Blog Posts in October, 2011

Proposed HUD Cuts Could Reduce Chicago Foreclosure Help

Chicago could lose $73 million in federal funds for public housing and $25.8 million in federal funds for social services, according to a Medill Reports story published on October 20, 2011. Because of ...
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Housing Starts Surge in September, But Not Enough to Single Recovery

A surge in volatile apartment construction drove homes to be built in September at the fastest pace in 17 months, the USA Today reported on October 19, 2011. While single-family home construction rose ...
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Making Foreclosures Strategic

What if foreclosure could be used for your benefit? According to a September survey conducted by business schools at the University of Chicago and Northwestern University, 34 percent of foreclosures ...
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Home Agency Director Took Interest-Free Loans Despite State Law

Kenneth Pannaralla not only takes home $213,418 a year from a city pension and three government jobs, but the former captain for Illinois House Speaker Michael Madigan also got two interest-free ...
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Will More Startups Lead To More Hiring?

Startup companies are growing in Illinois and many of them will be planning to hire new employees this year, the Chicago Tribune reported on October 17, 2011. In a survey distributed by the ...
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Two Different Foreclosure Plans Get Two Different Reactions

Two South Loop aldermen introduced legislation to address the growing problem of vacant foreclosed properties, although the advocacy group Action Now supports one while being skeptical of the other. ...
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Could 25 Cents Bring 40,000 Jobs To Chicago?

The Occupy Wall Street movement that started in New York in September inspired thousands of protestors to take to the streets of downtown Chicago on October 10, 2011. While demonstrators around the ...
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Your Housing Market Concerns Are Justified

Are you worried about the housing market? Doug Duncan, chief economist of Fannie Mae, told the Chicago Tribune on October 10, 2011, that you have a right to be. “You have to think of recession ...
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College Grads Learning Truth About Student Loans In Bankruptcy

The standard to get rid of student loan debt in bankruptcy is "just exceptionally high," Todd Brown told the Buffalo News in an article published on October 8, 2011. "Most other kinds of debt you ...
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Chicago Business Owners More Pessimistic Than Optimistic

Economic and job recovery will persist, and the slow pace of growth will be insufficient to make much progress in lowering Chicago’s high unemployment rate in the coming year, PNC Bank said in a ...
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How to Survive Garnishment in Illinois

The bad news for Illinois residents is that the statute of limitations relating to the underlying debt on which the wage garnishment is based are longer than in most states. However, the good news is ...
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In Volatile Housing Market, Fixed Mortgage Rates Hit Record Lows

The average rate on the 30-year fixed mortgage fell to the lowest rate ever, 3.94 percent, the Associated Press reported on October 6, 2011. The average rate on a 15-year fixed loan dropped to 3.26 ...
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Illinois To Provide $78 Million To Help Banks, Lenders

Gov. Pat Quinn said the state will leverage $78 million in federal funding to help banks and other lending institutions as part of a new state initiative that will help small businesses get the ...
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Illinois Among Country's Biggest Losses In Tech Jobs

Illinois suffered the fifth-biggest decline in the nation for high-tech employment last year, Crain's Chicago Business reported on October 5, 2011. While tech companies nationwide cut about 2 percent ...
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Aldermen, Teachers Seek Safe Passages

"The foreclosure crisis is taking a toll on our city," Alderman Bob Fioretti told the Chicago Tribune on October 2, 2011. Fioretti and Alderman Deborah Graham were joining the Chicago Teachers Union ...
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Mortgage Modification Leaves Shell Of A Home

Wanda Carter said that it seemed as if Washington Mutual Bank "was paying her $20,000" to take a $142,000 loan that covered the sale price and loan fees of a South Side home she bought in November ...
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GDP Growth Is Weak, But Improved

The third and final estimate for the quarter from the Commerce Department "pointed to slow growth rather than a recession" as consumer spending and export growth helped gross domestic product grow at ...
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Unemployment Tax Hikes Hurt The Employers

More than 30 states have had to borrow billions from a federal fund to cover unemployment benefits and higher state unemployment tax bills are forcing employers around the nation to shell out more ...
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Home Prices Rise Again, But Experts Warn Descent Is Imminent

The fourth consecutive monthly increase of a closely watched index of home prices is probably the result of the boost the housing market gets over the summer, economists say. The Los Angeles Times ...
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State Sues Mortgage Rescue Companies For Not Rescuing

Illinois Attorney General Lisa Madigan filed lawsuits against four Chicago area companies and attorneys alleging that they illegally charged consumers for fraudulent mortgage rescue or loan ...
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Renting Still Preferred To Buying

Rent increases around Chicago and the suburbs will continue through the fall and could escalate into next year, according to new market studies that were reported in the Chicago Sun-Times on September ...
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