chicago real estate news alert: B of A $8.8 BILLION SETTLEMENT May Prevent Thousands of Foreclosures in IL, Other States! - 10/07/08 10:39 PM
It appears as if a good part of the old Countrywide Home Loans mess, acquired by the venerable Bank of America when they purchased the sub-prime loan giant earlier this year, may be headed to a somewhat happy ending.
During the "Old Days" for Countrywide, here in Chicago and across Illinois, … (10 comments)
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chicago real estate news alert: WHAT'S IS HAPPENING ON WALL STREET? Even Fed Hint a Lower Interest Rates Does Not Help! - 10/07/08 04:12 PM
The Carnage Continues! Dow down 508 points. S & P, Nasdaq each shed over 5% today!
Even possibly encouraging signs from Fed Chairman Ben Bernanke couldn't sooth investors fears today. Despite the signaled likelihood of a Fed Funds Rate Cut later this month, and a move to shore up Commercial Paper issued by … (5 comments)
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chicago real estate news alert: With The U.S. Rescue Plan Now Law . . . WHERE GO MORTGAGE INTEREST RATES! - 10/05/08 04:55 PM
Hi from rainy Chicago! (Well, at least our Chicago Bears won this weekend!)
The Bailout Passed! Much has been said about the possible effects, and concerns, of such a move by the Bush Administration and Congress. Initial reaction runs from outrage, to relief, to mass confusion.
But how will U.S. Mortgage … (3 comments)
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chicago real estate news alert: U.S. FINANCIAL RESCUE ("Bailout"?) PLAN APPROVED! Now What? - 10/04/08 05:59 PM
Hey, hey - it was a mere 24 hours ago, roughly, that the U.S. Congress passed, and President Bush signed into law, a massive, $700 Billion plan to stabilize the financial markets, and shore up lenders. These institutions financial positions were considerably weakened by bad lending decisions they made during the height … (5 comments)
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chicago real estate news alert: DESPITE TROUBLESOME LENDING ENVIRONMENT, Government Incentives Abound for A Few! - 10/02/08 07:17 PM
Good Evening, Everyone!
The "As The Stomach Turns" Financial Bailout/Financial Rescue struggle continues. I think the only ones benefiting from such a struggle are the manufacturers of Pepcid and Mylanta heartburn potions!
But there are little glimmers of hope these days, here and there.
One involves the First Time Homebuyer Incentive … (0 comments)
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chicago real estate news alert: HERE IN CHICAGO, Chase Takeover of Wa Mu Will Cost Jobs! - 09/30/08 08:18 AM
Another side effect of Federal Bank Takeovers, followed by distressed bank sales, is a loss of jobs. Here in Chicago, the J.P. Morgan Chase takeover of troubled Washington Mutual might cost up to 2,000 Wa Mu employees their positions.
As we know, Washington Mutual, arguably the largest Savings & Loan in the U.S. with … (4 comments)
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chicago real estate news alert: REFINANCE YOUR MORTGAGE? Now? - 09/28/08 11:21 PM
Hope you had a fantastic weekend, folks! (If you happen to be a fan of the New York Mets, however - our condolences!)
Assuming credit markets calm down a bit with the Financial Bailout which should be clearing Congress in the next few days, is NOW a good time to consider … (2 comments)
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chicago real estate news alert: SUBURBAN SPRAWL - Will Falling Home Prices, Rising Gas Prices, Scale it Back? - 09/27/08 11:09 AM
It wasn't all that long ago, here in Chicago, and I would assume, in the place where you live, that many homebuyers started looking at newly-built subdivisions "way out in the country" - distant from downtown. Despite high commutes, most found they could find a bigger home, with more land, far … (5 comments)
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chicago real estate news alert: More Homeowners Spending a Too-High Percentage of Their Income on Housing! - 09/25/08 03:22 PM
Today, in the City of Chicago, nearly 35% of all homeowners find their housing expenses too high versus their take-home income, according to 2007 U.S. Census Bureau Data.
For many years, financial professionals have set a threshold of 35% as the percentage of your take-home pay that should be set aside for … (1 comments)
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chicago real estate news alert: AUGUST, 2008 CHICAGO AREA HOME SALES FALL OVER 30%! - 09/24/08 03:13 PM
Home resales here in the Chicago Metro Area, and across the State of Illinois, continued their tumble in August.
Local figures come on the heels of National Association of Realtors data indicating resales fell 2.2% last month, to an annualized rate of 4.91 Million Sales. The national median price of a … (0 comments)
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chicago real estate news alert: FEW LIKE FINANCIAL BAILOUT - But Most Agree it Must Be Done! - 09/24/08 11:16 AM
Minute by minute, hour by hour, the debate rages in Washington.
Most agree the $700 Billion Financial Bailout proposal forwarded by U.S. Secretary Henry Paulson and Fed Chairman Ben Bernanke, will soon become law.
Those in the street here in Chicago are confused, but reluctantly agree with the need for a … (11 comments)
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chicago real estate news alert: CHICAGO RENTERS - You Could Be Kicked to the Street Should Your Landlord Get Foreclosed! - 09/22/08 03:20 PM
Few of the thousands of renters here in Chicago consider this problem.
With the slowdown in real estate sales here in the city and the suburbs, the rental market has improved. There is more demand for rental housing - single family houses or townhouses, condominiums, or old-fashioned rental units in larger … (2 comments)
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chicago real estate news alert: U.S. FINANCIAL BAILOUT - It Will Most Likely Happen This Week . . . But Not Without Debate, and Changes! But Will It Work? - 09/21/08 10:46 PM
This would be a very good week to watch C-Span, and their coverage of Congressional Debate on the historic, ambitious Financial Bailout Program, proposed last Friday by U.S. Treasury Secretary Henry Paulson.
In some form - most likely, nearly completely - it is likely to be implemented. It must pass, according … (3 comments)
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chicago real estate news alert: "EVERY AMERICAN DESERVES TO OWN A HOME!" In Light of Today's Financial Crisis - Do They? - 09/21/08 10:29 PM
"I propose that mortgages that have FHA-backed Insurance pay no down payment. What we're trying to do is make it easier for somebody to own a home, and there are practical ways the government can help," President George W. Bush said . . . in April, 2004, while campaigning for a second term in … (3 comments)
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chicago real estate news alert: COOK COUNTY IL, CHICAGO PROPERTY TAXES TO REMAIN HIGH, Despite Recent 9.1% Drop in Median House Prices Here! - 09/18/08 10:43 PM
I bet you wouldn't believe me if I told you the average homeowner here in Chicago, as well as in the Surrounding Chicago Suburbs in Cook County IL, will likely be going up again this year? Would you?
Well - they are likely going up, despite a recent downward trend in … (1 comments)
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chicago real estate news alert: NEW HOME CONSTRUCTION CONTINUES TO FALL - Housing Bottom Not Yet Near? - 09/18/08 08:15 AM
Here in Chicago, you see it in Lakeview Condo Rehab Projects, Townhouse Developments that just won's sell on the Northwest Side, and in new communities of Single Family Homes across the suburbs.
Heavy Developer Incentives!
These "spiffs" often range from pre-paid assessments. Mortgage rate buy-downs. Free trips. More!
Indeed, construction of … (6 comments)
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chicago real estate news alert: WILL HOMEOWNER DOWN PAYMENT ASSISTANCE PROGRAMS BE SAVED? - 09/17/08 08:13 AM
Morning, all!
The U.S. Housing Relief Bill, passed just weeks ago, will put an end to the practice of third-party companies acting as intermediaries so sellers can contribute to a prospective buyer's down payment, effective October 1st. Or, will it?
This program has been a controversial one for a long time. … (3 comments)
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chicago real estate news alert: FED HOLDS KEY BENCHMARK RATE STEADY TODAY. Impact on Mortgage Rates? Likely, NONE! - 09/16/08 05:01 PM
A very tumultuous ride in the financial markets over the last ten days continues!
The Fannie Mae and Freddie Mac takeover. The Lehman Brothers Bankruptcy. The Merrill Lynch Acquisition by Bank of America. The AIG mess - the world's largest insurance company.
All - tied to troubles in the credit, mortgage, and … (4 comments)
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chicago real estate news alert: CONSIDERING A CHICAGO CONDO? Many Prospective Buyers Stopped by Tight Lender Requirements! - 09/14/08 08:49 PM
Good Evening, AR!
We all know that the Federal takeover of U.S. Mortgage Investors and Guarantors Fannie Mae and Freddie Mac early last week had a positive impact on mortgage interest rates very quickly. On Monday alone, average rates for 30-year fixed rate loans here in Chicago dropped nearly 0.5% on the news.
What … (2 comments)
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chicago real estate news alert: FANNIE/FREDDIE TAKEOVER, CONTINUED - Underlying Housing Market Problems Remain! - 09/10/08 08:52 AM
Good Morning, All!
Did anyone think the U.S. Treasury takeover this weekend of major mortgage investors and guarantors Fannie Mae and Freddie Mac solve all of our housing woes?
Few did - although many feel this drastic step was necessary to prevent a massive meltdown in the mortgage markets.
But the … (0 comments)
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chicago real estate news alert: HERE'S A CREATIVE WAY to Tap Home Equity - But You'll Pay in the End! - 09/08/08 09:53 PM
Ah, entrepreneurship! Creativity! It never ceases to amaze me!
Here's a way to draw equity from your home, without a mortgage lien, that's even available as traditional lenders are drastically curtailing their Home Equity Line of Credit products. It is now available to select homeowners in Chicago and across Illinois.
REX, … (2 comments)
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chicago real estate news alert: TAKEOVER - Will New Fannie Mae/Freddie Mac Turn Around The Housing Market? - 09/08/08 09:35 PM
Within the last 48 hours, dozens of articles, perhaps scores of posts, have been written detailing the U.S. Treasury Department takeover of Mortgage Giants Fannie Mae and Freddie Mac. Here in Chicago, it's all the buzz as well!
But . . . what happens now?
Beginning last night, experts predicted the … (9 comments)
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chicago real estate news alert: NEW CITY OF CHICAGO PROGRAM Aids Buyers Considering Homes on Former Public Housing Sites! - 09/07/08 12:52 PM
Hi, Gang! One more post, and I'm off to enjoy one beautiful Chicago afternoon. We won't get too many more of these before the weather starts getting cold again, you know!
I'm sure many cities across North America have similar programs, but a new City of Chicago program, aimed at encouraging … (0 comments)
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chicago real estate news alert: PAST-DUE MORTGAGE PAYMENTS, FORECLOSURES CONTINUE TO RISE. Will Home Prices Fall Faster? - 09/07/08 12:33 PM
The drumbeat goes on! Foreclosures increase! Late Mortgage Payments on the rise!
The new, 2nd Quarter Mortgage Bankers Association Delinquency Survey was released this week, and it shows that nearly one-tenth of all homeowers are either one-month behind in their mortgage payments, or in some stage of the foreclosure process.
The … (1 comments)
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chicago real estate news alert: THERE ARE TONS OF RESOURCES ON THE WEB! Do I Really Need a Realtor? - 09/05/08 01:38 AM
Hey, Hey AR! Hope all is well with you!
It's been raining all day here in Chicago. The remnants of Hurricane Gustav, we've been told.
Man, have you ever heard this in today's market, "Why should I hire an expensive Realtor. I'm really low on cash. Can't I find everything I … (36 comments)
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chicago real estate news alert: FALLING HOME INVENTORY, LOWER PRICES - But Stringent Mortgage Requirements Dampen Housing Turnaround! - 08/31/08 11:27 PM
Hey, AR! Hope you're enjoying your Labor Day Weekend!
Statistics here in Chicago indicate median prices here have fallen 9.5% versus last year. The median price drop across the country has approached 16%.
But, still, in many parts of the U.S., the housing slump continues.
Does this makes sense? After all, … (6 comments)
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chicago real estate news alert: STUBBORN CHICAGO HOMESELERS KEEP THEIR PRICES TOO HIGH, and the Buyers Just Seem to Wait! - 08/28/08 11:54 PM
Hello, fellow AR folks!
We're in a good mood here in Chicago, as our beloved Cubs pulled a come-from-behind victory over the Philadelphia Phillies. The win came in dramatic fashion, as Cubs Third-Baseman Aramis Ramirez belted a Grand Slam Home Run in the 8th Inning.
Wow - my head is still … (1 comments)
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chicago real estate news alert: GOOD NEWS/BAD NEWS - U.S. Home Sales Rise in July, But Interest Rates, Inventory, Lender Scrutiny Still High! - 08/27/08 10:17 AM
Hey - where's the bottom of the housing market? Precisely, now, when will it occur? Or, has it occurred already?
In Chicago - we don't know when it will bottom, and all indications are it has yet to happen. Things are brightening up a bit here, it seems, but we still … (2 comments)
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chicago real estate news alert: MORE SUBTLY, NOW - Appraisers Still Pressured to Have Property "Appraise Out"! - 08/27/08 10:06 AM
Good morning, AR!
Inflated appraisals during the hot Real Estate Market. I'm sure they occured here in Chicago, and in your market area as well.
Many experts blame these overstated valuations for a big part of the weakness in the Real Estate Market today. Overstated values led to phantom equity, which … (0 comments)
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chicago real estate news alert: As Sub-Prime Conventional Borrowing Disappears, FHA Loans Continue to Grow! - 08/24/08 12:16 PM
Man oh man, times have changed in the world of home financing!
A couple of years ago, FHA insured loans were shunned. Conventional Sub-Prime Loans were as available as the air, to virtually every borrower. They allowed those with blemished credit and low down payments to purchase virtually any home they … (3 comments)
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chicago real estate news alert: HERE IN CHICAGO, ELSEWHERE, Drop in Equity Affects All - Especially Pay Option ARM Borrowers! - 08/24/08 12:02 PM
Hope you're enjoying your Sunday, AR! It's cool and pleasant here in Chicago today - far more comfortable than the mid-90's humidity of yesterday afternoon.
As we know, the housing boom created any number of creative home financing options. One of those riskier options - Pay Option ARM Loans - are … (2 comments)
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chicago real estate news alert: FANNIE MAE, FREDDIE MAC TO INCREASE LOAN FEES FOR MANY - Bad News, Bad Timing! - 08/19/08 05:00 PM
Good Afternoon, AR, from the Beautiful North Side of Chicago!
Here's a case of bad news, and crumby timing, out of seemingly-cash-strapped, and possibly government-bailed-out, U.S. Loan Guarantors Fannie Mae and Freddie Mac. For many, conventional loan processing fees are going up!
The increased fees officially take effect on October 1st, although many … (1 comments)
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chicago real estate news alert: CHICAGO BUDGET GAP WILL WIDEN - CITY LAYOFFS MAY RESULT! - 08/14/08 05:23 PM
Good Afternoon, AR!
The Internet and News Radio has been buzzing here in Chicago this afternoon as Mayor Richard Daley announced his estimated budget for 2009. As you can imagine - it will be big - and, there is a large anticipated budget shortfall next year.
How much of a projected … (2 comments)
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chicago real estate news alert: CHICAGO HOMEOWNERS - Over One-Third Who Purchased in 2006, 2007 Have Negative Equity - Zillow.com Data! - 08/12/08 03:39 PM
Unfortunately, it seems, every passing day brings new, often distressing data about the U.S. Real Estate Market. Today, the data comes from Zillow.com, and The Chicago Sun-Times, regarding the prevalence of Negative Equity here in the Chicago Real Estate Market.
Recent Zillow.com data indicates 37.8% of Chicago Area Homeowners who purchased … (1 comments)
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chicago real estate news alert: Just-Released Data from FDIC Substantiates Mortgage Woes! - 08/08/08 07:48 AM
Good Morning, All!
I ran into some interesting data yesterday in The Wall Street Journal which summarizes very well how things have change in mortgage lending in a couple of years.
According to the Federal Deposit Insurance Corporation, 0.91% of all prime loans that originated in 2007 were in "serious default" … (1 comments)
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chicago real estate news alert: HOMEOWNERS AROUND CHICAGO STILL FACE ESCALATING RE TAXES, Despite Slower Market! - 08/06/08 03:36 PM
In and around Chicago, median home prices have fallen as much as 9% over the past year. But why haven't real estate taxes followed?
Unfortunately for homeowners, Assessed Property Valuations are based on the prices of similar homes that sold within the past two or three years- and some of these … (3 comments)
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chicago real estate news alert: YOUR MORTGAGE READY TO CLOSE? Maybe Not! - 08/06/08 11:16 AM
Good Morning, Folks! Another hot day on tap for Chicago, after a crazy weather week - and very scary thunderstorms and high winds on Monday night.
These days, even a Mortgage Commitment Letter is not enough to assure a home closing. Nearly-weekly changes to lending rules, and Private Mortgage Insurance Requirements, sometimes … (0 comments)
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chicago real estate news alert: NEW HOUSING RELIEF BILL - Here's a Fast Summary! - 07/31/08 11:30 PM
Hey, AR!
As we all know, President Bush, without much fanfare, signed the Housing Relief Bill into law yesterday morning in the White House. Here is a brief summary of its most important provisions.
$300 Billion in new loan backing for distressed homeowners, many of which financed within the past few … (0 comments)
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chicago real estate news alert: Federal Tax Deduction for Those Who Do Not Itemize Their State and Local Property Taxes is Coming! - 07/27/08 12:59 PM
Hope you're enjoying your Sunday afternoon, AR folks (now over 100,000 strong!)
With all the buzz surrounding the Federal Housing Relief Bill, just approved by the U.S. Congress and on its way to President Bush's desk for his expected approval, there is one less-talked-about provision that could benefit potentially millions of homeowners.
… (3 comments)
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chicago real estate news alert: Chicago Area, Illinois, U.S. Foreclosure Filings March Higher! - 07/27/08 12:43 PM
If you look at the latest foreclosure statistics, compiled by RealtyTrac.com, you would see the climbing rate of foreclosures both locally, statewide, and nationally shows little signs of abating.
The State of Illinois shows a 57.99% increase in homes in some stage of foreclosure during the Second Quarter, 2008, versus one … (2 comments)
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chicago real estate news alert: SCARY CHICAGO AREA SALES NUMBERS FROM LAST QUARTER! - 07/25/08 10:42 AM
Good Morning, AR!
It seems, sometimes, when things begin to "feel" like they are turning around here in the Chicago Real Estate Market, the realty of the numbers hits you in the face saying "Not So Fast!"
Although, through our own personal experience, we're seeing interest and activity increase on our … (0 comments)
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chicago real estate news alert: WHITE HOUSE CHANGES COURSE ON HOUSING RELIEF BILL - Shows How Critical Quick Action May Be! - 07/24/08 04:20 AM
It appears imminent that the Federal Housing Relief Bill will become law within the next few days. President Bush, originally opposed to the bill's Fannie Mae and Freddie Mac bailout provisions, signaled his acceptance on Wednesday, and the bill passed the U.S. House by a substantial margin, and is headed to … (0 comments)
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chicago real estate news alert: "HOPE" U.S. HOUSING BILL - Likely to Pass This Week - Benefits Some, But Not All! - 07/20/08 11:15 AM
The much-anticipated Housing Bill - "HOPE" - may become law as early as this week. Its supporters believe the new legislation can help as many as 400,000 home owners, in Chicago and across the nation, in a short period of time. However, there are some strings attached.
For lenders, the program … (3 comments)
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chicago real estate news alert: CHICAGO AREA Now on PMI Declining Market Lists! Buying A New Home Here Now Tougher! - 07/16/08 07:35 AM
This one seems to have snuck up on us!
It was prompted by coverage in the Wall Street Journal, in their "Developments" blog yesterday - "Home Prices Are Low, But Getting A Mortgage is Tough!"
Chicago - the entire metro area - is now on AIG United Guaranty's Declining Markets List. … (2 comments)
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chicago real estate news alert: FANNIE MAE, FREDDIE MAC Now Have "Safety Net" from Fed, U.S. Treasury! - 07/15/08 11:50 PM
The U.S. Secretary of the Treasury, the Federal Reserve Board, and The President consider Fannie Mae and Freddie Mac key to turning around the real estate market downturn nationwide. Should these two government-sponsored Mortgage Investors and Guarantors fail, the result might be tragic for the U.S. Economy, and the housing market's … (1 comments)
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chicago real estate news alert: NEW FED MORTGAGE GUIDELINES UNVEILED - Will Apply To All New Loans! - 07/14/08 10:33 PM
Will new loan rules passed unanimously today by the Federal Reserve Board better protect home borrowers? Or, will they even further dampen borrowing power of prospective homeowners, and have a negative effect on the already-depressed housing market?
That matter is up for debate. But as mortgage defaults and foreclosures continue to … (2 comments)
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chicago real estate news alert: RESTORING HISTORIC CHICAGO HOMES - A Labor of Love, with A Little Help from Government Incentives! - 07/13/08 02:05 PM
In many parts of the country, I would assume, tax and public incentives for restoring worn, yet historic homes and commercial buildings are readily available. In order to get the money, however, those renovating have to comply with certain detailed guidelines for repair and reconstruction.,
One such individual, renovating a home … (1 comments)
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chicago real estate news alert: SENATE LIKELY TO PASS HOUSING BILL - But Will House, President Bush Approve? - 07/10/08 11:21 PM
Hello, All!
The long-awaiting Housing Reform Legislation seems likely to pass the U.S. Senate next week. The effect on markets faced with high housing inventory and slack demand, along with tight loan underwriting standards - including parts of Chicago and the suburbs - could be significant!
It's proposals are ambitious - … (3 comments)
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chicago real estate news alert: FEAR OF RISING DEFAULTS Batter Fannie Mae, Freddie Mack Shares! - 07/09/08 11:01 PM
Most of us know Fannie Mae and Freddie Mac as government-sponsored private companies which procure and guarantee approximately half of all U.S. residential mortgage loans.
This week, the stock of each company took a pretty good beating! Freddie shares fell 17.9% on Monday alone - as private investors began to fear … (2 comments)
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chicago real estate news alert: BUYING FORECLOSED PROPERTIES? Patience, Persistence, and Strong Credit Required! - 07/02/08 10:31 AM
The increase in foreclosures throughout IL is tragic!
Statewide, foreclosed properties have increased 42% since May, 2007. The terrible misfortune that foreclosed homeowners feel often becomes big opportunity for those looking to buy these distressed properties at a significant discount off market price
Foreclosed homes totaled 9,670 across IL in May, 2008, … (3 comments)
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chicago real estate news alert: CHICAGO AREA HOME SALES DOWN 29% SINCE MAY, 2007 - But Is Trend Reversing? - 06/29/08 07:28 AM
Enjoy your Sunday, AR!
Is the Chicago Real Estate picture beginning to brighten? Perhaps . . . but, not so fast!
For the one-year period between May, 2007 and last month, home sales in the Chicago Metro Area and a few surrounding counties - Cook, Lake, DuPage, Will, McHenry, Grundy, Kendall, … (0 comments)
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chicago real estate news alert: THIS WEEK, FED ENDED STRING OF RATE CUTS - No Immediate Impact on Mortgage Interest Rates! - 06/28/08 02:55 PM
Hope you're enjoying the weekend, folks!
As you know, this week marked a change in behavior for the Federal Reserve Board. On Wednesday, after their two-day Federal Open Market Committee meeting, they announced their benchmark Fed Funds Rate will remain unchanged, at its current 2.0% level.
This was the first non-action … (0 comments)
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chicago real estate news alert: ILLINOIS ATTORNEY GENERAL SUES COUNTRYWIDE HOME LOANS - Deceptive Conduct in Lending Practices Alleged! - 06/26/08 09:04 PM
The drumbeat of trouble goes on for Countrywide Home Loans - the lender alleged to be at the center of many high-leverage, poorly-scrutinized, now-defaulting home mortgages.
Wednesday, June 25th, Lisa Madigan, the Attorney General of Illinois, filed suit against the company. The Attorney General of California filed their state's own suit … (3 comments)
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chicago real estate news alert: HOME PRICE INDEX FALLS - But Not So Bad Here in Chicago! - 06/25/08 09:51 AM
Today's Wall Street Journal Page One story is ominous!
Home Prices Fall Nationwide. Consumer Confidence Sinks. And Most Potential Home Buyers Still Wait on the Sidelines!
Here in Chicago, the negative drumbeat isn't as loud. According to the latest Standard & Poors Case-Shiller Home Price Index, just completed providing April statistics, … (1 comments)
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chicago real estate news alert: FACING FORECLOSURE? According to Website, "Just Walk Away!" - 06/25/08 08:54 AM
Good Morning, Everyone!
The angst, the turmoil, the depression of those facing possible foreclosure has, supposedly, just gotten easier. One option - "Just Walk Away!"
Started in California, and geared at homeowners who owe more than their home is worth, YouWalkAway.com provides a "do it yourself" kit to plan walking away … (4 comments)
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chicago real estate news alert: DAYS OF SELLER CONTRIBUTIONS TO BUYER'S DOWN PAYMENTS ON FHA LOANS MAY BE NUMBERED! - 06/22/08 04:38 PM
FHA Loans!
Their proponents say their the answer to many prospective buyers with low down payment and blemished credit. Until last year, many would have opted for higher-risk, high-leverage sub-prime loans, complete with potentially-dangerous rate resists, high interest rates, and low potential for building equity.
FHA loans are fixed, at competitive … (2 comments)
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chicago real estate news alert: FOR NEW HOME BUILDERS, Many Buyer Incentives Losing Effectiveness! So, Let's Party! - 06/22/08 04:02 PM
Hope you've taken the day off today - it's beautiful here in Chicago. Hope the First Official Weekend of Summer is nice where you are!
We all know builders of new homes have taken it on the chin within the past twelve months or so. In many markets, in newly-built subdivisions … (1 comments)
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chicago real estate news alert: YOU REAL ESTATE SALES PEOPLE, BROKERS! You're all Wealthy Beyond Belief, Aren't You? - 06/15/08 11:08 AM
"YOU FOLKS MAKE SO MUCH MONEY, AND WHAT WORK DO YOU DO FOR IT?"
That seems to be the prevailing attitude among the general consumer public, isn't it?
Years ago, when I was considering Real Estate as a full-time profession, one of my relatives encouraged me! "You're an independent guy," she … (5 comments)
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chicago real estate news alert: NEW IL MORTGAGE RULE Forces Counseling for Certain Buyers Prior to Close! - 06/13/08 10:26 PM
The rules for home borrowers are tightening up here in Cook County IL (the county in which Chicago is located). Specifically, certain first-time buyers, considering several "high risk" loan products, will now have to complete a counseling session before they close on their new home.
This "Cook County Predatory Database Lending Program" debuts … (1 comments)
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chicago real estate news alert: LOWBALL LOUIE - Listing Agents, How Often are YOU Seeing Him? - 06/13/08 04:46 PM
Happy Friday Afternoon, Folks!
Guess who came in to one of my listings yesterday? Wearing an old shirt, carrying a yellow legal pad, and fingering his calulator!
You might know the guy - his name: LOWBALL LOUIE! I hear he gets around, all over the country, and all around the world, … (4 comments)
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chicago real estate news alert: REAL ESTATE MARKET PRICES BOTTOMING OUT? - Here in Chicago, Not Yet! - 06/11/08 11:22 PM
Good Evening, Folks!
Hope you're having a pleasant night, out in Real Estate Land! (When I'm done posting this, I'm going to catch up on an old "Honeymooners" episode on the Classic TV Station here in Chicago - Channel 23 on cable)!
There has been considerable press, both nationally and here … (2 comments)
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chicago real estate news alert: UNSUNG VICTIMS OF FORECLOSURE - When Landlords Lose their Rental Property, Tenants Often Forced to Leave! - 06/10/08 03:49 PM
The news headlines are full of stories about single-family homeowners losing their homes to foreclosure. Few stories, however, deal with the fate of renters in apartment buildings, or other rental properties, when their landlords can't pay the mortgage on the property.
Here in Chicago, according to the Harvard Joint Center for Housing Studies, … (2 comments)
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chicago real estate news alert: HOME EQUITY LINES OF CREDIT Far Harder to Come By Today; Lines In Place May Face Severe Curtailment! - 06/09/08 10:15 PM
One "side benefit" of the free-and-easy mortgage money of just a couple of years ago - virtually every homeowner could use their home as a piggy bank - tapping its seemingly-limitless equity for virtually any expense - necessary or fun money. Rates were at prime or slightly higher, and banks begged … (1 comments)
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chicago real estate news alert: MORTGAGE DELINQUENCIES, FORECLOSURES HIT 29-YEAR HIGH! - 06/08/08 11:55 AM
Just when you were hoping for some good news in the real estate market, you hit the web, and find more distressing news.
Across the U.S. nearly 10% of homeowners fell behind on their mortgage payments during the First Quarter of this year! This comes from statistics compiled by the Mortgage … (1 comments)
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chicago real estate news alert: LISTED HOME NOT SELLING? Renting It May Be The Answer - But Not Without Risk, and Added Responsibility! - 06/05/08 07:41 PM
As Chicago inventory levels remain stubbornly high, and days on market increase for homes and condos, many home and condo owners are seriously considering renting out their property short-term. Most say they would then sell it later on, when the currently-sluggish real estate market here improves.
The problem is especially acute … (1 comments)
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chicago real estate news alert: CHICAGO FIRST-TIME HOME BUYERS, No Longer Pressured to Make A Quick Purchase Decision, "Wait it Out"! - 06/01/08 08:29 PM
Hope you're having a relaxing Sunday Evening! Mild weather has finally returned to Chicago for more than a day or two - we all hope it has come to stay for a while.
Being in the Real Estate Business, you might think that first-time buyers would be banging down the doors … (1 comments)
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chicago real estate news alert: CHICAGO METRO AVERAGE HOME PRICE UP OVER 16% - Despite Perception To The Contrary! - 05/28/08 10:30 AM
Findings from the Quarterly Survey of Home Prices, published by the Federal Housing Finance Board, show First Quarter, 2008 Chicago Average Home Prices increasing by 16.4% over the First Quarter, 2007.
Although the Chicago Real Estate Market is very large and diverse, and contains numerous pockets of varied growth or decline, … (2 comments)
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chicago real estate news alert: GOOD NEWS/BAD NEWS: Fannie & Freddie to Ditch "Declining Market" Areas - Not So for PMI Companies! - 05/27/08 10:19 PM
Since the beginning of 2008, Fannie Mae and Freddie Mac began to score U.S. Zips and Market Areas into those showing stability, and those in decline, based on sales price and units sold statistics versus last year.
Although few declining market areas have been identified here in Chicago and our suburbs, … (4 comments)
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chicago real estate news alert: FHA LOANS! The Best Option for Low-Down-Payment Buyers with Blemished Credit? NOT SO FAST! - 05/27/08 05:29 PM
Crazy weather here in Chicago these days, folks! Yesterday - 84 degrees, sunny! Today - 46 degrees, super-windy, gray and cloudy! They say Summer will be here before you know it. Many of us in Chicago are beginning to wonder!
If you read the news on the web, and listen to many Mortgage … (8 comments)
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chicago real estate news alert: Chicago Mirrors Many U.S. Cities with Housing Price Stabilty, Some Growth, Downtown! - 05/25/08 11:40 PM
We hope you're enjoying your Memorial Day weekend! Please take a minute or two to remember those who sacrificed bravely for our country.
Despite the recent downturn in the Chicago Real Estate Market, we have found that the downturn has not affected all areas of the city and suburbs equally. Indeed, … (1 comments)
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chicago real estate news alert: ESPECIALLY IN THIS MARKET - Priced-Right Listings Sell - Faster, and for the Highest Sales Price! - 05/22/08 10:43 PM
The more things change, the more they remain the same, and you know it to be true -
Price a house for sale correctly - not too high, not with "Negotiating Room" - and it will sell faster, and for a better price, than if you "Tested The Waters" too high!
… (2 comments)
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chicago real estate news alert: OPEN HOUSES - Are They Still Useful for Selling Homes? - 05/21/08 10:14 AM
It's Hump Day, Folks - you're almost to Memorial Day Weekend! Hang in there!
Realtors - do you still conduct public Open Houses? Or, have they become ancient history in your business?
When I was new in the business, about the time Andrew Jackson was President, my wife and I used … (8 comments)
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chicago real estate news alert: MORTGAGE INSURANCE PREMIUMS Would Rise Under New FHA Plan! - 05/18/08 09:37 PM
Howdy from Chicago, Partner!
Today, FHA Loans seem to be the last, best option for home buyers with low down payment, or with blemished credit and low FICO scores. Under new guidelines FHA plans to implement this year, those with lower credit scores (less than 680, as determined by the middle … (0 comments)
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chicago real estate news alert: SKYROCKETING GAS PRICES - As They Rise, are Home Prices, Area Desirability Impacted? - 05/17/08 10:28 PM
News Flash!
THE PRICE FOR ONE GALLON OF UNLEADED REGULAR, SIX BLOCKS FROM OUR REAL ESTATE OFFICE, IN THE LINCOLN SQUARE NEIGHBORHOOD ON THE NORTH SIDE OF CHICAGO -
$4.35!
Incredibly high - yes?
In May, 2002, according to GasBuddy.com, the average price for a gallon of unleaded across Chicago was a mere … (2 comments)
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chicago real estate news alert: CHICAGO LOOP CONDOS Face an Incredible Oversupply in 2008, 2009 . . . Beyond! - 05/15/08 10:05 PM
Most who have visited Chicago think of it as a very livable city (except, perhaps, if the only time you visit our town is in our famous "Dead of Winter!")
Our neighborhoods offer dining, entertainment, and living options galore - Hyde Park, Lincoln Park, Lakeview, Old Town, Lincoln Square, Pilsen, The … (1 comments)
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chicago real estate news alert: CHICAGO MEDIAN SF HOME DOWN 6.6% - Far Better Than Many Markets - NAR Qtr 1 Survey! - 05/14/08 02:53 PM
According to National Association of Realtors First Quarter, 2008 Survey Data - the Median Price of a Single Family Home here in the Chicago Metro Area fell to $249,600, nearly a 7% drop, year-over-year, versus 2007.
Many in Chicago would say - "Where ARE these $249M houses?"
Not downtown or in … (3 comments)
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chicago real estate news alert: APPRAISALS FACE RADICAL CHANGE January, 2009 - Fannie Mae, Freddie Mac's New "Valuation Code"! - 05/13/08 04:39 PM
Effective January of next year, Lenders and Loan Originators will not be allowed to have contract with appraisers for their loan transactions. Appraisers on the payroll or under contract to specifc Loan Originators or Banks will not be able to provide appraisals for their loans in process.
All of this according … (2 comments)
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chicago real estate news alert: UNDERWATER HOMEOWNERS Could Benefit From Fannie Mae's New Program! - 05/11/08 11:12 AM
Happy Mother's Day, all you Ma's!
We hope the day is bright and sunny where you are today. Here, in Chicago, it's raining like crazy, and kind of chilly!
Within the next couple of month's, national loan funder Fannie Mae will introduce a program to help those "underwater" in their home … (2 comments)
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chicago real estate news alert: TIMELY CHICAGO MAIL DELIVERY - Criticized for Decades - Now Measuarably Better! - 05/10/08 07:38 AM
Hope you're enjoying your weekend, folks!
I'm sure you've heard the stories of a letter or bill arriving days or weeks after it was sent. (This happens about once a month with me - when my tenants' rent checks are due!)
Here in the City of Chicago, and in select adjoining … (2 comments)
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chicago real estate news alert: HAVE A FICO SCORE UNDER 680? It's Going to be Tougher, More Expensive, to Get a Home Loan! - 05/05/08 09:04 PM
Most real estate practitioners today agree there are two main ingredients in the current real estate market sluggishness in many places -
1. High levels of home inventory - sometines exceeding 48 months in many locations.
2. Fewer qualified buyers to purchase this inventory.
Tough is getting tougher, as most lenders now reserve their best … (5 comments)
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chicago real estate news alert: CHICAGO'S ORIGINAL BREW PUB FALLS VICTIM TO SUCCESS . . . and Higher Rents! - 04/17/08 05:38 PM
For 20 years on the North Side of Chicago, near the intersection of North and Clybourn Avenues, the Goose Island Brewery has been serving up pub fare, and great craft beer - some of it brewed right on the premises. It's been one of Chicago's oldest and most popular brew pubs … (0 comments)
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chicago real estate news alert: YOU DRIVE? The Increase in the Annual Cost of Operating a Vehicle Will Shock You! - 04/16/08 09:09 AM
Unless you're checking in this morning from a Major Oil Producting Country, you already know the price of a gallon of gasoline has risen dramatically since January, 2007. Through the end of last year, prices were up 31%, on average, nationwide - to an average of $2.94 at the end of … (1 comments)
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chicago real estate news alert: CHICAGO Seeems to be Bucking the National Trend in Escalating Home Foreclosures! - 04/16/08 08:24 AM
We're unsure if this has anything to do with simple LUCK, or the way our market here has behaved over the last few years. However, while foreclosures increased 57% nationally, year-to-year, between March, 2007 and March, 2008, the increase here in Chicago, and throughout Illinois, was a far more "acceptable" rate, … (1 comments)
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chicago real estate news alert: PROPOSED NEW GOOD-FAITH ESTIMATE FORM - Will it Make Loan Terms Easier to Understand? - 04/09/08 03:52 PM
Good Afternoon, everyone! Hope it's sunny and bright where you are today - sunny, but cool here in Chicago!
Have you ever been confounded when reading or explaining a lender's Good Faith Estimate of Closing Costs? The one you receive when you first make loan application?
For most folks, even trained Real Estate … (0 comments)
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chicago real estate news alert: HOME INVENTORY TOO HIGH - U.S, CHICAGO - Here's How Our Sellers, Buyers Respond! - 03/24/08 02:57 PM
Just reviewed some fairly recent statistics compiled by Discount Real Estate Broker ZipRealty, and reported by Mary Umberger, Real Estate Columnist for The Chicago Triubne. The numbers are a bit unnerving!
In aggregate, unsold inventory of homes and condos increased 1.2 percent in February, comparing with January, 2008. In the Chicago Metro … (2 comments)
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chicago real estate news alert: CHICAGO KIDS MUST NOW RETURN HOME EARLIER! City Curfew Now 10:00 Weeknights, 11:00 Weekends! - 03/22/08 02:00 PM
"It's 10:30! Do You Know Where Your Children Are?" The honey-voiced TV announcer used to recite these memorable words each weekday night after the 10 O'Clock News.
Effective tonight, they could make that announcement at the BEGINNING of the news! The Chicago Curfew, for youths under the age of 17,moves one-half hour earlier … (6 comments)
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chicago real estate news alert: IN COOK, DU PAGE COUNTIES, Scammers use Quit-Claim Deeds to Steal Properties, Equity! - 03/13/08 09:26 PM
This is very disturbing, folks - but I'm sure it also happens where you live and work.
Here in Cook County, the county which includes the City of Chicago, as well as neighboring suburban Du Page County, scam artists are beginning to record forged Quit Claim Deeds to transfer properties to themselves in alarmingly … (1 comments)
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chicago real estate news alert: DO YOU USE ELECTRICITY IN CHICAGO? Time to Pony Up a Bit More! - 03/13/08 09:04 PM
Everything goes up, right? Gasoline? Heating Oil? Groceries? Home Prices (well . . . )?
Well, here in Chicago, the cost to turn on your computer, to run your shredder, to cut your plywood, and to flip on that reading light, is going up, once again!
Commonwealth Edison, or, as we call them … (1 comments)
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chicago real estate news alert: INCREASED CITY OF CHICAGO REAL ESTATE TRANSFER TAX - Who Will Pay, Buyer or Seller? - 03/11/08 08:28 PM
The price to transfer Real Property in Chicago is going up April 1st!
Effective for transactions that CLOSE after that time (those that close earlier but do not record until after the cutoff do not pay the increase), the Chicago Real Estate Transfer Tax increases to $10.50 per thousand of sales price, … (1 comments)
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chicago real estate news alert: SECEDE FROM THE COUNTY? One Chicago Suburb Considers Just That! - 03/06/08 03:09 PM
Hey, everyone!
Boy, I bet you don't see this one everyday where you are!
The Chicago Suburb of Palatine IL, angered that a recent more-than-doubling of the county's share of the State of Illinois Sales Tax, fears the new levy will hurt local businesses, and the municipal coffers, so badly - they are … (1 comments)
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chicago real estate news alert: CHICAGO TRANSIT AUTHORITY to Add 21st Century Convenience - Accept Credit, Debit Cards for Fare Payment - 03/04/08 05:29 PM
Hey - any strap hangers out there? (You New Yorkers know exactly what I'm talking about! Right?)
Here in Chicago, our world-renown local transit agency, the Chicago Transit Authority, has begun to install new machines in our L Train stations to accept credit and debit cards - Master Card, Visa, American Express, … (1 comments)
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chicago real estate news alert: CHICAGO FORECLOSURES DROP IN JANUARY - But Not So for the Rest of U.S. - 02/28/08 04:26 PM
Hey, gang!
The more you know about the real estate market here in Chicago, the better you understand we don't have just ONE market here. There are DOZENS of micro-markets!
Some Chicago Neighborhoods and suburbs are selling well - although, globally, price points have dropped. Others are struggling, especially in areas where middle … (0 comments)
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chicago real estate news alert: CONTRACTORS, HOME IMPROVEMENT RETAILERS Feel Pain of Housing Market Shift! - 02/26/08 05:35 PM
It wasn't that long ago - 2005, to be exact - that home prices in most parts of the U.S. were flying high. So to were sales by national do-it-yourself retailers such as Lowe's, and industry-leader The Home Depot.
Right here in Chicago, and all over the suburbs, contractors were busy completing … (4 comments)
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chicago real estate news alert: CONDO GROWTH EXPONENTIAL in Evanston IL - Chicago's Closest Northern Suburb! - 02/22/08 04:49 PM
Hey, Gang! Get your single-game Chicago Cubs tickets yet - today is first day of box office sales? No need to rush, though - as usual, most of the biggest Cub games this coming summer are already sold out!
You might have heard of Evanston IL. It's the home of prestigious Northwestern … (1 comments)
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chicago real estate news alert: YOUR HOME - Not an Automatic ATM Any Longer? - 02/18/08 01:39 PM
Remember the olden days of the Home Equity Line of Credit? Way back - maybe, 18 months.
Wanna new boat? Write an Equity Draw Check! New HDTV? Hit the house line! Go to Europe? Pay this semester's college tuition bill for your son or daughter? Re-do the kitchen and master bath? "Honey, … (0 comments)
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chicago real estate news alert: CHICAGO REAL ESTATE TRANSFER TAX UP 40% - Now $10.50/M of Sales Price! - 02/07/08 03:35 PM
Buying real estate in Chicago?
Beginning April 1st, buyers of homes, apartment buildings, vacant land, condos, and commercial properties in the City will pay an additional $3.00/M Chicago Real Estate Transfer Tax, under a measure passed by the Chicago City Council yesterday.
At the new tax level of $10.50 per thousand of sales … (6 comments)
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chicago real estate news alert: BUYERS, OH BUYERS! Where have you gone? - 02/02/08 04:09 PM
Here in Chicago, virtually all of our main streets and most smaller residential streets have been plowed and salted after our 11" snow of Thursday afternoon into Friday. Amazing how quickly things get taken care of here - in an election year!
I'm generally not a big fan of quoting NAR statistics … (1 comments)
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chicago real estate news alert: SNOW DAY! Limit Your Activity? Affect Your Mood? Impact Your Business? - 02/01/08 06:36 PM
Here in Chicago, we had a little snow today. Just a dusting, mostly - 11" or so (well, maybe a bit more than a dusting!)
Now, at the end of the day, you would have hardly believe there was a snow storm at all - except for the massive piled snow on … (5 comments)
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chicago real estate news alert: COULDN'T LIST & SELL YOUR PROPERTY IN 2007? Your Re-fi Today Might be Rejected! - 01/31/08 04:13 PM
Let it snow, let it snow, let it snow here in Chicago - 7 inches of new snow predicted here overnight!
A rule restricting refinancing of properties recently listed for sale on the MLS is nothing new here in Chicago. However, recent sluggishness in the residential sale market here, brought on by inventories … (1 comments)
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chicago real estate news alert: UP-ZONING PROCESS IN CHICAGO Allows for Larger, More Luxurious Homes - But Many Cry Foul! - 01/29/08 04:01 PM
Hey, everyone!
I live here in Chicago, and love living here. But those of you from other places may look at this with your jaws wide open!
Are you a real estate developer, or perhaps an affluent individual, wanting to build a new home or condo project in many affluent Chicago Neighborhoods? Plans call … (0 comments)
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