This is from Real Estate Bloggers.....too true.

by Charles Feldman on December 10, 2008
 Ho! Ho! Ho! boys and girls (and real estate investors) — it’s that time of year again–Christmas –when the holiday spirit is in the air. Jingle those bells! You know you want to. But, there is a slight problem this Yule time season (well, okay, a big problem) that just may dampen your good cheer.

Santa is facing foreclosure!

I know, this has not been widely reported in the news because, frankly, Santa thinks it’s none of your freaking business . . . but, the mortgage on his North Pole residence is about to go South since it was financed with one of those subprime loans we keep hearing about.
I know, you are asking yourself, why did Santa need a subprime loan? Well, come on, if you only have a job that requires you to work one night a year, don’t you think it might be hard to get a bank to give you a regular mortgage?
Now, don’t get me wrong . . . Santa is no deadbeat . . . a little too fat, maybe, but no deadbeat. The problem is the subprime mess that led to the credit crunch has led to fewer people buying toys for their tots this Christmas. This is impacting Santa in a BIG way. He’s almost doing as badly as FedEx.

Santa Learns From Fannie, Freddie, the Banks & Big 3 Autos

Santa was heartened at first by the federal takeover of Fannie and Freddie. But the sad fact is, it’s done zero for him. His elves are being laid off. His reindeer have taken to crystal meth to cope. And Mrs. Claus is moving to Miami cause she can’t take living in the North Pole now that the heat has been turned off.
Last week, Santa did try one last thing. He secretly went before a Congressional committee to ask for a small loan–something like $4 or $5 trillion dollars, I think (come on, overhead is high at the Pole).
Congress is thinking of giving Santa a loan in exchange for strict controls over the elves and his promise to develop a more fuel efficient fleet of reindeer.
Santa is sort of okay with this…he actually can’t stand the elves anyway…they are so—well—height challenged!
The fact is, if Santa doesn’t get the dough, he will default on his mortgage payment and probably have to give up his abode and workshop.
Santa is not exactly in a holiday spirit, boys and girls (and real estate investors) — Truth is, he’s a bit drunk right now. Not to worry. He’s a pro and he will be fine when the time comes.
Just please keep this in mind–when Santa comes down your chimney–he will be in a foul mood. Whatever you do, don’t talk to him, look at him or question the toys he’s brought your kids. Santa is believed to be armed and could be dangerous considering his mental state.
So, have a merry Christmas . . . keep the faith…believe in miracles and send Santa a few bucks because he’s too fat to fail!

Santa's Naughty List

  If Santa Claus was compiling a naughty list for the real estate industry who would be at the top?
I’m fairly certain Santa keeps up with the news.  If that’s the case then no doubt Bank of America will be getting a lump of coal in their stocking on Christmas Day.  In October, they suspended foreclosure proceedings in all 50 states because of procedural errors.  Last Friday, the Arizona Attorney General filed a lawsuit against Bank of America for alleged mortgage fraud.  In the suit Terry Goddard, Arizona’s Attorney General, said “BofA is abusing borrowers systematically.  It showed a blatant disregard for people’s rights and practiced blatantly deceptive procedures.” 
Bank of America isn’t just on the naughty list, they ARE the naughty list.
I have a feeling that little Fannie Mae and her brother Freddie Macare on the naughty list too.  Together they own 1,390,000 delinquent mortgages – more than any other bank or investor.  According to ProPublica, Fannie and Freddie reduced principal on 141 of 287,000 mortgages.  That’s just a tad over 0%.  Meanwhile, banks reduced principal during this same time period by almost 30%.

Rates Hit New Low After QE2 Announcement

Rates Hit New Low After QE2 Announcement

Reacting to the Fed’s QE2 announcement, interest rates responded by setting new lows. The 30-year fixed rate dropped to 4.17, down from 4.24% last week. The 15-year fixed rate also set a new low at 3.57% down from 3.63% the previous week. The 30-year is down significantly from last year’s 4.91%.
This new low should cause a boost in refinance activity and even some purchases as consumers make year end moves. This year end spike could lead us to some decent home sales numbers at a time the worst in housing price declines are yet to come. The Fed’s QE2 shouldn’t cause rates to fall much further, but we are close to testing 4%. If rates fall below 4% that could create a large burst in purchase activity.

The year end will look great if we reach a 4% rate. Let's keep our fingers crossed that we will have a buying frenzies.

Top 10 Cities With Most Underwater Homes in America

Top 10 Cities With Most Underwater Homes in America

1. Las Vegas, Nevada          80.2%
2. Phoenix, Arizona              68.4%
3. Reno, Nevada                 64.4%
4. Orlando, Florida               64.2%
5. Stockton, California         57.5%
6. El Centro, California         55.0%
7. Modesto, California          53.9%
8. Lakeland, Florida             53.7%
9. Port St. Lucie Florida       52.0%
10. Fort Myers, Florida          51.6%

The list was compiled by Business Insider with data by Zillow

If you are in the market to buy in any of these area you might consider looking. Money is at very low rates and the market has a large inventory to choose from.

5 areas to think about in selling your home.

5 areas to think about in selling your home.
There are 5 areas that you must focus on when thinking of selling your home:

1. Curb appeal – First impression is extremely important.  Potential buyers must be wowed from the curb, with an inviting property that gets buyers inside.  Fresh paint, landscaping and some good contrast with your trim can drastically improve curb appeal at minimal cost.
2. Kitchens – Kitchens sell houses, plain and simple.  Functionality with some pop can be achieved without going overboard.  Kitchens are the one place where you can add the most value in a home; don’t hesitate to look for energy saving appliances.
3. Bathrooms – Significant value can be added in the bathrooms.  Adding a new bathroom or converting a half bath to a full bath is one of the best value added decisions.  It is still not necessary to go overboard as the increased value can be added at a reasonable expense.  Also, don’t hesitate to put in water saving toilets.
4. Go Green – Applying some green upgrades definitely commands a premium in your sales price.  Appliances, toilets, heating/cooling, energy saving components, green paint — many of these items do not add much expense, but can result in increased profits
5. Unique Selling Points – Some houses have unique features such as views, access to water (lakes, ocean, etc.), decks, 5 car garages, huge lots, and so on. Often times these selling points can be emphasized with minor changes to increase value and desirability.

This is only a suggested list to keep you thinking about more money in your pocket.

Please vote today

Please make time to hear your voice counted. It is a very good day to vote.

Chicago sales are down in September

From the Illinois Association of Realtors:

In the city of Chicago, September total home sales (single-family and condominiums) were down 26.9 percent to 1,403 sales compared to 1,918 homes sold in September 2009. The city of Chicago median price in September 2010 was $180,000, down 20.0 percent compared to $225,000 a year ago in September 2009.
Year-to-date sales remain up 11.1 percent January through September 2010 with 15,285 sales compared to 13,760 home sales for the same period in 2009. The year-to-date median sales price for the city of Chicago is down 7.9 percent to $210,000 from $228,000 for 2009.

 Here is the recap of September sales over the prior 4 years.

• September 2010: 1403- median price of $180,000
• September 2009: 1918
• September 2008: 1813
• September 2007: 2108- median price of $267,750

“Distressed properties are driving sales, putting pressure on the overall median price of homes sold in today’s market. A positive indicator that our market is moving as it should can be seen with a steady pace of units sold and existing inventory being absorbed,” said Mabel Guzman, president of the Chicago Association of REALTORS® and a REALTOR® with Su Familia Real Estate, Chicago. “With condo sales in the city of Chicago up over 11 percent year-to-date from the same period in 2009, we see an expansion of choices for potential buyers to jump in the market now and find great value for homes they may have not otherwise been able to afford.”

The expiration of the tax credit has also squelched demand.

“It’s clear the housing market benefited from the tax credit through the first half of the year and now we are feeling the withdrawal symptoms in the form of slower sales. Still this extraordinary buyer opportunity should continue as mortgage rates remain in rock-bottom territory as they were just last week averaging 4.19 percent for our region,” said REALTOR® Sheryl Grider Whitehurst, ABR, CRB, GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria. “Bottom line, home sales will struggle until jobs return to the economy, consumer confidence improves and foreclosures work their way through the system.”

We’ve also chattered about how continued high unemployment will put pressure on the housing market.  The Illinois unemployment rate was still 9.9% in September, though that was down 0.2% from the year before.

“The slow pace of employment recovery is certainly dampening housing demand,” said Geoffrey J.D. Hewings, the Director of the Regional Economics Applications Laboratory at the University of Illinois. “In particular there is increasing concern that an employment rebound may not occur to any significant degree until late 2011. Forecasts for Illinois unemployment over the next 12 months continue to reflect the uncertainty in the economy; job growth is anticipated to be between a positive 24,000 and a negative 31,000.”

WOW, you did sign on the dotted line....

WOW, you did sign on the dotted line....
This is from the Chicago Tribune.

In the eight-county Chicago area, 19 percent of mortgages — representing nearly 1 in 5 residential properties with a loan — are delinquent by at least one month, helping create an inventory of almost 204,000 homes at risk of reverting back to lenders, according to data provided to the Chicago Tribune by John Burns Real Estate Consulting in Irvine, Calif. That “shadow inventory,” as experts define distressed homes not yet put up for sale, is the largest in absolute terms for any metropolitan area in the country.
Based on its calculations, the firm believes that 80 percent of those homeowners eventually will lose their property, either through foreclosure or a short sale, in which the lender permits the home to be sold for less than the value of the loan.
For Cook, DeKalb, DuPage, Grundy, Kane, Kendall, McHenry and Will counties, the shadow inventory number translates to 22 months of distressed housing supply. The combined shadow inventory for Lake County and Kenosha County, Wis., where the delinquency rate is 18.4 percent, is more than 22,000 homes, or a 23-month supply.
“A fifth of people (in the Chicago area) aren’t paying their mortgage,” said Wayne Yamano, a vice president at John Burns. “Next year is when you’re going to have the most competition in the market and the proportion of distressed sales will be the highest.”

Chicago Condo Sales are Down

Chicago Condo Sales are Down
I read this report about the area market, since the news is very quite about housing these days the numbers are adding up. Please let us bottom out soon. We would love a great 2011 in Real Estate.
From Crain’s:

“We’re just continuing to plod along,” says Appraisal Research Vice-president Gail Lissner.
A recovery could be years away, but developers, with 406 sales in the first six months of the year, are still ahead of their pace in 2009, when they sold just 572 units during the whole year.
That’s still a fraction of the 8,162 units downtown developers sold in 2005, before the housing bubble burst and the economy plunged into its deepest recession since the 1930s.
“With the tax credit expired, continued concerns about the economy and job market, worries about the stability of housing prices, and the difficulty in selling an existing residence and securing financing, many buyers continue to remain on the sidelines for the near term,” the Appraisal Research report says.

Belgravia Group’s President and CEO Alan Lev echoed what many have chattered about here: it’s going to be a LONG time before any new condo towers are constructed.

Mr. Lev expects that it will be five to 10 years before a developer breaks ground on a major downtown condo tower. In the meantime, Belgravia is scouting for distressed uncompleted condo projects that it can buy at a discount and finish itself.
The developer, for instance, is acquiring 18 out of 34 unsold units in a vintage condominium conversion in Lakeview and plans to offer them for about $300,000 to $500,000 apiece, down from the original developer’s $500,000 to $700,000.
“That’s the kind of stuff we’re going to be doing for a couple years,” Mr. Lev says. “You won’t have us developers to kick around.”

Downtown condo sales lag as tax credits end [Crain’s Chicago Business, Alby Gallun, August 16, 2010]

Finally the high end market is heading south.

Finally the high end market is heading south.


At this time of year when we are heading back to school,our real estate market usually starts to heat up. With this report in the paper,I am thinking that the fall market will be soft. There are not enough new jobs being created for the homeowner to get excited about moving up. Clearly Du Page County is taking the biggest hit and Hinsdale, Clarendon Hills, and Burr Ridge are facing many more short sales homes in the coming months. Buyers are you interested in purchasing a good deal?

From the New York Times Chicago News Cooperative:

“In the first half of 2010, the largest increases in new foreclosures occurred in the region’s middle- and higher-income communities,” according to a report this month by the Woodstock Institute, which tracks housing trends in the region.
Du Page County was hardest hit in the Chicago metropolitan area, with a 74.8 percent increase in new filings in the first six months of 2010; Lake County, home to Lake Forest, was second, with a 64.9 percent jump. But in Lake Forest, the increase in the number of foreclosures was a jarring 78.9 percent.
An examination of real estate transactions in Lake Forest through the end of July found that of the 127 houses sold this year, 18 of them, or 14 percent, were either in foreclosure or were transferred on so-called short sales — that is, when the selling price falls short of the amount owed on the mortgage.

Far from poor, real estate woes nip at Lake Forest [New York Times Chicago News Cooperative, Tom Hundley, August 7, 2010]

Cook County Assessor's Office facing the 2010 Market

Cook County Assessor's Office facing the 2010 Market
In this report I am getting the picture that we are not out of the declining market yet. The Assessor's office released this about the foreclosure status in Cook county. In 2010 will we see any upswing? I do not think we will until 2011.

From the Tribune:

“The market is still having problems,” said Fran Lefor, a senior research analyst at the assessor’s office. “But if you’re not in foreclosure, things are not as bad as you might think. It’s good news if you don’t have a house in foreclosure. It’s bad news if you’re a bank.”
The study found that 35.2 percent of the 8,092 residential property sales completed during the first quarter were foreclosure-related transactions, and the $88,500 median price was a 21 percent drop from a year ago.
But in the traditional market for the county as a whole, the number of properties sold rose almost 49 percent, and the median price fell only 6.7 percent, to $231,000, from 2009’s first quarter. The median means half the homes are sold for more and half for less.
The assessor’s data includes all sales within the county, not just those reported to the local multiple listing service. The most dramatic year-over-year price changes were found in Chicago, where the 2010 first-quarter median price fell 6.5 percent, to $252,500, for traditional sales and plummeted 23.8 percent, to $80,000, for distressed homes.

Government Obama to the rescue to 2011....wait a minute.

Government Obama to the rescue to 2011....wait a minute.

Main Street may be about to get its own gigantic bailout. Rumors are running wild from Washington to Wall Street that the Obama administration is about to order government-controlled lenders Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than what their homes are worth. An estimated 15 million U.S. mortgages – one in five – are underwater with negative equity of some $800 billion. Recall that on Christmas Eve 2009, the Treasury Department waived a $400 billion limit on financial assistance to Fannie and Freddie, pledging unlimited help. The actual vehicle for the bailout could be the Bush-era Home Affordable Refinance Program, or HARP, a sister program to Obama’s loan modification effort. HARP was just extended through June 30, 2011.
Read the whole article at Reuters.

Does this mean that the 800 Billion budget for housing is going to restart our market. I am in doubt due the fact there are no jobs.

Ikea Billy Bookcases made to look custom,Hinsdale,Illinois

Home and House

Ikea Billy Bookcases made to look custom, Hinsdale, Illinois 

This is a great photo to show you the changes in a stock bookcase. The difference in a custom bookshelf and a stock bookshelf is the width of the frames. Custom shelves are 2" and stock ones are 1". So by adding a molding to the unit you can achieve the custom look. In this picture there are four Ikea Billy bookcases. The owner added the molding,painted the back of the cases to create a very custom and finished look to the room.There are prints that are hanging on to the molding. Another feature would be to add bookcase lights for an indirect evening lighting to the room. Have you ever thought of painting the back of your bookcases? You need to be certain that you will keep a "staged" look on the shelves when you are done.

If the Government would please exit left. I mean really.

If the Government would please exit left. I mean really.
I read this article and I once again must express my thoughts that until the government is out of the housing sector we are only making the market conditions worse. We need to reach rock bottom to build the values. Every time the government starts to poke around it only makes matters worse. 

Too many Americans purchased housing using aggressive low down payment mortgages with teaser rates that even two income households struggled to afford during the boom years. The predictable disasters have now been well documented, but apparently the government still clings to the illusion that home ownership is worth pursuing for the marginal borrower. Freddie Mac is continuing to advertise down payment assistance for “responsible borrowers” who nevertheless lack funds for conventional down payments and closing costs. Through a bewilderingly array of grants, second mortgages, tax credits, and other programs, Freddie Mac is encouraging marginal borrowers to purchase homes that they cannot clearly afford.
At a time when home prices could very well decline further, it seems irresponsible for a government controlled agency to promote home ownership for anyone who cannot come up with a traditional down payment. However, now that the $8,000 tax credit for first time homebuyers has expired, it appears that government is doing what it can to continue propping up activity in the sector rather than allowing market prices to fall to a natural equilibrium level. This will only prolong the pain in housing in general and expose more Americans who probably should be renting to the loss of employment mobility and potential for losses that low down payment mortgages create. via Seeking Alpha

Missing in action, Hinsdale, Du Page County, Illinois

Missing in action, Hinsdale, Du Page County, Illinois

I have been missing in action. It has been a crazy summer. I have a health issue that needed attending to and now I am back and ready to blog some very interesting areas,designs and styles of homes that are on the market. Stay tune. Beth

Pending Sales are Down 30%.get ready for the double dip.

Pending Sales are Down 30%.get ready for the double dip.
 This is the latest from the NAR reports and it is now going to be a very scary time in our market. The figures are all coming in and across the board we are seeing a double dip in value. There are few new home construction permits, mortgages rates are low but no one is looking to buy or apply for them. Yes business reports are showing up with profits but no one is hiring. This is now a time when we are going to no new sales coming.



And to Vicki Cox Golder, National Association of REALTORS President, I guess the traffic did not hold up like you promised your members.

The index of pending home resales dropped 30 percent from the prior month, figures from the National Association of Realtors showed today in Washington. The drop was the biggest in records dating to 2001 and compared with a 14 percent decrease forecast in a Bloomberg News survey of economists.
The decline shows that the industry at the center of the financial crisis remains vulnerable in the absence of government support. A stabilization in housing will depend on gains in incomes and employment that may stem foreclosures and give Americans the confidence to start buying again.
“Demand will be pretty depressed in the next few months,” Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, said before the report. “We’re still going to have a big overhang of foreclosures. There’s potential for prices to slow down a lot more.” via Bloomberg

The Front Door Tells the Story..........

 The Little Greene; BH&G; Blissfully Domestic; Hooked on Houses; Apartment Therapy; Yellow Front Door

The Front Door Tells the Story..........

I am always asked what to do to get my house ready to sell. There are many ways to set the tone and painting the front door is the first.These are just a few photos that I love for a front door. How about your front door? Does it need a new color?  I feel the door is the opening page of the story of the house. This is a simple way to make a big statement and not spending lots of money, just time and work.

We still are have not hit the bottom of the market yet.

We still are have not hit the bottom of the market yet.
This is from an article that was in the Chicago Tribune Real Estate section over the weekend. It is a very sad story and I know of many young couples who are facing this same problem. I am very concerned to see that the banks and still so greedy over working with people to get a problem solved. This could also be a sign that our banks are losing profits and are not able to correct the problem. We still have not reached the bottom of this mess yet.

1. Del Phillips buys a 1-bedroom $212,500 condo in a Lakeview courtyard building in May 2007.
2. He takes out two loans: first mortgage of $159,375 and a second of $53,125- both from Chase.
3. In January 2009, he lost his public affairs job.
4. In April 2009,  he applied for a modification under the federal HAMP program.
5. He continued paying the $1400 a month mortgage while he waited to hear on the modification.
6. In September 2009, he was turned down because his hardship was “not of a permanent nature.”
7. He tried to short sell the condo.
8. But Chase told him that they had the right to persue him for the second mortgage (not to mention the fact that, under the law as I’ve heard it described, the second loan would be considered “income” by the IRS if it was forgiven by the bank so he would have to pay taxes on it.)

Phillips sought help from Neighborhood Housing Services of Chicago Inc., a federal government-approved counseling agency, which broached the idea of filing personal bankruptcy.
“(Phillips) did everything right. He had good credit, and then he lost his job,” said Michael van Zalingen, director of homeownership services for Neighborhood Housing Services. “If your lender isn’t interested in helping you, or the only thing you qualify for hurts your household, I don’t think you have any moral obligation to stay bound in that mortgage or paying to that company when it no longer makes economic sense for you.”
Phillips bristled at the bankruptcy suggestion, but after consulting with an attorney, in late February he filed for Chapter 7 bankruptcy, not the Chapter 13 that would have negotiated his debts, including those with Chase.
“My other option was to say I’ll roll the dice with the bank,” Phillips said. “Will they really come after me? I wouldn’t put it past the bank industry to do that. It’s going to kill me to pay a bank for a house I no longer owned. I was, like, there’s no way I’m going to pay the bank another dime.”
Lawyers say they are hearing about more instances of mortgage lenders selling the delinquent second loans used to buy homes during the industry’s heyday to third parties that are then pursuing debtors.
“He’s not outside the norm,” said Stephen Cleary, a Chicago attorney and board member of the Northwest Side Housing Center. “He can now sleep at night. The mental anguish has been relieved.”

Mark Burnell files for Real Estate Bankruptcy

Mark Burnell files for Real Estate Bankruptcy.

This years super bowl back up quarterback has filed for bankruptcy due to great losses in the real estate market. It is another story of deals gone bad. Mark had heavily invested in future real estate development  projects that have dissolved. The banks have won in calling the notes in and now Mark has lost.

 I think that if you have celebrities in a deal that you have better get out fast. 

One of the disputes involves a real estate project in Jacksonville Beach, involving a $2.2 million loan made by CNL Bank in 2005. CNL began foreclosure proceedings on the property in May 2009, accusing the partners of defaulting on the loan.

Brunell, a Ponte Vedra Beach resident, also invested in several other businesses including real estate projects in Traverse City and Grand Rapids, Mich. Those real estate investments failed, and Michigan-based Select Bank won a $1.1 million judgment against Brunell and his partners.

“The timing of the group’s real estate acquisitions at the height of the real estate market, in hindsight, clearly was not good,” Brunell said in a statement e-mailed to the Times-Union.

Brunell said he had personally shouldered the payments on the loans for several years, as the group worked to reach a resolution with financiers.

“In the end, we couldn’t and I am no longer able to shoulder this burden,” said Brunell, who declined to comment further when reached by the Times-Union on Thursday night. via Jacksonville.com

The Hawks Win!!!!

Congratulations to the Chicago Blackhawks  for winning the Stanley Cup. Party in the City. Yippee!!

First Time buyers are the Home Buyers in April

 First Time Buyers are the Home Buyers in April

This is the results that our market has seen, but this also is the trend that they only purchased for the tax credit.If this is the spending of the home owners then were are only passing the debt. We still have not reached the bottom yet. It is good that the government has pulled out of housing, and now we might be able to bottom out the market and start to build upwards.


Indeed, first-time buyers accounted for nearly half of the homes purchased in April. Buying has also been spurred by historically low mortgage rates, which have been kept modest by the Federal Reserve’s recently expired $1.25 trillion mortgage-securities purchase program and by lenient lending standards at the Federal Housing Administration (FHA). In all, the US government, through Fannie Mae, Freddie Mac and the FHA, underpins about 95% of the mortgage market. “This is a market purely on life support, sustained by the federal government,” noted FHA’s head, David Stevens, at the Mortgage Bankers Association conference yesterday. His agency is tightening lending — which could take more buyers out of the market. via CNN Money

To Live in a Room with Comfort

Nancy Lancaster thought rooms should look undecorated, aged and furnished over time.I agree with her. Here is her list of things that are important for a "comfortable environment," from The Great Lady Decorators:

image from live like you blog

"1. In restoring a house, one must first realize its period, feel its personality, and try to bring out its good points;
2. Decorating must be appropriate;
3. Scale is of prime importance, and I think that oversized scale is better than undersized scale;
4. In choosing a color, one must remember that it changes in different aspects;
5. Understatement is extremely important, and crossing too many t's and dotting too many i's makes a room look overdone and tiresome. One should create something that fires the imagination without overemphasis;
6. I never think that sticking slavishly to one period is successful; a touch of nostalgia adds charm. One needs light and shade, because if every piece is perfect, the room becomes a museum and is lifeless;
7. A gentle mixture of furniture expresses life and continuity, but it must be a delicious mixture that flows and mixes well. It is a bit like mixing a salad. I am better at rooms than salads.

To these guidelines Nancy always added her magic ingredients; open fires, candle light, and masses of fresh flowers."

Sferra at Branca Party

Sferra at Branca Party

Last Thursday evening I attended a party hosted by Alessandra Branca for Sferra linens and All the Best Blog by Rhonda Carman on their LoseCount program. It was a delight to have the party hosted in such a lovely environment. Alessandra Branca  was a wonderful hostess and her store is gorgeous.. In the following pictures are just a sample of the spring item to be found in her store.

Hinsdale Losing Another Store

Lilly is closing its door on May 24. It another sign of the times that the downtown business is too slow to handle the rent. We will be seeing another vacant front on the side walks. It is still a hard way to see this boutique move on and we cannot support it. I wish them all the best.

Ways to Find People on Twitter

14 Tools For Finding People on Twitter:

1. Twitter People Search: First find out if anyone you know is on Twitter. Twitter People Search is a good place to start your search for friends. After you have signed into Twitter, simply click on “Find People” at the top of the page. From there you have four choices; you can “Browse Suggestions” of people to follow by your category of interest, “Find Friends” from your email address book who are Twitter users, “Invite By Email” anyone that you cannot find on Twitter, or “Find On Twitter” anyone you know by simply typing in their name. This also works for finding organizations and companies.

2. Monitter: “A Twitter Monitor” or a real-time tracking tool for finding new people to follow. You can type three keywords into separate search boxes and watch the relevant tweets stream in on one page. You can narrow it down to tweets within a certain distance of a zip code as well. I like the simple easy to read format.

3. Tweepz: Another Twitter search engine to find people based on a certain search word. Search results are in an easy-to-read format.
4. TweepSearch:
   Type in a name or keyword to find Twitter users.
5. TwitteRel:
   Find Twitter users with the same interests. Easy to use, simply type in a keyword and find twitters who “tweeped” about this keyword. You can also follow twitters while in twitteRel.
   
6. Twubble:
   Easy to use and useful Twitter extension that helps you find more friends from the followers that you have. “It searches your friend graph and picks out people who you may like to follow.”
7. Twellow:
   “The Twitter Yellow Pages.” Search for someone on Twitter or browse through tweet categories. Super easy to use! Check out Twellowhood where you can narrow down to cities. I did my hometown of Litchfield Park, Arizona and got 75 matches. Now I’m going to go through and see if any have similar interests or interesting tweets and possibly follow them.
8. Just Tweet It:
   “find other Twitter users just like you!” A directory for Twitter users. Makes it easier for tweeters to find other tweeters with similar interests.
9. Twitscoop:
   Input a twitter username or keyword in the Twitscoop search box and track a conversation, topic or conference. You can send tweets, receive tweets and find new friends on Twitscoop.
   
10. Nearby Tweets:
    Helps you find out who is tweeting close to your location.
11. twitSeeker:
    An alternative search engine for finding Twitter users and browsing the results in one interface.
12. TwitDir:
    “A Twitter Directory” that also allows you to see the Top 100 followed, Top 100 Updaters, Topp 100 followers and more…
13. Twitter Troll:
    Use Twitter Troll to quickly search for Twitter posts about a certain topic and find new friends, all in real-time.
14. Geofollow: The original Geo location based Twitter Directory. Twitter users are listed by location, tags and interests.

If you have a favorite and effective way of finding twitters, please feel free to add it in the comment section, I'd love to hear your ideas!

Happy Tweeting :)

FHA, Investors and Seasoning Issues - The Trump Blog

FHA, Investors and Seasoning Issues - The Trump Blog

Posted using ShareThis

Frim Woodstock: Foreclosures are Up and Rising

Woodstock found that for Chicago, initial foreclosure filings increased by 10.2 percent, but the activity varied widely by neighborhood. Some of the largest percentage gains last year were in Lincoln Park, up 103 percent; Near South Side, up 46 percent; and Near North Side, up 37 percent.

At the same time, some of the communities hardest hit by the first waves of the foreclosure crisis — neighborhoods such as Austin, Hyde Park, Auburn Gresham and Englewood — reported fewer foreclosure filings last year than in 2008.

“In ‘06, ‘07 and early ‘08, the main driver was badly written loans,” Smith said. “As those loans cycle out of the system through the foreclosure process, the economy hasn’t improved, you see that [unemployment] is maybe more of a factor.”

Here is another Great Buy

From the MLS

The home has just been reactivated in the MLS listings. It is a 5 bedroom, 5 bathroom, on a 130x400 lot size, taxes are $12,273.00, built in 1988 and has been rehabbed. This is a bank owned property. The starting list price was $3,600.000. The new list price is $1,295,000. That shows how the banks are trying to move property off of the books.
The house is in Hinsdale South High School district,swimming pool, marble, the house is in great condition. We will watch this.

Walking from Homes is the new thing

Today I read in New York Times that more people are walking away from the homes . This is a very sad fact. The homeowners are walking if they see the value of their home has dropped by 75%. Who would stay knowing that the home has little value, and they can not make any money from it. Again I wonder what is going to make a first time buyer want to buy. If the government bail out is not working now then why stay in the home. I know of a friend's son who bought in Florida, has been transfered up north and the condo is valued 78% less. Should he walk?

What is a Hardship in a Short Sale

A hardship is a change in your life style that has created a new status for you. It is a reason that the bank will allow you to short sale your home. Examples are: divorce, lost of income, change of job, health, and injury. The list is long and the important thing to do is to make sure the bank is aware of your change. It can be done with an application from your banker. So my advise is to keep the communication open with your mortgage lender.

New Release today on New Homes from Crains

(Crain’s) — Local new-home sales inched higher in the fourth quarter, but homebuilders will remain stuck in their slump until the economy recovers.

Chicago-area builders sold 584 homes in the fourth quarter, up 3.9% from 562 in the year-earlier period, according to a recent report by Tracy Cross & Associates Inc. It was a positive end to an otherwise awful year for local developers, who sold just 3,753 units in 2009, down 41.0% from the year earlier and 88.7% from the market’s peak in 2005.

Though a federal tax credit and low interest rates have propped up the market, high unemployment and a tight lending market have depressed demand, which isn’t likely to bounce back anytime soon.

“We see normalcy in the Chicago market probably being established in 2013,” says Tracy Cross, president of the Schaumburg-based consulting firm. Normalcy, he says, “will more or less look like ’93 to ’98 or ’99,” not the boom of the last decade.

Sales in the city fell 12.5% in the fourth quarter, to 21 units, while suburban sales rose 4.6%, to 563 units. For the year, city builders sold 848 homes, a 42.7% decline from 2008, and suburban sales totaled 2,905, a 40.5% drop.

New-home sales will rise about 10% this year, “but that is off such a low base that it is meaningless,” Mr. Cross says. Many sales “will result from reselling of distressed properties that are bank-owned.”

This is our Market 2010.

From the Illinois Association of Realtors:

In the city of Chicago, December total home sales (single-family and condominiums) were up 39.8 percent to 1,768 sales compared to 1,265 homes sold in December 2008. The city of Chicago median price in December 2009 was $210,000 down 10.6 percent compared to $235,000 a year ago in December 2008.

For the full year, sales were down in Chicago compared to 2008. Median price slid 22.4%.

For the year, city of Chicago home sales were down 7.4 percent to 19,401 homes sold compared to 20,946 homes sold in 2008. The year-end city of Chicago median price for 2009 was $225,000, down 22.4 percent from $290,000 in 2008.

“In the city of Chicago, December closed with nearly a 40 percent increase in units sold over the same period in 2009, indicating that the correction of the marketplace continues as distressed properties are absorbed by investors, and stimulus credit homebuyers continue to pave their way to making their purchases,” said REALTOR® Genie Birch, president of the Chicago Association of REALTORS® and a broker associate with Koenig & Strey GMAC, Chicago.

“We will continue to monitor closely the impact of the first-time homebuyer tax credit, as well as the evolving lending regulations, including FHA’s new guidelines, as we serve Chicago’s homebuyers in 2010.”

Statewide, sales also improved but there are concerns about the elevated unemployment rate which reached 11.1% in December, much higher than the national average.

“The continuation of positive changes in annual sales data recorded in the last three months of 2009 is forecast to continue through the first quarter of 2010 and there is evidence to suggest that median prices might be starting to inch upwards,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois. “Illinois’ March 2010 median price is forecast to be just above the level recorded a year earlier but Chicago’s median price will be down by just under 8 percent.”

Adds Hewings: “Illinois has recorded 24 months of job declines since the recession began in December 2007. Nationally, four in 10 of those currently unemployed have been in this position for more than 27 weeks.”

Illinois Home Sales in December Log Fourth Consecutive Gain; Year-End Home Sales Down 1.5 Percent in 2009 [Illinois Association of Realtors, Press Release, Jan 25, 2010]

The Bubble is building

From Matt Taibbi's "The Great American Bubble Machine" in Rolling Stone Issue 1082-83.

Fast-forward to today. It's early June in Washington, D.C. Barack Obama, a popular young politician whose leading private campaign donor was an investment bank called Goldman Sachs — its employees paid some $981,000 to his campaign — sits in the White House. Having seamlessly navigated the political minefield of the bailout era, Goldman is once again back to its old business, scouting out loopholes in a new government-created market with the aid of a new set of alumni occupying key government jobs.

Gone are Hank Paulson and Neel Kashkari; in their place are Treasury chief of staff Mark Patterson and CFTC chief Gary Gensler, both former Goldmanites. (Gensler was the firm's co-head of finance.) And instead of credit derivatives or oil futures or mortgage-backed CDOs, the new game in town, the next bubble, is in carbon credits — a booming trillion- dollar market that barely even exists yet, but will if the Democratic Party that it gave $4,452,585 to in the last election manages to push into existence a groundbreaking new commodities bubble, disguised as an "environmental plan," called cap-and-trade. The new carbon-credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance.

What are HUD Homes and are they worth buying

What is a HUD home?

In a nutshell, HUD homes are properties that were foreclosed upon, which were purchased originally with an FHA insured loan. FHA (Federal Housing Administration) is part of HUD (U.S. Department of Housing and Urban Development), so when these homes are foreclosed upon, FHA pays the bank for their loss and in turn, acquires the property. That is how a HUD home is born. FHA is a whole other topic I might write about in the future but for now I will stick to the HUD homes.

HUD Inventory on the Rise

When I went onto HUD’s property listing website, I was pleasantly surprised with the amount and the quality of homes that were available. Ten to fifteen years ago, HUD homes were considered to be those that needed to get lots of work done. The homes were usually boarded up, in terrible condition and in undesirable areas. There wasn’t much of an inventory to even bother with, nor to get certified to make offers on. With receding family incomes, more people that purchased homes with FHA financing are finding themselves unable to keep those homes. This is why more HUD homes are coming to the market.

There are great deals on HUD properties and some a new construction.

What are HUD Homes and are they worth buying

What is a HUD home?

In a nutshell, HUD homes are properties that were foreclosed upon, which were purchased originally with an FHA insured loan. FHA (Federal Housing Administration) is part of HUD (U.S. Department of Housing and Urban Development), so when these homes are foreclosed upon, FHA pays the bank for their loss and in turn, acquires the property. That is how a HUD home is born. FHA is a whole other topic I might write about in the future but for now I will stick to the HUD homes.

HUD Inventory on the Rise

When I went onto HUD’s property listing website, I was pleasantly surprised with the amount and the quality of homes that were available. Ten to fifteen years ago, HUD homes were considered to be those that needed to get lots of work done. The homes were usually boarded up, in terrible condition and in undesirable areas. There wasn’t much of an inventory to even bother with, nor to get certified to make offers on. With receding family incomes, more people that purchased homes with FHA financing are finding themselves unable to keep those homes. This is why more HUD homes are coming to the market.

There are great deals on HUD properties and some a new construction.

Builder are getting the point of this market

Here is the bad news for builders.......no new constuction

The January HMI fell one point to 15, its lowest point since June of 2009. Two of its three component indexes registered one-point declines, with the index gauging current sales conditions and the index gauging traffic of prospective buyers falling to 15 and 12, respectively. The index gauging sales expectations in the next six months held even, at 26.

The outlook is the new construction is at a stand still, and no one is even trying to build. The market is flooded with too much inventory. In the Hinsdale area there are closings coming and homes are going under contract. The prices are dropping. The month of January is always slow but with the Federal government $8000.00 incentive deadline fast approaching I thought we would see more activity. This is the message that no one is interested in moving with the program.
I will be watching to see if March picks up, in order to get closed by the deadline.

This is very true for most Homes with College Children

Kids home on college break: Homo studentus universitatus season is winding to a close
Barbara Brotman

January 11, 2010

For nature lovers, this season has brought the appearance of a special species, homo studentus universitatus, a.k.a. the college student on break.

This highly social creature, which travels in packs and leaves a trail of unwashed dishes, is apparently drawn to return every winter to its parental nest. Researchers speculate that it is attracted to large-screen TVs, down comforters and a ready supply of food.

The initial arrival of homo studentus in late December is heralded by the appearance of a large pile of dirty laundry. This is followed by other piles of shoes and clothes, as the denim-rumped primate marks its territory by covering all flat surfaces with its possessions. Within days, the floor of its den is nearly impassable, though interestingly, the creature itself seems not to notice.

It generally remains in its winter habitat through mid-January, displaying the characteristics that make it a particularly intriguing form of wildlife.

A nocturnal animal, homo studentus is rarely glimpsed before mid-afternoon. Observers are warned: Do not attempt to disturb it before it awakens, as it can become hostile.

Once it begins to stir, it generally moves slowly to the vicinity of a television and a bowl of Honey Nut Cheerios. Again, do not approach it; at this point the creature appears to be unable to engage in conversation or even to hear sounds such as requests to walk the dog.

By late afternoon, however, homo studentus becomes fully conscious and begins to interact with other members of its species.

Homo studentus communicates largely by using its opposable thumbs for texting. The species' social structure is complex and communal. Individuals gather in collectives, similar to hives, with different individuals fulfilling specific roles. One may buy the beer; another may surf YouTube for funny videos of animals.

They will often congregate on sofas in family rooms, burrowing underneath fleece throws and blankets. The pack can grow so large and dense that it may be difficult to discern which feet belong to which body. Observers trying to track the populations are advised to count heads.

Homo studentus is an extremely intelligent species, judging by the creatures' GPAs, their verbal interactions and their speed with answers to "Jeopardy!" However, scientists are puzzled by their inability to fold blankets or put dishes into a dishwasher. It may be that their brains have evolved to specialize in such tasks as remembering lines from movies and applying to graduate school, to the detriment of those parts of the brain that are involved in such tasks as hanging clothes in a closet.

They appear to be cold-blooded, judging by the levels at which they set the thermostat. On the other hand, their preference for indoor heat may be a function of not paying for utilities.

Those who hope to observe this species closely can attract them by providing the right environment. Set out feeders, e.g. pizzas. Scatter indoor areas with pillows. Provide premium cable channels and potato chips. Stay out of sight and don't touch the remote.

You may not always see the creatures themselves, particularly if you sleep at night. Some people have gone days without seeing the examples of homo studentus that have taken up residence in their homes. Be patient, and look for signs: A profusion of hair-care products in your bathroom, perhaps, or tire tracks in the snow on your front lawn. Eventually, even the most elusive of the creatures will show themselves, if only to ask you to buy more Honey Nut Cheerios.

The rewards of the species' visit are substantial -- a window into a complex society, happy noise in a quiet house, an impressive library of funny animal videos and the way your credit card feels so vibrantly alive. Indeed, many wildlife watchers are reluctant to see the creatures depart, and abandon their roles as observers to hug and kiss the creatures.

But the homo studentus season is brief. No matter how much the creatures have enjoyed the family nest and the use of their own bathrooms, they will soon return to college. Nature lovers must put away their binoculars, turn down the thermostat and bide their time until spring migration.

Please make a donation

This is from a another blogger:

Please consider making a donation to help the organizations that have mobilized to provide assistance to Haiti. Even a $10 donation would be incredibly helpful! As so many of the donations pouring in are made through credit card, American Express and Visa just announced that they will waive the fees on donations.

American Express will waive the fees through the end of February to these charitable funds established specifically to respond to the devastation in Haiti:

http://www.interaction.org/crisis-list/earthquake-haiti

Visa will also waive all fees related to donations to Haiti relief organizations.

This means that 100% of your contribution will go to the charitable funds.

InterAction is the largest coalition of US based international nongovernmental organizations that are focused on the world's poorest and most vulnerable people, and includes the American Red Cross, Oxfam, Unicef, the United Way, and Habitat for Humanity (as well as dozens of additional organizations).

If we lose the mortgage debt then what is next for Real Estate

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, said the central bank should end its purchases of mortgage debt as planned in March because the private market for the securities is “healing.”
Hoenig said last week’s report showing the economy lost 85,000 jobs in December doesn’t change his outlook for growth of 3 percent to 3.5 percent this year. The central bank should consider raising its target rate for overnight interbank lending from a record low even with unemployment at 10 percent, he said.

The ugly reality of the market is that the real estate industry has been being subsidized for the past year with lower interest rates and tax incentives to keep from imploding. Now we are looking at these subsidies going away because they are too expensive for the government to continue.

Time to Get your House Clean and Ready to Sell

What to Sell and Where to Sell It

I love Ebay. I love shopping on Ebay and I love selling on Ebay. The trick with Ebay, though, is that you can’t just sell anything (MANY people will disagree with me on this). The truth is, it’s basically a search engine for stuff, and if nobody’s looking for your stuff it’s just not going to sell. I know there are a million exceptions to this…but I’m just talking in generalities here.

Personally, I only try to sell items on Ebay that are marketable and have a monetary value. What I mean by this is, a Pottery Barn pillow cover that’s in good condition will usually sell pretty easily on Ebay. A stuffed playboy bunny that your son won at the State Fair…not so much. The bunny could fetch $0.50 at a garage sale, but I wouldn’t waste my time or money trying to sell it on Ebay or Craigslist.

Here’s a quick summary of how I see the difference in marketable items on Ebay vs. Garage Sale/Craigslist items.

Items to Sell on Ebay

• Name Brand Items (Pottery Barn, Restoration Hardware, brands sold at Target, Banana Republic, Gap Kids, etc)
• Antiques
• Collectibles
• Books that are “In Demand”

Items to Sell at Garage Sales or on Craigslist

• Furniture
• Misc or Large Home Decor (Lamps, Art, Greenery, etc.)
• Tools
• Kitchen and Dining Appliances and Accessories
• Seasonal Items (Christmas Decor, Patio Accessories)

These lists are by no means extensive, and I’m sure you’ll have your own additions or deletions (uh oh…the “work speak” is creeping in…watch me start prattling off “disclaimers” and sounding like Spock).

What to Donate

What do I donate? This one’s kind of tricky, and it’s definitely up to your own personal preference. I do donate some items that could make money at a garage sale such as household goods, electronics and clothing. Why?

A) I don’t always get around to having a garage sale and I really like parking my car in the garage, and

B) Most thrift stores are charitable organizations and I like giving things that can help them earn some money…and possibly help people that might not be able to afford items elsewhere. But that’s just me.

You can call Habit for Humanity, Salvation Army, Veterans, all have pick up points to donate. The Caring Place, The Courtyard, and LA Grange Community Nursing Center all will take household decorating item and furniture.

What don’t I donate? Anything that’s broken beyond repair or generally “junk”. I always feel so bad when I basically see garbage in donation bins. Again, that’s just me.

16 S Tuttle, Clarendon Hills

From the Mls

This came on the market 1/4/10. It is now under contract in 8 days. It is a 1950 house on a 60x208 lot. The house is in need of cosmetic repair. So I think this was bought as a teardown by a builder. It was prices @$550.000 and taxes are$6492.00. The piece of property is large for the area and I am thrilled to see it under contract is 8 days.
This is a great welcome to 2010. I hope the market is on the way up.

Hello 2010.................

Happy 2010. You can dream and change your life this year.

Welcome 2010

I wish you all the best in 2010. This is time to look towards a great year. Hard work, dreams and passions to live for. Beth