FHA is lowering its mortgage insurance premiums to help borrowers refinance into lower interest rates. Additional help to military who have been wrongly foreclosed on or denied the opportunity to refinance as well, as announced by President Obama earlier this week FHA is reducing its up-front premium to .01 percent, […]
For the past few years, I have been explaining deconstruction to clients, and lately it seems to be growing in interest and curiosity. Deconstruction is the process of salvaging materials from a home. Both raw and finished materials could be salvaged and reused in a new home, or even donated […]
The recent Realtors Confidence Index survey reports that cash buyers are 31% of the existing residential home sales market. This is no surprise as tightened credit leave cash buyers as a significant percentage of purchasers when competing offers that require financing sometimes cannot qualify for certain properties. The majority of […]
The recent settlement covers borrowers who have loans that are serviced by one of the five big banks. Who qualifies, the different options for homeowners (both previously foreclosed and current owners underwater). Subscribers will be able to view the full article with links and phone numbers to contact their lenders. […]
Who does the settlement cover? The settlement covers borrowers who have loans that are serviced by one of the five big banks: Ally Financial Inc./GMAC Mortgage, Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co. These banks handle payments on 55% of U.S. […]
(AP) — Illinois is expected to receive about $1 billion in a multi-state settlement with the nation’s five largest mortgage lenders, Attorney General Lisa Madigan announced Thursday. Madigan joined with attorneys general in others states and federal officials to announce the roughly $25 billion settlement in Washington. Read the full […]
UPDATE: U.S., Banks Agree on Foreclosure Pact For months now a nationwide plan to help homeowners hit by the mortgage meltdown and improper foreclosure practices may be announced today under a multi-state settlement by states’ attorneys generals and the nation’s five major lenders (Bank of America, JP Morgan Chase, Wells […]
Several changes have been done to the statistics page. Distressed sales statistics (lender mediated assisted sales: REO, short sales, pre-foreclosure, foreclosure) are now compiled in a monthly report. Additionally, information by each neighborhood is available for registered subscribers. Reports for each month is made available a couple of weeks after […]
Rates are low. So are home prices. So what’s preventing many from buying? For some, buying has become an obstacle as they are finding that financing their real estate purchase has become difficult. With a strong credit background, considerable down payments and reserves, many potential home buyers are finding that […]
The Chicago Architecture Foundation is planning a fabulous evening looking inside a Ukrainian Village home on Thursday, January 26. Read the detail on CAF’s website. Spend a special evening exploring the making of Chicago Home + Garden magazine’s new book of beautiful area homes while inside a spectacular Ukrainian Village […]
the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers
For clients traveling, or for those out of state interested in learning about solid state lighting. I did see the Solid State lighting display during Greenbuild and it is worth checking out if in the area and have the time! Solid-state lighting (SSL) refers to a type of lighting that […]
As we enter a new year, I am finding myself guiding clients in this market, formulating strategies and guiding expectations. It’s no surprise that the real estate market has been difficult for the past few years and many economists are expecting more of the same for this year. But even […]
City of Chicago Announcement: Department of Buildings Requiring 50 Percent Fee With All Permit Applications Deposit to Increase Efficiency and Recoup Partial Costs for Plans Reviewed The Department of Buildings will start requiring a 50 percent deposit on permit applications on January 3, 2012. The deposit requirement is designed to […]
The Securities and Exchange Commission is accusing six former Fannie Mae and Freddie Mac executives, including ex-CEOs, of misrepresenting their holdings of high-risk mortgage loans in the GSEs’ portfolios. “Fannie Mae and Freddie Mac executives told the world that their subprime exposure was substantially smaller than it really was,” Robert […]
I have just received my hardcover copy of Giving 2.0: Transform Your Giving and Our World and would like to thank Laura Arrillaga-Andreessen, as well as the Giving 2.0 Team for sending it to me. I believe that many businesses have the ability to transform and influence change. In the […]
Home owners may be able to take advantage of several tax credits for energy efficiency home improvements from this year. But time is running out, the tax credits are set to expire Dec. 31, and Congress has yet to renew them for 2012. “Making efficiency improvements this year will lower […]
Fannie Mae and Freddie Mac sued the city of Chicago on Monday over an ordinance that makes mortgage creditors liable for the upkeep of vacant properties. Lenders are liable for fines up to $1,000 if they do not maintain the property, or provide basic care / upkeep. Currently, the city […]
Chicago area real estate statistics for residential and commercial properties have been updated – Chicago real estate statistics. Overall, inventory is down across all real estate classes and contracts written and real estate sold are up from one year ago. Only businesses and multi-units have seen fewer properties sold than […]
Long term outlook is still largely uncertainty as the Super Committee cannot come to agreement. Without changes, there is some $1.2 trillion in federal programs that will be automatically cut in 2013. Military bases and surrounding communities will be hit as spending is scaled back and surrounding area is impacted […]
As of Jan. 1, Freddie Mac will require parties involved in a short sale to sign affidavits that will make them liable for any negligent or intentional misrepresentations in the transaction, HousingWire reports. Mortgage servicers are being urged to implement the change immediately before the Jan. 1 mandate, however. The […]
The State of Illinois, by way of Public Act 097-0470, just amended the Illinois Landlord and Tenant Act, adding new section 765 ILCS 705/15. Effective January 1, 2012, landlords in counties with a population in excess of 3 million people (ie. Cook County) are required to change or re-key the […]
The Federal Housing Administration’s cash reserves are falling short. This could impact the market in a multitude of ways, including the FHA depleting its reserves, which creates fewer financing options for buyers as well as impacting how quick stabilization occurs. The audit, to be released Tuesday by the FHA, estimated […]
Chicago area real estate statistics for residential and commercial properties have been updated for the past twelve months ending in Oct 2011. https://realtyevolved.net/residential-commercial-distressed-chicago-real-estate/ Contracts written is up for both residential and commercial properties. Months supply of inventory is also lower, although for several property types the drop has been […]
Featured in the Chicago Tribune, Sunday, October 30, 2011 by @properties
The Obama administration announced plans to expand the Home Affordable Refinance Program to make it easier for homeowners who are struggling but still making mortgage payments to refinance their homes. Changes to the program include refinancing despite how much a home’s value has fallen, reducing some fees, and eliminating the […]
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced it was adjusting the current Home Affordable Refinance Program. The program was developed to help borrowers who have been making timely payments on heir mortgage, but unable to qualify for a refinance as the housing market changed […]
The robo-signing scandal that rocked the real estate industry at the end of 2010 was one more black mark on the U.S. housing market. But in retrospect, it may wind up being the best thing that happened to home sellers this year. That’s because the resulting foreclosure moratorium kept hundreds […]
The current environment may seem like a haven for home buyers looking to find their dream home. Rates are low. High inventory. Low demand. So why is the market still struggling national? 2.19 million homes were listed at the end of September. Down 20% from a year earlier, and the […]
Chicago area real estate statistics for residential and commercial properties have been updated for the past twelve months ending in Sept 2011. https://realtyevolved.net/residential-commercial-distressed-chicago-real-estate/ Sherwin L. Sucaldito, REALTOR®, GREEN, ABR, CRPM @properties The Institute of Luxury Home Marketing Green REsource Council, GREEN Accredited Buyer’s Representative , ABR Certified Residential […]
Dreaded property tax bills are expected to hit Cook County mailboxes the first week of October, and homeowners might find them a bit plumper than last year despite the continued housing market malaise. Figures released Thursday by County Clerk David Orr showed that Chicago residential, commercial and industrial property owners […]
…those whose lives were lost. Lives that were forever changed. Things we cannot forget. Even now, the pain for many, is sometimes unbearable. But let us also remember that on this day, Heroes stood. People joined together, and we all stood united. In the darkness, hope was found, bravery overcame, […]
It is no surprise that rates are a historic low. Rates on 30-year fixed-rate mortgages averaged 4.12% for the week ending Sept. 8, down from 4.22% last week and 4.35% a year ago. The mortgage’s previous low was set the week ended Aug. 18, when the rate averaged 4.15%. With […]
There is a lot of talk in the Wicker Park / Bucktown neighborhood in Chicago with what could add more development into the area and intersection already undergoing many changes. A joint venture of Donald Wilson and Chicago-based hotel developer AJ Capital Partners recently bought the note on the distressed […]
Many lending institutions are facing a large inventory of foreclosed properties. Many of them have sat vacant after foreclosure for lengthy periods of time and have fallen into disrepair, vandalism and theft or even fraud in some cases. There have been many ideas presented, but the growing inventory, limited resources […]
For the interested buyers that are looking in today’s market, there are two recurring obstacles that seem to prevent many of them from obtaining necessary loans to purchase: mortgage approval and condition of property.
News Regarding Forbearance from FTC Enforcement of some MARS Rules against Real Estate Professionals On July 15, 2011, the National Association of REALTORS® (NAR) issued a press release stating that the Federal Trade Commission (FTC) will not undertake enforcement actions against real estate professionals who assist distressed homeowners in their […]
With many distressed properties on the market, many investors are looking at purchasing aggressively priced multi-units to convert into investments properties. In many areas, rental rates have either stabilized or increased in value due to demand. Additionally, some properties are in need of repairs to make them habitable. How can […]
The Illinois Association of REALTORS® (IAR) has discovered a technical error related to inconsistent data reporting that has resulted in inaccurate median price and sales volume reports for single-family homes and condominiums specifically and solely for the city of Chicago. This unintentional technical error only relates to city of Chicago […]