The Chicago 77

08 September 2009 ? Today the bonds opened up 3bps and continued to improve. The 3-year Treasury notes of $38 billion went to auction and were a huge success with an ?A? Grade. This gave a boost to the bond market and we are now up 22bps. Stocks tried to rally this morning and that [...]

08 September 2009 ? Residential solar energy systems are more affordable now than ever. Falling demand, driven by the weak economy and reduced government subsidies in some European countries, has resulted in high inventory levels and distributors willing to slash prices to keep sales volumes up. This supply-demand imbalance is predicted to last at least [...]

The week after Labor Day traditionally marks the beginning of Chicago?s fall real estate. As this has been a period of non-traditional activity, I have thought carefully about what are my expectations. The strengths and weaknesses in the marketplace will depend on what type of property in what area at what price. There is no [...]

04 September 2009 ? Today the bonds opened down 3bps and have continued to slide this afternoon. We are down 25bps. The unemployment figure jumped to 9.7%, which is up from 9.4% as expected. The unemployment rate has doubled since the beginning of the recession in 2007. The job losses were reported at 216,000 versus [...]

The first-time-buyer tax credit of $8,000 is scheduled to end effective December 1st, 2009, however the transaction must close by November 30th, 2009. This will impact both real estate agents and first time buyers. Realtors® and buyers may not realize the month of November is notoriously slow for underwriting as many companies are working at [...]

04 September 2009 ? As the clock is ticking for buyers to get a property under contract and close before December 1, 2009, the National Association of Realtors® is lobbying on behalf of their million plus members to get the $8,000 first time home buyer tax credit extended. They have a contest going: The REALTOR® [...]

03 September 2009 ? Today the bond market opened down 16bps and are currently down 16bps. Rates have not moved?they are still at 4.875% on the 30 year and 4.375% on the 15 year for the well qualified buyer (Single Family Home, 740+ credit, 40% down). The stock market tried to stage a rally this [...]

Do you know what the minimum credit score is to qualify for a home mortgage? Currently it?s a mid credit score of 620, but this may change very soon to 640. In fact, some banks have already stopped taking loan applications with a 620 mid score. What’s a Mid Credit Score? When applying for a [...]

03 September 2009 ? Home Services of America, a division of Warren Buffet’s investment firm Berkshire Hathaway, has acquired Koenig and Strey, one of Chicago’s largest real estate brokerages. Koenig and Strey’s parent company, GMAC Home Services, LLC, was purchased by Canadian company Brookfield Residential Property Services. Shortly after that transaction closed, Brookfield began selling [...]

02 Sept 2009 ? In keeping with yesterdays theme of ?Is your neighborhood appreciating or depreciating?? here are a few more popular Chicago neighborhoods and their year-to-date sales for 2008 vs 2009 (January 1 through September 2nd): These averages are for 2 bedroom / 2 bath condos only: Lakeview 2008: 429 condos sold with an [...]

01 September 2009 ? This morning mortgage bonds opened up 3bps, then went on a turn for the worse as stocks rallied. However the stock market rally was brief and now the Dow is down 161. This is a significant reduction to the stock market, so bonds rebounded nicely and are now up 16bps. There [...]

01 September 2009 ? It is no secret that the housing market is a very larger driver of the economy. As we see some rebound in the housing market some are getting out there and testing the waters again. Here are a few neighborhoods that have held steady in this declining market: One bedroom condominiums [...]