Hock the house? Home equity lending evaporates as real estate values fall, banks get stingy - 12/31/09 01:15 PM
Hocking the house for quick cash is a lot harder than it used to be, and it's causing headaches for homeowners, banks and the economy.
During the housing boom, millions of people borrowed against the value of their homes to remodel kitchens, finish basements, pay off credit cards, buy TVs or cars, and finance educations. Banks encouraged the borrowing, touting in ads how easy it is to unlock the cash in their homes to "live richly" and "seize your someday."
Now, the days of tapping your house for easy money have gone the way of soaring home prices. A quarter of … (0 comments)

Home prices increase for the 5th straight month in October - 12/30/09 02:23 PM
NEW YORK (AP) — Home prices rose for the fifth month in a row in October, but the recovery is shaky with only 11 of the 20 metro areas tracked showing gains.
The Standard & Poor's/Case-Shiller home price index released Tuesday edged up 0.4 percent to a seasonally adjusted reading of 145.36 in October from September. Without adjusting for seasonal factors the index was flat.
The index was off 7.3 percent from October last year, nearly matching expectations of economists surveyed by Thomson Reuters. Many economists, however, are predicting a double dip in prices this winter as foreclosures increase and government … (2 comments)

New Green products for home renovations - 12/29/09 12:34 PM
So the president says insulation is sexy.
This brow-furrowing statement leads us to wonder just what kind of videos the man may be watching late at night within the private quarters of the White House. Bob Vila reruns, maybe?
For the record, what Barack Obama said, specifically, was: "Here's what's sexy about it: saving money."
He said this recently as he stood in a Home Depot in Alexandria, Va., making a media push for "cash for caulkers." That's his proposal to provide incentives for homeowners to tackle energy-smart, bill-reducing home renovations. The plan hit a thud in its first go-round in … (0 comments)

Homeowners more cautious on remodeling projects - 12/28/09 03:24 PM
'Twas only a few years ago, when the housing boom was in full roar, that homeowners didn't have to fret too much over whether the money they invested in remodeling would be paid back at resale time.
 
Indeed, it was practically a no-brainer: Home sale prices were going up so high and so fast that remodeling the kitchen or the master bath would nearly pay for itself. Some remodeling companies had so much backlogged work that clients passed the time on waiting lists.
 
"These days, it's a new ballgame," said Sal Alfano, a former contractor who now is the … (0 comments)

Wyndham O'Hare hotel in Rosemont to close - 12/23/09 02:08 PM
The Wyndham O'Hare at Rosemont will close a week from Friday, leaving about 107 union employees out of work in the new year, according to a union official.
The closing of the 12-floor, 466-room hotel comes at a time of declining revenue in the hotel industry and a struggling convention industry in Chicago.
Unite Here is fighting to delay the Jan. 1 shutdown because the hotel did not give a 60-day notification to the employees under the Worker Adjustment and Retraining Notification Act, said Bill Biggerstaff, a spokesman for Local 450.
The property is independently owned and operated by Kennedy Associates … (1 comments)

Chicago-area home sales jump 72% in November - 12/22/09 03:29 PM
Chicago-area home sales soared 71.6% in November compared with the same month last year, according to the Illinois Assn. of Realtors.
The group cited pent-up demand from buyers, low interest rates and the federal tax credit for first-time home buyers as the reason for the fifth straight monthly year-over-year improvement for the Chicago metro area.
Home sales in November and October of 2008 were extremely low as the worst of the nation’s financial crisis was hitting.
“November’s sales surge reflects the rush to beat the tax-credit deadline,” Mike Onorato, the association’s president, said in a press release. The tax-credit deadline was … (2 comments)

Major Lenders Institute Holiday Foreclosure Moratoriums - 12/22/09 03:14 PM
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As DSNews.com previously reported, Fannie Mae, Freddie Mac, and Citigroup said last week that they were all suspending foreclosure actions during the holidays.
And as expected, other major lenders have followed suit, including Bank of America, JPMorgan Chase, and Wells Fargo.
Bank of America is halting all foreclosure sales and evictions from December 21, 2009 to January 3, 2010. The company explained that the suspension will apply to
mortgages in Bank of America’s held for investment portfolio, as well as for investors that concede to allow BofA to proceed with the moratorium. The institution said it will also comply with … (2 comments)

Top 10 Least Happiest and Happiest States to Live in - 12/21/09 01:51 PM
Ever wonder why everyone around you is grumpy and mad? Check your zip code. A new study shows the levels of happiness by state. The New York metro area leads the way with New York as the most unhappiest state to live in followed by Connecticut and New Jersey.
The Northeast and the Midwest dominate the list of unhappy places to live, probably owing to the lack of sunshine, high housing prices, and high taxation. Less sunshine and disposable income can make even the jolliest person cranky.
The Top 10 Least Happy States To Live In:
 New York Connecticut New Jersey … (14 comments)

Home-energy savings fix may be blowin' in the wind - 12/21/09 01:10 PM
The popular image of wind power is of a windmill-like tower cranking away on the prairie.
The wind power at Kathleen O'Donnell's North Side home, however, comes from a rooftop device that vaguely resembles a barber pole, without the red-and-white stripes.
O'Donnell has installed an 8-foot-tall wind turbine at her Ravenswood Gardens home, where since October it has harnessed the breezes to provide some of the electricity for the former two-flat that she and her husband spent about a year converting into a single-family home.
The premise is fairly simple: The device's helical-blade scoops catch the wind, forcing it through the … (7 comments)

Developer of Glenview retail center files Chapter 11 - 12/18/09 04:50 PM
(Crain’s) — A company formed to develop a 102,000-square-foot shopping center in Glenview has filed for Chapter 11 bankruptcy protection, thwarting a mezzanine lender’s plan to auction off the company’s stake in the project.
Central Park Development LLC had pledged its membership interest in the development at 600 Milwaukee Ave. in the north suburb as collateral for a $5.2-million loan from a subsidiary of lender CF Capital Partners Inc. The financing helped the developer launch construction last year, just months before the economy plunged.
Chicago-based CF Capital scheduled an auction for last Monday to sell the ownership stake in the partially … (0 comments)

Feds will hike rates - in 2011 - 12/17/09 02:19 PM
NEW YORK (CNNMoney.com) -- It appears 0% is here for the foreseeable future.
A year ago, the Federal Reserve took its key overnight lending rate, the fed funds rate, down to near 0% for the first time in its history in an effort to keep the economy from falling into depression.

The cheap money meant lower rates for consumers on credit cards and home equity loans, as well as for many business loans.
The threat of a depression is widely acknowledged to have passed and most economists believe the economy has begun at least a modest recovery. But the Fed … (4 comments)

Algonquin Commons in Loan Troubles - 12/16/09 02:22 PM


Algonquin Commons. Photo from Inland Real Estate Corp.
After losing two of its largest tenants to bankruptcy, a big shopping center in Algonquin that opened five years ago now faces financial problems of its own.
 
Algonquin Commons, a 565,000-square-foot mall in the northwest suburb, is no longer generating enough cash flow to cover its loan payments. Its owner, a joint venture led by Oak Brook-based Inland Real Estate Corp., wants to restructure $92.1 million in debt on the property.
It is the largest local retail property to run into loan trouble in the current real estate slump.
 
… (0 comments)

Roosevelt Univ. finances $110-million for proposed Loop building - 12/15/09 01:15 PM
Rendering of proposed building Roosevelt finances proposed Loop building Roosevelt University has obtained financing for a 32-story building at 421-25 S. Wabash Ave. that would house classrooms, offices and housing for 600 students. The university has hired architecture firm VOA Associates Inc. for the $110-million project, which is being financed with about $184 million in bonds issued through the Illinois Finance Authority. Bond proceeds also are being used to refinance existing debt. Construction is to begin in February, and the building is slated to open in January 2012. The ambitious project has come at a cost, with two credit ratings agencies … (0 comments)

General Growth Properties could be up for sale - 12/14/09 03:19 PM
One very big-ticket item has made its way to the top of some high-profile shopping lists this holiday season: the shopping mall itself.  
Making strides to emerge from a mammoth bankruptcy, Chicago-based General Growth Properties may be in play, as competitors seek to acquire some or all of the nation's second-largest mall company.
Valued at about $30 billion, the owner of Water Tower Place, Northbrook Court and more than 200 other malls in 44 states, is exploring its options with "multiple parties," Chief Executive Adam Metz told the Tribune. At least one rival -- Toronto-based Brookfield Asset Management -- already … (0 comments)

First-Time Homebuyers Tax Credit, Is it working in Chicago? - 12/11/09 04:01 PM
Finally, a government economic stimulus program that really works.
Uncle Sam's $8,000 tax incentive for first-time homebuyers created a shopping spree in recent months that promises to continue -- at least until April 30.
Real estate analyst Tracy Cross said the $8,000 credit is responsible for a 20 percent increase in the sale of new-construction housing in the Chicago area.
"Going forward, the extension of the $8,000 credit and the new $6,500 tax credit for previous homeowners should bump up housing sales by 10 percent to 15 percent," said Cross, president of Tracy Cross & Associates in Schaumburg.
Most of the … (1 comments)

General Electric Expects to Lose 7 Billion in Commercial Real Estate - 12/10/09 02:54 PM
GE is a bellweather for the commercial real estate market as their vast holdings are fairly well diversified. Unfortunately the picture the company paints is dim. General Electric expects to lose 13 percent more of it’s portfolio in 2010. That is on top of a 34 percent loss since it’s highs of 2007. So if you are looking at commercial property, keep these numbers in mind. The expectation of profits from the sector are not likely until 2011 if not later.
Executives from GE Capital, a unit of General Electric Co. said on Tuesday that the company expects to have about … (0 comments)

27 percent of listings in Chicago contained at least one price reduction - 12/09/09 10:39 AM
By at least one measure, price cuts on Chicago homes appear to be waning, which means sellers are getting more realistic or they're willing to wait longer for their desired price. While more than 27 percent of listings in Chicago on Dec. 1 contained at least one price reduction, the number of listings with price reductions still was 15 percent less than a month ago, according to realty Web site Trulia.com. In Chicago, 27 percent of single-family homes had been reduced in price, by an average of 10 percent from the original price. Among the 26 percent of condos with price … (0 comments)

Six figures for NYC's 'smallest apartment' - 12/08/09 01:56 PM
Democrats push more mortgage aid The Washington Post House Democrats are seeking to tap the government's massive bailout fund to help homeowners who have lost their jobs and are struggling to make their mortgage payments. House Financial Services Committee Chairman Barney Frank (D-Mass.) on Monday signed on to a proposal by Rep. Maxine Waters (D-Calif.) that would channel $3 billion from the federal Troubled Assets Relief Program toward mortgage relief for jobless Americans. The measure would designate another $1 billion for a program that gives grants to state and local governments to purchase foreclosed properties and use them for more productive … (0 comments)

Bank of America Provides Relief to More Than 600,000 Homeowners Through Mortgage Modification Efforts - 12/07/09 01:15 PM
Bank Offers Assistance through Home Affordable, Other Home Retention Programs CALABASAS, Calif., Dec. 7 /PRNewswire/ — Bank of America has provided mortgage relief through concluded and trial modifications to more than 600,000 homeowners since January 2008.
“At Bank of America, we remain focused on providing long-term solutions to help distressed customers sustain homeownership,” said Jack Schakett, credit loss mitigation strategies executive of Bank of America Home Loans. “Through the government’s Home Affordable Modification Program (HAMP) and our own programs, we are moving aggressively to assist as many homeowners as possible.”
The Treasury Department’s most recent Making Home Affordable Program Servicer Performance … (0 comments)

Realtor Organization Opposed FHA Anti-Flipping Rule - 12/04/09 09:00 AM
At their recent fall meetings, directors of the California Association of Realtors® (CAR) adopted the following motion: "That C.A.R. in conjunction with NAR, "SUPPORT" the elimination of the FHA 90-day anti-flipping rule, and that C.A.R. write and publish a letter to the FHA Commissioner in opposition to the FHA 90-day anti-flipping rule." While support for the motion was not unanimous, it passed by a significant majority. Why would CAR oppose the anti-flipping rule?In a 2006 Mortgagee Letter, the Department of Housing and Urban Development (HUD) described flipping and explained its opposition to it in the following way: "Property flipping is a … (0 comments)

Condominiums Face Lack of Affordable Financing Due to Changes in FHA Rules - 12/01/09 09:00 AM
We all know that condominium developers built more condominiums than the market could absorb from 2006 - 2009. They built from scratch, developing small and large projects from duplexes to hundreds of units, and they bought apartments, renovated and replatted them so they could be sold as condominiums. While the going was good, they sold thousands of them. Then the economy hiccupped and the developers, investors and their bankers were stuck with a huge inventory which they need to unload.This is where our story starts.Due to the high number of condominiums in the marketplace and the low interest rates, this should … (1 comments)

 
Helen Oliveri (The Helen Oliveri Team of Keller Williams Realty Partners ) Rainmaker_large

Helen Oliveri

Glenview, IL

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