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 05:59 AM
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.
The provision would allow those who presently do not take a tax deduction on their state or local property taxes to enjoy an annual Federal Tax Deduction of up to $750 for married taxpayers, $350 for single tax filers.  (The Senate has proposed an even higher deduction of up to … (3 comments)

chicago real estate news alert: Chicago Area, Illinois, U.S. Foreclosure Filings March Higher! - 07/27/08 05:43 AM
If you look at the latest foreclosure statistics, compiled by, 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 year ago.  One in 193 homes statewide is in foreclosure, and the number of foreclosures has jumped nearly 16% since the first quarter of this year.  Cook County added 5,944 foreclosed properties in May, 2008 - one for every 362 housing units here. 
Across the U.S. 739,714 homes received at … (2 comments)

chicago real estate news alert: SCARY CHICAGO AREA SALES NUMBERS FROM LAST QUARTER! - 07/25/08 03:42 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 City of Chicago and Chicago Suburban listings over the last few weeks, the stats for the Chicago Metro Area remain somewhat grim.
Compared to June of last year, housing resales in the nine-county Chicago Metro Area were off 27.9% at the end of June, 2008, to a total of 7,656 … (0 comments)

chicago real estate news alert: WHITE HOUSE CHANGES COURSE ON HOUSING RELIEF BILL - Shows How Critical Quick Action May Be! - 07/23/08 09:20 PM
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 the Senate.
Will the bill turn around the U.S. Housing Market overnight?  No, most likely.  But will it send a positive signal to those considering selling or buying their homes.  Possibly. 
For a relatively few distressed homeowners, about to face default and foreclosure, the bill might be a lifeline.  For … (0 comments)

chicago real estate news alert: "HOPE" U.S. HOUSING BILL - Likely to Pass This Week - Benefits Some, But Not All! - 07/20/08 04:15 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 will be a VOLUNTARY one.  Lenders, and their investors, who own defaulting mortgages will not be forced to allow all delinquent borrowers the opportunity to refinance.  Those that do agree, however, will be subject to considerable write-downs on certain delinquent loans.  The new maximum HOPE Loan Amount, insured by the … (3 comments)

chicago real estate news alert: CHICAGO AREA Now on PMI Declining Market Lists! Buying A New Home Here Now Tougher! - 07/16/08 12:35 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.  This has occurred, despite the fact that our Real Estate Market here is vibrant, even growing, in many Chicago Neighborhoods and suburbs!
AIG's answer to this - they cannot more precisely identify "declining market areas."  Would you agree with this?  Didn't think so!
We all know the mortgage market has … (2 comments)

chicago real estate news alert: FANNIE MAE, FREDDIE MAC Now Have "Safety Net" from Fed, U.S. Treasury! - 07/15/08 04:50 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 chances for recovery soon.
Under the Fed and Treasury Department proposals, either Mortgage Guarantor will now have access to a line of credit or an investment in equity by the U.S. Treasury.  The credit advance would be temporary in nature, but could last for up to 1 1/2 years.  Currently, … (1 comments)

chicago real estate news alert: NEW FED MORTGAGE GUIDELINES UNVEILED - Will Apply To All New Loans! - 07/14/08 03:33 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 escalate month to month, here in Chicago and across the U.S., many blame easy, high-risk loans offered by many lenders as the main culprit. 
The Fed action will take many of the riskier mortgage loan options off the table - including the controversial "stated income" loan. 
It will also stop … (2 comments)

chicago real estate news alert: RESTORING HISTORIC CHICAGO HOMES - A Labor of Love, with A Little Help from Government Incentives! - 07/13/08 07:05 AM
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 he purchased in the late 1990's on the South Side of Chicago, in the historic Kenwood Neighborhood, restored his home to pretty much it's original state - with more than a few modern amenities, of course!
Homeowner Daniel Aucunas completely refinished and repaired original hardwood floors, stripped paint from vintage … (1 comments)

chicago real estate news alert: SENATE LIKELY TO PASS HOUSING BILL - But Will House, President Bush Approve? - 07/10/08 04:21 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 - relaxed loan guidelines for FHA, Fannie Mae, and Freddie Mac that could allow perhaps as much of $300 Billion of new, fixed-rate loans that could help homeowners facing sizable rate resets in the coming couple of years.
Also, an increased Conforming Loan Limit of $625,000 - perhaps higher - is … (3 comments)

chicago real estate news alert: FEAR OF RISING DEFAULTS Batter Fannie Mae, Freddie Mack Shares! - 07/09/08 04:01 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 a loss of their capital reserves, brought on by nearly $11 Billion in loan defaults for the nine-month period ending last March. 
Dwindling capital at both companies could require they sell more shares to raise further capital.  This could dilute the value of all shares, and send investors scurrying.  If … (2 comments)

chicago real estate news alert: BUYING FORECLOSED PROPERTIES? Patience, Persistence, and Strong Credit Required! - 07/02/08 03:31 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, according to RealtyTrac.  This is up 15% from April.  Nearly 3,000 of these properties have reverted to ownership by the bank.
Keep in mind, however, that those priced lowest are usually priced that low for a reason - they need considerable work, often at great expense, to make them livable again.
Vacant … (3 comments)

chicago real estate news alert: CHICAGO AREA HOME SALES DOWN 29% SINCE MAY, 2007 - But Is Trend Reversing? - 06/29/08 12:28 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, DeKalb, and Kane - are off nearly 30%.  However, the median home and condo price in the Chicago Region is about the same - shedding only 0.5% in the last year, to $251,000.
However, between April and May, 2008, sales actually INCREASED 17.3%!
Illinois sales, outside of the Chicago Metro … (0 comments)

chicago real estate news alert: THIS WEEK, FED ENDED STRING OF RATE CUTS - No Immediate Impact on Mortgage Interest Rates! - 06/28/08 07:55 AM
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 in rates since last September.  At that point, to stimulate the housing sector, and make business loans more affordable, they began to reduce the benchmark rate, and have done so for subsequent Committee meetings until this month.
Their action - or, this time - inaction, points up the lack of … (0 comments)

chicago real estate news alert: ILLINOIS ATTORNEY GENERAL SUES COUNTRYWIDE HOME LOANS - Deceptive Conduct in Lending Practices Alleged! - 06/26/08 02:04 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 later the same day. 
The suit also names Full Spectrum Lending, Countrywide's sub-prime lending division, as well as the firm's servicing unit, and their co-founder Angelo Mozilo. 
While Attorney General Madigan acknowledged that a number of sub-prime lenders were making similarly risky loans to those unlikely to comply with repayment … (3 comments)

chicago real estate news alert: HOME PRICE INDEX FALLS - But Not So Bad Here in Chicago! - 06/25/08 02:51 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, the average home price in the Chicago IL Metro Market declined 9.3% for the year ending in April, 2008.  There was actually a slight (0.1%) improvement to the index here in April.
Across the country, according to statistics compiled by Standard & Poors, in their Case-Shiller Index of Home Prices, … (1 comments)

chicago real estate news alert: FACING FORECLOSURE? According to Website, "Just Walk Away!" - 06/25/08 01:54 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, provides a "do it yourself" kit to plan walking away from your over-leveraged home.  For a $995 Fee, the company will hook you up with a licensed attorney, knowledgeable in foreclosure laws in your state, plus provide written tips and unlimited staff help to help you simply pick up and leave your property.
Some state laws prevent your lender for … (4 comments)

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 interest rates.  Closing costs can be covered by the seller if the buyer in low on funds, and the Mortgage Insurance Premium can be added to and financed with the loan. 
Others are concerned that the FHA requirements, meant to help insure the loan will not default, will keep away … (2 comments)

chicago real estate news alert: FOR NEW HOME BUILDERS, Many Buyer Incentives Losing Effectiveness! So, Let's Party! - 06/22/08 09:02 AM
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 across the U.S., sales are off over 50 percent.  Homes have been discounted deeply in order to sell.  And, to incentives fickle buyers, many builders have included new HDTV's, expensive vacations, pre-paid house payments, even stocked school tuition accounts for the buyers' children.
Now, it seems, even these heavy incentives … (1 comments)

chicago real estate news alert: YOU REAL ESTATE SALES PEOPLE, BROKERS! You're all Wealthy Beyond Belief, Aren't You? - 06/15/08 04:08 AM
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 said.  "Every Real Estate Agent I know gets up mid-morning, has breakfast about 11 AM, hangs out with his buddies, and rakes in lots of money!  Ahhh - that's the life!"
Those of us that have been in the business in excess of about three months know that is far … (5 comments)

Dean Moss, Dean's Team Chicago IL Real Estate Team (Dean's Team - Keller Williams Realty Partners Chicago IL) Rainmaker large

Dean Moss

Dean's Team Chicago IL Real Estate Team

Chicago, IL

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