Dean's Team Chicago Real Estate Blog

Lil' Buddy's Blog: The Surf Ballroom, Clear Lake Iowa - A "Dog on the Road" Report

2008-07-04T15:55:25Z

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

Hey, you dogs! Hope you're enjoying the Fourth of July Weekend.

Please - BE SAFE TONIGHT! I want to make sure you still have four paws tomorrow!

As for me - I just got home - from a road trip - my first, as a young dog. We journeyed nearly 950 miles, in my Little Silver PT Cruiser, visited some close friends and a mentors of ours in Minnesota and Iowa, and made a very interesting stop on the way home. We visited a small Northern Iowa town called Clear Lake.

Right in town, across the street from the lake itself, at 460 N. Shore Boulevard, sits a small ballroom - The Surf. It's been there since the late 1940's (an earlier version of The Surf, I learned, burned down in 1947). You might even drive right by it without noticing it - as we did first time.

The Surf Ballroom has held many dances and concerts over the years - from Big Band to Country to Rock. In fact, it STILL hosts performances today!

But one of its most remembered performances occurred the night of Monday, February 2, 1959. That's a long, long time ago - even in dog years! You know, my great, great, great, great dogfather wasn't even born yet! Team Leader Dean was not even three years old.

It was on that storied night that Three Rock and Roll Stars - Buddy Holly, Ritchie Valens, and J.P. Richardson ("The Big Bopper") played their final show of their young lives. Early in the morning on Tuesday, February 3rd, a chartered plane they were flying in, piloted by local pilot Roger Peterson, crashed just a few minutes after take off 5.2 miles northwest of the Mason City Airport nearby.

The three weren't the first stars of the relatively-new rock music scene to die tragically. Nor were they the last.

But, even today, nearly 50 years later, their story lives on. In Don McLean's "American Pie" - the Number One Song in 1972. In the 1979 Buddy Holly Story Movie. In La Bamba, the 1987 movie about the life of Ritchie Valens. and in Larry Lehmer's 1997 book, The Day the Music Died.

My Human Dad Dean sung these song lyrics to me, from that hit "American Pie" song: "A Long, Long Time Ago, I Can Still Remember How That Music Used to Make Me Smile . . ."

Buddy Holly, as you know, is my namesake. That's my connection to this place, and my reason for visiting here.

The Surf is old, but surprisingly much the same since it's 1940's heyday - it's trademark South Seas Motif, its vintage booths, malt-shop café, and pineapple wallpaper - they're all still there!

The outside look is virtually the same - including it's Aqua Blue Channel Lettered Sign (only the Three Stars Granite Memorial to the right of the front door is changed, it seems - I asked my Human Dad to give me a boost so Mom could take this digital picture).

Even the old coat check room is much the same as it was in 1959, as folks checked their heavy winter overcoats on a cold night in February, 1959 for what has to have been a memorable final Buddy Holly performance.

The pay phone that Buddy and Ritchie used to call back home still exists, although it has been relocated to the front lobby, and placed behind Plexiglas. The hand sinks where Buddy washed his shirts, and the overhead hooks where he dried them - because the local dry cleaner had already closed for the evening - are still there. So is the old "Green Room," today loaded with autographs to the famous, near-famous, and not-so-famous who have since visited this local legend.

It at once seems a shame, and inspiring, that the lives of these late musicians were snuffed out too early, yet they laid the ground work for many, many other successful rock artists to follow. Buddy Holly alone had his many hits, including "Well, All Right," "Rave On," "True Love Ways," "Not Fade Away," "Words of Love," "Raining in my Heart," and many others recorded and sampled by The Beatles, The Rolling Stones, Santana, and Linda Ronstadt, to name but a few.

Ritchie was the first truly successful Latino rock performer. Even J.P. Richardson, "The Big Bopper," left a bit of a country and rock legacy with his "Chantilly Lace" and "Big Bopper's Wedding" hits.

Buddy, Ritchie, and J.P represent a simpler time, during rock music's infancy. There was no political agenda to lyrics. No call to violence. No graphic descriptions of "getting it on."

Look on the web for video clips of the time, and you'll find that rock n' roll was simply regarded as kids music. As a passing fancy. A fad.

Can you imagine what those Three Stars from the early rock days would say if they were only around to see how things are now? Oh, Boy!

On the way out of town, Dad, Mom, and me stopped at the local Culver's Hamburgers aside Interstate 35. There, over a cool dish of water and a couple of Meaty Bones, Dad got a little teary eyed. He felt like some true devotees might when they go to Graceland, home of that other famous rocker down in Memphis TN.

What happened at The Surf, and in Clear Lake IA, is a part of our past, and a bit of a reflection of how far we've come since. But this piece of history remains - reminding us of our own humble beginnings.

It's hard to imagine that The Surf would have survived this long in Chicago, or any other big city, hungry for land for condo development, or new homes or businesses. But we're so glad it's been spared for us all to enjoy, and remember - in little Clear Lake.

Clear Lake IA is about 2 1/2 hours south of St. Paul MN, and about 2 hours northwest of Des Moines IA, via Interstates 35 and 80. If you're ever in that area, you might want to stop by, pay your respects, take in some Rock and Roll History, and be inspired.

Ask for Jan in the front office - she just might give you a personal tour - if you don't growl at her too much. She welcomed me, with open arms, you know.

You see, I'm Buddy Holly (Moss)! Just tell her you're a friend of mine!

Never stop rockin', you dogs!

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

BUYING FORECLOSED PROPERTIES? Patience, Persistence, and Strong Credit Required!

2008-07-02T10:31:07Z

The increase in foreclosures throughout IL is tragic!

Statewide, foreclosed properties have increased 42% since May, 2007. The terrible misfortune that foreclosed homeowners feel often becomes big opportunity for those looking to buy these distressed properties at a significant discount off market price

Foreclosed homes totaled 9,670 across IL in May, 2008, according to RealtyTrac. This is up 15% from April. Nearly 3,000 of these properties have reverted to ownership by the bank.

Keep in mind, however, that those priced lowest are usually priced that low for a reason - they need considerable work, often at great expense, to make them livable again.

Vacant properties owned by the bank (called REO's, for Real Estate Owned) often have broken windows, frozen pipes, mold, and considerable water damage. Some have housed squatters - and these homes can smell pretty bad if they don't contain working bathroom facilities.

Generally, the homes in the worst condition attract professional contractors experienced at heavy renovation. Often, electrical wiring needs to be replaced, as does plumbing, windows, and the roof. For most who plan to clean up and occupy the foreclosed home, those requiring less extensive work is usually the better option.

As a rule of thumb, the more attractive the property's location and condition, the less likely the bank will offer price and repair concessions. Those in challenged locations, and in rough condition, usually allow for greater discounts from the bank owner, especially if the bank has held the property for an extended period of time.

How to locate foreclosed properties in your area? Many different websites exist, and they often charge a moderate fee to subscribe. ChicagoForeclosureReport.com is one website Dean's Team Chicago uses to identify and research distressed properties the day after the foreclosure action is first filed with the County Clerk of Court. Often times, contacting the seller BEFORE the bank takes back title to the property will allow for easy price negotiation, directly with the seller - although, to be sure, the process involves some patience, and persistence.

Our Team often searches MLS-Listed distressed properties by searching keywords in the Listing Remarks copy. Terms such as "Corporate Owned," "As-Is," "Bank Approval Required," or "Short Sale," indicate pending or completed foreclosure.

Usually, good credit, or cash, is required to purchase a distressed, foreclosed property. However, the FHA offers a special loan program, through selected lenders - its 203k program - to provide financing for purchase, repair and rehab of the property. Click the FHA website here for more info on their 203k program.

See our post today at BlogChicagoHomes.com for more info, as well as the link to Mary Ellen Podmolik's story in last Friday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

IN CHICAGO, MORE FAMILIES ARE MOVING BACK - For the "Experience," and the Schools!

2008-07-02T10:07:04Z

Good Morning, Gang!

Sue and I are off in Lake Elmo MN for the last few days, visiting our close friend and mentor, Mary Johnson, of The Floyd Wickman SMART Program. Beautiful home, peaceful setting - right on the lake!

We've got nothing quite like it back in Chicago - very relaxing, which is rare for me!

More and more, families are moving back into the Big City - like Chicago - for both the "Big City Experience," and, surprisingly and more recently, the schools!

As we are all aware, urban school districts took a big hit in the 1960's and 1970's as more families moved to the suburbs, and the old-line city schools began to look shabby. That perception wasn't helped much here in Chicago, where almost-annual teacher strikes scared prospective parents, and their student children, away.

That seems to be changing in many parts of Chicago, however, as city schools improve, and families come back to town.

Doreen Lubeck, her husband Mike, and their daughter Maddie, 11 years old, might typify the attitude of many parents with young children. Originally moving to suburban Palatine IL in 2004, the family relocated to the North Center Neighborhood of Chicago two years later.

"When you don't have kids, the city is one thing. There's lots of great restaurants, great night life and lots of fun things to do," says Doreen. "And then when you have kids, you find out the city is also really great.

"On a Saturday night in the summer, we'll say let's go to Navy Pier, while I know a lot of my friends have to make a day out of coming into the city because it can be over an hour's drive," she added.

In general, why are families with school-age returning to Chicago? Many couples cite a shorter commute, more attractions in the city, and a more culturally-diverse experience for their kids. Of course, improved schools are a major part of the improvement formula here.

Bell School, and K-8 Elementary at 3730 N. Oakley, is a good example of a strong neighborhood school, which attracts parents of young children to their North Side district. Attendance here has nearly doubled, from 264 during the 2001-2002 school year, to 519 last year.

According to Lubeck, Bell School has "very, very involved parents who take responsibility ... if someone has an idea, they're not afraid to get their hands dirty and do it."

They also have a very active and creative administration, and enthusiastic, engaging teachers, in Lubeck's opinion.

District-wide, Chicago Public School attendance has dropped roughly 40,000 since the 2001-02 school year. But schools like Bell, throughout Chicago, are countering the trend.

Another public school, Nettelhorst, at 3252 N. Broadway, asked its parents for input on improving everything from improving school programs to its infrastructure. Ongoing improvements at the school have increased attendance to 242 students this past school year, up from 132 at the start of 2001.

Bob Guercio, Principal at Bell Elementary, also notes added programs at his school, including the regional gifted center and Bell's hearing-impaired program, draw from outside the district. But the largest wave is neighborhood kids. When Guercio arrived at Bell in 1993, he had only 20 children enrolled in its Kindergarten. Now, he has three Kindergartens.

Indeed, the school district is a big drawing card for the community. Looking at the MLS, many home listings in the neighborhood cite "Bell School District" as a big selling point.

Guercio says he is amazed at the number of families now raising children in the school's Lakeview Neighborhood.

Private schools are also seeing increases in attendance here in Chicago. Shane Staszcuk, Principal of Mt. Carmel Academy, notes the shift from singles and childless couples. "The whole neighborhood has transitioned in terms of more families and more kids," he said.

"People used to come for maybe a couple of years and then once the kids reached a certain age, they were going to look for a home in the suburbs. Now they are saying, 'I can get all my schooling here why go to the suburbs?' "

At ten Catholic schools in the Lakeview, Lincoln Square, and Lincoln Park Neighborhoods of Chicago, enrollment rose 22 percent, to 3,052 in the 2007-08 from 2,502 four years earlier, according to Ryan Blackburn, a spokesman for the Roman Catholic Archdiocese of Chicago.

For parents wanting to evaluate Chicago Neighborhood Schools - Public and Private - the non-profit Northside Parents Network publishes an annual directory of local public and private schools, which includes statistics, test scores and entrance requirements.

It also hosts several preschool and elementary school fairs every fall for the North, Northwest and South Sides "to educate parents about their choices," said Christina DeMarea, the network's executive director.

See our post today on BlogChicagoHomes.com for more info, as well as Virginia Groark's article in the Sunday, June 29th edition of The Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - June 30, 2008

2008-06-30T10:58:59Z

Good Morning, AR!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, June 29, 2008 -

While Active Listings and Sales Pending remained fairly stable within the past week, we are encouraged by considerable improvements in Average Market Time, Transactions Closed, and Closed Volume - these figures based on properties that went under contract several weeks ago, and are just now closing.

The dip in Average Sales Price might indicate many successful sellers are beginning to realize pricing correctly is the best predictor of a timely sale.

Absorption Rate, or average inventory turnover, fell 2.7% this past week - a positive move! The theoretical level of home inventory in the City of Chicago areas we serve no stands at just nearly 28.4 months, on average.

Percentage of Sale Within Six Month (180 Days) showed improvement this week as well.

Communities and clients we serve reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown.

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park. Plus All Chicago Suburbs.

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

ACTV LISTINGS JUST SOLD CLOSED EXPIRED

w/e June 30th 5,270 70 111 53

w/e June 23rd 5,266 68 74 54

% CHANGE +0.1% +2.9% +50.0% -1.9%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e June 30th $307,205 125 DAYS $34,099,812

w/e June 23rd $332,566 167 DAYS $24,609,185

% CHANGE -7.6% -25.1% +38.6%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e June 30th - LAST 12 MOS - 19.16 LAST 6 MOS - 21.70 LAST 3 MOS - 28.36

w/e June 23rd - LAST 12 MOS - 19.08 LAST 6 MOS - 22.64 LAST 3 MOS - 29.16

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e June 30th - 23.30% (UNSOLD - 76.70%)

w/e June 23rd - 22.75% (UNSOLD - 77.25%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Please visit and review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com.

Call us anytime for current trends in any Chicago Neighborhood or Chicago Suburb!

DEAN & DEAN'S TEAM CHICAGO

CHICAGO AREA HOME SALES DOWN 29% SINCE MAY, 2007 - But Is Trend Reversing?

2008-06-29T07:28:15Z

Enjoy your Sunday, AR!

Is the Chicago Real Estate picture beginning to brighten? Perhaps . . . but, not so fast!

For the one-year period between May, 2007 and last month, home sales in the Chicago Metro Area and a few surrounding counties - Cook, Lake, DuPage, Will, McHenry, Grundy, Kendall, DeKalb, and Kane - are off nearly 30%. However, the median home and condo price in the Chicago Region is about the same - shedding only 0.5% in the last year, to $251,000.

However, between April and May, 2008, sales actually INCREASED 17.3%!

Illinois sales, outside of the Chicago Metro Area, were up 17.3% in May, compared to April, 2008. 11,173 houses were sold across Illinois in May, versus 9,523 in April. Year-to-year, however, sales dropped 22.9% statewide between May, 2007 and May of this year. The median sales price of a home or condo across Illinois fell 7.3 percent year-to-year, to $190,000.

National Association of Realtors Chief Economist, Lawrence Yun, feels the underlying fundamentals indicate some pent-up demand nationwide. "Home sales are at about the same level as they were 10 years ago, yet the population has grown by 25 million people and we have over 10 million more jobs," he said.

"The housing market has been under performing by historical standards, partly because buyers were hampered by mortgage availability issues, but that's improved and an upturn is likely."

In the opinion of Kay Wirth, President of the Illinois Association of Realtors, "The Illinois housing market showed some positive signs of stabilizing in May, with a sizable jump in sales from the previous month and the fourth consecutive month-to-month increase."

Many economists surveyed feel the soft economy will stall a housing sector rebound in the near future. Others, however, are somewhat more optimistic.

"I think we are close to a bottom," says Lehman Brothers Holdings Economist Michelle Meyer. "Sales will probably fall another 5 percent or 10 percent before bottoming by the end of the summer. It will be a feeble recovery, we will kind of bounce along the bottom."

Here in the North and Northwest Sides of Chicago Neighborhoods we serve frequently, inventory of homes for sale exceeds 27 months. This high level of supply is more than four times the generally-accepted stable-market level of 6 months supply. Inventory levels closer to Downtown Chicago and The Loop are far lower - just over 14 months in The Loop and Near North Neighborhoods of Chicago. (Data drawn from Chicago MLS Statistics).

Looking at the data around Chicago indicates that some home buyers are beginning to buy new homes, condos, and investment property. However, market balance in our area may still be months away.

See our post from yesterday evening @ BlogChicagoHomes.com, with links to detailed coverage in Friday's Chicago Tribune, for more info.

DEAN & DEAN'S TEAM CHICAGO

WEB SURFING AT 30,000 FEET - American Airlines Tests In-Flight Internet Connectivity!

2008-06-28T17:46:02Z

You knew this one was coming!

In-Flight Web Surfing will soon become a reality, as American Airlines this week tested the service on board one New York-Los Angeles flight.

The service, developed with American's Technology Partner, Aircell LLC, places three wireless access points around the airplane, to assure even coverage for every passenger. Last week's test was a pre-cursor to a broader web offering to passengers flying between New York and Los Angeles, San Francisco, and Miami, very soon.

Connecting in-flight will cost between $9.95 and $12.95, depending on the length of the flight. Web sites will not be filtered - it will up to the airline's flight attendants to make sure inappropriate material is not being downloaded by passengers.

However, the service will allow fast internet connectivity to personal and corporate email, instant messaging (is that still being used anymore?), the web, and your company's intranet.

Two other airlines - JetBlue and Virgin America - are working with Aircell to offer the internet service as well. Successful testing, I would assume, will lead to a broader roll out to new city pairs, and on other airlines.

For the moment, no service is immediately planned for flights leaving from or arriving in Chicago. But, expansion here is most likely just a matter of time!

Imagine - you Real Estate Professionals - connecting to Top Producer Online, while traveling at 30,000 feet, at 600 MPH. Something you always dreamed of, yes? Well, maybe! On the other hand . . .

See our post today via BlogChicagoHomes.com for more information, as well as a link to David Koenig's story in the Chicago Tribune from last Tuesday.

DEAN & DEAN'S TEAM CHICAGO

THIS WEEK, FED ENDED STRING OF RATE CUTS - No Immediate Impact on Mortgage Interest Rates!

2008-06-28T14:55:09Z

Hope you're enjoying the weekend, folks!

As you know, this week marked a change in behavior for the Federal Reserve Board. On Wednesday, after their two-day Federal Open Market Committee meeting, they announced their benchmark Fed Funds Rate will remain unchanged, at its current 2.0% level.

This was the first non-action in rates since last September. At that point, to stimulate the housing sector, and make business loans more affordable, they began to reduce the benchmark rate, and have done so for subsequent Committee meetings until this month.

Their action - or, this time - inaction, points up the lack of immediate relationship between the Fed Short-Term Rates and mortgage interest rates. Many of the adjustable mortgage loan rates are tied to the London Interbank Offering Rate (LIBOR), rather than the Fed. Fixed rates actually dropped a bit over the last week, after increasing considerably since late May.

Some rates are directly tied to the Fed Funds Rate - credit card interest rates, some auto loans, and many Home Equity Lines of Credit. These rates will most likely remain steady in the short term, based on the Fed action.

This end to rate cutting was widely expected by Fed observers. It seems the threat of fast-climbing consumer prices, brought on by skyrocketing fuel and food prices, has become of greater concern to Fed policy makers than the continued economic slowdown across the U.S.

Fed Chairman Ben Bernanke sees the economy as being in a sensitive and difficult stage. He and most other committee members are not inclined to raise rates this summer unless there are clear signs that Americans' expectations for future inflation are heightened. This could create of a vicious cycle of consumer price hikes.

Actually, one FOMC Member, Richard W. Fisher, President of the Dallas Federal Reserve Board, preferred to raise rates, rather than leaving them unchanged. His dissenting vote was promptly overruled by the rest of the Committee.

The Fed expects inflation to moderate in the second half of this year and into 2009, but they are betting the rate of inflation will not be too high. However, they are concerned that "tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters."

See our post @ BlogChicagoHomes.com from last Thursday, June 26th, for more info, and a link to the full story in the Chicago Tribune from last Wednesday.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog: Finding a Good Donut in Chicago - It's Pretty Tough!

2008-06-27T08:54:57Z

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

Hello, you AR Dogs! How are things going where you are?

I'm headed out of town this weekend - off to Minnesota, via Iowa, to check in on all my four-pawed and two-pawed friends - I'll be there to lend a paw as they recover from the devastating floods of the last week or so.

I'll keep in touch from the road, though - expect another usually-insightful Lil' Buddy's Blog next Friday morning. Same time, same url!

Italian Beef. Chicago-Style Red Hots. Deep Dish Pizza. Eli's Cheesecake. (grrrr . . . tasty!) That's the kind of chow you think of when you think of Chicago - yes?

But . . . DONUTS (note the correct Chicago spelling, you dogs!) Naaah!

Yeah, there are still a few independent shops around here, selling fresh-baked donuts - Wheeling Donuts in the Northern Suburbs of Chicago, Dat Donuts and Old Fashioned Donuts on Chicago's South Side.

But those glorious donut palaces of old around here - Amy Joy Donuts in Niles IL, Yum Yum Donuts plastered right next to Wrigley Field, even the classic grease joints at the Wilson and Sheridan Avenue L stations - all history!

We dogs can still find Dunkin Donuts all over the Chicago area. But these donuts are all made, by machine, and without much character. What about Krispy Kreme, the southern donut king, offering free samples right off the line? Many of their shops have closed around the city - as business has declined.

Most of the old independents have closed due to escalating baking costs, and shrinking profit margins. Ken Jarosch, President of the Chicago Area Retail Bakers Association, says many of the old-line donut houses haven't been able to keep up.

Burritt Bulloch, the owner of Old Fashioned Donuts, on the Southwest Side of Chicago by Midway Airport, mentions it costs about $42 for the same shortening he paid less than $18 a year ago. He also is livid about the "fuel surcharge" that is added to every ingredients delivery he receives.

"We make 85 percent of our doughnuts by hand," says the 70-year-old Bulloch, who has been making doughnuts since 1963 and opened his shop in 1972. "It's a lot of work." His best seller? "Around here, the most popular is glazed," he says.

You're probably wondering - what's Buddy's favorite variety?

Stuff the jelly filled! Bag the long johns! Chocolate - makes me break out! Glazed - too much sugar for my sensitive pallet!

Just find me a donut that takes like BACON - and nobody gets bitten!

Check out my post today @ BlogChicagoHomes.com. I've linked to Leah Zeldes blog post in Wednesday's Chicago Sun-Times.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

ILLINOIS ATTORNEY GENERAL SUES COUNTRYWIDE HOME LOANS - Deceptive Conduct in Lending Practices Alleged!

2008-06-26T21:04:55Z

The drumbeat of trouble goes on for Countrywide Home Loans - the lender alleged to be at the center of many high-leverage, poorly-scrutinized, now-defaulting home mortgages.

Wednesday, June 25th, Lisa Madigan, the Attorney General of Illinois, filed suit against the company. The Attorney General of California filed their state's own suit later the same day.

The suit also names Full Spectrum Lending, Countrywide's sub-prime lending division, as well as the firm's servicing unit, and their co-founder Angelo Mozilo.

While Attorney General Madigan acknowledged that a number of sub-prime lenders were making similarly risky loans to those unlikely to comply with repayment terms, she called Countrywide "the largest and worst player in the market."

"Countrywide's unfair lending practices have harmed tens of thousands of borrowers, who have been placed in unaffordable loans. As a result, our communities are being destabilized by a skyrocketing number of home foreclosures," continued the IL Attorney General. Madigan delineated that Countrywide relaxed traditional underwriting guidelines to fund their loans, and made their loans to borrowers with in sufficient earnings and personal assets. In some cases, she continued, borrower's income was overstated on loan applications to assure they would qualify.

In Illinois last month, 9,670 homeowners were at some stage of the foreclosure process - an increase of 42% from May, 2007. Madigan estimates the delinquency rates on loans issued by Countrywide or their affiliates between 2005 and the First Half of 2007 were even higher in Illinois than they were in other states across the U.S.

The IL suit against Countrywide seeks to rescind or reform those Countrywide loans which originated using deceptive practices. It also asks for a 90-day stay on Countrywide foreclosures, and restitution to Countrywide borrowers who have lost their home to foreclosure.

The problems impacting Countrywide could point up an even broader issue - were lenders simply feeding on political pressure to increase the percentage of those owning homes across the country? Bert Ely, a Virginia-based Financial Consultant, feels that President Bush and his administration set an well-publicized goal to boost home ownership to record levels.

Indeed, they succeeded!

The rate of home ownership approached 70% in 2004. Due to foreclosures recorded within the last year, however, many of these new homeowners eventually lost the homes they purchased using risky loans, or those with rate resets or high interest rates and fees.

In the First Quarter of 2008, the national rate of home ownership has fallen back to where it was in 2002 - prior to the expansion of aggressive lending policies to increase home ownership.

Read our post from last night via our Dean's Team Chicago Blog Center - BlogChicagoHomes.com - for more info, as well as links and video in yesterday's Chicago Tribune story from contributing writers Susan Chandler and Becky Yerak.

DEAN & DEAN'S TEAM CHICAGO

POST-CLOSE POSSESSION - Do You Use It?

2008-06-26T20:43:47Z

Hey, folks - want your opinion on something, and would like to see if you use it.

Here in Chicago, I have found that negotiating a contract for sale, on behalf of my Listing Clients, with a few days to perhaps a month of post-close possession in their old house or condo often works wonders!

Sellers hesitant to list until they find new place see post-close possession as a way to ensure they will not have to move twice.

Those who need the funds from their sale in order to unfreeze their equity to buy a new home (most sellers these days - yes?) no longer have to be forced to close on the SALE in the morning, pray it FUNDS IN TIME, and then running to the closing to their purchase, often in a different location - with all of their belongings in the back of a moving truck in the Title Company parking lot.

Using post-close possession, sellers can now return to their house, sale proceeds in hand, clean up, and move out on a more leisurely, sane basis. Even if the closing for the sale and the closing for the purchase are scheduled on the same day - the furniture remains in the old house, not in the truck outside. Much Stress Alleviated!

Here in Illinois, it is customary for the seller to have a "Possession Escrow" of between one and two percent of the purchase price of the home placed in escrow, held usually by the listing office, to ensure they will vacate the property in a timely manner, according to the post-close possession agreement.

The seller would pay a per-diem equal to 1/30 of the buyer's actual mortgage amount, plus taxes, homeowner assessments, and insurance, for each day in post-close possession. The total rent-back amount is usually written in the form of a personal check at closing - many lenders refuse to allow it shown on the HUD-1.

Until possession is actually tendered, the buyer pays for all utility payments on his old place. He also retains homeowners insurance in case there is some casualty during the possession period (of course, the buyer also has their own homeowners insurance - which company actually pays in the unfortunate event of a casualty is a matter of discussion between the insurers).

The buyer does not have the right to enter their new home until after the possession period. They also retain the right of a final "pre-possession" walk through, in addition to the usual pre-closing walk through, to make sure the exiting homeowner has not caused any damage to the property during the post-possession period.

Any drawbacks? Sure, they are possible!

The seller can refuse to vacate on time. In this case, Illinois practice calls for 1/15 of the Possession Escrow held to be given to the buyer per late day - as a penalty. This penalty could be sizable - perhaps $500 per day, or more. Strong monetary incentive to leave on time!

Or, the seller can damage something in their old place. Again, the possession escrow, as well as language in the post-possession agreement which buyer and seller sign together at the closing table, cover this possibility.

Further, there can be some mechanical breakdown in the home, or an insurable loss. Again, the post-possession agreement covers this eventuality well.

Here in Chicago, there are more than a few agents, and a small number of Real Estate Attorneys, that become quite resistant to this little Post Possession tool, out of concern about these risks. They hesitate to agree - without considerable discussion.

However, Dean's Team Chicago handles over a dozen post-close possession agreements each year, for going on 15 years now. Never had a problem!

What's your local practice and experience on post-possession agreements? Please share - the good, the bad, and any ugly!

DEAN & DEAN'S TEAM CHICAGO

HOME PRICE INDEX FALLS - But Not So Bad Here in Chicago!

2008-06-25T09:51:39Z

Today's Wall Street Journal Page One story is ominous!

Home Prices Fall Nationwide. Consumer Confidence Sinks. And Most Potential Home Buyers Still Wait on the Sidelines!

Here in Chicago, the negative drumbeat isn't as loud. According to the latest Standard & Poors Case-Shiller Home Price Index, just completed providing April statistics, the average home price in the Chicago IL Metro Market declined 9.3% for the year ending in April, 2008. There was actually a slight (0.1%) improvement to the index here in April.

Across the country, according to statistics compiled by Standard & Poors, in their Case-Shiller Index of Home Prices, the prices of single-family homes in the 20 Top Metro Areas they survey slid 15.3% in April, versus April, 2008. On average, across the U.S., home prices are about what they were four years ago - in 2004.

In a separate survey, the Office of Federal Housing Enterprise Oversight, which oversees Fannie Mae and Freddie Mac-backed conventional mortgage loans in a broader cross-section of the U.S., urban and rural, found their average home prices fell 4.6% year over year in April - their lowest measured level since 1991.

The benchmark for the Case-Shiller Index is January, 2000 - 100 points. The April index for Chicago was 151.44, indicating an average home appreciation of over 51% in the past 8 1/2 years. By comparison, the New York Case-Shiller Index for April was 193.93, for Los Angeles - 202.52. Miami - 200.42. The index was 93.79 in Metro Detroit, indicating home price depreciation in that market since 2000. Unlike Chicago, these other metro areas experienced index declines in April.

The largest one-year price declines were in Las Vegas (26.8%) and Miami (26.7%). The California Metro Areas of Los Angeles, San Francisco, and San Diego, as well as Tampa FL, each experienced year-to-year drops exceeding 20%.

Boston, Portland OR, Dallas, Denver, and Seattle each showed stable or slightly improving index numbers in April, versus March, 2008 - like Chicago.

Here is a link to the latest Standard & Poors Case-Shiller Home Price Index.

Not unrelated to the continued sluggishness in the Real Estate and Credit Markets, Consumer Confidence has fallen to its lowest level in 16 years, according to the Conference Board, a New York business research. In June, their Consumer Confidence Index dropped 7.3%, to 50.4, from the May, 2008 level of 58.1.

The Conference Board benchmark is based on 1985 figures. Consumer Confidence peaked last July, at 111.9. Their research suggests that consumers' anticipation of the state of the economy six months from now dropped to its lowest level since the Board began their surveys back in 1967.

Potential home buyers continue to remain on the sidelines! Only 2.2% of those surveyed by the Conference Board plan to buy a new home within the coming 6 months. In addition, fewer consumers plan to purchase a new car, major kitchen appliances, or even take a family vacation, between now and the end of the year.

Concerned about economic growth, along with the threat of continued inflation, the Federal Reserve Board is expected to leave it's key Fed Funds Rate unchanged when it concludes its two-day policy meeting today. Lowering rates might have some mid-term impact on interest rates for some mortgage and business loans, but dropping rates too far could spark higher inflation - already exasperated by ever-increasing prices for food and gasoline. At this moment, the Fed Funds Rate stands at 2.00%.

Read more via BlogChicagoHomes.com, and click for rich links for content and video in today's Wall Street Journal, including coverage by reporters Kelly Evans and Anton Troianovski.

DEAN & DEAN'S TEAM CHICAGO

FACING FORECLOSURE? According to Website, "Just Walk Away!"

2008-06-25T08:54:00Z

Good Morning, Everyone!

The angst, the turmoil, the depression of those facing possible foreclosure has, supposedly, just gotten easier. One option - "Just Walk Away!"

Started in California, and geared at homeowners who owe more than their home is worth, YouWalkAway.com provides a "do it yourself" kit to plan walking away from your over-leveraged home. For a $995 Fee, the company will hook you up with a licensed attorney, knowledgeable in foreclosure laws in your state, plus provide written tips and unlimited staff help to help you simply pick up and leave your property.

Some state laws prevent your lender for harassing you for payment during this process, if you follow the program's advice. Further, you can continue to stay in your soon-to-be-foreclosed home, payment free, until the foreclosure process is final. This could take up to eight months - possibly more - depending on state law.

JustWalkAway.com also has affiliations with credit counselors, to potentially reduce the sting of a foreclosure on your credit report. They also promise possible moving credits - up to $5,000 - through state agencies and possible income tax credits.

According to Jon Maddux, co-founder of YouWalkAway.com, "We don't give legal advice, we give legal information. We help the homeowner use the law to their advantage and get back on their feet before they're out on the street."

Illinois Foreclosures can take up to six months, perhaps longer with legal representation. After the foreclosure is recorded, the foreclosed homeowner has an additional 30 days to vacate their home, before forced eviction from the county sheriff.

Here in Chicago, companies similar to YouWalkAway.com are not common. Despite a sluggish market here, high inventories for sale, and reduced home equity levels, skyrocketing price increases were not as dramatic here as they were in other areas of the country. Fewer homeowners, on average, actually owe much more on their mortgage than their home's market value.

We offer more information, as well as a link to Chicago Tribune Real Estate Editor Mary Umberger's column last Sunday's newspaper, via BlogChicagoHomes.com, our Team Blog Center.

As a disclaimer, Dean's Team Chicago is not advocating this process - that's a decision between you, your family, and your legal counsel. We're simply reporting its presence.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - June 23, 2008

2008-06-23T10:27:44Z

Good Morning, AR!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, June 22, 2008 -

The mid-month Sales Pending and Transactions Closed statistics had a positive jump from last week, when both indicators showed declines.

Average Sales Price dropped slightly, as while total volume increased somewhat, reflecting the bounce back last week in Closed Sales. Average Market Time is still too high!

Absorption Rate, or average inventory turnover, surprisingly increased another 1.5% this past week - unexpected, given the jump in Pending Sales and Closed Sales. The theoretical level of home inventory in the City of Chicago areas we serve no stands at just nearly 29.2 months, on average.

Percentage of Sale Within Six Month (180 Days) held fairly stable once again this past week.

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park. Plus All Chicago Suburbs.

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

ACTV LISTINGS JUST SOLD CLOSED EXPIRED

w/e June 23rd 5,266 68 74 54

w/e June 16th 5,241 44 67 45

% CHANGE +0.5% +54.5% +10.4% +20.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e June 23rd $332,556 167 DAYS $24,609,185

w/e June 16th $347,625 169 DAYS $23,290,902

% CHANGE -4.3% -1.2% +5.7%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e June 23rd - LAST 12 MOS - 19.08 LAST 6 MOS - 22.64 LAST 3 MOS - 29.16

w/e June 16th - LAST 12 MOS - 18.84 LAST 6 MOS - 23.22 LAST 3 MOS - 28.74

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e June 23rd - 22.75% (UNSOLD - 77.25%)

w/e June 16th- 22.63% (UNSOLD - 77.37%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Please visit and review our Chicago IL Real Estate Stats Pack Archive via our Team Blog Center - BlogChicagoHomes.com.

Call us anytime for current trends in any Chicago Neighborhood or Chicago Suburb!

DEAN & DEAN'S TEAM CHICAGO

DAYS OF SELLER CONTRIBUTIONS TO BUYER'S DOWN PAYMENTS ON FHA LOANS MAY BE NUMBERED!

2008-06-22T16:38:28Z

FHA Loans!

Their proponents say their the answer to many prospective buyers with low down payment and blemished credit. Until last year, many would have opted for higher-risk, high-leverage sub-prime loans, complete with potentially-dangerous rate resists, high interest rates, and low potential for building equity.

FHA loans are fixed, at competitive interest rates. Closing costs can be covered by the seller if the buyer in low on funds, and the Mortgage Insurance Premium can be added to and financed with the loan.

Others are concerned that the FHA requirements, meant to help insure the loan will not default, will keep away some potential buyers, and scare of potential sellers wary of subsequent FHA repair mandates.

Within the past year, FHA loan applications for new homes have doubled. FHA also guarantees loans for sub-prime re-finance loans, and provides rescue for those with old adjustable-rate loans now resetting to higher rates, and the resulting higher monthly payments.

One facet of FHA loans, however, is a loophole which currently allows down payment contributions by the SELLER, on behalf of the prospective buyer, through a third-party "charitable" intermediary. As a practical matter, sellers would make a "contribution" to the third-party company, in the name of the buyer. The intermediary would then disperse these funds, less a "transaction fee" of roughly $400-$600, to the buyer at closing for their down payment.

Today, the two most well known Buyer's Intermediaries for FHA Loans are Nehemiah Corporation of America, and AmeriDream, Inc. Using either company, buyers can purchase a new home with virtually no payment out-of-pocket.

There is a problem here, however!

The U.S. Department of Housing and Urban Development (HUD) contends buyers using these intermediary-held funds are showing foreclosure rates two or three times higher than those where buyers or their families came up with the required 3% down.

A 2005 survey by the Government Accountability Office indicated that including a down payment credit from the seller may actually INCREASE the home sales price. Sellers want to be reimbursed for the money they provided, and they raised their contract price by an amount equal to their contribution to Nehemian or AmeriDream.

Homes selling for over their true market value contribute to larger FHA losses when buyers default or slow pay their mortgage.

Down payment credits from the seller are usually prohibited in conventional loans, but they have become typical for those backed by FHA. Over the last few years, the government agency estimates that as many as one-third of FHA loans have involved a seller down payment contribution.

Now, the FHA wants to end seller contributions to buyer's down payments. They cite excessive loan default ratios, high numbers of foreclosures, and severe losses that threaten their solvency. Within the past year, the IRS has cracked down supposed "charitable" organizations funneling seller down payment contributions, including AmeriDream and Nehemiah, revoking their status as not-for-profit entities.

FHA Commissioner Brian Montgomery announced earlier this month plans to prohibit seller down payment contributions by the end of the 2008. Under his proposals, gifts by bona-fide local government agencies, charities, employers, and relatives would still be permitted. But those by "charitable intermediaries" would be prohibited.

Of course, the FHA proposals are bringing considerable resistance from those companies offering seller-provided down payment assistance to buyers. Scott Syphax, President and CEO of Nehemiah, challenged the department's foreclosure and loss statistics, saying HUD's database is "corrupt." HUD declined comment on Syphax's charge.

To date, attempts to block down payment assistance companies have failed. Last October, Federal Courts blocked implementation of rules to block down payment assistance companies, mainly for procedural and technical reasons.

If the FHA prevails, and the prohibition against down payment assistance companies becomes reality, this will impact low-income, low-down-payment purchasers' ability to buy their new home. From the point of view of the FHA, however, the possible reduction on loan default and new foreclosure proceedings would outweigh this negative.

Read our post today @ BlogChicagoHomes.com for more information. We've also provided a link to Kenneth R. Harney's article in today's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

FOR NEW HOME BUILDERS, Many Buyer Incentives Losing Effectiveness! So, Let's Party!

2008-06-22T16:02:52Z

Hope you've taken the day off today - it's beautiful here in Chicago. Hope the First Official Weekend of Summer is nice where you are!

We all know builders of new homes have taken it on the chin within the past twelve months or so. In many markets, in newly-built subdivisions across the U.S., sales are off over 50 percent. Homes have been discounted deeply in order to sell. And, to incentives fickle buyers, many builders have included new HDTV's, expensive vacations, pre-paid house payments, even stocked school tuition accounts for the buyers' children.

Now, it seems, even these heavy incentives are proving far less effective. New home builders are trying something new -

PARTIES!

In the Chicago suburb of South Barrington, Toll Brothers Builders hosted an elaborate party at the opening of its 55+ community, Regency at the Woods. They included a Texas Hold 'Em tournament, a kids story hour, professional fitness consultants, a gourmet lunch, and cooking demonstration from Viking Appliances, manufacturers of super-high-end, professional kitchen appliances.

Of course, guided community tours were included - and names and phone numbers were taken.

Afterward, Regency Sales Consultants called attendees for feedback, and found that 8 out of 10 attendees were "nosy neighbors" - they just wanted the free goodies at the club house. Not to worry, the builder said - they consider currently-happy homeowners are the best form of word of mouth advertising to attract prospective new home buyers.

Another elaborate reception was held in May at Meier Park Subdivision at West Point Gardens in the Chicago suburb of Elgin IL. The developer, West Point Builders, provided lunch, entertainment from a barbershop quartet, and information booths manned by the City of Elgin Community Information Departments.

West Point developers expected 200 attendees to their Grand Opening party - they actually got more than 300! Of course, the builder is hoping all the good will, the fun, the food, and the entertainment, will lead to sales contracts and earnest money very soon.

But will these Grand Fêtes boost sales for new home builders, here in Chicago, and elsewhere? We'll have to wait and see!

Read our post today at BlogChicagoHomes.com for more info, as well as a link to Mary Ellen Podmolik's story in last Friday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

LOWER TRAVEL BUDGETS: HIGH PRICES, REDUCED TEAM SALES Keeps Us Closer To Home in 2008!

2008-06-21T23:03:57Z

Hi, folks - are any of you in the same boat, or is this just me?

Since our Team began coaching several years ago, we were very aptly guided to block TIME OFF and VACATIONS FIRST - before business. "You need appropriate re-charge and family time," our Business Coach Patti Kouri of Accelerated Performance Coaching always suggested. We were scared at first, and a bit reluctant, but we followed her advice.

Each year, my wife, Sue, and I planned several vacations. Aruba was the most exotic, but we also scheduled several business and non-business trips to the National Association of Realtors Conventions, in Las Vegas, San Francisco, and New Orleans. We took several Keller Williams Trips, for their Annual Family Reunion Event, to Vegas, and to Atlanta, and to their annual Mega Agent and Mastermind Camps in Austin TX.

This year, however, we're cutting back.

High air fares, hotel room rates, and, of course, $4-plus gas prices have us traveling to visit friends in Iowa and Minnesota this year. Our Labor Day trip will take us to South Haven MI - about 90 minutes drive from Chicago, on the other side of Lake Michigan.

Our Floyd Wickman Forum Trip, to Ann Arbor MI, will be another Amtrak ride - low on cost, high on relaxation - in mid July. We will be attending our Business Coach's weekly planning session - her Jumpstart Workshop - in LA in November, both my wife and I. But we'll be looking for ways to save money on lodging, if possible.

Only one of us will take our August, 2008 annual pilgrimage to Keller Williams Mega Camp in August in Austin TX - it's just too expensive for more of us to attend. (This year, due to budget costs, I will truly attempt to avoid getting a Speeding Ticket from the Texas Highway Patrol - at $200 a pop, we just can't afford them this year!)

My question for you - are you cutting back on travel, both personal and business-related this year? Or, like several others we have spoken with, simply staying closer to home when you get away with the family or with others on business?

Please share your thoughts, and any cost-saving ideas, on this one! We're all ears!

DEAN & DEAN'S TEAM CHICAGO

EMERALD ASH BORERS - Newly-Arrived Pest Threatens Chicago Hardwood Trees!

2008-06-21T22:41:05Z

Hope you're enjoying your weekend, folks!

If you're from Chicago, or New York City, you may have heard of the Asian Longhorned Beetle. This speckled insect, which apparently stowed away in packing materials from imported Chinese products, infested, and eventually destroyed, hundreds of trees in New York City Parks, before making its way to Chicago in 2001.

While here, the bug - actually, it's larvae, which grew after adult insects planted their eggs in many Willow, Box Elder, Poplar, Maple, Horse Chestnut, and Apple Trees throughout Chicago and the suburbs - feasted under the bark of these affected trees, eventually killing them.

Here in Chicago, dozens of trees in the Lincoln Park and Ravenswood Neighborhoods, on the North Side, had to be cut down and incinerated to kill the insects. Only today are the younger, heartier trees that replaced them growing enough to provide some shade - but nothing like the nearly-100-year-old trees that had to be destroyed because of the Asian bugs.

The Asian Longhorned Beetle was officially declared eliminated here in Chicago in mid-2005.

This past week, a new tree-eating pest was discovered in Chicago, near 29th and State Streets, just south of the Chicago Loop, on the Near South Side. The trees were found in a forty-year old tree grove, containing Ash and other trees. This new pest feeds exclusively on Ash trees.

Earlier this month, the City of Chicago Department of Forestry found four of the 3/4" long, emerald green insects nearby. They collected the bugs, and sent them to the U.S. Department of Agriculture, who confirmed their identity. (See the Chicago Tribune File Photo of the Emerald Ash Borer, on the right).

This past week, Chicago Forestry Workers felled the first tree affected by the newly-discovered pests.

"Our immediate priority is to control the spread of this infestation and to try to save as many trees as possible. We want to contain it, to make sure that it doesn't spread." says Chicago Streets and Sanitation Commissioner Michael Piccardi,

Picardi is making every effort to spare trees from being cut down to kill the Emerald Ash Borer, whose larvae kill ash trees by chewing through their inner bark. Illinois' Emerald Ash Borer Outreach Coordinator, Juli Heminghous, says about 25 million ash trees have been lost to the insect across the United States, including roughly 5,000 trees in Illinois. The City of Chicago estimates about 20% of its 500,000 parkway trees are ash, and susceptible to the insect.

The insect has been seen throughout Cook County, in which the City of Chicago is located. It has also been found by local officials in neighboring Kane, DuPage, and LaSalle Counties. They are thought to have spread through infested nursery stock or firewood - especially firewood left over from season to season. Illinois ash trees have been quarantined by the U.S. Department of Agriculture as a result of the threat of Ash Borer infestation.

See our BlogChicagoHomes.com post from June 19th, for more info. You'll find a link to the Chicago Tribune story from Robert Mitchum and Melissa Anderson. Residents of Chicago suspecting one of their ash trees is infested should call the Chicago Bureau of Forestry, at 312-742-3385.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog: Canine Flu Confirmed in Dogs in Chicago, Suburbs!

2008-06-20T06:07:51Z

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

Hey, you dogs - be concerned, be careful - but don't be alarmed! The canine flu has been confirmed here in Chicago, and may be spreading to other dogs in our area.

It was identified a couple of weeks ago. The owner of Buddy (no, not me - another Buddy) - a Yellow Lab, 4 years old, showed typical dog flu symptoms - lethargy, vomiting white foam, coughing - three days after coming home from a dog day care center. He was the first Dog Flu case confirmed in Illinois.

Subsequently, more than 50 cases of the serious - but usually not fatal - canine ailment were reported at the Animal Ark Veterinary Clinic, where Buddy was treated, in the Logan Square Neighborhood on the Northwest Side of Chicago, and at other vet clinics throughout the Chicago area.

Canine flu is often mistaken for kennel cough. Both ailments affect dogs confined to close quarters or in cages - such as grooming parlors and animal shelters. The flu was first reported among Greyhounds in Florida in 2004, and has spread to 27 states since.

"The fortunate part is that most dogs recover just fine from this influenza, just like most people do," said Dr. Cynda Crawford, a research assistant professor at the College of Veterinary Medicine at the University of Florida in Gainesville who has been studying the disease since its emergence.

As a whole, we dogs have yet to develop immunity against this Canine Flu. Most dogs who are exposed to the illness, through contact with other dogs, get infected, and about 80 percent will get sick. Exposed dogs remain contagious for 7 to 10 days after infection, whether or not they show symptoms. When sick, symptoms can continue for as many as three weeks.

The Dog Flu is treatable with rest and antibiotics, but not preventable. Humans cannot contract the disease.

The State of Illinois is the 27th state to show documented cases of canine flu.

For more details, check out my post from last evening @ BlogChicagoHomes.com. Here, you'll find links to Deborah Shelton and Kristen Kridel's story from the June 14th Chicago Tribune.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

$5.00 Per Gallon Gas Comes to Chicago! Some - A Few - Gladly Pay It! But Will They Continue to Pay?

2008-06-19T23:36:36Z

Here's some cold water in the face, folks!

While many in other parts of the U.S. are belly-aching about $4.00 per gallon gas where they live, some here in Chicago have already experienced a gallon of gas for $5.00!

Well - this pricey petrol is for any grade, and at only one station we can find - in the pricey Gold Coast Neighborhood of Chicago, at a BP Station at the corner of LaSalle and Clark Streets. And it's for FULL SERVICE gas!

You remember "Full Service Gasoline," you Boomers, don't you?

Back when the first Doobie Brothers album (in vinyl, of course) came out, ALL gas stations pumped your gas, checked your oil, and topped off the wiper fluid - all for less than 50 cents a gallon! Well, around Chicago, and we assume elsewhere, Full Serve Gas Stations are hard to come by. Instead, you see the big Pumper Stations, with the mini-mart attached.

Who buys full service?

Surprisingly, many folks. Those who've got the extra dough, and don't mind the nearly 9% premium. Those who don't want their hands smelling like gasoline.

And, sometimes, just regular customers who have gotten accustomed to their Gas Station Attendant.

Well, at nearly $5 for a gallon of gas, the station has found that even such loyalty has its limits. Sales are down at the Full-Serve Pumps (eight out of twelve pumps at the station pump Full Serve gasoline; the remaining four provide Self Serve, at a savings of 40 cents per gallon today).

Several of the attendants pumping full serve have seen their tips decline (tips for pumping gas - believe it!), and a few are considering other jobs.

Loyalty, it seems, goes out the window - as its price gets too high!

See our post on BlogChicagoHomes.com today for more info, as well as a link to Mary Schmich's first-hand account in yesterday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

SEO? Pay Per Click? Or, Simply, "Natural Placement?" How Do You Get Your Web Presence Maximized?

2008-06-18T22:24:09Z

Hi, Ho kids! Hope all is well in AR Land!

Hey - got a question for you (or, "y'all," as my Southern Brethren might say).

As far as increasing the visibility, the stickiness, the lead generation capability of your website - which do you use, and in what proportion?

Those on our Team know enough about the power of blogging and use of key words to be a little dangerous, and, finally, after 18 months of a complete website re-design through Build Real Estate Results and Kathleen Allardyce, the hiring of Compass Internet Systems and Mike Parker for SEO, and screwing around with Google Keyword Pay Per Click on a limited budget, I am finally generating some serious leads from my web presence.

Dean's Team Chicago averages about two leads per day (of average or better quality, through my Team Web Center - Dean-Team.com). My Team Blog Center - BlogChicagoHomes.com - averages about 15 clicks per day for new articles posted. Each AR post generates about 50 click throughs within the first 5 days, and I post every day. Conversion is improving - I can honestly say our Team picks up at least two new clients each month due to our web presence, with a slight trend to buyers over sellers.

Over the past four months or so, we have changed the graphic look of our sites to allow for easier and more intuitive click through, and have chosen keywords according to my SEO companies suggestions for maximum penetration (he used another term, but can't remember what that is right now).

Most of my clicks come from Google Search Engine Keywords relating to Chicago homes and condos. A few, but significant amount, come from Pay Per Click to similar keywords. And, I get more than my share through Active Rain Referrals, including roughly six referrals over the last few months.

Am I on the right track, folks, or way off base? Any suggestions, or things you have found to help you maximize your self and your Team on the Web?

And, I know - your suggestions are subject to radical change on a day-by-day basis as web technologies continue to evolve.

Here's the challenge, folks - any improvements you suggest would have to be cost effective! (Tough one, ehh?)

It's easy to spend a bunch of dough adding enhancements to a website. The difficult thing - spending that money WISELY! Do you agree?

Looking forward to reading your wonderful comments!

DEAN & DEAN'S TEAM CHICAGO

THAT CRAZY GUY NEXT DOOR DRIVING YOU NUTS? Here are Some Options!

2008-06-18T06:29:29Z

My wife, Sue, and I have been fortunate over the last few years. We've had good neighbors!

Bob next door has every type of hand and power tool imaginable, and will even use them for you, if you need him to (a great guy to know - yes?). The lady down the block has lived here in our South Edgebrook Neighborhood here in Chicago since 1952. She's getting up there in years - but she still keeps an eye on everthing that happens up and down our street.

There have been times, however, when we have not been so lucky. Growing up in an old courtyard apartment building in Chicago's West Rogers Park Neighborhood, we could here every word as the couple downstairs would argue with each other - often, nightly!

Tenants in one of my investment properties often complain about the guy upstairs playing his brand-new, 64" widescreen HDTV too loud, with bass from his sub-woofer waking them up at 1:30 each morning.

And what about the guy a couple of doors down who thinks his back yard is a car repair shop - for un-driveable 1960's vintage Dodges and Chevys?

Well here in the Chicago area, some suburbs have set up procedures for resolution of Neighbor-to-Neighbor disputes (in the City of Chicago, however, city-sponsored options are fewer, however).

Northwest Chicago Suburban Des Plaines IL starts with the Alternate Dispute Resolution Process. This old fashioned process involves the police coming over, and separately, then together, talking to disputing neighbors to attempt to find mutual common ground. The threat of going to court if neighbors can't work things out "like grown ups" looms heavy as an incentive here!

Over 50 Suburban Chicago Towns and Municipalities, and several of the unincorporated areas, are members of the Northwest Municipal Conference. They provide, sometimes for a fee, professional, independent mediation services through the Center for Conflict Resolution in Chicago. Agreement is written, and potentially enforceable in court, if it later needs to be.

Mark Fowler, Executive Director of the NWMC, says the key is to keep talking - calmly - to resolve inter-neighbor disputes. "If they can't do that, then they should contact their municipality and see if there's some services that they may be able to provide. If it's an ordinance violation, it's pretty clear-cut what's allowed and what isn't. But if it's a dispute over behavior, there are options available."

There's even a new website, RottenNeighbor.com, where neighbors can comment, good or bad, about those who live next door. Indeed, you may be able to research your nearby neighbors before you move in! (This site offers links to the national database of sex offenders as well, for an added measure of security).

Of course, we all subscribe to the "Do Unto Others As You Would Have Them Do Unto You" philosophy. Sometimes, as we all know, however, this doesn't work!

See our post today @ BlogChicagoHomes.com for more info, as well as a link to William Hageman's story in last Sunday's Chicago Tribune.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - June 16, 2008

2008-06-16T07:46:57Z

Good Morning, AR!

Here's the latest Stat Summary on the Chicago Real Estate Market, based on data pulled yesterday evening, June 15, 2008 -

Indicators continue to see-saw over the last few weeks - but the pattern still suggests high unsold listing inventory, low number of units pending sale, lengthy market time, moderating average sale price and still-lackluster home-sales volume.

The comparison between Listing Inventory and Properties Pending Sale continues to confound me! The number of Listed Properties continues fairly steady, while Pending Sales and Closed Properties show large fluctuations week to week.

Typically, sold properties are marked "Pending" on the MLS Computer only after they successful pass a five-day Home Inspection and Attorney Review period. Our Team's experience indicate many sales are failing during this initial five-day period, often because some buyers use this period to attempt to negotiate a lower sales price based on inspection issues. Many sellers, already forced to sell at a discounted price versus their original expectations, refuse to negotiate further, and the sale falls through.

Absorption Rate, or average inventory turnover, bounced up just over 5% since last week! The theoretical level of home inventory in the City of Chicago areas we serve jumped to just over 28.7 months within the past week.

Percentage of Sale Within Six Month (180 Days) improved held fairly stable this week, as Average Market Times continued high.

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook, and Edison Park. Plus All Chicago Suburbs.

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

ACTV LISTINGS JUST SOLD CLOSED EXPIRED

w/e June 16th 5,241 44 67 45

w/e June 9th 5,201 72 105 101

% CHANGE +0.8% -38.9% -36.2% -55.4%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e June 16th $347,625 169 DAYS $23,290,902

w/e June 9th $372,456 131 DAYS $39,107,880

% CHANGE -6.7% +29.0% -40.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e June 16th - LAST 12 MOS - 18.84 LAST 6 MOS - 23.22 LAST 3 MOS - 28.74

w/e June 9th - LAST 12 MOS - 18.29 LAST 6 MOS - 23.30 LAST 3 MOS - 27.26

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e June 16th - 22.63% (UNSOLD - 77.37%)

w/e June 9th- 22.57% (UNSOLD - 77.43%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

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