Real estate blog entries tagged with chicago real estate news alert by Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL)

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chicago real estate news alert: PAUSE HOME FORECLOSURES FOR A WHILE? Be Careful Here! - 11/06/08 03:13 PM

President Elect Barack Obama and others have advanced the idea of a short-term moratorium on new home foreclosures, across the board, after he takes office in January.
According to some experts - there is danger in this move!
The overwhelming majority of us are far too young to remember The Great Depression and the 1930's. But many of us remember high rates of inflation during the 1970's.
Richard Nixon, then President, attempted to stymie inflation with a couple of Price and Wage Freezes. But they didn't really work to the advantage of consumers.
Indeed, short-term price and wage freezes resulted in significant price … (1 comments)

chicago real estate news alert: REAL ESTATE TRENDS, AS DOES THE STATE OF THE ECONOMY IN GENERAL, Impact Presidential Choice! - 11/02/08 12:09 PM

You folks reading from outside of the U.S. might think us either crazy, or demented, after you view a few of our political ads on TV or on the Internet! Thankfully - they will all be history soon, as will this historic election.
We all know the U.S. Economy has become the key issue on most voters' minds. Unemployment rates are up in many areas, income stagnant versus price inflation, and home prices have declined.
One measure of comparative housing prices comes from the Office of Federal Housing Enterprise Oversight (OFHEO), which tracks data by state for homes backed by a Fannie … (4 comments)

chicago real estate news alert: SOME ECONOMISTS SAY HOUSING MARKET BOTTOM MAY BE IN SIGHT! - 10/30/08 10:05 AM

Nice, compelling headline . . . YES?
Well, don't get too excited, folks. The bottom is likely not IMMEDIATELY in sight, but it is possible, sometime in 2009.
At the National Association of Homebuilders Conference last week, several of the econmists who attended saw a bit of hope on the horizon. "I'm hopeful threat the markets will come to their senses soon," said Michael Moran of Daiwa Securities America at the Conference last week.
Moran and others point to the Fed's Bailout Plan, including the government purchase of bad mortgage debt, will help housing recovery.
David Seiders, Chief Economist for the NAHB, … (3 comments)

chicago real estate news alert: CAN ONLINE MORTGAGE LENDERS REALLY SAVE YOU MONEY? - 10/29/08 09:05 AM

Hey, Gang!
You've seen the commercials on TV and on the Internet - low rates on new and refinanced mortgage loans. Many are lower than what local Loan Brokers, and many banks, seem to be offering these days.
But are these offers on the level? And, will someone be there to service your loan at closing if the terms are different than was earlier agreed?
All of this comes in a lending environment where low-rate loans may truly be hard to find. Many home borrowers today with mid-level credit and less-than-25% down payments are finding higher rates and fees, and tighter … (1 comments)

chicago real estate news alert: IN CHICAGO, KEY HOME PRICE INDEX DOWN VS. LAST YEAR - But Better Than Many Other Metro Areas! - 10/28/08 02:43 PM

A widely-regarded index of home values indicates a downward trend in Chicago Metro Area Housing Prices since August of last year - but many other Metro Areas across the country have fared worse!
The latest S & P/Case-Shiller Home Price Index studies average home price levels in 20 of the largest Metro Markets nationally. The index compares current prices to a January 2000 base level, and calculates change in that index month-to-month. August 2008 is the latest for which this index data is available.
In aggregate, the 20 Top U.S. Metro Areas showed an index drop of 16.6% within the past … (3 comments)

chicago real estate news alert: WITH LOWER GAS PRICES - Where is the Housing Market Headed? How About Things in General? - 10/26/08 10:06 AM

Hope you're enjoying your Sunday afternoon, folks!
At a family BBQ I attended last Summer, my cousin Bob came up to me and pulled me aside. Never shy with his opinion on the Chicago Real Estate Market, Bob suggested -
"When the price of gas drops below $3.00 per gallon," Cousin Bob said. "THAT'S when the Real Estate Market around here will start to recover!"
The price of a barrel of crude oil was near its all-time high of $145 back then - it has since fallen by more than half, to around $64, as of the close of the markets … (2 comments)

chicago real estate news alert: HOW THINGS HAVE CHANGED - Former Fed Chairman Alan Greenspan Now "The ENEMY"? - 10/26/08 03:04 AM

It really is a different world, folks!
Many things have really changed since Former Federal Reserve Board Chairman Alan Greenspan stepped down in January, 2006.
Greenspan, once highly respected as an "oracle" for the economy, is now having his decisions as Fed Chairman second-guessed by Federal Legislators scrambling to resolve today's credit crisis.
Friday, during testimony to the House Oversight and Government Reform Committee, he expressed "shocked disbelief" at the breakdown of the credit markets. This has triggered "a once-in-a-lifetime tsunami" inflicting great damage on the U.S. Economy, he continued.
Mr. Greenspan's appearance was his first before Congress since the current financial … (2 comments)

chicago real estate news alert: U.S. HOUSING STATS BRINGING SOME ENCOURAGING NEWS . . . FINALLY! - 10/24/08 06:51 AM

Good Afternoon, All!
Sometimes, it seems like the drumbeat of bad news in the housing market will never end. But, finally, some good news - two months in a row!
Data released today by the National Association of Realtors show existing home sales rose more than expected last month - the highest level of resales of existing homes since mid-2007.
In September, existing home sales rose to a projected annual 5.18 Million pace - a 5.5% increase over August.
Last month, the median national home price dropped 9.0% over this time last year. The current $191,600 median price is the lowest … (2 comments)

chicago real estate news alert: TAX RELIEF FOR COOK COUNTY IL HOMEOWERS? At Best, A Long Shot in 2008! - 10/23/08 08:08 AM

Good Afternoon, Everyone!
Often, taxes increase - income taxes, sales taxes, property taxes - rather than going down. Right?
And, most times, when they do increase, the politician most seen responsible for the increase, whether or not they are solely responsible, incurs voter wrath.
That's happening right here, right now, in Cook County IL - the county that includes the City of Chicago, with Real Estate Tax Bills for the Second Installment of 2007, due one year in arrears, on November 3, 2008.
In Cook County, this year, 137,980 homeowners are facing higher property tax bills this year, with the average … (0 comments)

chicago real estate news alert: CREDIT CARD DELINQUENCIES - The Next Bubble to Burst? - 10/22/08 05:14 AM

Good Morning!
We have all experienced the slowing Real Estate and stalled, retrenching Mortgage Markets. In some parts of the Chicago area, these factors have hit us hard!
But is there another shoe to drop?
The credit freeze and the turmoil over the last three weeks on Wall Street has hit many of those seeking auto loans broadside. Small business loans - harder to come by, until the markets begin to balance. Unsecured consumer loans - tougher to find.
But what of the thousands, perhaps millions, of Americans, faced with the need to use their credit cards more extensively in the … (93 comments)

chicago real estate news alert: U.S. FINANCIAL BAILOUT PLAN NOT ENOUGH FOR HOMEOWNERS - FDIC Chief! - 10/21/08 11:09 AM

Do you think everyone in the Bush Administration is completely on board with the recently-passed,$700 Billion Federal Bailout to aid Financial Institutions and Wall Street? The answer is "NO!"!
The Chairman of the Federal Deposit Insurance Corporation (FDIC), Sheila Bair, feels the Bailout does little to protect homeowners behind on their mortgage payments from losing their homes to foreclosure.
"Why there's been such a political focus on making sure we're not unduly helping borrowers but then we're providing all this massive assistance at the institutional level, I don't understand it," she said in an interview with the Wall Street Journal. "It's been a … (1 comments)

chicago real estate news alert: SKYROCKETING FORECLOSRES IN COOK COUNTY IL, CHICAGO Take Toll on Many, from Different Angles! - 10/20/08 08:37 AM

New estimates from the Presiding Judge of the Cook County IL Chancery Court offer frightening statistics.
Here in Cook County, the county that includes the City of Chicago, an estimated 42,000 foreclosure proceedings will pass through the courts this year. That's a 47.8% increase over last year!
Skyrocketing foreclosures here in Cook County and Chicago IL take their psychological toll on everyone. Most importantly, the defaulting homeowners that lose their family home, their dignity, and a piece of their identity.
Also under the strain are, Cook County Chancery Court Judges, who find their dockets full with nearly double the number of foreclosure … (2 comments)

chicago real estate news alert: LENDERS SLASHING STAFF - But Many Lenders Still Profitable Today! - 10/20/08 08:26 AM

It's an amazing statistic, in this year of amazing statistics!
In 2007, at least 100,000 mortgage professionals lost their jobs as Mortgage Market Turmoil grew involved. Loan Originators, Processors, Closers, Support Staff - few, if any, are immune from possible cutbacks.
Last quarter alone, an estimated 9,000 mortgage practitioners nationwide were let go.
Further, according to a recent survey by Mortgage Bankers Association, the average mortgage company lost $560 on every loan they originated in 2007. Compare that figure to robust 2003, when the average loan closed generated $1,272 in profit.
But the average Mortgage Company is still operating at a … (3 comments)

chicago real estate news alert: Has Consumer Sentiment Rebounded, as Gas Prices Fall Back? - 10/19/08 04:33 PM

Here in Chicago, gas prices have fallen just over 25% from their summertime peak - at over $4.50/gallon of regular gasoline in parts of the city last July. In other parts of the U.S., where local and county gas taxes are not as oppressive, gas has fallen way south of $3.00 per gallon!
How has this affected Consumer Sentiment in general? Do folks have a more optimistic outlook about the economy? The housing market?
No, unfortunately - according to the latest University of Michigan/Reuters Consumer Sentiment Index published last week. The index plunged this past month by 12.8 points - the … (9 comments)

chicago real estate news alert: NEW HOME CONSTRUCTION CONTINUES DOWNWARD TREND in September! - 10/19/08 04:22 PM

As further evidence that the bottom of the housing market has likely not yet come, Housing Starts fell in September for the third consecutive month. Last month, Housing Starts dipped 6.3%, to a seasonally-adjusted annualized rate of 817,000 units. That's an 18-year low!
Since September, 2007, Housing Starts across the U.S. have fallen 31%.
Will the decline in new home sales positively impact stagnating sales of existing homes in many Metro Markets, including Chicago? Unsure, since the true impact of the new Financial Rescue Package has not yet been implemented, and its mid-to-long term affect is not yet known.
In September, Building … (5 comments)

chicago real estate news alert: COUNTRYWIDE, B OF A TO Defy State of IL Ruling Directing "No New Mortgage Loans" Here! - 10/17/08 09:57 AM

Earlier this month, the Bank of America, as well as Countrywide Homes Loans, which the mega-bank recently acquired, agreed to modify thousands of risky, resetting home loans here and in other states to forestall many possible foreclosures.
The settlement was reached in court, in response to a lawsuit brought against the formerly-largest lender of Residential Home Mortgage Loans by the Attorneys General of Illinois, and those of one dozen other states spread across the U.S.
See our October 6th post discussing this settlement via BlogChicagoHomes.com.
Yesterday, Illinois Bank Regulators attempted to block Countrywide from issuing any new loans here in the state. … (2 comments)

chicago real estate news alert: CHICAGO, COOK COUNTY IL FORECLOSURE EVICTIONS WILL RESUME! - Tom Dart, Cook County Sheriff - 10/16/08 03:53 PM

Tom Dart, the Sheriff of Cook County IL, the county in which the City of Chicago is located, caused quite a stir a week ago when he exclaimed he or his officers will not enforce evictions due to foreclosure across the county.
Many claimed this is illegal - which it very might well be. Others claimed Dart might be in Contempt of Court.
In any event, Dart and his Sheriff's Department caught a lot of publicity, and some flack, as a result of the move.
It was on October 9th that Sheriff Dart instructed his officers to suspend evictions from properties … (2 comments)

chicago real estate news alert: WHO WILL LEAD THE PACK When the Housing Market Rebounds (as You Know It Will)? - 10/16/08 03:42 PM

Let's think OPTIMISTICALLY, folks!
One day, hopefully, one day soon - the U.S. Housing Market will come roaring back! (Remember - think positive!)
When that day comes, and when inventory begins to fall, prices begin to stabilize, and those sheets of plywood come some off those houses across the Portage Park, Englewood, and Garfield Park Neighborhoods in Chicago - who will be leading the way back, and doing most of the resurgent buying?
Research by Mintel International Group suggests minority home buyers - Hispanics, African-Americans, and Asians - will lead the charge back. So will a group they call "Echo Boomers" - those … (7 comments)

chicago real estate news alert: AN INCREDIBLE, SCARY STATISTIC - Nearly 1 in 6 U.S. Homeowners are "Under Water" on their Mortgages! - 10/10/08 07:29 AM

What an incredible fact - what a terrifying statistic!
AN ESTIMATED 16 MILLION OF 75.5 MILLION HOMEOWNERS NOW OWE MORE THAN THEIR HOUSE IS WORTH!
Here are the latest statistics, compiled by Moodys.com. Nationally, 16% of U.S. Homeowners owe more to their mortgage lender than their home is currently worth in today's real estate market. That's a big jump from last year, when an estimated 6% were in the same predicament, and 2006, when only 4% found themselves "upside down."
This effects of this mass disappearance of home equity are wide ranging. It impacts saving and investing, day-to-day retail spending, and purchase … (8 comments)

chicago real estate news alert: DESPITE CHICAGO SOFT MARKET, Many Real Estate Tax Bills in Chicago, Cook County IL Rise! - 10/09/08 01:53 AM

Good Morning, everyone!
This is an anxious time of the year for thousands of homeowners here in Chicago, and across Cook County IL - the county in which Chicago is located. Generally, in early October, the second and final installment of Real Estate Property Tax bills are sent to all property owners here.
Our Team received a lot of calls and emails early last month asking if the recent slowdown in the Chicago Real Estate Market might result in a tax savings this year.
Unfortunately, not! Why?
In sum, the property Assessed Values, which determine applicable real estate taxes for specific … (1 comments)

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