Real estate blog entries tagged with chicago real estate alert by Dean Moss - Dean's Team Chicago (Dean's Team

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chicago real estate alert: Foreclosed Homes: Some Attract Squatters. Others Attract . . . - 07/06/08 09:58 PM

This is one from the "Now I've Heard Everything" Department. Although, in this day and age, we know that virtually anything is possible - right?
Police in various localities, from California to Florida, have found many foreclosed, now-abandoned homes are now providing a haven for those growing Marijuana!
In a few … (3 comments)

chicago real estate alert: HSBC - Last Remaining Major Sub-Prime Lender - Tightens Standards, Promotes Loan Restructures, Modifications! - 06/03/08 11:53 PM

Within the past year, dozens of sub-prime lenders - those catering primarily to potential borrowers with lower credit scores, low down payments, and undocumented income - have bitten the dust. First Franklin, WMC, New Century Bank, and on, and on!
Even Countrywide Home Loans had to face acquisition by banking giant … (0 comments)

chicago real estate alert: "INTERNET EVERYWHERE!" WiMax is Coming to Chicago by Year's End! - 05/09/08 12:09 AM

Hey folks! While you're tucked away in your little beds - here I am, writing!
Incredible technology news this week, in which Chicago is at the forefront.
As you may have heard, telecommunications and cellular service provider Sprint Nextel this week purchased Clearwire Corporation, which specializes in developing broadband WiMax networks. With … (1 comments)

chicago real estate alert: GUEST BLOGGER OF THE DAY - RICH BIRA, FIRST CAPITAL MORTGAGE, CHICAGO IL - 05/07/08 04:25 PM

FED RATE CUTS DO NOT ALWAYS EQUAL LOWER MORTGAGE RATES!
(Rich Bira, our Preferred Lending Partner at First Capital Mortgage, Chicago IL, serving all Chicago Neighborhoods and suburbs, has been handing financing for many of our clients for over eight years. We posted his thoughts and comments - a very good summary - on our … (0 comments)

chicago real estate alert: THE SCREWS ARE TIGHTENING For Many Seeking Home Loans! - 05/04/08 10:25 PM

According to Freddie Mac, and many of the larger Private Mortgage Insurers, look for even more stringent rules for certain types of "high risk" transactions in the coming months. Their analysis indicates certain types of loans create the highest levels of delinquency, and are attempting to greatly curtail their risk and … (3 comments)

chicago real estate alert: CHICAGO RECYCLING PROGRAM TO GET A FACELIFT - City to Swap Blue Bags for Blue Carts! - 05/02/08 11:01 PM

I've got to be an old Boomer! Here I am writing a Blog Post at nearly 11 o'clock on a Friday night!
Chicago fancies itself as a green city. But one program geared to the recycling side of going green seems to have failed, and by the end of this summer, will … (3 comments)

chicago real estate alert: FOR MANY DELINQUENT HOMEOWNERS, Lender Workout Arrangements Hard to Come By! - 05/01/08 10:11 PM

Happy Thursday, Gang!
Did you see the Season Finale of Smallville tonight? (Neither did I, but I bet your teenage kids did!)
Remember last fall, 2007? The sub-prime crisis still boiling, adjustable loan rates facing reset, and many homeowners staring at loan delinquency, or, worse yet, foreclosure? Frustration was rampant among many who … (1 comments)

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

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

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

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

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

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

chicago real estate alert: SHORT SALE TRANSACTIONS Only Rarely Successful! - 04/26/08 10:08 AM

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

chicago real estate alert: MORTGAGE FRAUD - Same Old Scam Continues, New Tragic Victims! - 03/30/08 05:10 PM

I read Amy Le's Homescape Blog yesterday, and was distressed to hear the same old mortgage scam continues unabated.
California Authorities have indicted Charles Head, of Los Angeles, of defrauding over 100 homeowners, and raking in $12 Million in loan proceeds in this familiar scheme. The same scenario has played itself out across … (0 comments)

chicago real estate alert: IT'S NEARLY EARTH HOUR IN CHICAGO! 34 Cities Worldwide Show Support for Greenhouse Gas Reduction! - 03/29/08 07:13 PM

Are you celebrating, or have you celebrated, Earth Hour, tonight at 8 o'clock?
To support efforts to reduce Greenhouse Gases, and their possible effect on Global Warming, The World Wildlife Fund is sponsoring the awareness campaign all over the world tonight. Between 8 and 9 PM, all many private and public buildings … (3 comments)

chicago real estate alert: HOMEOWNERS: Owe More Than Your Home is Worth? FHA Might Come to the Rescue! Perhaps, That Is! - 03/28/08 06:49 PM

Great debate and no shortage of proposals on what to deal with the Mortgage Crisis. It's sure to become an even hotter topic as the General Election draws near in November.
While Senators Clinton, Obama, and McCain unveil their plans, and ratchet up their accompanying rhetoric, the White House, Congressional Democrats, and HUD … (0 comments)

chicago real estate alert: FEBRUARY, 2008 HOME SALES SHOW GAIN NATIONALLY - How About Chicago? - 03/25/08 09:21 PM

Our Town, Chicago, was not affected as much by real estate speculation, and the resulting huge quantum leaps in property values, as some other major markets were - Las Vegas, Phoenix, Miami, and parts of California. Although Chicago is going through a bit of price retrenching of it's own now, recent … (0 comments)

chicago real estate alert: "AUTOMATIC" APPRAISALS? No More, if New Standards from NY Settlement Become the Norm! - 03/25/08 08:56 PM

Hey, everyone!
If you've been in Real Estate for a while, you've most likely encountered lenders who select appraisers to value property. Although they were never supposed to, I'm sure they had an "understanding" with the appraisers they selected that the property would appraise out for the purchase price - no less! … (5 comments)

chicago real estate alert: HOME SALES UP IN FEBRUARY! Are Falling Prices Increasing Demand? - 03/24/08 05:25 PM

Good Afternoon, Everyone!
By now, you must have heard or read National Association of Realtors Chief Economist Lawrence Yun, and his comments on the increase in the sale of Existing Homes for February, 2008. Revised NAR statistics show a 2.9% increase in units sold during February. The last time unit sales increased, … (1 comments)

chicago real estate alert: 9,600 "Declining Market" Zip Codes Make Housing Recovery Tougher for Many! - 03/22/08 05:36 AM

Is YOUR Market Area on the List?
Several Mortgage Insurance Providers, including AIG United Guarantee, are toughening their MI Underwriting Rules in areas which it considers "Declining." In these zip codes, it will be tougher for those with low down payments on their new homes, or low equity in existing homes they … (4 comments)

chicago real estate alert: ANOTHER 6" CHICAGO SNOWFALL? You've Got to be Kidding Me? - 03/19/08 10:29 PM

Hey, everyone!
The Winter That Never Ends continues here in Chicago, even through Friday, March 21st - the first official day of Spring, 2008.
Man, I am getting blue! And, you know, so are my clients! Even here in Chicago, where we are quite used to it, only the die hards (and those … (1 comments)

chicago real estate alert: FACING FORECLOSURE, Some Now Simply WALK AWAY! - 03/19/08 12:18 AM

This is a troubling story, and a troubling trend. Brian Ban, one of the Top Producers in our Keller Williams Office here in the Lincoln Square Neighborhood of Chicago, brought it to our attention.
It's even more troubling that I can understand the logic behind the defaulting borrower's decision, as he faces … (6 comments)

chicago real estate alert: OVER 65? You Now Can Ride FREE on Chicago-Area Mass Transit! - 03/17/08 10:18 PM

Good Evening, folks! We hope, tomorrow morning, bright and early, you'll still have Fond Memories of St. Patrick's Day, 2008!
Coincidentally, I heard the old 1970's Edgar Winter Group song, "Come On and Take A Free Ride," on the XM Satellite Radio 70's Channel on the way home from the office tonight. … (2 comments)

chicago real estate alert: More Sellers, Unable to Sell, Turn to Renting Their Homes, Condos! - 03/16/08 10:10 PM

More and more, as the Chicago Real Estate Market continues at a comparatively sluggish pace, several of our seller clients are considering renting their existing homes - rather than risking vacancy, or becoming more frustrated, in their opinion, continuing to try to sell them.
For some, not inclined or with the experience … (3 comments)

chicago real estate alert: "THE MONEY'S NOT IN YOUR HANDS, TIL IT'S IN YOUR HANDS!" Sold Homes Going to Close Not Guaranteed Anymore! - 03/16/08 12:58 PM

Enjoying Sunday, folks! Good!
As for me, I'm posting on my AR Blog. You?
As a real estate practitioner, we learn early to take nearly every sale with a grain of salt. Negotiate a contract? I bet you don't figure out your compensation until inspection and loan commitment are complete, right?
If you used … (4 comments)

chicago real estate alert: IT'S DOWN TO ONE OF THREE! Which POTUS, if Any, Can Turn Around The Real Estate Market? - 03/15/08 10:54 PM

Oooooh - this one is loaded!
Please, folks, no political, evangelical, or red-state-versus-blue-state tirades here.
But now, bearing unforeseen circumstances, we're down to one of three 2008 Presidential Candidates that will be the Leader of the Free World this time next year.
Which Presidential candidate, if elected, would be the best friend to Homeowners? … (8 comments)

chicago real estate alert: NEW CHICAGO REAL ESTATE TRANSFER TAX FINALLY SET - Buyer and Seller to Now Pay! - 03/15/08 06:16 PM

Hope you're enjoying the weekend, folks!
Effective April 1st, a new, higher Chicago Real Estate Transfer Tax takes effect. Under the new law, the tax here increases from it's current $7.50 per thousand of purchase price, up 40%, or $3.00, to $10.50/M. For many years, this Chicago Tax has been the responsibility … (3 comments)

chicago real estate alert: CHICAGO, COOK COUNTY TAX RATES INCREASING! Will Consumers Buy Big-Ticket Goods Elsewhere? - 03/09/08 12:28 PM

Good Morning, Everyone! Hope you're enjoying your Sunday morning!
You know from several previous posts on this blog about increasing consumer sales tax rates in Chicago, Cook County (the county in which Chicago is located), and surrounding suburban counties. These increases were passed in January and February, to forestall big budget cuts … (2 comments)

chicago real estate alert: PERCEPTION BECOMES REALITY - Will Recent Job Loss Figures Further Diminish RE Market Confidence? - 03/09/08 11:05 AM

What can we as Real Estate Practitioners do to inspire confidence in our clients?
Buyers investing now, or sellers moving up, will likely be very happy they did a few years from now - but fear and procrastination, about the real estate market as well as their own ability to buy or … (1 comments)

chicago real estate alert: CHICAGO MAYOR DALEY to Aid Homeowners Protesting High Real Estate Tax Assessments! - 03/07/08 10:26 AM

Real estate tax bills are going up in Chicago!
Not much news value to that, I suppose. Last year, Richard Daley, the Mayor of Chicago, pushed through a real estate tax hike in the city that will bring more than $86 Million to the city coffers over the coming year. Much of … (0 comments)

chicago real estate alert: Chicago's Wrigley Field - Changing it's Landmark Status Could Set a Bad Precedent! - 03/03/08 11:36 PM

In most parts of the world, Wrigley Field in Chicago, Home of the Chicago Cubs, is instantly recognizable - even by those who have never visited our city.
Its famous red sign, at the Corner of Addison and Clark Streets on Chicago's North Side, in our Lakeview Neighborhood (please don't call it … (4 comments)

chicago real estate alert: 2nd Mortgage Subordination Becoming More Difficult - Some Lenders Refuse! - 03/02/08 09:38 PM

Hey, folks!
You might remember the "salad" days of the the home mortgage market - a couple of years ago.
No real need for costly PMI! Home buyers only needed to come up with 10% down, 5% down, or even 0% down, then take an immediate second to reduce the "visible" LTV to … (4 comments)

chicago real estate alert: CHICAGO SALES TAX - Highest in U.S. Effective July 1, 2008 - 03/01/08 11:07 AM

Last-minute maneuvering by the Cook County Board last night prevented major budget cuts in county services and health care in the county that includes the City of Chicago. But the cost to consumers across the county, and here in Chicago, was steep.
As a compromise to Cook County Board of Commissioners … (7 comments)

chicago real estate alert: IN CHICAGO, SUBURBS, Home Sales Continue to Fall! - 02/25/08 10:14 PM

By now, you've heard about the continued weak sales pace nationally for single-family homes and condos. The 0.4% drop year-over-year in January, 2008 is the sixth straight month of declines across the U.S. The annualized sales estimate of 4.89 Million Units Projected Sold is the weakest projection since 1999.
Median sales prices … (3 comments)

chicago real estate alert: BUYERS ON THE FENCE? What are they Waiting For? - 02/24/08 11:21 AM

Here in Chicago this Sunday morning, it's cool, crisp - and sunny! Hope its beautiful where you are. Relax - it's Sunday Morning!
Buyer's Agents? Do you have any FENCE SITTERS among your currently-active clients. You know the type - they are waiting for prices to drop even further? Or, they they … (3 comments)

chicago real estate alert: Strapped for New Home Buyers, Several Chicago Home Builders Offer Price Protection! - 02/21/08 10:12 PM

Boy, how the new home market has changed over the last few years.
Two years ago, here in Chicago and across the country, many new home builders were shooing away Realtors with buyer clients. Some had elaborate, exclusionary registration procedures for prospective buyers - making it very difficult for affiliated buyer's agents … (3 comments)

chicago real estate alert: THE ELDERLY - A Tragic Saga in Today's Foreclosure Nightmare! - 02/20/08 12:01 PM

A tragic angle involving financially-distressed home borrowers involves the plight of seniors facing foreclosure. Our Team has several elderly clients facing tough times financially here in Chicago, and we are working closely with them to avoid lender action.
Many in this particular demographic group have been in their home for years. Most have paid off, … (1 comments)

chicago real estate alert: Beware, Chicago Condo Owners - Illegal Behavior by your Property Manager Can Leave You Funds-less! - 02/19/08 05:47 PM

Good Afternoon, you wonderful AR folks!
Late yesterday, one of our Preferred Real Estate Partners, Chicago Real Estate Attorney and our good friend Ron Hayden, wrote me some important things to consider if you're considering buying a condo within Chicago, or in the area. The article has a lot of relevancy, however, … (1 comments)

chicago real estate alert: IT'S SQUEEZE TIME - Even for Those with GOOD CREDIT! - 02/17/08 11:14 AM

These days, it seems, even those with good credit are not immune from the current squeeze.
No-doc loans, even for folks with strong business records and excellent credit histories, are getting harder to come by - although you can find them, with greater effort than before. Now, those with low down … (2 comments)

chicago real estate alert: Condo Bargains May Be Found in Downtown Chicago as Inventory Grows, Sales Fall! - 02/16/08 11:00 AM

Hi, gang!
Looking for potential condo bargains in the heart of the big city? What's happening right now to the Downtown Chicago Condo Market might interest you!
Here in Chicago, sales of new condominiums continue to fall, especially in the Loop, South Loop and West Loop Neighborhoods of Downtown Chicago, while inventory is … (2 comments)

chicago real estate alert: President's Economic Stimulus Package Unlikely to Provide Fast Housing Turnaround, Say Some Experts! - 02/14/08 11:07 PM

Within the past year, as home resales across Chicago, the suburbs, and elsewhere fell considerably, the plight for new home builders was even more pronounced. Some saw sales fall as much as 50%, a few filed for bankruptcy.
The news that comes out of this week's National Association of Homebuilders Conference in … (5 comments)

chicago real estate alert: BUSH PLAN TO AID HOMEOWNERS FACING FORECLOSURE - Too Little, Too Late? - 02/13/08 10:45 PM

Currently, there are nearly 31,000 homes in Chicago either in foreclosure, or very close to it, according to RealtyTrac.com. Will the President's new initiative, which will give some borrowers a 30-day pause in the process, cause relief?
Perhaps not!
His new initiative, "Project Lifeline,"will require several large lenders who voluntarily signed on for … (1 comments)

chicago real estate alert: GUESS WHAT? More Taxes In Chicago, Cook County Going UP - Perhaps! - 02/10/08 10:33 PM

Hey, everyone - writing tonight from the Keller Williams Family Reunion 2008, in beautiful Atlanta GA. Boy, the people are so friendly here, and, compared to this time of year in Chicago - the weather is almost summer-like! Almost hate to leave, end of this week.
I was just checking the Chicago … (0 comments)

chicago real estate alert: START YOUR ENGINES, GUYS! The BIG SHOW in CHICAGO is HERE! - 02/08/08 08:34 PM

GENTLEMEN - WANNA SEE A VERY SEXY PICTURE?
CLICK HERE!
No ladies - I'm not being sexist - you can click, too!
Every year in Chicago, at the huge, 1.3 Million Square Feet McCormick Place Exhibition Center on the Near South Lakefront - THE CHICAGO AUTO SHOW COMES TO TOWN!
The 2008 Version runs now through … (1 comments)

chicago real estate alert: IS REDLINING BACK? Recent Moves by Countrywide, Other Lenders have Critics Wondering! - 02/05/08 11:43 PM

It was a common, but very quiet practice years ago for lenders and some insurance providers to "redline' certain areas or neighborhoods. They wouldn't write mortgages or home insurance policies in certain parts of town they considered "in decline." The end result - these neighborhoods would decline even further, as many … (33 comments)

chicago real estate alert: RE-FI May Be the Answer for Some Sub-Prime Borrowers - 02/03/08 02:57 PM

Sometimes, people miss the obvious solution - like plugging in the toaster that doesn't seem to work, for instance.
For certain borrowers with sub-prime loans, especially here in Chicago and Illinois where home values have not dropped precipitously in recent months, refinancing may still be an option. This, of course, unless these … (1 comments)

chicago real estate alert: MOVING TO CHICAGO? Red-light Cameras - City, Suburbs - Are Watching You! - 02/03/08 11:56 AM

Happy Super Bowl Sunday, everyone! Enjoy the game - responsibly. Perhaps, by this time tomorrow, history will have been made with an undefeated New England Patriots Team - let's see!
Last week, I was cleared of an apparent Chicago Parking Ticket received in front of my North Side office. Apparently, the meter-person … (1 comments)

chicago real estate alert: NO, DEAR - These Aren't BUS SHELTERS! - 01/29/08 11:02 PM

Entrepreneurs: Here's the next big construction craze in Illinois -
SMOKING HUTS - THAT'S RIGHT!
When Smoke-Free Legislation was enacted January 1st of this year across Chicago and throughout Illinois, smokers were forced outside, no matter the weather, to enjoy their cigarette breaks.
The new law prohibits smoking within 15 feet of a … (3 comments)

chicago real estate alert: "THE REAL ESTATE MARKET SUCKS!" Many Clients Say - How Do YOU Respond? - 01/27/08 11:45 AM

Happy Sunday, Gang!
Over the years I have been selling residential real estate here in Chicago, I have found one routine that ultimately makes me more money than anything else. The routine -
CONSISTENT TELEPHONE FOLLOW-UP!
I provide quick news to my clients on market trends here on the North Side of Chicago, check … (2 comments)

chicago real estate alert: MORTGAGE RATES MID-TO-HIGH 5%! But Not for Everyone! - 01/26/08 11:03 AM

Oh boy, my clients here in Chicago and the suburbs are reading the papers and surfing the web again!
They remind me 30-Year Fixed Mortgage Rates have dropped - in some cases as low as 5 5/8%, for purchases and re-fi's. With they buyer's market here in Chicago, some want to run … (2 comments)

chicago real estate alert: CHICAGO 2007 MARKET SUMMARY - Sales Down, But Median Prices Increase for Homes, Condos! - 01/25/08 10:29 AM

The U.S. Housing Market news continues to be dower from Wall Street - 2007 units resold down 13%, median sale price down 1.8 percent nationally last year.
Things slowed down in Chicago as well in 2007, but median prices actually INCREASED in the single family home and condo sectors.
A few summary statistics … (2 comments)

chicago real estate alert: U.S. Economic Stimulus Plan - Real Solution or More Window Dressing? - 01/24/08 08:38 PM

Hey, gang -
I'm not big on talking politics on a public forum like AR - but my frustration level is getting pretty high. Tell me I'm not crazy, or tell me if I am!
Congress and The President are tying the ribbons on a $150 Billion Economic Stimulus Package hoping to revive … (1 comments)

chicago real estate alert: Ruptured Chicago North Side Water Main Points Up Cracks in Older City Infrastructure! - 01/23/08 10:42 PM

A Giant Sinkhole, filled with 8-foot sections of Chicago City Sidewalk, complete with parking meters, street signs, and street light poles, and a rushing, river-like torrent of water - all in the middle of a major North Side Chicago street. Very surreal - but very real. Occurring without warning!
About 1:30 on … (1 comments)

chicago real estate alert: BIG FED RATE CUT! Will it Help Borrowers? Calm Financial Markets? - 01/22/08 08:36 AM

In a dramatic move, the U.S. Federal Reserve Board cut its benchmark Fed Funds rate 3/4 percent today, to 3.50%. It also dropped the Discount Rate to 4.00% - 0.75% as well.
As we know from recent press, the Fed price reduction was anticipated - at the end of the month, and … (4 comments)

chicago real estate alert: LIGHTING UP? In Your Own Apartment - MAYBE NOT! - 01/20/08 11:31 AM

Is it illegal to ban apartment tenants from smoking in their own apartments?
Of course, consult your own attorney, folks.
But, in most cases, smoking CAN be prohibited in rentals - if a written clause in the lease addresses it. There is no discrimination involved, as those who smoke are not a … (0 comments)

chicago real estate alert: TOO-HIGH ASK PRICE? SHOPPER'S REMORSE? It's all Psychological! - 01/20/08 10:19 AM

Hey, folks! It's Sunday Morning in Chicago, and it is 3 below zero! Honey, pull out the old parka - I'm headed out for provisions! And, don't worry - I'll watch out for stray polar bears!
How many times have you had a seller tell you he has already decided on a … (2 comments)

chicago real estate alert: In Chicago, Transit Crisis Averted - Seniors to Ride Free, But Everyone Will Pay! - 01/18/08 01:18 PM

LOCAL NEWS FLASH, FOLKS!
Yesterday, the IL State Legislature barely passed a Transit Reform Package. It impacts transit systems and transportation across the state, but it's main impact will be felt in the City of Chicago, and the surrounding counties in Northeastern Illinois.
The bill raises general sales taxes in the City of … (0 comments)

chicago real estate alert: EARLY VOTING - New Procedure in IL Can Revolutionize the Way we Vote! - 01/15/08 09:02 AM

Good morning, everyone! Hope those of you in the Northeast have successfully dug out from yesterday's snow!
In the State of Illinois, and all across Chicago, new election rules, beginning with the upcoming Illinois Primary on Tuesday, February 5th, to vote early - through January 31st - in designated Early Voting Centers … (2 comments)

chicago real estate alert: A Few 2008 Chicago Real Estate Market Predictions - Could Apply to YOU, too! - 01/08/08 08:43 AM

Good Morning, from a very damp Northwest Side of Chicago!
Just wanted to review a few statistics, thoughts, and predictions gleaned from Anne Brennan's article in The Chicago Tribune last Sunday, January 6th. Also, please check out our posting in yesterday's BlogChicagoHomes.com.
1. Median Chicago-area home prices increased 0.8% between November, 2006 and … (3 comments)

chicago real estate alert: VOTERS IN CHICAGO, ACROSS ILLINOIS - Are you registered to vote in the February 5th Primary Election? - 01/06/08 12:39 PM

Hope you're enjoying your Sunday afternoon, everyone!
Just wanted to remind you - here in Illinois, and perhaps where you live, the Voter's Registration Deadline for the February 5th Illinois Primary Elections is fast approaching! The deadline here in Chicago, and all over the State of Illinois, is this Tuesday, January 8th. … (1 comments)

chicago real estate alert: Contractor Down Payments - Be Careful Before You Hand Over Big Money! - 01/04/08 11:55 PM

Hope you're enjoying the weekend, people!
We all have scary stories about contractors not performing their work in a professional, workmanlike manner. My own brother-in-law, in Warrenville IL, is still in court for some shoddy work on his home addition improperly completed 8 years ago. When I first got married, back in … (1 comments)

chicago real estate alert: More Rate Cuts Possible, says FED in December, 2007 Meeting Minutes - 01/03/08 11:20 AM

When the Federal Reserve Board Open Market Committee reduced the benchmark Fed Funds and Discount Rates last month, to 4.25% and 4.75% respectively, they left open the possibility of further rate cuts in the near future. Their concern - continued sluggishness in the credit and housing markets has continued to impact … (0 comments)

chicago real estate alert: Chicago and Illinois Condo Owners Face New Rules in New Year! - 12/31/07 11:52 AM

Happy Monday, everyone. Enjoy the last day of 2007!
Here in Chicago, and in Illinois, condo owners will face several new rules in 2008. One, in particular, will save condo owners and associations in the City of Chicago, considerable money. Here are a few of the changes. Also see our post today … (0 comments)

chicago real estate alert: PMI Deduction Extended - Silver Lining for Many Highly-Leveraged Borrowers! - 12/30/07 01:40 PM

Hey, gang - we're stockpiling Champagne for the big celebration Monday night!
The news isn't all bad for highly-leveraged borrowers in today's housing market - in Chicago and elsewhere. Congress this week extended, through 2010, the Income Tax Deduction for Private Mortgage Insurance. This will help out many middle-income borrowers who originated … (1 comments)

chicago real estate alert: Chicago Better Off Than Many Metros in Home Price Decline - 12/27/07 10:06 AM

Spotted in article this morning in the Chicago Tribune, written by Susan Diesenhouse - while the U.S., as a whole, has suffered a 6.7% average decline in resale prices between October, 2006 and October, 2007, resale prices here in the Chicago Area have declined, but not as much - 3.1%, on average.
It's … (0 comments)

chicago real estate alert: Chicago to Bring "Eco-Friendly" to it's Alleys! - 12/26/07 04:08 PM

To those of you just waking up after a long Christmas celebration yesterday -
GOOD MORNING!
Green Alleys! No, this is not another Chicago publicity thing to draw attention - we DO dye the Chicago River BRIGHT GREEN for St. Patrick's Day every year, you know!
This pilot program involves installing new permeable asphalt … (1 comments)

chicago real estate alert: Home Equity! It's on the Decline - and Being Irresponsible with it Can Hurt You! - 12/23/07 12:27 PM

Hope you're enjoying your Sunday afternoon, everyone. All of your Christmas Shopping done?
In scanning today's Chicago Tribune, and today's column by Real Estate Editor Mary Umberger, I read an interesting couple of paragraphs that average home equity across the U.S. has fallen by 10% since 2001. According to FED figures in … (3 comments)

chicago real estate alert: Condo Nightmare in Chicago - Foreclosure Leaves Major Defects Unrepaired - 12/23/07 12:32 AM

On the Northwest Side of Chicago, in the affluent neighborhood of Sauganash, an untimely foreclosure last July has left a number of residents holding the bag on significant incomplete or shoddily-finished items.
The Sauganash Place Condo Association President, Bathsheba Birman, complains of a design flaw on the building's green roof which contributes … (1 comments)

chicago real estate alert: Foreclosures Across the U.S. - Good News/Bad News! - 12/19/07 09:18 PM

This cheering up comes with a side dish of cold water in the face!
In the month of November, according to RealtyTrac.com, as reported in today's Chicago Tribune, (also see our BlogChicagoHomes.com posting), U.S. foreclosure filings dropped 10% versus the October, 2007. The bad news - the 210, 950 filings were 68% … (1 comments)

chicago real estate alert: Short Sale Journal - Some Success, Some Heartache! - 12/18/07 11:52 AM

As I am sure you know, a "Short Sale" occurs when a borrower's lender (or, in most cases today, lenders - plural) agree to accept less than the outstanding loan balance for a borrower in distress, behind in payments, and about to go into foreclosure. Here in Chicago IL, however, completing … (1 comments)

chicago real estate alert: Best Home Improvement Return in Today's Real Estate Market? Exterior Siding! - 12/16/07 01:03 PM

Hello, everyone! Hope you're enjoying your Sunday afternoon.
For several years now, many homeowners have invested their improvement dollars in interior amenities - a new bath, an updated kitchen, a family room addition. However, according to a new survey on costvsvalue.com, valuable home improvement dollars should first be spent to improve the EXTERIOR … (3 comments)

chicago real estate alert: FED Rates Drop - But What About MY RATE? - 12/12/07 08:54 AM

Good Morning, everyone!
Consider signing up for the Online Version of The Wall Street Journal (WSJ.com) - the entire WSJ, right at your desktop, updated continuously, and very relevant to real estate, investing, and your real world! It's less than $15.00/month.
I spotted an article here last night, by reporter Jane J. Kim, that offered … (2 comments)

chicago real estate alert: In Sluggish Real Estate Markets, Homesellers Turn to Renting Their Old Home! - 12/11/07 02:30 PM

Good Afternoon, folks -
More and more often, here in Chicago and in the suburbs, home sellers, frustrated with stagnant or falling real estate prices, are renting out their old homes or condos, rather than selling them.
In such cases, the rental decision is made reluctantly, and often as a last resort. Sellers biggest … (1 comments)

chicago real estate alert: FICO Credit Score 680 or Less - Get Set for Higher Fees! - 12/09/07 05:45 PM

FEES TO INCREASE FOR EVEN "PREMIUM" BORROWERS!
The sub-prime mortgage mess continues to grow tentacles - even for those borrowers previously thought to have "premium" credit. Fees escalate the lower your score between 620 and 680, with down payments loan-to-value ratios of less than 70%.
Further, providers of Mortgage Insurance are also increasing their … (2 comments)

chicago real estate alert: Proposed Bill Would Benefit Many Middle-Income Homeowners! - 12/08/07 04:03 PM

Every year, many homeowners nationwide cannot take advantage of income tax savings from deducting local property taxes paid. It is estimated that over 30 million tax payers cannot deduct local real estate taxes, because they cannot itemize their deductions.
A new plan by IL Representative Rahm Emanuel (D-IL-5th) would create a new … (2 comments)

chicago real estate alert: Chicago's Most Affluent Neighborhoods - Highest Increase in Foreclosures! - 12/04/07 11:53 PM

Prior to this years crisis in the mortgage market across the U.S., one might think that high numbers of foreclosures would be limited to the poorest neighborhoods in a major city. Statistics are proving this assumption wrong, however, in the City of Chicago, in 2007.
In today's Chicago Sun-Times, a front-page story … (1 comments)

chicago real estate alert: IL Legislature Considers New Mass Transit Funding Plan Wednesday! - 11/27/07 10:32 PM

As Alfred Hitchcock used to say . . .
Goood Eeevning!
Down in IL Capitol Springfield tomorrow, the IL House of Representatives debates diversion of the IL Gasoline Tax in the six-county Chicago Metro Area to provide a long-term solution for Transit Funding in and around Chicago and the suburbs - IL … (1 comments)

chicago real estate alert: Distressed Homeowners Wait for Lawmakers to Act! - 11/25/07 09:50 PM

Hope you enjoyed the Thanksgiving weekend, and you're getting down to the bottom of the Cranberry Soufle Leftover Bowl!
I spotted a relevant article in today's Chicago Tribune, written by reporter Kenneth R. Harney, Washington Post Writers Group.
Each day, our Team sifts through Foreclosure Databases to uncover dozens of newly-filed foreclosure actions and Sheriff's … (2 comments)

chicago real estate alert: Black Friday in Chicago IL - Great Links, Info for you CRAZY Shoppers! - 11/23/07 01:55 PM

Hitting the mall today? Not me!
Like many guys, my biggest shopping day this year will be Monday, December 24th, at around 4 in the afternoon. Ladies, you want to find a bunch of males, each with a "deer in the headlights" look in their eyes, and fear in their hearts, … (2 comments)

chicago real estate alert: CHICAGO REAL ESTATE VOLUME DROPS - BUT MEDIAN PRICE UP! - 11/21/07 01:28 PM

ILLINOIS MEDIAN SALES PRICE INCREASE 0.7% THIRD QUARTER, 2007
Statistics compiled by the Illinois Association of Realtors, released yesterday, indicate an increase of 4.2% in the median sales price of homes across the Chicago IL area over last year - to $262,000 in the third quarter of this year, from the median price of $252,000 … (2 comments)

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