Blog Posts in September, 2011

Foreclosure Process Slowing Down, But Not Going Away

The median number of days to resolve foreclosure cases rose 25.5 percent compared with a year ago in the Chicago area for the three months ended in June, the Chicago Tribune reported on September 22, ...
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Home Sales Increase While Prices Decrease

Home sales for the Chicago area rose 27.6 percent to 7,187 homes sold, while the median price of $176,500 was a 10.4 percent decline from the $197,000 recorded in August 2010, the Chicago Tribune ...
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Credit Card Default Rates Drop In Chicago

Fewer Chicago area residents defaulted on their credit cards in August as the rate fell from a year ago, the Chicago Tribune reported on September 20, 2011. According to the Standard and ...
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Home Sales Increase While Prices Decrease

The federal regulator for the country’s two largest mortgage finance providers said Fannie Mae and Freddie Mac are expected to gradually increase the fees they charge lenders in the next year, ...
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Illinois Ranked Among Worst Business Climates

Only two states have worse business climates than Illinois, according to a survey of 322 corporate executives by New York-based consulting firm Development Counsellors International. According to a ...
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Feds Pick On Poor And Powerless

The "mortgage fraud" defendants dragged into the grand federal courtrooms at 219 S. Dearborn St. are not bankers, but instead are "realtors, loan originators, 'straw buyers' and, occasionally, ...
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Proposed Bill Would Eliminate Property Tax Increases

State Rep. Jack Franks (D-Woodstock) introduced a bill that would eliminate property tax hikes in any year in which the gross property value of property in a taxing district decreases, Crain's Chicago ...
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Unfit Finances Shuts Down Lakeshore Athletic Club’s Power

Already facing a nearly $27-million foreclosure suit, the Lakeshore Athletic Club had its power shut off by Commonwealth Edison Co. due to an unpaid bill, Crain's Chicago Business reported on ...
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Could Chapter 11 Deliver Giordano's To Competitor?

Already owning Gino’s East and Edwardo’s Natural Pizza, 62-year-old Jeff Himmel's West Loop-based Bravo Restaurants Inc. will be among the parties interested in making a bid for ...
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Lenders, Lawyers Could Challenge Chicago Foreclosure Law

A number of lending institutions and associations have filed protests against the Chicago City Council amendment to the municipal code that changed the definition of mortgagee to consider the lender ...
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Chicago Area's Most Expensive Home Going To Auction

A 26-room, 26,500-square-foot French-inspired chateau in Winnetka that has not found a buyer since being put up for sale in 2009 will go to auction, fully furnished, next month. The Chicago Tribune ...
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Real Estate Industry Continues To Suffer

While the nearly 278,000 people who worked in the Chicago-area commercial real estate industry in the second quarter was a marginal increase from a year earlier, it is still down nearly 22 percent ...
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New Home Construction Suffers Alongside Struggling Housing Market

Around 54,000 new homes were built in the Chicago area in 2005, but only about 3,000 building permits have been issued so far this year to start construction on new housing, Voice of America reported ...
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$196K In HUD Funds To Be Used For Foreclosure Prevention Counseling

The U.S. Department of Housing and Urban Development announced more than $10 million in housing counseling grants in "an effort to help families keep their homes and avoid mortgage scams" on September ...
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Chicago One Of Five 'Choice Neighborhoods'

Chicago was one of five U.S. cities to get an inaugural "Choice Neighborhoods Initiative" grant, receiving $30.5 million in federal grant funds to redevelop a Woodlawn housing project as part of a ...
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Chicago Home Prices Rise For Month

Chicago led the way of eight cities posting month-to-month gains in a June report from the Case-Schiller Home Price index. While Zacks.com reported on August 30, 2011, that Chicago rose 1.32 percent ...
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Consumer Confidence Hits Lowest Level In More Than 2 Years

The Consumer Confidence Index fell to 44.5 percent in August, a drop of nearly 15 points from a revised 59.2 in July. The Associated Press reported on August 30, 2011, that the sharp deterioration ...
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Spire Developer’s Gold Coast Home Faces Foreclosure

Bank of America N.A. filed a $12.02-million foreclosure suit on the 9,000-square-foot Georgian mansion owned by the developer of the failed Chicago Spire, Garrett Kelleher, Crain's Chicago Business ...
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$16 Million In Foreclosure Funds Still Available

There are 1,944 former property owners who are entitled to a share of $16 million in foreclosure surplus funds due them, the Chicago Tribune reported on August 25, 2011. The office of the Cook County ...
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Teachers Want CPS To 'Turn Up The Pressure' On Banks, Stop Foreclosures

The Chicago Teacher's Union has asked Chicago Public Schools to end business relations with five major banks involved in the largest number of foreclosures for union members and their families. The ...
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Chicago Developer Facing Another Foreclosure Suit

First Midwest Bank N.A. filed a $6.4 million lawsuit against developer William Senne over a business loan backed by 11 of his properties, Crain's Chicago Business reported on August 11, 2011. The ...
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