The Chicago 77

8 February 2010 ? Utility customers will soon carry the weight of those that do not pay their bills. Last year a new state law was quietly passed allowing utility companies to pass along bad debt to those who do pay their bills. Until this year, gas and electric rates included a set amount reflecting […]

While we all sit here in Chicago and wait for the economy to rebound, I often wonder, “What is the hold up?” There are many answers to that very simple question. Because I am an appraiser as well as a broker, I do get some different insight that others miss out on. I have been […]

Fannie Mae (FNM/NYSE) announced today that they are offering a 3.5% incentive* for buyers who purchase and close on a Fannie Mae-owned home between January 28th, 2010 and April 30, 2010. Buyers purchasing properties listed on their HomePath.com site, that are closed within this period may receive up to 3.5% of the final sales price […]

26 January 2010 ? Last year in February of 2009, President Obama signed the Home Affordable Modification Program or HAMP into law. HAMP was designed to help millions of people facing foreclosure by encouraging loan modifications among lenders. The Treasury Department was to spend $75 billion for these loan modifications. So far 760,000 mortgage holders […]

19 January 2010 ? On January 14th HUD‘s Inspector General Ken Donahue and Commissioner David Stevens issued fifteen subpoenas to banks that had too high of a default rate. FHA is taking this seriously by looking into how banks manage risk and fraud. More audits are yet to come. Banks under scrutiny include: - Sterling […]

5 January 2010 ? The Department of Housing and Urban Development has recently sent out revisions to the 4155 manual ? the bible for underwriters. HUD appears to be seeing the light on problems associated with the HVCC regulations and the impact HVCC has caused throughout the real estate industry. One revision in particular states […]

29 December 2009 ? On December 31, 2009 the US Treasury Department will stop purchasing mortgage backed securities. However, they will spend whatever it takes to keep Fannie Mae and Freddie Mac afloat. Fannie and Freddie have been given a blank check by the government. To date, American tax payer’s have spent over $111 billion […]

22 December 2009 ? A few banks have decided to give out Christmas presents to those that are facing foreclosure. Citibank, Bank of America, Chase and even Fannie Mae and Freddie Mac have decided not to foreclose on homes for the month of December. This is just a small Christmas present, because clearly, they will […]

18 December 2009 Although Wrigley shipped out its last stick of Juicy Fruit gum from a plant at 3535 S. Ashland several years ago, it has now decided to put the factory site up for sale. The 30 acre, 1.3 million square foot plant is being marketed by CB Richard Ellis Group, Inc. for $19 […]

Zillow is trying to compete with the Big Boys - the Multiple Listing Service and Realtor.com. But does Zillow have the tools and the reputation to make inroads in this competitive online market?

16 December 2009 ? Fannie Mae and Freddie Mac are poised to ask the government for more bailout money. They initially asked for $200 Billion, then later increased that amount to $400 Billion, and are now planning on asking for a grand total of $600 Billion. The interesting part is about the request. Fannie Mae […]

11 December 2009 ?The new owners of the Cubs and Wrigley Field will offer the public a new attraction this year. On December 15th, an ice skating rink will open in the parking lot adjacent to the field. Admission to “The Rink at Wrigley Field” will be $10 for adults and $6 for children. The […]

I have seen both a good side and a bad side to the Home Valuation Code of Conduct program and have been lobbying for change. Well, today I saw first hand the debacle HVCC has created in the Real Estate world.