• 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 percent, also a record. The AP also noted that mortgage rates could fall even further with the Federal Reserve’s plans to reshuffle its portfolio of securities to try and lower long-term rates.

    While the record low rates represent “an extraordinary opportunity to buy or refinance” for those who qualify, the AP cited high unemployment, scant wage gains and heavy debt loads as factors preventing many people from buying and why this year could be among the worst for sales of previously occupied homes in 14 years. Furthermore, homeowners with solid jobs and firm finances have already refinanced over the past year, which is why experts told the AP that rates would need to fall at least a full percentage point before it makes sense to refinance again.

    Are you finding yourself frustrated because you cannot take advantage of record low fixed mortgage rates? Are you trapped with a mortgage payment that you wish could be lower? Our Chicago bankruptcy lawyers can help you end debt collector harassment by filing for Chapter 7 or Chapter 13 bankruptcy. If you are ready to start on a bankruptcy means test and get deserved relief today, our firm can offer the foreclosure help you have been seeking. Did you try to refinance only to get rejected? Our Chicago bankruptcy attorneys want to hear from you. Tell us about your experience.

  • 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 of their jobs, Illinois lost 6,400 tech jobs, or 3 percent, in 2010. The report from tech industry group TechAmerica Foundation said Illinois slipped to eight in terms of tech jobs after having ranked seventh from 2007 to 2009.

    Crain’s noted that “technology jobs are highly prized because they pay significantly more than others,” with average annual salaries for tech jobs last year in Illinois increasing by 1 percent, to $79,807. The average paycheck in Illinois is $47,888. Illinois, however, did see its fifth consecutive increase in the number of tech companies, as the number rose 4 percent to 19,291 last year to put the state at fifth nationally.

    Did you lose a tech job or a position in a different field that commanded a higher-end salary compared to the statewide average? Our Chicago bankruptcy lawyers understand the difficulties homeowners are having paying their monthly bills in this economic climate, but you should know that you can get deserved relief today by filing for Chapter 7 or Chapter 13 bankruptcy. Our firm can help get you an affordable bankruptcy now by helping you file a bankruptcy means test . If you want to eliminate bills and stop foreclosure, contact our office today for a free consultation. And if you are among those who suffered a recent job loss, our Chicago bankruptcy attorneys want to hear from you. Have you had to accept a position with significantly lower pay? Tell us about your experience.