• With Inventory Down, Will Housing Market Ever Look Up?

    The number of sales of existing homes and condos climbed in Chicago’s nine-county area for September while prices fell, but the supply of available homes slipped for the second consecutive month, the Chicago Tribune reported on October 21, 2011. Local multiple listing service provider Midwest Real Estate Data LLC said that inventory in the Chicago area dropped almost 50 percent from a year ago, to 8.9 months, meaning it would take almost 9 months to sell the number of properties that were on the market in September. “Even though we say there’s less inventory, there’s still a lot of inventory, and we don’t know when that other shoe will drop with an influx of foreclosures,” Loretta Alonzo, president of the Illinois Association of Realtors, told the Tribune.

    The dip in inventory was the lowest it has been in the past 24 months except for April 2010, but the Tribune noted that the expectation is that it might be temporary. While the number of homes entering foreclosure was slowed by state and federal investigations of lenders’ foreclosure processes, a report by data aggregator RealtyTrac indicated that the number of homes that entered the foreclosure process nationally rose 14 percent in the third quarter. Furthermore, the Tribune said many of those homes will become bank-owned foreclosures and relisted for sale.

    Has the housing market downturn left you and your family scrambling for foreclosure help ? Now could be the time for you to consider filing a bankruptcy means test to determine a better way to manage your debt. Whether you were suddenly hit with a mountain of medical bills or have been unable to find employment after being laid off, our Chicago bankruptcy lawyers can assist you in understanding all of your legal options. Contact our firm today to set up a consultation that will allow you to see how a Chapter 13 or Chapter 7 bankruptcy could provide you with the fresh start you have been seeking.

    Benjamin Brand Services – Chicago bankruptcy attorneys

  • 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 widespread cuts to the U.S. Department of Housing and Urban Development’s 2012 budget proposed by Republicans in the U.S. House of Representatives, neighborhoods throughout the city could experience an increase in foreclosures and an influx of crime, housing policy experts told Medill.

    “If the HUD fund goes away and people can’t get help, we’ll see many people leaving their homes before they even have to,” Braden Listmann, housing policy director of Action Now in Chicago, told Medill. “They go into foreclosure because of that and it has a domino effect on the whole neighborhood.”

    Action Now, a grassroots organization for working families that provides counseling services to homeowners at risk of losing their homes to foreclosure, depends on HUD funding. Are you concerned about additional options for foreclosure help going away?

    If you are being threatened with foreclosure, you should know that a Chapter 13 or Chapter 7 bankruptcy could not only help you get your finances in order, but could also keep you and your family in your home. Our Chicago bankruptcy lawyers will be happy to answer all of your questions about the process when you contact our firm to set up a consultation. Even if you have never heard of a bankruptcy means test , our firm will assist you in becoming debt free and credit rich.

    Benjamin Brand Services – Chicago bankruptcy attorneys