Often, underwriting guidelines are not flexible - and, if they are not met, they are not met! The loan gets disapproved, not on the merits of the condo buyer, but rather the strength of the building itself. Seems like common sense, but, if you are a seller trying to avoid a distress-sale situation yourself, it seems like just another unsurmountable obstacle!

We've encountered other situations where the association has filed suit for back assessments, plus fines and legal fees, against a tardy unit owner. Other association suits attempt to obtain physical possession of the unit, in order to rent it out use the rent to recoup lost assessment revenue.

Again, according to FHA and Conventional Guidelines, such a suit must generally be satisfied of settled at or before closing in order for the unit buyer - or, for that matter, any buyer in the complex or building, to receive loan approval.

Other stumbling blocks to approval - inadequate building reserves, pending special assessments, or long-term capital repair or improvement projects, even if they are already in place.

Here in the North and Northwest Side of Chicago Neighborhoods we serve with great frequency, any impediment to financing approval can quickly kill a deal, and add more distressed inventory to the building. This added inventory, per the guidelines, has no chance of being sold.

SNOWBALL, it appears!

This is happening with greater frequency in condo buildings we see and list. It further delays Real Estate Market Recovery, and keeps other, potentially qualified new buyers from closing and taking possession of their new condo homes.

Perhaps this is one of several reasons why Chicago Condominium Sales, especially in the outlying, less-expensive Chicago Neighborhoods, continues very sluggish.

Please see our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

THIS WEEKEND IN CHICAGO - Memorial Day Weekend, 2010!

2010-05-28T20:10:30Z

Good Afternoon, folks!

The first big holiday weekend of Summer, 2010 has hit Chicago, and there is so much to do around town, not including the President Obama Watch in the Kenwood and Hyde Park Neighborhoods on the South Side of Chicago!

Our Team Member, Sue Moss, provides a rundown.

Soldier Field 10 Mile is an annual race sponsored by Fleet Feet, and gets started at 7:30 a.m. this Saturday outside Soldier Fieldlocated at 1410 S. Museum Campus Drive. This event also features a 2-mile fitness walk and a kids' race, with post-race festivities inside the stadium, so be sure to stick around.

Bike the Driveis an event where cyclists take to Lake Shore Drive (no auto traffic for five hours) for a 15- or 30-mile non-competitive ride. You can begin the course this Sunday between 5:30 a.m.-9:00 a.m. Afterward, head on over to Butler Field in Grant Park for a post-ride bash from 8:00 a.m. to Noon with live music and an all-you-can-eat pancake breakfast for $7.00 extra. Sounds like a great deal to me!

Chicago's Memorial Day Parade and Wreath Laying Ceremony is scheduled for Saturday with the Wreath Laying Ceremony at 11:00 a.m. at the Eternal Flame on Daley Plazain Chicago at Dearborn and Washington Streets, and the parade following at 12:00 p.m. at 200 N. State Street, which features marching bands, veterans' groups and Gold Star Families. You certainly don't want to miss this parade billed as one of the largest in the country!

Norwood Park Memorial Day Parade is a patriotic tradition by this Chicago neighborhood that has continued undisturbed for over a century. The parade starts off from Onahan School located at 6634 W. Raven on Monday at 11:00 a.m., and brings out the entire community!

Fete for the Vets held at The Tin Lizzie in the Lincoln Park neighborhood at 2483 N. Clark Street, will have guest bartenders who have served in the armed forces slinging up drinks this Saturday from 11:00 a.m. to 3:00 a.m. ALL tips will benefit veterans and their families, so get our there and have one for a Vet!

Randolph Street Market Festival officially opens this Saturday and Sunday for its 7^th annual European-style fair with themed mini-markets, a pet-friendly outdoor market, kids' activities and more. This festival is located in the West Loop neighborhood at Randolph and Ada Streets (1350 W. Randolph Street). Also, get free admission on Sunday if you participate in Bike the Drive!

Belmont/Sheffield Music Festival now in its 26^thyear will feature local, regional and national bands this Saturday and Sunday. This popular street party is held at Sheffield and Belmont Avenues (3200 N. Sheffield Avenue) in the Lakeview neighborhood.

The Arboretum of South Barrington Memorial Weekend Block Party is an all-day event which features live entertainment including performances by the 10,000 Maniacsand Michael McDermottthis Saturday from 9:00 a.m. to 10:00 p.m. in South Barrington at Higgins and Route 59 (100 W. Higgins Road), which is a suburb of Chicago. This 2^nd annual block party also includes food, shopping, rides, face painting and more. But, more importantly, this event will benefit the Heart of the Marine Foundation and spread awareness about the Juvenile Diabetes Research Foundation International!

Chicago Gaelic Park Irish Fest is an annual event which features live music, storytelling, theatrical performances, kids' entertainment, Irish merchandise and much more! It even includes unlimited carnival rides!! This fest is located in Gaelic Park at 6119 W. 147^th Street in Oak Forest, a suburb of Chicago.

Memorial Day Fireworks at Navy Pier kicks off its season on Saturday at 10:15 p.m. at Navy Pier located at 600 E. Grand Avenue with a spectacular display of colorful fireworks that are synchronized to the music of soundtracks and runs all summer long!

So, on this Memorial Day weekend, as you are out celebrating with family and friends, please take a moment to honor all our Veterans who gave the ultimate sacrifice in defense of our country so we can enjoy wonderful events such as those taking place this weekend.

Special Sports Announcement:

Stanley Cup Finals -- Chicago Blackhawks vs. Philadelphia Flyers

Game 1, Saturday, 7:00 pm., NBC

Game 2, Monday, 7:00 p.m., NBC

This is the Blackhawk's First Appearance in the Stanley Cup Finals in 18 years, so, please . . . ROOT THEM ON!

Here's a link to Sue's This Weekend in Chicago Blog Archive, via BlogChicagoHomes.com.

Enjoy the Holiday Weekend, Chicago Style!

DEAN MOSS & DEAN'S TEAM CHICAGO

Chicago Neighborhood News - May 28, 2010

2010-05-28T10:25:39Z

Good Morning, folks!

We're gearing up for a beautiful weekend in Chicago - not too hot, not too cool, and some great Stanley Cup Playoff Hockey involving the Chicago Blackhawks at the United Center on the West Side.

This week, in her Chicago Neighborhood News Post, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Portage Park, Lakeview, The Loop, and Old Town, as well as the stately Chicago Suburb of Oak Park IL.

Have any special Chicago Neighborhood event planned this summer? Let us know, and we'll help you spread the word. Dean's Team offers the Number One Rated Real Estate Blog in Chicago!

PORTAGE PARK

When walking through Portage Park it's hard not to consider taking an architectural tour of the area. Included in this area is the American Institute of Architects Prairie School house of Karl Stecher. The home was designed by Walter Burley Griffin who was a student of Frank Lloyd Wright. Most notable on this home are the horizontal board and batten siding on stucco surface and corner windows with geometric mullions.

LAKEVIEW

Come out to Uncle Fatty's this Friday night to meet Ludacris after his concert at De Paul University. You have to be quick to get the early bird tickets. Once the first 50 are sold, then you go to the "not so early bird" tickets which are limited to the next 100. There will be celebrity guests joining at this after party including cover band "Lt. Dan's New Legs" and DJ Dante the Don.

THE LOOP

Sue the Dinosaur at the Field Museum is celebrating her tenth anniversary. This week was the grand opening of the summer exhibit, Robo-Sue. The show walks you through the evolution of Sue's life and discovery into a 3-D experience. Be warned, though, the animatronics are interactive so don't get too close to the triceratops or Sue herself.

OLD TOWN

When visiting Chicago, a lot of times people want to get an insider's view of the local neighborhoods. The service is completely free and is offered by city-wise volunteers who want to share their knowledge of Chicago's neighborhoods. There are more than 25 neighborhoods and 40 areas of interest which include Film, Ethnic Chicago, Fashion and Art. This weekend the Old Town Instagreeter Outpost will be located at Second City, 1616 N. Wells Street. The size of the groups are limited to six and are taken out first come, first served.

OAK PARK

Oak Park trustees continue to support green initiatives throughout the city by proposing a free parking ordinance. Anyone who drives an electric car would receive two free hours of parking on public streets. For monitoring purposes electric cars would not be able to park in the parking structures. To qualify, the vehicles must be licensed by the Secretary of State and would have a special permit issued to identify them.

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

NEW PROGRAM FOR VIOLATORS OF CHICAGO YOUTH CURFEW - Send Them to the Parks!

2010-05-28T10:08:21Z

Historically, kids who break the Chicago Curfew for those under the age of 17, especially in some of the toughest neighborhoods in Chicago, are rounded up and sent to the closest police station. Curfew here begins at 10PM each weeknight, Sunday through Thursday, and at 11PM Friday and Saturday, all through the year.

Now, Chicago Mayor Richard Daley wants to shake things up a bit! The story was reported by Chicago Tribune writer John Byrne.

Effective immediately, The Mayor is starting a trial program geared at introducing to youths alternatives to hanging out in the streets. Parents of children who violate the Chicago Curfew Law will now have to pick them up at select Chicago Parks. While there, the kids and their parents will have to speak with Chicago Neighborhood Relations Officers about youth programs available through the Chicago Park District.

Parks becoming Curfew Pickup Sites include those on the South Side of Chicago - Ogden Park, on the 6500 Block of South Racine Avenue, Harris Park, at 6200 S. Drexel Boulevard, and Piotrowski Park, at 4247 W. 31st Street on the Southwest Side of Chicago.

Perhaps parks are less intimidating environment than a police station for creating positive habits. And new positive habits will have a lasting impact on how young folks in Chicago structure their leisure time.

Here's a link to today's post via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO