• Home Prices Rise Again, But Experts Warn Descent Is Imminent

    The fourth consecutive monthly increase of a closely watched index of home prices is probably the result of the boost the housing market gets over the summer, economists say. The Los Angeles Times reported on September 28, 2011, that the Standard & Poor’s/Case-Shiller index of 20 American cities was up 0.9 percent in July over June but down 4.1 percent from July 2010. David Blitzer, chairman of the S&P index committee, told the Times that recovery was still a long way off. “Continued increases in home prices through the end of the year and better annual results must materialize before we can confirm a housing market recovery,” Blitzer said.

    A double dip in the housing market was confirmed earlier this year when the index fell below its previous bottom hit in April 2009, but despite four consecutive months of gains since then and the index bouncing back, some economists told the Times they predict prices will drop again in fall and winter.

    The increase in home prices will not offer any immediate solutions for those in need of foreclosure help . If your bank is trying to foreclose on your home, our Chicago bankruptcy lawyers can answer the complaint and defend it in court. If the bank is unwilling to accept a loan modification that would keep you in your home, our Chicago bankruptcy attorneys can also take advantage of the automatic stay that occurs after you file for Chapter 13 bankruptcy. Alternatively, our firm can also explain the benefits of a Chapter 7 bankruptcy filing. Do you believe the rise in home prices will have any effect on the number of foreclosures?

  • Renting Still Preferred To Buying

    Rent increases around Chicago and the suburbs will continue through the fall and could escalate into next year, according to new market studies that were reported in the Chicago Sun-Times on September 22, 2011. Foreclosures, falling home values and tighter standards for mortgage loans have driven prospective homebuyers to rent instead of buy and caused vacancies to decline, industry watchers told the Sun-Times.

    A report from real estate brokerage firm Marcus & Millichap said rents should rise 2.9 percent this year after an increase of 2.2 percent in 2010 throughout the Chicago area. The Sun-Times also noted that mid-year reports from Appraisal Research Counselors said suburban apartments “charge on average 5.2 percent more than a year ago and that the pattern should continue.” Downtown Chicago seems to be the only part of the region where new apartments are being built, as the Sun-Times noted that several “suburbs frown on rental buildings and use their zoning powers to ensure that multi-family buildings are condominiums.”

    If you have no interest in putting your toe into the renter’s market because you are busy seeking foreclosure help for the home you already own, our Chicago bankruptcy lawyers can assist you in utilizing a Chapter 13 bankruptcy repayment plan to get current on your mortgage. A bankruptcy means test could also determine if you are eligible for Chapter 7 , but our Chicago bankruptcy attorneys can help determine which is the best plan for you and your family. How much longer do you think people will opt to rent instead of buy?