"You've Caught the NET!"

Credit scores!

These three-digit numbers, and how high they are, often spell the difference between being able to buy a home, and not qualifying for one.  Between getting the best rate, with the lowest loan fees, or paying interest rate and loan fee premiums.

And, in recent months, loan screening has been getting increasingly stringent!

Enter the new Beacon Mortgage Score!  According to Chicago Tribune Real Estate Columnist Mary Ellen Podmolik in last Friday's edition, the new scoring methodology will initially be used to determine borrower qualification for a loan modification, as well as their repayment likelihood, the new score might eventually replace the currently-most-popular FICO Score as a way to screen potential homebuyers.  Early tests indicate the new score identifies about 25% more high-risk mortgage loans.

Although the FICO Company will never reveal its exact credit scoring formula, the firm does acknowledge the new score will take into account the number of mortgages and home equity loans a potential borrower might have, as well as how well the borrower pays these existing loans.  The range of scores will mirror the traditional FICO - 300 at the very low end, 850 at the top.

Within the past year or two, critics of the FICO Score raised concerns it did not accurately predict which consumers run the greatest risk of defaulting on a mortgage loan.  The new Beacon Mortgage Score is addressing these concerns, say its creators.

But, in reality, will the new model be a superior predictor of payment behavior?  Only time, and data, will tell!

Your thoughts and shares?

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Good Morning!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, March 29, 2009.

Encouraging Statistics this week - as Sales Volume, Units Pending Sale, Sales Volume, Average Sales Price, and Market Time all improved this week! 

Small total numbers may make the Expired Listings and Closed Sales less predictive, but, even so, Spring Market Numbers here in the North and Northwest Side of Chicago Communities we serve most frequently are looking a bit better! 

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, continued its improvement of last week.  However, the downward trend in the percentage of homes sell within a normal six-month marketing time frame continues.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1992 through 2007, courtesy of The Chicago Association of Realtors.  Updated 2008 stats will be available soon.

In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood.  View the map for links to maps for Chicago Suburbs.  It is updated as new data becomes available.

Communities and clients we serve, reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown.  

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook,and Edison Park.   Plus All Chicago Suburbs. 

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

                                 ACTV LISTINGS        JUST SOLD         CLOSED        EXPIRED

w/e March 29th                     4,287                   50                      46             36    

Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com. 

DEAN & DEAN'S TEAM CHICAGO

Hey, everyone!

The scary thing about Internet scams - despite the fact that the vast majority of us would never fall for them, scammers have figured out that a certain, small percentage will!

Multiply that by millions upon millions of Internet users around the world targeted, and their dastardly activity could have an incredible, illicit payout!  And that is very troubling, indeed!

These days, an old scam involving cashing a big check is making its way to landlords here in IL, and around the world.   Experienced landlords may have seen scams like this before.  But for the dozens of "Reluctant Landlords" - those who are only renting out their condo or home because the weak Real Estate Market is making it difficult for them to sell outright - the caper seems fresh and new!

From Mary Umberger's Real Estate Column in today's Chicago Tribune, here is one example of how it plays, as told by a Chicago landlord who owns rental property in Downstate IL -

A prospective renter - usually one overseas - inquires about an apartment, often through a free classified site like Craigslist.com.  The interested landlord answers a few general questions about the property.  The tenant, feigning interest, sends a large check for First Month's Rent plus Security Deposit.  If the prospective landlord does not respond to the first request, the scammer follows up with a second, sometimes a third email.

The tenant has some sort of "distinguished" profession.  One that solicited me several months ago claimed to be a judge from the UK, visiting the U.S., and Chicago, for a short time, and needing only a six-month to one-year rental.

Shortly after the first check is received, and possibly deposited, the scammer sends a second check, perhaps for a thousand dollars or more.  The check is made out to the prospective landlord, and asks that the landlord first deposit the check as a down payment for some furniture to be delivered, and then draw a cashier's check or money order for the same amount to be forwarded to a second, local but out of state address, to pay the deposit for the items.

Of course, the rent, security deposit, and furniture deposit checks are all no good - but the drawn cashier's check IS.  The potential landlord is scammed out of perhaps several thousand dollars!

The news here isn't that this is happening.  It's that it is targeting perhaps many thousands of inexperienced landlords, beaten down by the lack of a sale on their home or condo, and anxious, or desperate, to rent the vacant property out - especially to someone who seems to have strong credentials.

Many, unfortunately, are falling for the scam!

Other scams, as described in Umberger's column, falsely use the names of the National Association of Realtors, or a high-profile local Real Estate Firm or Broker, as endorsers.  But their nefarious motive - still the same.

Please, folks - be careful!

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Remember dial-up Internet?  That often-slow, noisy-buzz login?  The slow download times?  The searching for a local dial-up number compatible with your ISP?

Well, in today's tough U.S. Economy, some cost-conscious Internet users, lured by potential online savings as much as $300/year, are finding their way back to the once-outmoded technology.

As reported by Etan Horowitz in last Friday's Chicago Tribune, dial-up, long left as a dying service, many are taking a second look at less-costly Dial-Up Internet Service.  Some providers, including United Online, the company that owns NetZero and Juno ISP's, charge only $9.95 monthly for the service - far lower than the $40-or-greater fee many high-speed Broadband providers charge.

Who is switching back?  Although there is no scientific data yet available, many just using the Internet to check their email and do less bandwidth-intensive web surfing are downgrading to save monthly fee.  Many may be older, and have not yet, or will not ever, catch on to cutting-edge current Internet uses, such as audio and video downloads, or heavy social networking on such popular websites as Facebook and Twitter.

And will the switch back be long-lived?  Many say no, as broadband rates become more and more competitive.

But for now - dial-up has yet to completely die, and does attract its own - frugal - loyalists!

Would you take the downgrade to save?  Please share!

See our post today @ BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Catching up, folks, after a busy weekend showing properties here in several out-of-the-way Chicago Neighborhoods!  Cold and snow here, but a bit warmer weather on the way!

Since the hit NBC TV Series ER began its trend setting run nearly 15 years ago, the producers and cast have come to Chicago three to four times each year for seasonal shots - 54 visits in all.  Although much of the show was shot on a CA sound stage, the Chicago Connection has been unforgettable!

Set in the fictional County General Hospital, the facility was based loosely on the aging Cook County Hospital on the West Side of Chicago.  That old, public facility was replaced by one more modern several years ago.

As summarized by Chicago Tribune Reporters Mark Caro and Robert Elder in today's edition, there were scenes shot in gentrified Chicago Neighborhoods, and aging factory districts.  Shots of the CTA L were liberally included, especially the Brown Line L Station at Chicago Avenue near Wells Street in the River North Neighborhood. 

The hospital's heliport was originally atop the Chicago Fire Academy, on DeKoven Street, alleged inception point for the Great Chicago Fire, followed by the heliport atop the Chicago Hilton and Towers on South Michigan Avenue.

According to the Illinois and Chicago Film Offices, the series' partial production here brought roughly $33.5 Million into the city.  That's far short of the many more millions of dollars a show shot in its entirety would bring Chicago - the CBS Series "Early Edition" pumped nearly $200 Million into Chicago coffers during its run between 1996 and 2000. 

But the successful series nonetheless brought the city considerable visual notoriety, and kept a lot of local film crews, and extras, working. 

Julianna Marguiles' character, Nurse Carol Hathaway, owned a Victorian home on the North Side, along the L tracks.  Dr. Mark Greene, the character portrayed by actor Anthony Edwards, resided in a newer South Loop Condo.

The fast-paced, hand-held camera shots spotlighted Michigan Avenue, The Chicago River, The Chicago Skyline, and other local staples in a way that will be long memorable in syndication.

And the staff and crew often frequented Chicago Neighborhood Restaurants and Clubs.  During the last Chicago shooting trip, in January, several members of the cast and crew caught local Blues Legend Buddy Guy at his namesake club on the Near South Side.

See the Chicago Tribune article for more information, as well as cast and crew quotes.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Good Evening, All!

Our Team Member Cathy Mallers has updated Chicago Neighborhood Information for this week.  Featured Chicago Neighborhoods today include Wrigleyville, Lakeview, The Loop, and Old Town, as well as the Chicago Suburb of Oak Park IL.

Hey . . . do you have a civic or charitable event, or other open-to-the-public neighborhood gathering, in any Chicago Neighborhood or Suburb?   Let us know, and we'll help get the word out. 

Dean's Team has the Number One Rated Active Rain Blog within the City of Chicago, and in Cook County!

WRIGLEYVILLE

Wrigley Field is set to officially announce a new restaurant concept that will be attached to the park via a turnstile for those who have a ticket to the game. 

Local residents are unsure they like the concept but the reality is that the Cubs are keeping up with the times and still maintaining the kitsch that is Wrigley Field. 

The current owners of Harry Caray's on Addison and Sheffield will open the new location at Addison and Clark.  To read more about this new location, click here.

LAKEVIEW

Are you bean bag/corn hole enthusiast?  The CBC (City Bags Club) was founded to promote socialization and entertainment through and organized club.

Club play begins tonight at Mad River Bar and Grille.  There will be six weeks of regular season games, 1-2 weeks of playoffs and prizes for the winners.

To sign up your team or learn more about the CBC, click here.

THE CHICAGO LOOP

This just in - Jillian Michaels from Biggest Loser will be appearing exclusively at the SELF Workout in the Park Chicago on May 16^th. 

The event will be held in Butler Field, Grant Park at 350 East Monroe.  The tickets for this event are $15.   

You can take yoga, Pilates and kickboxing classes.  There will also be fashion tips, product samples, nutritional advice and consultations with beauty experts provided.  All proceeds from the event will go toward Fertile Hope, Susan G. Komen for the Cure and cancerandcareers.org.

OLD TOWN

Hair Wars winners will be announced this Sunday at Rednofive.  There are three winners from Chicago - HairBorn Fashions, Bang Salon, and Ambra Salon and European Spa.  All three now advance to the national competition in Las Vegas this fall.

Gift bags will contain samples from the party's sponsors.  Some of the celebrity guests include Ben Mollin (from Shear Genius), Steven Rosengard (from Project Runway) and fashion photography David Anthony.

To read more about this fabulous, hair-raising event click here.

OAK PARK

Be sure to spend our Earth Hour out with friends and family this weekend.  This Saturday from 8:30-9:30 pm with a goal of 1 billion people turning off their lights to fight global warming, many local venues will be participating.

Flat Top Grill, playing off its Com Ed Dream Valentine's Dinner concept, will present its Earth Hour soirée at all locations.  The company will have candles lighting the tables, flashlights illuminating the stir-fry lines and place mats with eco-friendly tips.

To learn more about these great locations in and around the city of Chicago, click here.

Here's a link to our Chicago Neighborhood News Blog Archive, via BlogChicagoHomes.com.

Enjoy the weekend - but watch out for rainy, perhaps icy and snowy weather on Saturday and Sunday!

DEAN & DEAN'S TEAM CHICAGO

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, hey, you dogs!

A show of paws, please!  How many of you dogs are careful drivers?  You know what I mean - you slow up when you see humans crossing the street.  You obey traffic signs and stop lights.  And you try not to SPEED!

For those of you whose paws didn't go up too high in the air - especially for the SPEEDING question - you better watch out! 

Jon Hilkevitch, in his story in yesterday's Chicago Tribune, reports of a proposed new State of IL Law, automatic enforcement of speeding violations - or "speed cameras" would be allowed in certain IL Counties.  One such applicable county would be Cook County - which includes the City of Chicago - nearby DuPage, Kane, and Lake Counties, as well as the Downstate IL Counties of Madison (St. Louis MO Metro Area), and St. Clair (Rockford IL Metro Area).

It would also lift the current IL ban on the use of recorded images for enforcing the speed limit in cases where a police officer is not present.

If enacted, the new law would allow municipalities and county police to mail speeders violation tickets of up to $100, without the offender being stopped by patrolling police.  The violations would be treated just like current Red Light Camera Violations, with these cameras in place in Chicago and in many other large cities across Illinois - they would be non-moving violations, and would not go on the offender's driving record.

As with Red Light Cameras, only the offending driver's license plate would be photographed and mailed to the registered owner of the vehicle.  The driver or passengers would not be photographed.  It would be the registered owner who would be responsible for paying the fine, regardless of who was actually driving the vehicle when the speeding offense occurred.

IL Department of Transportation statistics indicate more than 500 speeding-related traffic deaths occurred in 2007 across the state, and nearly 13,000 drivers died the same year nationally, due in part to excessive speed. 

In AZ, speed cameras have been widely deployed for several years.  Across their highways, state officials indicate an average 9 MPH speed drop since the cameras were installed.  Speed-related crashes on a major highway near Scottsdale AZ have tumbled 44% since cameras there were installed last year.

Speed cameras have also been used in the District of Columbia, and in the State of Oregon.

But many dogs, and some humans, continue to ask whether the purpose of the cameras is to truly save lives, or cost-effectively bolster the state coffers without having to employ more sworn officers?

That debate will intensify if Speed Enforcement Cameras come to a Chicago-area highway near you!

Please, you dogs - Be Safe!  And . . . SLOW DOWN!

See my post today@ BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS (AND DRIVING AT THE POSTED SPEED LIMIT),

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Live, from Chicago . . . Welcome to the Late Night Blog Shift, Everyone!

Representing Billions and Billions of dollars in devalued assets, banks in IL and across the U.S. are holding defaulted mortgage loans as well as securities made of of these bad loans.  As the U.S. Housing Market has fallen on hard times, the value of these assets has dropped considerably, making them nearly impossible to sell to investors.

Less raised capital by banks leads to less available money to provide loans to consumers and businesses.  Fewer loans - less investment by small businesses, and far fewer home purchases by prospective buyers.  Credit has virtually frozen in recent months, and the U.S. Economic Recession has deepened.

Coming to the rescue?

As summarized in a Chicago Tribune article by reporters Jim Puzzanghera and Walter Hamilton, the U.S. Treasury Department, under Treasury Secretary Timothy Geithner, has drawn plans to incentivize investors to purchase these pools of troubled funds.  Government loans and loan guarantees would help fund this private investment, under his plan.

Without the burden of these toxic assets in their portfolios, banks could resume increased levels of lending again.  However, that part of the formula would involve strictly voluntary bank participation.

Geithner's program would be coordinated by the U.S. Federal Reserve Board in conjunction with the Federal Deposit Insurance Corporation (FDIC).  The Fed would provide the financial backing, while the FDIC would provide the expertise in marketing and selling off the troubled bank assets.  Private investors would thus feel greater confidence in buying up the weak assets, and U.S. Taxpayers would not be left footing the whole bill.

Will it work?

Wall Street thinks so - the Dow Jones Industrial Average has gone up nearly 700 points over the last three days.  Many experts predict the government backing could lure private investors into the debt market.  

Two larger money management firms, Pimco of Newport Beach CA, and BlackRock Inc. of NY, have committed to participating in the program.  Also, the Financial Services Round Table, an organization representing the banks with the troubled assets, as well as the Private Equity Firms who would potentially acquire them, are reacting positively.

But it will be time that will tell if this ambitious program will work, and how well it will work, to bring the U.S. Housing Market out of its over-eighteen-month nosedive.

Please see our post via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Greetings on a chilly Chicago night!

Across the U.S., it appears that sales of new homes is on the rise!  In February, sales of new homes rose 4.7% versus January, to an annualized rate of 337,000 units.

Sounds encouraging, yes?  Well, not completely!

As summarized in Kelly Evans' article in today's Wall Street Journal, the median sales price for a new home was $200,900 last month, compared to $251,000 in February, 2008.  Last month, nationwide, the median price of a home resale was $165,400. 

Indeed, many builders are scaling back features and amenities on their new homes, in an attempt to make them compete more strongly with lower-priced existing inventory - much of which is being sold at fire-sale prices in short sale or foreclosure.

There is renewed buyer activity on newly-built homes, as the $8,000 First Time Homebuyer Credit, coupled with very low interest rates, have lured some buyers to write offers to purchase.  But the number of new homes on the market is at a seven-year-low 330,000 units for sale.  Most builders are building fewer true new homes, instead trying to unload unsold inventory piled up for many months of sluggish interest and activity.

A signal for a housing market turnaround?  An encouraging sign, perhaps - but not necessarily the absolute signal!

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Don't believe all the doom and gloom, folks! 

Despite a shifting Real Estate Market here in Chicago and across Illinois, many banks across the state still receive high rankings. 

According to Bauer Financial of Coral Gables FL, and as summarized in Becky Yerak's story in today's Chicago Tribune, the following IL Banks are included in the list worthy of Five Stars, based on analysis of their capitalization, liquidity, income, and percentage of loans currently in default -

• Albany Bank & Trust, Chicago
• Burling Bank, Chicago
• Central Federal Savings Bank, Chicago
• Community Savings Bank, Chicago
• Liberty Federal Bank for Savings, Chicago
• Park Ridge Community Bank, Park Ridge IL
• Hoyne Savings Bank, Chicago
• North Bank, Chicago
• People's Bank, Arlington Heights IL

The Bauer Organization rated 662 banks across IL.  The states biggest retail banks - J.P. Morgan Chase and Bank of America, got ratings of 3.5 and 3 Stars, respectively.  Harris Bank received a 3.5 Star Rating from the organization as well.

The 230 top-rated IL banks compares to the 280 financial institutions that received the same top rating by Bauer in 2007. 

Across the U.S., the number of banks rated 4 or 5 Stars fell to 55% of the total, from 70% in 2007.  The number of banks rated two stars or less increased from 2% to 9% during the same period.

Even in light of the Bauer Ratings, the Federal Deposit Insurance Corporation (FDIC) reminds savers that all bank deposits are insured against loss, through 2009, up to a maximum of $250,000 per qualified account.  No matter the rating of an individual bank, savers don't risk a penny of their investments so long as their account balances fall below the covered maximum amount.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO