Dean's Team Chicago Real Estate Blog

Chicago IL Market Statistics Update - November 23, 2009

Mon, 23 Nov 2009 07:31:34 -0600

Good Morning!

Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, November 22nd

Stability seems to be the key in most indicator numbers this week. In the North and Northwest Side of Chicago Neighborhoods we frequently serve, Active Listings Inventory showed little change. Pending Sales fell - predictable as the Thanksgiving Holiday approaches.

Average Sales Price and Average Market Time held about steady, while Sales Volume gave back last week's gain, and a little bit more. Units Sold figures were flat, while and Listings Expired jumped - perhaps, by design, as the holidays approach.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continued its declining trend. It is now just short of 9.3 months - a very, very encouraging trend.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame increased once again last week - it is now over 52%!

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood. View the map for links to maps for Chicago Suburbs. It is updated as new data becomes available.

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 November 15th 3,725 35 84 53

w/e November 22nd        3,776                   42                    82                35

% CHANGE                       -1.4                  -16.7%              +2.4%           +51.4%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME

w/e November 15th      $281,735            172 DAYS                    $23,665,740

w/e November 22nd      $282,077            172 DAYS                    $27,296,816

% CHANGE                      -0.1%                 +-0.0%                          -13.3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 15th - LAST 12 MOS - 12.85   LAST 6 MOS - 9.69  LAST 3 MOS - 9.27

w/e November 22nd   - LAST 12 MOS - 13.38 LAST 6 MOS -  10.21    LAST 3 MOS - 9.62

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 15th - 52.11% (UNSOLD - 47.89%)

w/e November 22nd - 51.09% (UNSOLD - 48.91%

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

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

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

DEAN & DEAN'S TEAM CHICAGO

WILL NEW FHA CONDO RULES Help Stimulate Condo Market?

Mon, 23 Nov 2009 00:08:54 -0600

It wasn't all that long ago that Condo Buyers here in Chicago, and across the U.S., had many financing options available. As recently as a couple of years ago, buyers with marginal credit could put low - or, sometimes, no money down. Stated income and piggyback loans prevailed.

For those with less than the customary 20% down payment, financing using funds backed by FHA, with its myriad of rules for approval, was a less attractive option.

Today, however, condo buyers have far fewer options. Perhaps, no options if they have somewhat blemished credit, and little down payment. Other than FHA Financing.

FHA Loans require as little as 3.5% down. Many closing costs - including the roughly 1.9% Mortgage Insurance Premium - can be financed into the loan. Buyers purchasing single-family homes are subject to appraisals which often mandate basic repairs - serviceable roofs and mechanical systems, no peeling lead paint or broken windows. Usually, the seller of such detached homes makes these repairs prior to closing.

Condo buyers, however, often have the building in which they are purchasing very carefully scrutinized. The building has to be financially solvent. Have good reserves. No pending lawsuits or special assessments. And, under a long-standing rule, there can be no Right of First Approval by the Condo Association in order to get a building approved for FHA.

Under rules originally approved to take effect earlier this month, since moved to December, and again until next February 1st, the Right of First Refusal Requirement will be waived.

An old process of Spot Approving specific condo units in cases in which the entire complex does not have prior approval will be eliminated, in favor of a new system of complex-wide approval by FHA Authorized Direct Endorsement Lenders.

Changing the FHA rules too soon, administrators feared, might confuse an already struggling condo sale market.

It is hoped these two changes will streamline the process of obtaining an FHA loan - at this point, the only viable low-down-payment option.

But, as reported in last Friday's Chicago Tribune by Real Estate Columnist Mary Ellen Podmolik, other changes will make the FHA Borrower Approval Process a bit easier right away.

Under previous rules, no more than 10% of the units in complexes with more than 30 units could be encumbered by an FHA Mortgage. Effective immediately, that maximum concentration has increased to 50%, through the end of December, 2010. In certain cases, up to 100% of the units could have FHA Financing - although requirements for such approval are quite stringent - read the U. S. Department of Housing and Urban Development Mortgagee Letter 2009-46-A for specifics.

Each complex must be at least 50% owner-occupied for approval. A new refinement - incomplete buildings need show that only 50% of the pending sale units, or those sold prior to completion of construction, have been sold to owners planning to live in their new units.

Finally, under old FHA Rules, for a new condo construction or rehab project, 90% of the units in a complex had to be sold in order for the building to qualify for spot approval, and the association itself would have had to be turned over to management of the new condominium association for at least one year. That rule has now changed to 30%, although it will increase to 50% beginning January, 2011.

Here in Chicago, sales of Downtown Condominium Units are weak, and could use a bit of help that the FHA Approval Changes will provide. So far in 2009, only 424 units in the Chicago Loop and in nearby neighborhoods have gone under contract. That's just over half of the 845 units sold to this point last year.

Across IL, for single-family homes and condominiums, the maximum FHA Loan Amount will remain at its 2009 level of $417,000.

Normally, limits increase or decrease with changes in the median home price in a particular metro area. However, guidelines of the Federal Housing and Economic Recovery Act prevent the cap level from being reduced, despite considerable fall-off in home and condo prices here in Chicago and the Chicago Suburbs over the past year.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

GAINING SHORT SALE APPROVAL! A Win-Win Solution? Or, Just Another Game?

Sun, 22 Nov 2009 20:50:16 -0600

Good Sunday Evening from Chicago, folks!

No matter where you live, or where you work, Short Sale Properties are as much a fact of like for those working or buying Real Estate as the U.S. Economic Recession itself.

A couple of years ago, one of our former Team Members, frustrated with a bank disapproval after a lengthy wait, swore them off completely. Her Listing Client ended up in foreclosure, losing his house, after her seemingly-patient buyer, then another, each got tired of waiting - nearly five months after the original contract was signed by the distressed seller.

These days, ignoring the presence of Short Sale Properties is very shortsighted. In some of the Chicago Neighborhoods and Suburbs our Real Estate Team serves, over half of the available properties on the market are either selling short, or already bank owned.

On the Listing Side, many prospective clients are delaying going to market unless and until they really need to. And, when they need to, it is over matters of distress. Often, for these people, selling short is the only reasonable alternative.

If you study what exactly a Short Sale is - the seller turning over his house to a prospective buyer for less than what is owed on the mortgage, in order to stave off foreclosure, it seems like a successfully-completed short sale would be a win-win for everyone involved.

The seller removes an oppressive debt. The buyer gets a good-condition home at an attractive price. The lender avoids the high costs associated with foreclosure. And, finally, the community does not have to see a depreciating, deteriorating, boarded up home right down the street.

If it is a win-win, however, why do banks not yet seem to want to win their share?

The waiting game played by some of the largest banks - several months in most cases - seems specifically designed to increase the chances of alienating prospective buyers.

From the perspective of the frustrated seller, and his Realtor and Attorney, Customer Service is usually poor, with less than competent clerks spearheading the process. During one recent transaction we had with the Bank of America, the phrase "10 Business Days More" was an almost-scripted, boilerplate response to our every questions of how long it would take to get to the next step.

Two weeks ago, we finally got through to a Second Stage Loss Mitigation Professional at BOA. But, at this time, we have no written confirmation that the current buyer we have will stick with us for the couple of more weeks it will likely take to get final approval If we DO get approval at all!

On this one deal, which we have been working on since late June, the seller has not had the money to pay his mortgage. He was unable to procure a tenant to rent his property. It has remained vacant, without house payments made, since the time the temperature around here was in the 70's - at night!

A buyer walking away at this critical point - unless we can find a qualified replacement buyer right away - would almost certainly result in foreclosure procedures happening right away.

Now, some Real Estate Practitioners have found clever ways to "game" the system. They sometimes find a patient investor, right away, who writes a low offer. They might also have another buyer - perhaps less patient - waiting in the wings.

If the investor writes a low offer and it is accepted, he buys the property at a considerable discount. If the offer gets counter-offered, they buyer might counter back - but if the negotiation is not successful, the listing agent now has some idea of what bottom-line sales price would be acceptable to the bank. He quickly finds a replacement offer - and sometimes gets it through.

The strategy here - playing a game!

Another tactic - should the first buyer walk away, delay notifying the bank of the impatient buyer. Do so, and risk the insensitive lender shredding the entire file, and restarting the clock again - likely, another six-month wait.

Instead, should a buyer walk away, immediately lower the price to the level of the previously-successful offer, and do everything you can to find a new buyer right away. Then, try to replace the buyer with the new one, at this most critical juncture in the short sale process.

Again - another game! A game you, as well as the seller, the bank, and the buyer, could lose. And if you do?

All that hard work. All that patience. All for naught!

No matter which way you slice that - it makes NO SENSE!

You agree? Please share your thoughts, as well as your experiences!

DEAN & DEAN'S TEAM CHICAGO

This Weekend in Chicago - November 21-22 - The Chicago Holiday Season Begins!

Sat, 21 Nov 2009 23:12:40 -0600

The Holidays will be here before you know it! In Downtown Chicago, on The Michigan Avenue Magnificent Mile, the celebration started today!

Our Team Member Sue Moss provides a rundown, and also outlines Thanksgiving Week Activities here in Chicago.

The City of Chicago rang in the start of the Holiday season today with the 18^th Annual Magnificent Mile Lights Festival on Michigan Avenue between Oak Street and Wacker Drive.

If you have never attended this event before, it's a full day of fun activities with live music from 11:00 a.m. to 4:00 p.m. at the Harris Stage. Mitchel Musso, co-star on "Hannah Montana", will be performing at 2:00 p.m. as well as the pop group Plain White T's taking the stage at 3:00 p.m.

And, you definitely don't want to miss the street-lighting procession of over one million lights along North Michigan Avenue at 5:30 p.m. with Mickey Mouse as the master of ceremonies! Word has it that Ashley Greene, lead actress in "Twilight" will be appearing in the ceremony along with other celebrities.

A fireworks display over the Chicago River at Michigan Avenue at 6:55 p.m. will wrap up this year's festival. I can't think of a better way to kick-off the Holiday season than this. So, click here to download your Holiday Activity Guide - there's much more than what I mentioned here!!

Also taking place this Saturday from 2:00 p.m.-4:00 p.m. at the Palmer House Hilton is the Lighting of the Lobby Christmas Tree with the Joffrey Ballet. Come out and meet the cast members of this year's "Nutcracker"!

This year's City of Chicago Christmas Tree Lighting Ceremony will take place on Wednesday, November 25^th, at 4:00 p.m. Head on over to the Daley Plaza (50 W. Washington St.) as Chicago-native, Bonnie Hunt, flips the switch with Mayor Daley. A Chicago tradition for the past 96 years!!

If you're like me and want to get a head-start on your Holiday shopping, the 7^th Annual Winter Arts and Crafts Expo opens to the public this Saturday at the Evanston Art Center (2603 Sheridan Rd.) and runs through December 22^nd. The Winter Expo features a variety of original works by over 100 artists -- a perfect place to shop for everyone on your list! Click here for more information on getting those unique gifts.

And finally, no, I haven't forgotten about Thanksgiving. How could I? I host Thanksgiving dinner for family & friends. So, you just might run into me this Saturday, 2:00 p.m., over at The Chopping Block in the Lincoln Square neighborhood for their How to Carve a Turkey demonstration! I don't think I need to say anymore.

And for all those who will not be in a kitchen this Thanksgiving, do your cook(s) a big favor and gather everyone up in the household and take them to the 76^th Annual McDonald's Thanksgiving Parade in the South Loop over at State Street and Congress Parkway. By the time you get home, you'll have a delicious traditional Thanksgiving meal waiting for you - YUM!

Have a Great Thanksgiving!

Read Sue's This Weekend in Chicago Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Chicago Neighborhood News - November 20, 2009

Sat, 21 Nov 2009 23:01:08 -0600

Good Evening from Chicago, folks!

In this week's edition of Chicago Neighborhood News, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Lincoln Park, Lakeview, Old Town, and The West Loop, as well as the Chicago Suburb of Naperville IL.

Any special holiday plans, parties, or events you would like Dean's Team to help you publicize? Let us know - we'll gladly help spread the word. Our Team offers the Number One Related Active Rain Blog in the City of Chicago.

LINCOLN PARK

You know, breakfast really is the most important meal of the day. Why not enjoy it with the best accoutrement, bacon.

Tomorrow morning, bright and early, a new "breakfast/lunch/brunch temple" opens at 3210 N. Lincoln Ave. The name of this soon to be nefarious locale, Bakin' & Eggs. And this place is all about the bacon. They have a bacon flight, so you can sample applewood-smoked, cured and jalapeño bacon in one fell swoop.

LAKEVIEW

Southport Corridor continues to be one of the places to shop and dine in the Lakeview neighborhood. Festivities run from 5-8 pm.

This Thursday store front Holiday lights will be turning on at 6pm. Come join the festivities sponsored by the Lakeview Chamber of Commerce. You'll enjoy complimentary drinks and snacks, listen to strolling musicians, discover unique gift ideas for friends and family, and much more!

WEST LOOP

Cook County Hospital is a mainstay in the community in the Southwest Loop area and has been the talk of the town recently.

Jones Lang LaSalle discussed a report with the Cook County board's construction committee to convert the empty location into offices yesterday morning. While office space may be inexpensive, the least expensive would be converting the building to a dorm. There's more to the report and discussion here.

OLD TOWN

You've Gotta Get It, Pro Patio, and Garrett Popcorn will be raising money for Child Cause^TM this Thursday, November 19^th.

As the holiday giving season starts to kick off, you can head over to Spoon Bar located at 1240 N. Wells Street from 6-9pm. Your donation of $25 gets you three hours of domestic beer bottles, well cocktails and wine.

The Child Cause mission is to support kids around the world affected by AIDS, unsafe drinking water and homelessness.

NAPERVILLE

David Carlson was an antique dealer and owner of Nook and Cranny on south Vincennes in Chicago. For years, David's business also occupied booth #63 at the Antiques on Jefferson Mall in Naperville.

When David died last year, his daughter, Emily, moved the contents of the seven storage lockers to her workplace loft at 2010 W. Fulton where she is hosting an Antiques Estate Sale starting this Friday through Sunday from 8am to 3pm each day. The inventory is vast and varied.

Here's a link to Cathy's Chicago Neighborhood News Blog Archive, as featured on BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - Oprah Winfrey! Will She Leave Chicago?

Sat, 21 Nov 2009 22:47:16 -0600

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

Hey, hey you dogs! Sorry for the delayed post this week - things seemed to get too carried away in my Posting Pen this week. But I'm back now, and ready to type! Thanks for Keeping the Faith!

Oprah Winfrey!

She's saying she'll be ending production of her world-renown show in 2011. Leaving Chicago? Well, that's not known for sure yet. But if she did, it's likely to leave a big hole in the city, and in the West Side of Chicago Neighborhood where her own Harpo Studios, where her show is taped each day, is located.

As reported by Chicago Tribune Reporter Phil Rosenthal in yesterday's Trib, Oprah started her groundbreaking talk show at the Chicago ABC Affiliate - WLS-TV Channel 7 - back in 1984. At that time, she took over as host for low-rated AM Chicago, and began build ratings and her local audience. The Oprah Empire, best as this Lil' White Dog can tell, began to build a couple of years later, in 1986, when the show began its national syndicated run.

Team Leader Dean went to one of those early show tapings by mistake, back in 1985. Walking by the Channel 7 Studios late one spring morning, he was on his way to get a cup of coffee - a morning meeting was canceled. A man in a blazer, with a megaphone, was recruiting audience members for the morning's show - he needed 15 more, and it was 30 minutes before the taping was to begin.

Dean said, "What the heck?" He had some time, and watched the show from the studio audience. He said it was a bit of a scramble for the guy in the blazer to fill the audience - she was not yet popular, even in her home town.

The show dealt with local politics - a major brewhaha between then Chicago Mayor Harold Washington and old-guard alderman fighting the fledgling mayor for city power. Washington was the first African American Mayor of Chicago - and Oprah was just beginning to make her mark here.

As Dean related to this reporting dog, the show did not seem that remarkable. People watched the show, Oprah thanked them afterward, and everyone left.

That's a far cry from today - where loyal viewers wait weeks or months for tickets, or bid them up via the Internet. They come from far and wide to see the show taped at Harpo Studios - and, usually, stick around Chicago to see what else the city has to offer.

Over the years, Daddy Dean and I have gotten many calls from out of towners asking if we could use our considerable clout to get them a ticket to see O. Truth be told, this Lil' White Dog has little pull with the Oprah folks at Harpo.

But Winfrey's presence in Chicago has undoubtedly helped improve the image of our city. She has advocated the city she has called home for so many years - most recently at this year's season premiere - Michigan Avenue was partly closed for this mega-event. Oprah Fans remember all the fanfare!

Before Oprah, the West Side Chicago Neighborhood where Harpo Studios was located was populated by abandoned retail fixture stores, long-vacated warehouses, and ramshackle apartments. Today, it is downright chic - nice restaurants, latte shops, several pricey boutiques. And condos. Many, many luxury and loft condos - with residents attracted by the newfound allure of the community.

Will Oprah actually leave Chicago, as she debuts here Oprah Winfrey Cable Network (OWN) in 2011? If she does, will the neighborhood in which her multi-billion dollar operation is headquartered take a hit? We dogs surely hope not!

In 2009, in a tough economy, the City of Chicago has taken a hit. Several major trade shows announced plans to move their major conventions elsewhere, outside of town. And no one involved can deny that everyone involved was shocked when Chicago did not win the 2016 Summer Olympics. Oprah was one of the major celebrities - along with fellow Chicagoan, President Barack Obama and The First Lady - who pitched for the games. They didn't succeed, as we all know!

So, Oprah, take this plea from me and my fellow canine compatriots: Don't Leave Town! Indeed . . . we need you!

Even though many of us in the four-pawed set often watch Animal Planet when you're on each morning!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - November 16, 2009

Sat, 21 Nov 2009 20:08:45 -0600

Good Evening!

Here's our update on Chicago IL Real Estate Market Statistics, based on data compiled and reviewed Sunday Evening, November 15th.

This past week has seen continuing stability in the Housing Market in the North and Northwest Side of Chicago Neighborhoods we serve with great frequency. Active Listings Inventor showed little change. Pending Sales - about the same versus last week.

Average Sales Price is up, however, as is, unfortunately, Average Market Time. Sales Volume rebounded a bit over last week. Units Sold and Listings Expired - generally, steady!

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, ticked up a very slight amount- it remains just over 9.6 months.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame jumped to over 51% this past week. Earlier this year, that percentage was just over 30%! It's been a long time since the number of homes selling during an Estimated Six-Month Market Time eclipsed 50% here in Chicago!

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

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 November 15th 3,776 42 82 35

w/e November 8th 3,794 47 99 31

% CHANGE -0.4 -1.1% -8.9% +12.9%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 15th $282,077 172 DAYS $27,296,816

w/e November 8th $254,536 142 DAYS $25,199,064

% CHANGE +10.8% +21.1% +8.3%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 15th - LAST 12 MOS - 13.38 LAST 6 MOS - 10.21 LAST 3 MOS - 9.62

w/e November 8th - LAST 12 MOS - 13.13 LAST 6 MOS - 9.91 LAST 3 MOS - 9.58

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 15th - 51.09% (UNSOLD - 48.91%)

w/e November 8th - 49.10% (UNSOLD - 50.90%)

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

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

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

DEAN & DEAN'S TEAM CHICAGO

DRIVING A CAR IN CHICAGO? Better Have a Driver's License! Common Sense? You Would Think So, But . . .

Sat, 21 Nov 2009 19:27:49 -0600

Folks, it seems pretty obvious that if you want drive an automobile - anywhere - you better have a valid Driver's License. Duhhhhh!

But here, in Chicago, as reported in the Chicago Tribune by John Byrne, 22,904 tickets were issued in the city for driving without a valid Driver's License.

And some of these unlicensed drivers have caused serious, if not fatal, traffic accidents. One such driver without a license, James Cox, was cited for a traffic accident which resulted in the death of a 27-year-old pregnant woman on the West Side of Chicago in October. Records show Cox was cited 12 times for unlicensed driving, with minimal fines imposed.

Alderman Tom Allen, of the 38th Ward on the Northwest Side of Chicago, sponsored the ordinance. It takes effect January 1st. It increases the fine for driving without a driver's license to $500, plus a $165 City Tow Fee to impound and subsequently release the car. Total penalty - $665.

The Alderman acknowledged his ordinance is far from a cure-all. But he added if Mr. Cox was faced with thousands of dollars of driving fines, he might not have been behind the wheel to cause an accident which resulted in a fatality.

Often, in Chicago Politics - common sense is not the leader. On the other hand, it often follows tragedy!

Read our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

NEW HOME MORTGAGES TUMBLE, While Re-Fi's Surge!

Sat, 21 Nov 2009 18:59:17 -0600

Years ago - many years ago - say, back in the early 1990's, Real Estate Prognosticators predicted a surge in homebuying interest if only mortgage rates fell. They did, and the market climbed!

The broken threshold they were hoping for - 10% - came in 1991, when interest rates for a 30-Year Fixed Rate Home Loan fell to only 9.9%. At that time, 18 years ago, many potential homebuyers reached for their check books (they still used "Check Books" back then), grabbed the Sunday Paper (folks still read Sunday Papers back then - there was scarcely an Internet), and hit the bricks, happily, looking for a New Home Bargain.

Fast forward to 2009! Unemployment is the highest it has been across the U.S. since 1983. Foreclosures and distressed property sales are skyrocketing. Home Values are still falling. And even ultra-low Mortgage Interest Rates can't quickly turn the market around!

Despite the fact that interest rates for the week ending the first week in November, interest in mortgage loans for buying a home dwindled. According to the Mortgage Bankers Association, applications that week for new loans fell a seasonally-adjusted 11.7% from the prior week. That's the lowest level since December, 2000. (See Mary Ellen Podmolik's Chicago Tribune story for more details).

There was a bit of good news for lenders, however, Refinance loans - those looking for a better rate on their current home - increased 11.3% during the same week. The MBA identified 71.5% of loan applications that week as re-fi loans, versus 66.1% the last week in October.

Currently, Mortgage Interest Rates for Fixed-Rate Loans range between 4.90 and 4.97% for the best qualified borrowers. For those without perfect credit and strong down payments or home equity, rates and loan fees are higher.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

NEW FED INCENTIVE TO CURRENT HOMEOWNERS Could Help Housing Market Recovery in Early '10!

Sat, 21 Nov 2009 18:33:55 -0600

Hey, gang, from Chicago!

The rumors of my demise have been greatly exaggerated! I'm still here, and still posting - just getting back into the swing of things after a fun filled week of training and mentoring others here at our Keller Williams Market Center, in the Lincoln Square Neighborhood on the North Side of Chicago.

Now that the week is over, our Printing Press is back in business - as is the lil' press of Famous Blogging Doggie, Buddy Holly Moss, with his post coming soon! Thanks for your patience, folks - please, stay tuned, and Keep The Faith! OK?

In the flood of news recently to extend the very popular First Time Homebuyer's Tax Credit - which offered up to an $8,000 IRS Check to many first time homebuyers beginning last February - some long-time homebuyers also have reason to cheer!

Effective upon President Obama's signature, on November 6th, many existing homeowners looking to find a new home were also given a bit of a financial boost. For those who contract for their home purchase transaction between November 6th and April 30th, 2010, many may qualify for a fairly sizable $6,500 tax credit - either an offset against income taxes due, or a straight tax refund. The new home purchased must close no later than next June 30th. See Kenneth R. Harney's story in the Chicago Tribune for more details.

Similar to the First Time Buyer Credit, however, the credit for current homeowners does have a few strings attached.

First, only those who have resided in their previous home for five consecutive years out of the past eight years qualify for the credit.

Also, the new home must be your new Principal Residence - no credit offered for second homes, vacation homes, or in-town condominiums. However, there is no requirement you must sell your first home - the old homestead can be rented out to a tenant, or your old home can become your new "second" home - you will still qualify for the Fed incentive.

Purchasing a more expensive home is not a requirement - buyers still qualify for the credit if they are buying a smaller or less expensive property.

The new home can cost no more than $800,000, and the credit caps out at 10% of the home purchase price. To receive the full credit, therefore, your new home must cost at least $65,000. In Chicago, that is very easy to do; few homes here sell for less than $65K!

There is an income cap - $125,000 for single taxpayers, $225,000 for married couples filing jointly. This is up significantly from the old First Time Homebuyer Program caps of $75,000 and $125,000 respectively.

Virtually any type of residential dwelling will qualify under the program - single-family homes or condos, condominiums, mobile homes, even house boats that would function as your primary residence. Even some two-flat buildings might qualify, if the entire building were to be occupied by the purchasing owner.

If you buy and close before the end of 2009, the credit can either be taken off the '09 Income Tax Return you file next year, or off paid 2008 taxes, by filing an amended return.

Buy in 2010? Again, you can take the credit off of 2009 taxes, or those filed in 2011, for next year's taxes.

Once the credit expires next year, will it again be extended? Those in the know say, "Not Likely!" We happen to agree!

So go for the credit now! Our Team expects a big surge in home buying interest among current homeowners who qualify, especially as the extended deadline approaches next spring.

Please see our post via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

IN CHICAGO, The Snow Must be Removed - Or, Politicians May Pay The Price!

Mon, 16 Nov 2009 10:27:23 -0600

Chicago - my home town! A strange and wondrous place!

That's especially true each winter, where seemingly-never-ending snows could lead to traffic turmoil, ungodly travel times, or perhaps imprisonment in your own detached garage!

Over the years, Mayoral Elections here have been won or lost on the basis of how effectively streets are plowed. Many of us older Chicago Residents remember back to the storied Blizzard of 1967, which kept all of our roads blocked for days afterward, prompting a Snow Ordinance Revolution from then Mayor Richard J. Daley - the "Old Man", and our current mayor's father.

Twelve years later, then Mayor Michael Bilandic decried, "(God Himself) Couldn't Plow All the Snow from Chicago Streets!" during a multi-blizzard winter. He was dumped as Mayor in April, 1979, by the feisty Jane Byrne, who ran on an "I'll Keep The Snow Plowed" Platform - or, at least, one of the main planks in her platform.

Year, after year, the City of Chicago stockpiles tons of road salt. And they keep dozens of ten-ton trucks at the ready at the first hint of the white stuff falling, with drivers ready to tackle and plow the piling snow to keeps our main streets, our side streets, and our labyrinth of expressways free and clear.

During the 2008-2009 Snow Season last winter, it seemed the residential side streets got the short end of the stick. Budget cuts and layoffs - in part due to the Teamsters Union not agreeing to contract givebacks and unpaid days off - left many residential streets unplowed immediately after major snows. The snow then froze solid, leaving the side streets in ice-rink condition for several weeks afterward.

For the coming winter, Chicago Mayor Richard M. Daley wanted to privatize side street snow removal - leaving the higher-priced union workers free to hit the major streets and expressways across the city. That plan to privatize - in much the same way as Chicago's much maligned privatization of Parking Meters and the Chicago Skyway Bridge to Northwest Indiana - failed to generate adequate interest. The proposal was shelved.

Instead, as reported in the Chicago Tribune last week by reporter John Byrne, the usual, city-blue, ten-ton Chicago Snow Removal Trucks - big dump trucks containing piles of salt and a salt spreader in the rear, and a big plow up front - will patrol all city streets - big and small - this winter.

Bowing to High Technology, the plow trucks will contain special meters measuring out how much salt was actually spread across city streets. Cameras on the streets will monitor plow activity, and, supposedly, keep the drivers honest during their plow shifts.

Should the drivers need extra time to keep all Chicago Streets clear of snow - overtime will kick in! However, Mayor Daley explains that some of the overtime can be completed by Plow Supervisors, not subject to the heaviest overtime rate of pay.

Will this work? Will the City of Chicago keep all of its streets clean and free of snow this winter?

Will long-time city residents keep up the venerable Chicago tradition of saving recently-plowed parking spots with old ironing boards, patio chairs, two-by-fours,, and headless department store mannequins (crazy, but true!)?

Check with us in February, and we'll give you an update!

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

AFTER HOME BUYER CREDIT ENDS - What Will Happen to the Real Estate Market?

Sun, 15 Nov 2009 22:23:47 -0600

Rejoice! Rejoice!

The First Time Homebuyer Tax Credit has not only been extended until next year - it has been EXPANDED to include certain current homeowners as well.

To date, the National Association of Realtors estimates 1.8 Million Homebuyers have taken advantage of the program. Many more are likely to until the extended purchase deadline - next April 30th. By now, you've read all of the details on the program extension and expansion. We wrote about it the day it happened, via BlogChicagoHomes.com.

The stimulus is incredible - the $8,000 First Time Buyer Credit Continues. Plus, there is a new, separate credit - $6,500 - for qualifying repeat home buyers who have resided in their home five out of the last eight years.

Here in Chicago, Realtors continue to chant, "Get off the fence folks! It's a great time to buy!"

Now, I don't want to be a party-pooper by any means . . . but, what happens as the new deadline approaches next spring, then expires? Will there be a hangover in the Real Estate Market? Perhaps one of staggering, chilling proportions?

Naahh, you say?

What happened with "Cash for Clunkers"? Great spurts in new car sales while it was going on. But now - sales are way down. In some cases, close to the low levels of before the incentive.

Are you old enough to remember the Gerald Ford Price Freezes of the mid-1970s? They were done under the mantra "Whip Inflation Now!" After the Price Freeze Program ended, way back in the day?

Prices on many items skyrocketed - overnight. Inflation - not whipped!

Quite frankly, I'm concerned that the expiration of the program - most feel confident it won't be renewed once again next spring - may chill any housing market rebound happening at that time.

It likely won't kill it - but it might slow it down.

Because eventually, by definition, every"Stimulus Program" must come to an end.

Are we waiting out a ticking time bomb here? Or, am I just a nervous old lady?

Please share! (Don't foment - just share!)

DEAN & DEAN'S TEAM CHICAGO

This Weekend in Chicago - Those "In Between" Days, Not Quite Christmas!

Sat, 14 Nov 2009 00:02:22 -0600

Good Evening, folks!

As my Down Home Texan Blooging Friends might say, "Howdy" from Chicago!

Halloween is over, the kids are long back in school, and it's just shy of a couple of weeks before Thanksgiving. A bit early for Christmas Cheer . . . but that doesn't mean there aren't lots of things going on in Chicago this weekend.

Here is a partial rundown, from our Team Member, Sue Moss -

In charge of bringing the wine this Holiday Season and haven't got a clue? Well you're in luck. This Saturday from 1:00 p.m. to 5:00 p.m., Navy Pier will be hosting their 3^rd Annual Pinot Days Chicago Grand Festival featuring more than 300 pinot noirs. They'll even have winemakers on standby to assist with a selection. Click here for more details.

In charge of the dog or dogs this weekend? Well, leash ‘em up, put on their best holiday attire and head on over to the Goodman Theatre for Pooch on Scrooge this Saturday from 9:00 a.m. to 11:30 p.m. for a chance to win a Goodman Theatre gift basket with tickets to "A Christmas Carol". Reservations are recommended, so click here, because an advanced registration includes a David Sutton pet calendar!

Have the need, or should I say urge, to shop? Discounts of up to 75% can be had on luxury home furnishings and accessories at the Merchandise Mart in the River North Neighborhood for their Merchandise Mart Sample Sale. Hurry, click here and get all the details.

In the mood for some music? The Fab Faux will be appearing this Saturday, 8:00 p.m., at the Vic Theatre/Brew & View in the Lakeview Neighborhood. They're a Beatles tribute band who will be performing the entire White Album and much more. Click here for more information.

In the mood for an eight-hour marathon of horror flicks? Then head on over to the Portage Theater in the Portage Park Neighborhood this Saturday from 4:00 p.m. to 2:00 a.m. for the Zombie Outbreak Film Festival. Besides the flicks, there will be a zombie makeup contest, vendors, trivia and much more. So click here for a list of movies being shown and more details.

Looking for something really unique and different to do this weekend? Don't miss the Great Thanksgiving Turkey Hunt Road Ralley this Saturday at 6:45 p.m. at Woodfield Mall in Schaumburg. Registration begins at 6:00 p.m. and cost is $10 per vehicle. Click here if you're curious to know what this is!

Enjoy the weekend, folks. Hopefully . . . you're here in Chicago!

Here is a link to Sue's This Weekend in Chicago Blog Archives, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Chicago Neighborhood News - November 13, 2009

Fri, 13 Nov 2009 23:50:38 -0600

Congrats!

It looks as if those of us in Chicago survived another Friday the 13th - the third such Friday of 2009! But, today, from our office in the Lincoln Square Neighborhood of Chicago, I did notice a few people deliberately avoiding walking under ladders, or crossing the street swiftly in advance of the occasional black cat.

But . . . we all made it!

Here is this week's edition of Chicago Neighborhood News, from our Team Member Cathy Mallers. This week, Cathy covers the Chicago Neighborhoods of Norwood Park, Lakeview, The West Loop, and The Gold Coast, as well as the Chicago Suburb of Naperville IL.

Do you have something going on - in any Chicago Neighborhood or Suburb? Let us know, and we'll help you spread the word.

Dean's Team offers the Number One Rated Active Rain Blog in the City of Chicago!

NORWOOD PARK

Mark your calendars now for a special presentation by area historian Anne Lunde, titled "Digging Into the Past." This presentation is free, requires no reservations and will be held on November 18 at 7pm at the Noble-Seymour-Crippen House, 5624 N. Newark Ave., Chicago.

In her presentation, Lunde illustrates how readily available resources--as well as more obscure ones--can be used to paint a picture of a community through maps, architecture, photographs and oral history. The program also includes a rare glimpse inside the walls of the Historical Society's own headquarters and oldest surviving home in Chicago, the Noble-Seymour-Crippen House.

LAKEVIEW

Do you like the taste of a really great gyro in the afternoon? Lucky for us, Melanthios Greek Char House, a homey taverna which opened Monday for long nights of flaming cheese, Greek beer, and whole lamb and pigs spinning over an open fire.

Not all people enjoy the traditional Greek foods, even though this locale appears as part of the movie My Big Fat Greek Wedding, so you can always order a 20-ounce porterhouse or 16-ounce bone-in ribeye. Either way, it's a definite must-see new restaurant in Lakeview.

WEST LOOP

Starting this Thursday, you can see Collaboraction in full swing with their new world premiere of G.I.F.T. You'll be taken on an interactive and immersive adventure through the act of gifting with the world.

Guests will explore the nature of gifts, community and culture on this journey through a sprawling warehouse compound an soundstage at Firehouse Square, 459 N. Wolcott, Chicago. If you want to get discounted tickets, send an email to jeffrey@collaboraction.org with the subject line "GETOUT" and you'll get $5 off the suggested donation price.

GOLD COAST

Have you ever wanted to ask the creator how the fountain in Millennium Park was created or at least his inspiration?

This Wednesday night you have just the opportunity. Spanish sculptor, Jaume Plensa, will discuss this work and his other internationally renowned projects from across the globe. The lecture is free and will be held at the Rubloff Auditorium, The Art Institute of Chicago, 230 S. Columbus Dr. starting at 6:30 pm.

NAPERVILLE

The Naperville Sun is giving local residents a chance to celebrate your veteran on their site. You submit a picture and story about him or her, which will then be published.

It's very easy to participate. Go to their submission page. Fill in your name, home town, email, phone number and story. Your information will then be added to the photo gallery of all service men and women who are serving our country.

Have a Great Weekend!

Here's a link to our Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Lil' Buddy's Blog - Famed Chicago News Anchors Jacobson and Kurtis to Re-Unite . . . But Just for One Night!

Thu, 12 Nov 2009 23:10:50 -0600

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

Aaahh . . . those wistful summer days hangin' out with my Human Dad, Team Leader, Dean. Those days are now gone for a while - it's about 38 degrees here tonight - down right chilly, even with our fur, you dogs!

Perhaps you lived here in Chicago in the 1970's and 1980's. Back then - about 100 dogs years ago - two anchors were the kings of local news. Anchors Bill Curtis and Walter Jacobson co-chaired the WBBM CBS 2 News in those days, and they were the most-watched human newscasters of the era here, each night on the 10 O'Clock News.

Well, the famed news duo is reuniting - for one night only!

Just announced on the WBBM CBS 2 Website today, as reported in the Chicago Tribune Tower Ticket Blog by Reporter Phil Rosenthal, Curtis and Jacobson will handle anchoring chores on the 10 PM Local Chicago News on Friday night, November 13th. The station's regular news anchor, Rob Johnson, is taking a scheduled day off to attend a wedding.

The Friday Night Channel 2 Newscast will be the first time the duo will present the news together since 1989. They started as a news team way back in 1973 - way before my great, great, great, dogmother was even born

The 72-year-old Jacobson's last news gig was at rival FOX 32, from which he retired in 2006. Kurtis, now 69, most recently, has been a pitchman for AT & T Internet Service.

Attempting to capture its old allure, Channel 2 News recently added Veteran Chicago Reporter Harry Porterfield as a part-time anchor and reporter. Porterfield was a well-known reporter during the Kurtis-Jacobsen days, before bolting to the ABC Channel 7 News back in 1985. Virtually without exception, the ABC News has been the ratings leader each night at 10 for over two decades.

Is the News Anchor Reunion simply a publicity stunt, meant to attract viewers during the important Pre-Holiday Rating Period? Regular Anchor Johnson and others at the station say "no."

But I don't know, you dogs. It'll be an interesting news show, but I can't believe those at the station didn't have a little notoriety in mind when they brought back to locally-famous pair.

Enjoy the weekend with your humans! If you behave, perhaps they'll give you an extra walk or two, and rub your bellies extra-long!

Please read my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

In Chicago, Across Illinois, Foreclosures Skyrocket in September, Bucking National Trend!

Thu, 12 Nov 2009 22:31:29 -0600

Nationwide, New Foreclosures on Residential Property fell for the third consecutive month in October. But, in Illinois, especially in Cook County - the county in which the City of Chicago is located - bucks the trend.

According to CA-Based RealtyTrac.com, as reported in today's USA Today by reporter Paul Wiseman nearly 330,000 homes were at some stage of the foreclosure process last month. That's a drop of 3% versus September, but up 19% since October, 2008. Across the U.S., statistically, 1 in 385 homes were in foreclosure.

IL, however, ran counter to the trend. In October, foreclosures in Illinois increased a staggering 56% versus September. Across the state, one in 256 homes were at some stage of the process. The total foreclosures-in-process in IL last month - 117,712. In terms of percentage of homes in foreclosure, IL was ranked Number 6 nationally last month.

As one might expect, Cook County IL - the county that includes the City of Chicago - represents the lion's share of new foreclosure filings in Illinois. Last month, 11,494 new foreclosures were filed in Cook County, 57.6% of the 19,946 filed across the state in September.

Taken together, four states - Florida, California, Michigan, and Illinois - accounted for more than half of foreclosures across the U.S. last month.

The number one state for foreclosures in October - Nevada. One out of every 80 homes in that state were at some stage of the foreclosure process. In the Las Vegas Metro Area, a staggering one in 68 homes he been foreclosed upon.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - November 9, 2009

Wed, 11 Nov 2009 23:22:36 -0600

Good Evening!

For the last few weeks, Active Listings Inventory in the North and Northwest Side Neighborhoods we serve in the City of Chicago has remained nearly flat - less than 4,000 units. This week, properties Pending Sale have trended downward - perhaps with the cooler season.

Average Sales Price and Average Market Time - also stable, generally. Sales Volume, predictably, fell this week, in the middle of the month. Units Sold and Listings Expired each fell last week - also usual for mid-month.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell once again last week - it is now just over 9.6 months. Very Encouraging.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to over 49% this past week. Earlier this year, that percentage was just over 30%!

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

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 November 8th 3,794 47 99 31

w/e November 1st 3,804 58 131 72

% CHANGE -0.3 -19.0% -24.4% -56.9%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 8th $254,536 142 DAYS $25,199,064

w/e November 1st $257,178 139 DAYS $33,690,318

% CHANGE -1.0% +2.2% -25.2%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 8th - LAST 12 MOS - 13.38 LAST 6 MOS - 10.21 LAST 3 MOS - 9.62

w/e November 1st - LAST 12 MOS - 13.65 LAST 6 MOS - 10.39 LAST 3 MOS - 9.83

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 8th - 49.10% (UNSOLD - 50.90%)

w/e November 1st - 47.09% (UNSOLD - 52.91%)

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

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

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

DEAN & DEAN'S TEAM CHICAGO

A BOX OF LETTERS - The Story of One Very Special Veteran!

Wed, 11 Nov 2009 18:58:45 -0600

Hope you're doing well today!

I was planning a special Veteran's Day Post, and had a bit of writer's block.

But I got a lot of positive comments on one we did last Veteran's Day, about one very special veteran of World War II.

He was my father.

May I share with you once again?

FROM A VETERAN - A Box of Letters!

Good Morning Folks!

It's Veterans Day - did you remember? The World War I Armistice was signed on the 11th day, of the 11th month, at the 11th hour. The War to End All Wars - wasn't!

May I share a story with you? Don't worry - it's not a long one!

It's been a couple of years now. My mother called me over to her condo, about 6 miles from Sue and me, in the Northwest Chicago Suburb of Des Plaines IL. She had found, among my dad's old belongings, an old shoe box from the 1940's.

The lid on the box was marked with what seemed like a fountain pen - "Joe - War - 1943-1945."

Inside the box were a few miscellaneous army medals - none, by themselves, very noteworthy. Some old black-and-white photos of young men - a few pictures showing the men in sharp, WWII uniforms - a few, decidedly more casual, shirtless, hatless - hair a mess and brows obviously sweating. There were a few other pictures of local women from New Guinea - but my mom didn't want me to look at those pictures.

The men included my father. My dad, Joe Moss, was born in 1925, graduated from Manley High School in the working class Lawndale Neighborhood on the West Side of Chicago - and, virtually immediately, drafted into the U.S. Army.

Joe Moss never made it beyond the rank of Corporal. Although he was in battle zones, he didn't see tons of action, as he described to me and my younger brother years later - although there were a few close calls, and he did have to fire his weapon at other young men, from the Empire of Japan, in various Pacific Islands between 1943 and 1945.

Behind the photos, underneath the medals, were a neat bundle of letters, bound in a rubber band. Most of the letters were dated during the Winter of 1943, through the Spring of 1944.

The letters talked about putting up tents. Digging trenches near the beach. The hot sun. The oversized mosquitoes. Rats the size of cats. Always the fear of air raids and attacks.

And . . . movies (war movies, mainly). Cheap cigarettes. Terrible food. Infrequent leave, with few places to go. Missing home - A LOT!

He spoke of anti-semitism - far less subtle at that time than it is today. Of a Passover Seder during the Spring of 1944 when one soldier hid his few pieces of unleavened matzos, instead leaving him forbidden leavened bread. But, somehow, he and his few fellow soldiers of faith found other matzos, and got to celebrate the holiday properly. Most other soldiers with whom he served were far more tolerant, and gracious.

Here's the crazy thing for me - my dad was only 19 when he wrote those letters. Only 19! Geez . . . isn't it hard to imagine your father EVER being only 19? He was barely a man, and he was at war, and participating in the watershed conflict for our nation in the last century!

When I was 19 - where was I? I was a sophomore at the University of Illinois in Urbana-Champaign. I was thinking up new ways to pick up girls. I was drinking beer too much, and studying more than a little.

But it was peacetime. 1975. The Vietnam War was over, although the draft continued for a while, impotently (I drew Number 19, when I turned 18, but it was of no consequence!) I had my own worries. But dodging bullets from automatic weapons was not one of them!

My dad was a proud man all his life. He died twelve years ago, and rarely talked about his war experiences. But I do know he was proud to serve, and his experiences in service made him a better person. More disciplined, more determined. A better father, I would think.

But, there was some sacrifice. He was never injured during the war, but the three years he spent in the service deferred his outside world dreams. He never became a drummer for a Big Band. Never went to college. Never played baseball professionally. Over the years, however, he had no regrets. Only pride, and an innate feeling that nothing will beat him down.

He did lose a few friends in Iwo Jima, and several other high school chums were injured to varying degrees. For these men, the sacrifice was more tangible, but that of everyone who served was equally as important.

Folks, I'm not a big fan personally of the War in Iraq. I know we have more to do facing and fighting the Taliban in Afghanistan. But that's not even the issue here.

The important thing - to honor all of those now serving, and who have served over the years - with great sacrifice - so that our way of life, and our FREEDOM - can be preserved.

Freedom doesn't come cheap, easy, or without giving something up. Let's give it up for those who have served our country, so that we may all enjoy freedom.

Have a Reverent Day!

We also posted today via BlogChicagoHomes.com - please visit us there!

DEAN & DEAN'S TEAM CHICAGO

IS THIS RIGHT? CHICAGO AREA DRIVERS RISK TICKETING For Having GPS Systems, Other Windshield Obstructions!

Wed, 11 Nov 2009 09:08:01 -0600

Is this a case of diligent police officers doing their job? Or, are the cops just getting carried away - and IL Municipalities just seeking more revenue?

Or . . . is the motive even a bit sinister?

According to Dan Simmons, as reported in last Sunday's Chicago Tribune, within the last five years, the number of IL drivers stopped by police for breaking the obscure, somewhat subjective law prohibiting "Windshield Obstructions" has increased 91%. In 2009, roughly 38,000 motorists are expected to receive warnings or citations.

A few police officers defend the law, saying its enforcement makes driving safer. According to IL Law, only government-issued items - such as city revenue and parking stickers, or the I-PASS IL Tollway Transponders, are legal. Last week, Simmons counted cars in the parking lot of the Schaumburg Transportation Center, and found 20 out of 48 had windshield obstructions some police might identify as violations.

But civil rights advocates contend the infraction is merely an excuse to pull over suspect drivers and perform a more thorough search of the vehicle.

Timothy O'Neill, Law Professor at John Marshall Law School in The Chicago Loop, says many of the drivers pulled over for what he considers "trivial offenses" are minorities. He cited a 2008 review of all traffic citations and warnings issued which showed that minority drivers are 13% more likely to be pulled over than non-minorities, and were 8% more likely to receive a ticket.

Downstate IL State Senator Dale Righter goes so far as to suggest the unwritten intent of the windshield obstruction law, and others like it, is to offer police an opportunity to uncover potentially more serious offenses. Righer, a former IL Prosecutor, indicated that many of his criminal prosecutions followed police searches on drivers pulled over for minor infractions.

The broadness of the law concerns many. Last April, an IL Appeals Court threw out the conviction of a downstate woman for possession of a prescription anti-depressant drug, after she was stopped on the grounds of having a small tree-shaped car deodorizer hanging from her rear-view mirror. The court said the sheriff's deputy who stopped the woman failed to identify "reasonable suspicion" that the deodorizer would obstruct the driver's line of vision.

In neighboring MI, the State Senate last month voted overwhelmingly to overturn their own law against items hanging from the driver's rear view mirror. It is now before the MI State House. The Michigan law is very similar to that of Illinois.

Technically, GPS Systems mounted by suction cup on a car's windshield present an infraction. Or those little suction cup note pads. So can Rosary Beads. One MI State Law Maker's daughter got pulled over in Suburban Detroit for having a string hanging from her mirror. She contended she didn't even know the string was hanging off the mirror.

Please read our post via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Is THE GREAT RECESSION For U.S. Housing Nearly Over? Hmmmm . . . Don't Know!

Mon, 09 Nov 2009 00:55:53 -0600

Chicago - Have you survived The Great Recession? Do you still have a job? A home? A little money for the family?

Survival itself is not an insignificant feat!

Last month, U.S. Unemployment shot up to a 26-year-high of 10.25%. Here in the Midwest, workers have absorbed roughly half of job losses nationwide, as many communities still depend on the manufacturing sector for their livelihood.

Housing starts nationwide are more than 60% off their highs of just a few years ago. Here in Chicago, the prices of many single family homes and condos have fallen by 25% or more over the last two years.

But, as reported by Syndicated Real Estate Columnist Don DeBat, the trend might be beginning to turn around.

Starting earlier this year, during the second quarter, home starts have risen in virtually every state versus year-ago levels. In all but a handful of states, home resales have also turned around. Here in Chicago, and in many other areas of the U.S., prices have begun to rebound since last year, although they are still far below the record highs of 2004-2006.

Further, home mortgage rates are still near record lows - in some cases, less than 5% for the best-qualified homebuyers. And these rates are expected to stay affordable for the foreseeable future.

Low interest rates, coupled with depressed home prices, and the Fed Homebuyer Tax Credit, just extended last week to also include some current homeowners, are beginning to motivate some would-be fence sitters to buy now.

Out in California, inventories of sub-$500M homes have become tight, falling to an in-balance three to four month supply late in the summer. The renewed competition has drawn many buyers who fear they might lose out on a true home bargain if they don't act very quickly.

Some experts fear that a new influx of foreclosed and distressed properties to hit the market next year may put further downward pressure on prices, hurting homesellers, while giving potential buyers pause that prices may go even lower.

Only time will tell the adverse effect of these new crop of distressed homes, and whether continued attractive interest rates, coupled with Fed Incentive Money, will be enough to keep the markets vibrant.

Stay tuned!

DEAN MOSS & DEAN'S TEAM CHICAGO

FANNIE MAY OFFERS LIFE LINE TO SOME OWNERS IN DISTRESS - A One Year Lease Option, Rather Than Foreclosure!

Mon, 09 Nov 2009 00:24:21 -0600

Inundated by thousands of homeowners on the brink of losing their homes to foreclosure, giant U.S. Mortgage Investor and Guarantor Fannie Mae has created a program that will allow many of those who face losing their home the opportunity to lease them for up to one year. For most distressed homeowners, that's a far better option than being evicted.

As reported by Nick Timiraos in last Thursday's Wall Street Journal, the new Fannie Mae Deed for Lease Program began last week. It allows the former homeowners, now tenants, to pay a market rent to lease their home for up to twelve months from the day agreement is reached with the lender. Rents would be set at market - in many cases, the new monthly housing payments would be considerably lower than the previous mortgage payments.

Fannie acquired roughly 57,000 houses through foreclosure during the first half of 2009. It's total package of Real Estate Owned now stands at 63,000 distressed properties. Their estimated value - $6 Million!

If the rental program proves successful, Fannie Mae would keep additional foreclosed home inventory from an already saturated distressed property market. Hopes are the market will be stronger at the end of the lease term, and the organization could sell these houses at a higher price one year down the road.

According to Jay Ryan, Vice President of Equity Investments at Fannie Mae, fewer foreclosures on the market will also help the neighborhoods and communities in which these homes are located.

Under the program, the homeowners lender or mortgage servicer would have to prove that the borrower would not be eligible for loan modification or workout programs. Those current in their house payments would not be eligible for the Deed for Lease Program.

Fannie Mae also believes occupied homes would remain in better condition than those turned over, vacant, in foreclosure. The program would also provide some rental income to Fannie, rather than the guaranteed monetary drain of vacant, foreclosed homes.

Earlier this year, Fannie Mae began offering month-to-month leases to some owner occupants who lost their homes to foreclosure. Those foreclosed homes, however, remained on the selling block. This new program takes them off the market during the one-year lease term.

To qualify for the program, former owners will have to establish that the new rent amount will be less than 31% of their adjusted gross income. The one-year leases could be renewed month-to-month at the end of the term, but will return to the market at that time. Houses sold to buyers at that point would receive an assignment of any remaining portion of the lease.

Professional management companies would handle accounting and maintenance tasks.

Freddie Mac, the other major U.S. Mortgage Guarantor and Investor, is considering a Deed for Lease Program for homes in its portfolio - they have some success renting month-to-month to former owners, rather than foreclosing.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

AN EXIT PLAN FOR INDEPENDENT CONTRACTORS! Do You Have One?

Sun, 08 Nov 2009 20:24:49 -0600

Hey from Chicago - home of those Hapless Chicago Bears! You see the game? Painful! Very painful!

Less than an hour before the Season Finale of Mad Men . . . so, time to blog!

If you are self-employed for a living - an independent contractor, perhaps in a Real Estate Related Field - perhaps you have asked yourself this question, at one time or another -

"What's my exit plan? And, what will my source of income be after I opt for this plan?"

Now, this is a question that those employed in a full-time job may not have to comtemplate. Many of these folks - those that STILL have a full-time job, anyway - have Pension Plans. 401-K Plans. Retirement Accounts.

What do those of us in Real Estate Related Fields have?

Often, investments tied to Real Estate - most of which are worth far less than they were only a couple of years ago!

Retirement plans? Savings Reserves? We Independent Contractors often have them - but, likely, their balances are considerably depleted as compared to a few years ago.

Sometimes, these days, strong sales months simply fill up the hole created during recent lean times. Likely, more lean times lay ahead, early in 2010, and many Real Estate Practitioners will likely again fall in the "living from check to check mentality."

So, many plan to work. As many years as we need to. In order to meet our family's daily needs, and our monthly expenses.

When bills are due, as we all know, excuses often don't work with those we owe money to. We have to pay up - even if, at times, we do so a few days late.

For those younger than 30, the decision on an "Exit Plan" is many years away. Those older than 50 - not so distant.

But, for everyone, the exit decision will hit us sooner or later.

Have you thought about and planned for that? Or . . . is an exit, simply a pipe dream, in today's Real Estate Market?

Would love it if you share!

DEAN & DEAN'S TEAM CHICAGO

THIS WEEKEND IN CHICAGO - November 7-8, 2009

Sat, 07 Nov 2009 13:28:58 -0600

Hey, folks!

Our Team Member Sue Moss just wanted to catch you up on some of the fun things to do in Chicago this weekend.

Hope you can enjoy them!

The Allstate Arena will be welcoming "The Greatest Show on Earth" this weekend - the Ringling Bros. & Barnum & Bailey Circus. There's always fun to be had at a circus for both young and old. For me, it's eating tons of cotton candy until my stomach hurts! Click here for show times and tickets.

The Museum of Contemporary Art in the Gold Coast neighborhood (220 E. Chicago Avenue) offers a Hide and Seek free with general admission. The admissions desk can provide you with a guide containing clues for an art scavenger hunt. Click here for more details.

Don't know a thing about Chicago's theater district? Well, you're in luck! The Broadway in Chicago Historic Theater Touris offered on Saturdays at 11:00 a.m. This tour will enlighten you with folklore and quirky facts about two of the following -- Ford Center for the Performing Arts, Oriental Theatre; the Bank of America Theatre, and the Cadillac Palace. Click here for more information.

Speaking of the Cadillac Palace Theatre (151 W. Randolph Street) in the Loop, this Sunday evening is opening night of Young Frankenstein, you know, Mel Brooks' classic film where Dr. Frankenstein creates The Monster. It'll be interesting to see how well it's been adapted for Broadway. So, click here to get your tickets. It only runs through December 13^th!

Sheffield's(3258 N. Sheffield Avenue) in the Lakeview neighborhood will be hosting their 2^nd Annual Chili Cook-Off this Sunday from 2:00 p.m. to 5:00 p.m. in the beer garden. It's for amateur cooks, so if you wish to compete for the $200 gift card, your entry must be received by 2:00 p.m. on Saturday. Click here for further details.

Since this very well may be the last weekend of mild temperatures and no rain for a while, why not take Bobby's Lakefront Neighborhoods Bicycle Tour, which includes bikes and helmets. In fact, yours truly, took this tour in July and thought it was well worth the price. I had such a great time I'm going to do it again next year! But hurry, this tour only runs through November 30^th, so click here to get more details on this guided tour.

Lastly, there is one Holiday event taking place this Saturday at Noon, and it's Macy's 103^rd annual Great Tree Lighting celebration in the Walnut Room. But don't fret if you can't make it, the tree will be on display through January 10^th. Click here for further information.

Don't live in Chicago? You jealous?

Here's a link to Sue's This Weekend in Chicago Blog Archives, via BlogChicagoHomes.com.

Move here!

DEAN & DEAN'S TEAM CHICAGO

CHICAGO NEIGHBORHOOD NEWS - November 7, 2009

Sat, 07 Nov 2009 09:20:53 -0600

Good Morning!

This week, in her Chicago Neighborhood News Post, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Portage Park, Lincoln Park, The Loop, and The Gold Coast, as well as the Chicago Suburb of Evanston IL.

Planning something special in your Chicago Neighborhood or Suburb? Let us know, and we'll help get the word out!

Dean's Team offers the Highest Rated Active Rain Blog in Chicago!

PORTAGE PARK

Make sure you mark your calendars now because coming to Portage Park in 10 days is the Horror Society Film Festival. I have to say better late than never.

The Portage Theater will be showcasing classics like 'The Return of the Living Dead,' 'Fleshbeast,' 'Colin,' 'Zombie Girl' and more.

Be sure to get your tickets now.

LINCOLN PARK

Who doesn't like a good laugh? One of Chicago's favorite locations for fun and frivolity is Second City. With an amazing lineup (including Steve Carrell, Stephen Colbert, Jim Belushi and more) just released this week, tickets are going to be at a premium for the event billed as "The Second City Alumni: One Night Only."

The show will be staged in both of Second City's mainstage and e.t.c. theaters. Tickets go on sale Thursday morning at 10am and will cost $125. Be sure to call early if you want to get tickets because the only show is at 7 pm with the late night slot being private for alumnae only.

LOOP

According to its website, Block 37 is a premier development encompassing an entire city block bordered by State, Randolph, Dearborn and Washington streets in the heart of Chicago's downtown Loop. Block 37 will have direct access from the City's Pedway as well as the CTA Red Line and Blue Line subway system.

The Block 37 building continues to build its resident listings. With new leases totaling 20,700 square feet and featuring tenants such as Sephora, Michelle Tan, Claudia Kleiner Malabar Collection, Simply Thalia, iCandylicious, and more.

Developer Joseph Freed & Associates LLC remains optimistic about filling the 280,000 square foot shopping center. In a recent press release the developer states that Block 37 is "on track to open this new shopping and entertainment destination for consumers before Thanksgiving and to complete Block 37 by the end of 2010."

GOLD COAST

Gentlemen it's now time to update your wardrobe and move out of the t-shirt and jeans look. Local store, aptly named Haberdash, has undergone a complete makeover and is offering new looks to men who want to update their wardrobe.

Of particular note, the shop now carries everything from dress socks to office-ready Hugo Boss suits and even its own exclusive line of vintage-inspired button-downs.

Be sure to stop by the newly remodeled location with its men's club feel and urban chic inventory.

EVANSTON

What if you could write your own story based on illustration only? At the Evanston Public Library in the children's section you can now visit the "Imagination Library" for just that.

On the second and third floors of the library you will see 75 original paintings, sketches and drawings accompanied by a description of what the illustrator envisioned for the story - but the story itself is left up to the imagination of the viewer.

Thanks to the efforts of Jeff Garret, Associate Librarian for Special Libraries at Northwestern, Evanston Public Library was able to showcase the international exhibit which has already appeared in Japan, Greece, and Iran.

Here's a link to Cathy's Chicago Neighborhood News Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Chicago IL Market Statistics Update - November 2, 2009

Fri, 06 Nov 2009 20:07:01 -0600

Good Evening!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, November 1, 2009.

Don't let the big jump in Sales Closed, Sales Volume and Listings Expired concern you too much! These wild jumps are very typical for the end of the month - and many listings are set by Realtors to expire the end of each October.

Most of the key numbers continued to be flat last week - Active Listings fairly stable, Average Market Time still too high. However, I am encouraged by continuing stability in Pending Sales despite the approach of the dreaded Chicago Winter. Also, the Average Sales Price in the North and Northwest Sides of Chicago Neighborhoods we serve most frequently jumped over 5.5% last week.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell significantly last week - it's now below 10 months. This is far from the sub-5-month Absorption Rate of a couple of years ago, when the market was far stronger, but the downward trend is very encouraging.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 47.09% this past week.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

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 November 1st 3,804 58 131 72

w/e October 25th 3,887 59 68 12

% CHANGE -2.2 -1.7% +92.6% +500.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 1st $257,178 139 DAYS $33,690,318

w/e October 25th $243,523 138 DAYS $16,559,564

% CHANGE +5.6% +0.7% +103.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 1st - LAST 12 MOS - 13.65 LAST 6 MOS - 10.39 LAST 3 MOS - 9.83

w/e October 25th - LAST 12 MOS - 14.19 LAST 6 MOS - 10.95 LAST 3 MOS - 10.27

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 1st - 47.09% (UNSOLD - 52.91%)

w/e October 25h - 45.36% (UNSOLD - 54.64%)

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

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

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

DEAN & DEAN'S TEAM CHICAGO