• 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 reported on September 21, 2011. A report from the Illinois Association of Realtors also showed that 1,787 homes were sold in August within the city of Chicago, up 20.3 percent from a year ago.

    The Tribune also noted that Chicago condo sales increased 22 percent to 1,027 units sold but the  $242,500 median price of those units was a 10.5 percent drop from the $271,000 price one year ago. Every county in the Chicago area had double-digit sales increases in August compared with one year prior, but sales for the year to date remain negative. The Tribune also noted that a survey of 111 economists and real estate experts conducted for MacroMarkets LLC showed “downward pressure on home prices is expected to continue and could mean a decade-long poor showing for the housing market.”

    If you are fighting to stay in a home that is worth less than it was when you bought it, our Chicago bankruptcy lawyers can help. Many Chicagoans and multiple families all over Illinois are struggling through hard times, but our firm can supply you with all of the bankruptcy information you will need to eliminate bills and stop foreclosure. A bankruptcy means test can go a long way toward helping end creditor harassment, but before you can file Chapter 13 or Chapter 7 , you need to contact our office first in order to set up a free initial consultation that will help you get started on becoming debt free and credit rich.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • 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, Reuters reported on September 19, 2011. Although the two firms do not directly make loans, they provide financing to banks and lenders by purchasing mortgages and either keeping them on their books or packaging them for sale to investors which pay Fannie and Freddie a “guarantee fee” when they buy mortgages. Edward DeMarco, acting director of the Federal Housing Finance Agency, told Reuters those “guarantee fees” would be increased in order to lessen the companies’ long-term exposure to risk.

    The White House has supported increasing the guarantee fees to help reduce “the government’s footprint in the U.S. housing finance system and attract more private capital to the mortgage market,” according to Reuters. President Barack Obama’s budget plan estimated that an increase in guarantee fees at Fannie and Freddie would produce projected savings of $28 billion over 10 years. DeMarco said the changes in guarantee fees may include increased costs for riskier loans and for mortgages in states with more stringent foreclosure laws.

    You can imagine whom those new fees will eventually get passed on to, which is why if you are currently facing foreclosure, now is the time to seriously consider filing for bankruptcy . Our Chicago bankruptcy attorneys can assist you with a bankruptcy means test and answer all of your questions regarding Chapter 7 or Chapter 13 processes. The only way you can worsen your situation is to do nothing about it, so you have nothing to lose by contacting our firm today for a free consultation.

    Benjamin Brand Services – Chicago bankruptcy lawyers