• 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 for the month-to-month, it was also one of five hardest-hit metropolitan areas in year-over-year declines with those numbers down 7.49 percent.

    The Chicago Tribune reported on August 30, 2011, that a majority of the monthly improvement in the Chicago area came from the 6.5 percent price increase between May and June in homes that sold for less than $162,138. Homes sold for more than $275,128 rose 2.9 percent, while houses sold for between $162,138 and $275,128 appreciated 1.8 percent.

    The Tribune also noted that the condominium market in the Chicago area saw improved sales prices for the fourth straight month, with values increasing 4.3 percent from May to June. Zacks.com added that while the Case-Schiller data is the “gold standard for housing pricing information,” it is better to look at the seasonally adjusted numbers for three-month moving average. The most recent report, for example, includes data from April and March.

    If you are still facing foreclosure in your own housing situation and have been considering a short sale or bankruptcy as options, contact our Chicago bankruptcy information law firm today for a free initial consultation.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • 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 reported on August 25, 2011. In October 2010, Anglo Irish Bank filed a $77-million foreclosure suit against Kelleher’s Shelbourne Development group in regards to the failed Spire condominium project, a proposed 2,000-foot twisting tower at 400 N. Lake Shore Drive.

    Seosaimh Partners L.P., a venture controlled by Kelleher, paid $8.5 million for the home on the 1400 block of Astor Street in March 2007. The venture took out a $10.8-million loan on the home from Bank of America in July 2008, Crain’s reported. Without being formally listed, the Gold Coast property was up for sale with an asking price of $16 million in January, but Crain’s said that a broker who toured Kelleher’s home when he listed it “several months ago” estimated the current value at between $10 million and $12 million.

    When a resident in the affluent North Side neighborhood of Chicago needs foreclosure help , it seems clear that all of us are struggling through hard times. If you want to end creditor harassment and learn more about filing for an affordable bankruptcy now, contact our team of Chicago bankruptcy attorneys today.