Chicago Illinois Real Estate Blog

Leonard F. Sacks has listed for sale a four-bedroom, 3.5-bath home at 1535 W. Jackson Blvd. in the Near West Side for $975,000.
Sacks paid $675,000 for the property in Dec. 2003. The 2,923-square-foot house built in 1893. Mario Greco of Prudential Rubloff Properties is the listing agent for the home.
Sacks is a managing partner at [...]

[Read more →]

A record 1.35 million homes were in foreclosure in the third quarter, driving the foreclosure rate up to 2.97%, the Mortgage Bankers Association said Friday.
That’s a 76% increase from a year ago, according to the group’s National Delinquency Survey.
At the same time, the number of homeowners falling behind on their mortgages rose to a record [...]

[Read more →]

QI bought a new condo seven years ago in a development with the intent of leasing it to supplement my retirement income. I was able to successfully rent the unit for three or four years. The board then initiated a rule not to allow any more rental units and insisted that I sell my unit [...]

[Read more →]

Forclosure in October ,Nationally, were 25% higher in 2008 than in October 2007.
More than 279,500 U.S. homes received at least one foreclosure-related notice in October, an increase of 5 percent over September. One in every 452 housing units received a foreclosure filing, such as a default notice, auction sale notice or bank repossession.
In Illinois, 12,681 [...]

[Read more →]

Constructions loans for single and multi family projects in the United States are incorrectly included in commercial real estate delinquency reports, according to the Mortgage Bankers Association’s most recent Commercial/Multifamily Research DataNote.
According to the report, combining commercial real estate loans with construction projects destined for family dwellings greatly inflates the delinquency rates reported for commercial [...]

[Read more →]

WASHINGTON - Rates on 30-year mortgages kept surging this week, rising to the highest level in nearly nine months, reflecting more concerns about what the Federal Reserve will do to combat a growing inflation threat.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.42 percent this week. That was up sharply from [...]

[Read more →]

Initial claims for unemployment benefits in the United States came in higher than expected with 381k claims in the week ending June 13, following a 2k upward revision to 386k in the previous week. Economists were divided as to what these figures mean for the broader economy.
Robert Stein, senior economist at First Trust Advisors, said [...]

[Read more →]

After weeks of relative inactivity, long-term interest rates took a huge jump, finishing the week ended June 12 at an eight-month high.
According to the Freddie Mac Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.32 percent with 0.7 point. During the week ended June 5 the average was 6.09 percent, also with 0.6 [...]

[Read more →]

Weekly mortgage applications in the United States fell further in the week ending June 13, according to data from the Mortgage Bankers’ Association (MBA) on Wednesday, which reported that applications fell by 8.8% week-over-week.
In the previous week, applications increased by 10.9%.
The portion of fixed-rate mortgages declined 8.2% following the previous week’s 8.9% rise, while those [...]

[Read more →]