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Case-Shiller vs. MLS — Some Very Interesting Data on Chicago Real Estate Market

Written by: Catherine Brennan

Thu, Jul 2, 2009

Case-Shiller vs. MLS — Some Very Interesting Data on Chicago Real Estate Market

Have you read the latest news that home sales are down? Pretty much everyday, right? According to Standard & Poor’s Case-Shiller Home Price Indices (PDF), released on Monday, Chicago experienced an 18.7% decline in home prices from April 2008 to April 2009, but did not experience a percentage change from the prior month, [...]

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Mon, Jun 29, 2009

Katie Anderson

HVCC Causing Transaction and Economic Problems

HVCC Causing Transaction and Economic Problems

In March 2008, Fannie Mae entered into an agreement with The Federal Housing Finance Agency (FHFA). This agreement was set up to adopt certain policies relating to appraisals for mortgages. Starting May 1st, 2009 the Home Valuation Code of Conduct (HVCC) came into effect for Fannie Mae and Freddie Mac purchased loans. HVCC [...]

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Fri, Jun 26, 2009

Michael Rice

Insurance Needs Change When Building Is Vacant or Being Worked On

Insurance Needs Change When Building Is Vacant or Being Worked On

Over the past few months, I have noticed more and more home insurance activity: People picking up houses in foreclosure to fix it up to rent out; Buying foreclosures to move in to eventually; Renovating homes to flip them; People who can’t sell their homes either (1) renting out their homes or (2 ) even walking away from their [...]

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Thu, Jun 25, 2009

Rod Holmes

An Great Way to Follow the News of Your Neighborhood

An Great Way to Follow the News of Your Neighborhood

While attending the recent SPARKt conference I had the pleasure of listening to Adrian Holovaty, the founder of EveryBlock.com explain his unique service. If you haven’t heard of it, I suggest you head over their right away and sign up. It’s amazing. What is EveryBlock? EveryBlock.com is a service that goes out onto the web and looks [...]

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Thu, Jun 25, 2009

Nancy Gaspadarek

With So Many Short Sales Today, Should I Wait to Buy?

With So Many Short Sales Today, Should I Wait to Buy?

Here’s a question real estate agents are hearing lately…“With so many short sales out there—does that mean the market is getting worse and should I be concerned about buying now verses later this year?” The answer, in a word, “No.” Short sales certainly seem to be on the rise due to a variety of reasons: [...]

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Wed, Jun 24, 2009

Nancy Gaspadarek

The Rich and Famous Have Real Estate Problems Too!

The Rich and Famous Have Real Estate Problems Too!

Take comfort home sellers! Celebrities are having the same problem as we common folk. Here are some celebs who can’t seem to sell their houses: Jon and Kate Gosselin, co-stars of the popular TLC show "Jon & Kate Plus 8," have been trying for three months to sell their former home in Elizabethtown, Pa.

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Wed, Jun 24, 2009

Robert John Anderson

Home Sales Down Just 19% in May in the Chicago Area

Home Sales Down Just 19% in May in the Chicago Area

I think there is light at the end of the tunnel. We can certainly see it in our showing activity and in the market. It’s still not an easy market or necessarily a fair market for all involved, but it is changing for the better. Statistics from Illinois Association of Realtors (IAR) definitely [...]

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Tue, Jun 23, 2009

Andrea Geller

You Never Know It Is The Bottom Until You Are On Your Way Back Up

You Never Know It Is The Bottom Until You Are On Your Way Back Up

As prospective buyers are sitting back, waiting, and speculating about when to take advantage of the bottom, it appears we have hit a plateau. One of the most effective ways for pricing to stabilize and then see appreciation is depleting inventory. Signs Home Prices in Chicago Are Stabilizing According to the Illinois Association of Realtors, May marked [...]

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Tue, Jun 16, 2009

Rod Holmes

Home Builders Pessimistic and Vacancies on the Rise in Chicago

Home Builders Pessimistic and Vacancies on the Rise in Chicago

Two reports yesterday seem to cast a shadow over recent good news in closings. Home Builders Not Predicting Increased Business The National Association of Home Builders (NAHB) reported yesterday that it’s nation-wide monthly sentiment index dropped by a point to 15. This is down from a score of 18 one year ago and an all-time high posted [...]

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Wed, Jun 10, 2009

Katie Mischka

Old Post Office To Be Auctioned Off…Maybe for the Price of a Condo

Old Post Office To Be Auctioned Off…Maybe for the Price of a Condo

The Postal Service has decided to auction off the site of the old post office at 433 W Van Buren. Built in 1932, this building straddles the Eisenhower Expressway and is on the National Register of Historic Places. It was the largest postal facility in the US, but was vacated in 1995 when [...]

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Mon, Jun 8, 2009

Rod Holmes

Will Chicago’s Gentrification Survive the Recession?

Will Chicago’s Gentrification Survive the Recession?

I have been pessimistic about the chances that neighborhoods like Uptown would continue to renew and rebuild...be a magnet for the middle class. However, after reading this Forbes interview, I'm beginning to think my pessimism may have been misplaced. At least I hope it was and their optimism is correct.

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Tue, Jun 2, 2009

Elka Nelson

Successfully Closing a Short Sale Is Not Always Easy

Successfully Closing a Short Sale Is Not Always Easy

The first thing I learned as a transactional real estate attorney was the only sign of success to the parties involved is a successful closing. For many years the fact that the buyer and seller both signed the contract was an assumption of success. I was always confident that I could resolve most issues with [...]

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Fri, May 29, 2009

Brad Walbrun

How to Fight Foreclosure

How to Fight Foreclosure

So, you are facing foreclosure, and are worried and scared and don’t know what to do? Well, you are not alone. Millions of people nationwide have been foreclosed on or will be soon. There’s been all kinds of blame and finger-pointing (see my Who’s to Blame post for further info on that), but that’s not [...]

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