The Chicago 77

Almost anybody who has ever purchased a home, or refinanced a mortgage has probably heard of a ?rate lock? or ?locking the rate.? However, what does it mean to you, the borrower, and how can it affect your financing?

29 April 2009 – The stock markets are up Wednesday morning, which would likely lead to higher mortgage interest rates, even though the U.S. economy shrank more than expected the first quarter of this year. It looks like Bank of America CEO Kenneth Lewis may likely lose his chairman position as shareholders chime in their [...]

The two big questions on everyone?s mind are why have property values dropped so much, and when will they stop dropping? Even though there are no truly simple answers to the complex set of issues which have created and sustained the problems in the real estate and financial sectors of our economy, I can distill [...]

28 April 2009 – Mortgage interest rates are actually doing very well today! We recommend a cautiously float stance as it relates to mortgage interest rate locks. If we continue to see deterioration of the market indices we would recommend locking. But for now, let’s just watch the market and if stocks start to fly, [...]

27 April 2009 – Mortgage rates were up slightly toward the end of last week. Some economists are saying we are seeing the end of the housing slump now. Effective May 1, the new Home Valuation Code of Conduct (HVCC) goes into effect (click here for detailed article by certified appraiser, Katie Anderson). What the [...]

The Illinois Association of Realtors is reporting that March home sales in Chicago were up 40.6% over February. February 2009 saw 840 transactions and there were 1,181 in March. However, year-on-year the numbers are way down, with a drop of 42.2% (down from 2,044 in March of 2008). Chicago’s prices are proving to be sticky?the [...]

Today Sheldon Good & Company filed for Chapter 11 bankruptcy protection. In a statement the company said it is, ?reorganizing to remedy the effects of improper actions taken by its former chairman. These improprieties, which left the company with a shortage of reserves in the face of the current economic downturn, came to light following [...]

Why should I refinance? The obvious answer is that it will save you money. But it?s more than just your monthly payment going down. You might say, ?But Brad, I have no problem making my payments right now, why should I bother??

23 April 2009 – We are recommending a “floating” stance for mortgage loan locks today. Existing home sales were reported at slightly lower than expected which, although not far from expectations, was still below the quiet optimism that had been building in the market place. Initial jobless claims were in line with market expectations; however, [...]

The next question to answer is ?how in the world do I figure out where to start?? There is quite a bit of green washing out there. It seems that every magazine I read or junk mail flyer I get has something ?green? to say. In one respect I think that having the green movement become more mainstream is a benefit. The more people see it and hear about it, the more likely they will be to ask for it.

22 April 2009 – The CFO of Freddie Mac was found dead in an apparent suicide. Of course, any death is a tragedy, but this is certainly a sign of the times. Treasury Secretary Timothy Geithner said Tuesday he believes most banks are liquid enough to survive the current hardships facing them. The Obama administration [...]

This is the 40th anniversary of Earth Day! Now more than ever we need to take a moment to think about what it means and why we have a day dedicated for it. Holidays and observances are saved for the truly significant and this is no exception. Take part in Earth Day and think about [...]

21 April 2009 – Mortgage bonds, an indicator of mortgage interest rates, opened favorably this morning; however, recent comments by Treasury Secretary Timothy Geithner that the market seems to be stabilizing, coupled with favorable reports from Standard & Poor’s indicating that home builders are starting to see some positive momentum, have turned the mortgage markets [...]