The Chicago 77

30 October 2009 ?Agreed Does Not Mean Passed – There is much optimism that the tax credit for first time home buyers will be continued into next year. Although the Senate has agreed on an extension and expansion of the program, it has not yet passed. As with any piece of legislation, the housing tax [...]

29 October 2009 –GET YOUR CHECKBOOKS OUT……. Bad news and not so bad news for Cook County and Chicago residents. The new tax bills will be arriving shortly and some residents may want to be sitting down when they open their mail. Most Cook County residents will be looking at a median increase of 10 [...]

Many Chicagoans are still reeling with disappointment over Chicago?s loss of the 2016 Olympics. But the impact on the near south and South Loop real estate markets may have been less than positive after the flame was extinguished.

28 October 2009 ? Block 37 again faces uncertainty after Bank of America filed a $128-million foreclosure suit against its developer last week. One possible solution – replace current developer Joseph Freed & Associates with a new developer willing to pump more money into the project. Block 37 is already $34 million over budget. John [...]

27 October ? The stock market fell off yesterday due to anticipation of the first-time home buyer tax credit coming to an end on December 1st, 2009. There is a glimmer of hope on extending this tax credit. Senate majority leader Senator Harry Reid has proposed to slowly phase out the tax credit by extending [...]

Chicago saw an increase in home prices from July 2009 to August 2009 of 1.7%, but a 12.7% decline of year over year prices. No matter who is pulling the data and how they chart it, the message is the same ? first time buyers and jobs.

Did you know that CPS teachers are eligible for a grant of up to $7,500 that can be used toward closing costs of a home purchase? What a great way to give back to the teachers of Chicago who spend their days educating today?s youth.

Step one in the process to amending HVCC has been passed and approved. The president of the National Association of Mortgage Broker’s, Jim Pair, announced today that the first step in amending the Home Valuation Code of Conduct was passed with the House Financial Services Committee.

26 October 2009 ? With the good news last week with the number of homes sold in September up the Chicago Tribune is reporting that more people are staying in Chicago as well as returning. The mass exodus to the suburbs and warmer climates has been greatly reduced as a result of the recession and [...]

23 October 2009 ?For buyers who want to take advantage of the First Time Home Buyer Credit that expires November 30th, 2009, this weekend is probably your last chance to get under contract to meet the deadline. The National Association of Realtors® has been lobbying on behalf of their members to extend and expand the [...]

Market watchers believe the next few months will be a mixed bag for buyers and sellers. If unemployment does not abate, distressed properties will continue to impact market pricing for months and even years in the future.

22 October 2009 ? On November 15, two additional South Loop condo buildings will be offering units in public auctions. The developers of 2303 S. Michigan Avenue will offer 20 units of its 52-unit loft building, and 40 of the remaining 97 units at 1400 S. Michigan will be auctioned on the same day. These [...]

21 October 2009 ? Yesterday, Ron Phipps, First Vice President at the National Association of Realtors (NAR) stood in front of the Senate Banking, Housing and Urban Affairs Committee urging them to extend the buyer tax credit. According to the NAR website, Phipps was quoted as saying, ?The data on the present home buyer tax [...]