What Kind of Homes do the Boomers Want? - 02/26/09 02:50 PM
The Baby Boomers represent the largest generation in the United States. It’s little surprise, then, that homebuilders are especially interested in what Boomers want when it comes to housing.
Today, at least according to an interesting story in the Chicago Tribune, Boomers want simple, maintenance-free homes. But they absolutely do not want anything that reminds them of how old they are getting.
According to the U.S. Census Bureau, there are about 76 million Baby Boomers in the United States, all born between the years 1946 and 1964.
Even though these Boomers are getting older – even they can’t stop the aging … (0 comments)

Vacant Homes Are On The Rise - 02/26/09 02:05 PM
The numbers right now aren’t good when it comes to the housing industry. Just look at the local numbers: Home sales in the city of Chicago came in at 20,589 in 2008, down a significant 25.1 percent from one year earlier. The median sales price of homes in Chicago stood at $290,000 last year, a smaller drop of 0.5 percent from 2007.
Nationally, of course, the numbers are no better.
Then comes this piece of news from the USA Today: A record one out of every nine U.S. homes is now vacant.
A large number of vacant homes is a sure … (0 comments)

No Condo Tower Next to Michigan Avenue Church - 02/26/09 01:54 PM
Was it the opposition of local residents? Was it the struggling economy? Or was it the glut of unsold condominium units already on the market?
Whatever the reason, a controversial condominium tower proposed for a lot next to a historic Michigan Avenue church is now dead. In a story reported by Crain’s Chicago Business, the Fourth Presbyterian Church of Chicago has given up on its plans to let a developer build a condo tower next to their church building, which has an official address of 126 E. Chestnut St., better known to passersby as the busy corner of Chestnut Street and … (0 comments)

Home Sales, Prices in City Continue to Fall; It’s a Great Time to Buy - 02/11/09 12:14 PM
Economists, my fellow REALTORS® and home sellers are all asking the same question: Has the housing industry finally reached bottom?
It’s a good question. Unfortunately, no one knows. We all hope that housing prices are finally ready to start climbing again. And we all certainly hope that sales will soon pick up. But for now, at least, sellers are still struggling to move their homes.
But while this isn’t wonderful news for sellers, it is great news for Chicago buyers. In today’s market, buyers interested in even the top city neighborhoods can find great value.
Here’s why: In December of last … (0 comments)

Explaining What The Federal Reserve Did In Plain English - 02/11/09 12:02 PM
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today. It remains within a target range of 0.000-0.250 percent.
In its press release, the FOMC reiterated most of the key points from its December 2008 statement, including:
The U.S. employment outlook continues to deteriorate Consumers and businesses continue to cut spending The housing sector is still showing weakness In addition, the FOMC addressed the "extremely tight" credit conditions for U.S. households and business, even as it said some financial markets are showing signs of improvement.
To the Fed, the latter is a precursor for the former. For … (0 comments)

 
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Mario Greco

Chicago, IL

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