New Record for People Behind on their Mortgage Payments Suggests Higher Future Foreclosure Rate and Pricing Pressure - 11/19/09 12:12 PM
A rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure, adding to concerns about the strength of the economic recovery.   Driven by rising unemployment, such loans accounted for nearly 33 percent of new foreclosures last quarter. That compares with just 21 percent a year ago, when high-risk subprime loans made during the housing boom were the main reason for default.
At the same time, the proportion of homeowners with a mortgage who were either behind on their payments or in foreclosure hit a record-high for the ninth straight quarter.
It is entirely possible that … (0 comments)

New US Foreclosure / Mortgage Loan Statistics -- 6.25 percent of U.S. mortgage loans were 60 or more days past due - up 58 percent from 3.96 percent a year ago. - 11/17/09 11:11 AM
For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent from 3.96 percent a year ago.
Being two months behind is considered a first step toward foreclosure, because it's so hard to catch up with payments at that point.
The increase shows there's still a lot of problematic mortgages out there, said F.J. Guarrera, vice president of TransUnion's financial services division. The company doesn't expect the figure to start declining until the middle of 2010.
Two things must get better before … (0 comments)

Final Results of Michigan Avenue Tower II auction at the W Chicago – City Center (in the Loop) - 11/16/09 01:15 PM
According to developer Jacob Bletnitsky, the final tally for sales was 46 units. The Michigan Avenue Tower II auction - was held yesterday afternoon at the W Chicago – City Center in the Loop. Buyers packed one of the hotel’s event rooms starting at 1 p.m. to vie for 43 condos (three more were added) at the tower, located at 1400 S Michigan Ave. The condos sold for more than many had expected — and the developer looked pretty happy when I was walking out... The actual average based on this spreadsheet - was $276 per square foot, down 26 percent … (0 comments)

Buyer Demand in the Chicago Market...and Data From This Weekend's Auction for Condos in Michigan Avenue Tower II - 11/16/09 12:54 PM
We certainly are in the midst of wonderful Chicago area Fall weather. There is a nip in the air, and final leaves to rake.  It's a wonderful time of year to be in the Chicago area - especially as it has been warmer than normal - though the cool air is finally kicking in with an invigorating punch...  The local Real Estate market continues to be a very divided market.  Homes sales are brisk in the price ranges of under $350,000 and slow down significantly above that price range.  The extension of the $8,000 tax credit for first time buyers will … (0 comments)

Survey suggests that the market lies in younger buyers - mostly in the south and west - 11/11/09 10:37 AM
In a survey conducted by move.com before the credit extention - they found that just one in 20 Americans say they plan to buy a home within the next year, and they're most likely to be 34 years old or younger and living in the South or West.
(Comment - that begs the question - what about the East and Midwest?  I don't think those markets are dog meat... My company has had a banner year of buyers in the Chicago area - thus far....perhaps because they know that we are totally different (being 100% on the buyer's side - never … (0 comments)

Details on the Homebuyer Tax Credit - 11/09/09 07:40 PM
Last week, a new Homebuyers Tax Credit bill was signed into law. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.
Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.
Tax … (0 comments)

Homebuyer Tax Credit Extended to April 2010 - Can Close by end of June 2010 - and 6.5k to Owners Who Have Lived in Their Home at Least 5 Out of Last 8 Years - 11/06/09 07:11 PM
After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow. The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase … (0 comments)

 
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