"You've Caught the NET!"

Good Morning!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, April 26, 2009.

Continued stability with the Active Listings figure.  However, Sales Volume, in step with the Average Sales Price showed yet another drop this past week.  

Average Market Time fell below 200 days, but continues high in the North and Northwest Side of Chicago Communities we serve most frequently.  Pending Sales increased, while Listings Sold and Expired Listings fell, typical for mid-month readings.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, again improved, while 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 1995 through 2008 courtesy of The Chicago Association of Realtors.

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 April 26th                       4,315                   55                      44            31  

w/e April 19th                       4,276                   49                      52            54

% CHANGE                           +0.9%                +12.2%            -15.4%        -42.6%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e April 26th                    $245,721             190 DAYS                    $10,811,724

w/e April 19th                    $264,512             241 DAYS                    $13,754,624

% CHANGE                              -7.1%                 -21.2%                         -21.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e April 26th - LAST 12 MOS - 16.07    LAST 6 MOS - 22.81     LAST 3 MOS - 22.91

w/e April 19th - LAST 12 MOS - 15.83    LAST 6 MOS - 22.21    LAST 3 MOS - 23.63

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e April 26th - 26.78% (UNSOLD - 73.22%) 

w/e April 19th - 27.81% (UNSOLD - 72.19%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

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

What's one of the biggest fears of potential buyers of big-ticket items, such as new cars, or a new home, these days in a tough U.S. Economy?  The fear of losing your job, and, with it, the inability to keep up with expensive car or house payments!

To stem that real fear, and to possibly re-fuel demand for cars, housing - even fine career clothing - many Auto Manufacturers, Home Builders, a few Real Estate Brokerage Companies, and some high-end retailers are offering special Layoff Insurance Policies.  They assure the buyer that some future payments would be met if the buyer of the home or product loses his or her job.

As reported by Chicago Tribune Real Estate Columnist Mary Umberger in Sunday's paper, Korean Auto Manufacturer Hyundai began the parade in February, with an offer to continue car payments for a period of time if they car buyer lost his job to layoff.  National Home Builders Lennar, Pulte Homes, Ryland Group, and Toll Brothers have put into place their own plans to reassure jittery potential home buyers.  Their coverage varies from several months to two years, depending on the program chosen and the nature of the home purchase.

One new, ambitious plan comes from the California Association of Realtors.  This massive Realtors trade group has set up a fund for those, across CA, who buy a home through one of its members between April and December, 2009,  but later find themselves out of work.

Many conditions apply - in order to qualify, you can't retire or accept a buyout from your employer, and coverage only begins after a four-month waiting period.  The Maximum Mortgage Amount Covered is $1,500 per month.

At this point, neither the Illinois Association of Realtors, nor the Chicago Association of Realtors, plan a similar incentive for its members or home buyers in Chicago and Illinois.

But one Keller Williams Real Estate Office in Plantation FL has developed its own plan.  Coldwell Banker Real Estate is thinking about offering such insurance through its company-owned offices across the country as well.

With U.S. and IL Unemployment at its highest level in over 25 years, will such Layoff Insurance restore confidence among ordinary buyers worried about their job prospects? 

We'll have to wait and see!

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

A first-time home buyer!  Dual-income household!  No car payments!  719 FICO Credit Score!  Stable, City of Chicago Employment!

Back in the 1940's, a movie star like Jimmy Stewart or Virginia Mayo might have said of this kind of homebuyer's ability to close on a mortgage loan as "In The Bag!"

Two or three years ago - a "Slam Dunk!"

But, today, not anymore!

Our Chicago Real Estate Team received a 4:30PM telephone call from one buyer's lender that Freddie Mac had refused to approve a 90% LTV loan for such a couple.  They demanded a minimum of 20% down - total back-end ratio just over the limit.

This last-minute denial - less than one business day before their sale is due to close - this Monday, at noon!

The buyers can close, however - if they came to the table with another 10% down - in dollars, another $25,000!   But who has that extra dough, at the very last minute, right before closing, just laying around?

FHA, according to the Independent Loan Originator working for the buyer, would be the only possible alternative here!  No-Doc Financing?  Sub-Prime? Piggyback Loan? All no more!

So, on to an FHA-Guaranteed Loan, for 3.5% down - plus hefty MIP, blended into the mortgage, and into the monthly payment. A new FHA appraisal - with its possible repair and re-inspect checklist.

And a minimum of a week or two delay in the closing, much to the distress of the buyer, the seller, and at least two more buyers and sellers in a chained, contingent series of transactions.

These days, according to Ilyce R. Glink in today's Chicago Tribune, a 700 FICO Credit Score doesn't provide the automatic loan approval it once did.  Nowadays, home buyers have to score at least a 720 FICO for the best mortgage rates.  Your back-end debt-to-income ratio - not a dime over 36%, even for a more-forgiving FHA loan.

And buyers of condominiums, or townhouse condominiums, usually pay a steeper rate these days, with higher fees, and the requirement for a larger down payment.

This all begs the question, "When will the Real Estate Market, in Chicago, and elsewhere, begin to truly turn around?"

Of course, outstanding inventory of homes for sale plays a big part.  As does Consumer Confidence.  And the Employment Outlook, locally and across IL.

But so will the way home loans are underwritten for borrowers!

The "Old Days" of EVERYBODY gets qualified are likely long gone!  But what about the poor folks caught in the middle?  It is their likelihood to qualify for home financing that is an integral part of any possible housing market turnaround!

Stay tuned for further developments!

And, please, pray for this one buyer of our Team's listing to find a way to qualify - so our Listing Client can move on, and so can the family they are buying from , and their sellers, and so on, and so on . . .

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Sunday evening, folks, here in Chicago!  A warm night - warmest it seems we have had in months!  Nearly 70 degrees!

And a hot weekend for showings on our Team's listings!

Nearly a dozen showings, several on those that haven't been shown with such intensity in weeks.  One offer coming in.  Another in negotiation.

A short sale deal left for dead - back to life!

Three qualified buyer interviews - three Exclusive Buyer Relationships formed!

Is something happening, folks, here in Chicago, and perhaps where you live?  New life in the market?  More showings?  More interest?  New offers?

According to Reporter Mary Ellen Podmolik in today's Chicago Tribune, March, resales of IL single-family homes and condominiums posted monthly-gains for the second consecutive time.  For the first time since last June, the Median Home Price across IL actually rose last month.

In Cook County, the County that includes the City of Chicago, home resales jumped 38% versus February, to 2,409 homes sold county-wide.  This is a far cry from one year ago, however, when 3,432 homes sold in March, 2008 across Cook County.

Suburban Chicago Counties showing the biggest month-over-month sales jumps were Lake County, north of Chicago - sales there jumped 65% in March, and Kendall County, far west of Chicago, where sales climbed 51% in March versus February.

So, I gotta know if it's just me - if I am just imagining this thing!

This spurt of interest in Real Estate - is it real?  Is it lasting?  Is it happening all over?

Please share!

DEAN & DEAN'S TEAM CHICAGO

Good Evening, Everyone!

Today is the warmest thus far in 2009 here in Chicago - over 85 degrees this afternoon.  Hard to believe, the temps barely topped 40 degrees as recently as last Wednesday.  This time of year, the weather is always a wild ride here!

Here is our Team Member Cathy Mallers take on Chicago Neighborhood News for this week.  Featured Chicago Neighborhoods - Portage Park, Lincoln Park, The Loop, Lincoln Square, and the Chicago Suburb of Oak Park IL.

PORTAGE PARK

In celebration of Earth Day, Portage Park is participating in Citywide Clean and Green Day.  This Saturday, April 25^th, the Friends of Portage Park are hosting a rummage sale while they beautify the park.

Participants are also encouraged to bring their recycling to the recycling van that will be available.  In addition, there will be smart cars there to test drive.

To read more about this wonderful event, click here.

LINCOLN PARK

In an effort to keep the green going, the Lincoln Park Zoo is going to be making eco-changes to the South Pond over the course of the next year.

The plan is to make the pond into an "urban environmental oasis" by the end of 2010.  The Chicago Park District will contribute $2.5 million to the $12 million bill.  The Lincoln Park Zoo will raise the rest of the funds.

To read more, click here.

THE LOOP

Dr. Brian Cole is the team physician for the Bulls and co-physician for the White Sox.  He has been researching transplants that restore cartilage and restore joints, helping patients to for ego surgeries like knee replacement.

Having done over 1100 transplants, Dr. Cole warns that transplant is not the first option available.  For those who've had sports related injuries in the joints, utilizing the body's natural healing is always the first choice.

To read more, click here.

LINCOLN SQUARE

The first Reduce, Reuse, Recycle Market Day is coming to Waters School this weekend.  In celebration of Earth Day, the school is open from 10 am to 4pm.

In addition to artists and craftsmen, there will also be a bake sale, e-waste drop off and garden clean up.  Reusable grocery bags will also be available for purchase.

To read more, click here.

OAK PARK

The Intercultural Montessori Language School is moving its elementary level classes to the West Loop.  The goal is for the school to start enrolling the first classes next fall.

Set to be located at 14 S. Racine, the school plans to use Skinner Park for its recreation needs.  There will be a total of 14 classrooms built out to meet the demand for elementary education.

To read more, click here.

Do you have a Chicago or Suburban Chicago Community, Civic, or Charity Event you would like us to help publicize?  Please let us know, and we will help spread the word.

Dean's Team Chicago offers the highest-ranking Active Rain Blog in Chicago and Cook County IL.

DEAN & DEAN'S TEAM CHICAGO

Here in and around Chicago, the tough economy is impacting everyone.  Wal-Mart and Target Stores have been offering discounted grocery products at their stores for some time now.  Chicago Grocery Chain Dominick's Foods has cut prices over the last year on roughly 5,000 items.

Now, as reported by David Street in Crain's Chicago Business, Chicago Market Leader Jewel-Osco, with 185 stores across the Chicago area,  is slashing prices on many items as much as 20% on thousands of items.  The Chicago Grocery Market is estimated at $12 Billion, and the Jewel Chain has recently losing market share to companies such as Wal-Mart, who often sell grocery items as much as 15% cheaper.

Many think the Jewel move will force competitor Dominick's, the second-largest Chicago chain with 85 stores across the Chicago Metro Area, to further discount their prices on similar items to compete.

Jewel's "Big Relief Price Cut" campaign will deeply discount product prices on items ranging from Hellman's Mayonnaise to Clari tin Allergy Tablets.  These price cuts will be longer lasting than traditional short-term price promotions and sale coupons.

Over the last decade, Wal-Mart has become the largest grocer in the U.S..  It allows its local stores to price match any advertised price of any competitor.

See our post today via BlogChicagoHomes.com.

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!

Good Morning, You Dogs!

This is a sad story, one that is tied to the troubled U.S. Economy today.  As job losses, late-paid bills, and the possible loss of a home mount, many owners of dogs and cats are doing what they once thought unthinkable.  They are giving up their pets to local animal shelters, as they become financially unable to take care of them.

The situation is summed up in the reasons many give to local animal shelters for brining in their pets for adoption - "No Money!' or "No Job!"

According to a story from The Chicago Tribune by reporter Sara Olkon, during these recessionary times, Animal Shelters in Chicago are taking in roughly 11% more unwanted pets than they did one year ago.  And many of these relinquished pets come from those not accustomed to economic distress, many with so-called designer breeds, or purebreds.

Many of the pets have ID Microchips implanted, just like me and my lil' sister Gracie do.  These animals were indeed loved, before tougher economic conditions made ownership financially too difficult for many.

Charles Craft, the Director of Programs and Services at Chicago Animal Care and Control, on the South Side of Chicago, says his organization took in 5,201 unwanted pets during the First Quarter, 2009, up from 4,666 one year ago.  That is an 11.5% jump in pet relinquishments.

Some of the pets require expensive medical procedures or surgery.  Others simply can't afford to feed both their pets and their families at the same time.

Last month, according to Nadine Walmsley, Vice President of Development for the Anti Cruelty Society of Chicago, 33 pets were relinquished at this shelter from owners giving "Poor Financing" as their reason to relinquish their pet.   Many come from good families, and are socialized well.  It is likely tough for them to move from a loving home, to a cage in a kennel, waiting for adoption.

Another, more attractive option for some pet owners is temporary adoption.

No-Kill Animal Shelter PAWS Chicago offers a Foster Program for pet owners in financial difficulty.  One woman from Bartlett IL couldn't keep her 4-year-old mixed-breed dog in temporary housing after she lost her home to foreclosure.  Another woman had to move in with her daughter, allergic to dogs, and used the same PAWS Foster Program.

Back at Chicago Animal Care and Control, the organization has been finding many stray or lost animals that have microchip ID's implanted.  But most of the owners of these pets refuse to take them back, many citing money issues. 

According to the shelter, true stray animals seem to have an easier time adjusting to shelter life, while those exiled from good homes have considerably more difficulty.  These once-pampered dogs and cats often pace continuously in their cages, bark, and pant.

At the PAWS Animal Intake Facility on West 26th Street in the Little Village Neighborhood of Chicago, a greater percentage of relinquished dogs are purebreds.  Today, as many as 40% of dogs taken in by the shelter are pure, compared to as little as 20% previously.

Want to adopt an unwanted pet during these tough economic times?  Click the links above for more information.

We dogs do need to be taken care of, you know.  No matter the economy!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

If you drive a car in the City of Chicago, you had better yield to those crossing the street, on foot, within marked crosswalks across the city.  Not doing so could result in a large fine, or a moving violation placed on your driving record!

This week, Chicago Police began a new Crosswalk Enforcement Program on the Northwest Side of Chicago.  It will expand to other Chicago Neighborhoods within the next few weeks.

As reported by Jon Hilkevitch in his "Getting Around" Column last Monday in the Chicago Tribune,  the plan includes plain-clothes police officers posing as pedestrians at busy intersections not marked by stoplights or stop signs.    The officers would signal ahead to other uniformed officers down the block, who would issue tickets - not warnings - to those who blatantly failed to yield to the"pedestrian" officer.

Fines could be as high as $500, according to Kiersten Grove, Pedestrian Program Coordinator at the Chicago Department of Transportation. 

At the same time, new legislation is being discussed in the State Capitol of Springfield IL.  Legislation pending in the IL State Senate would impose a $150 fine for drivers who fail to actually stop, not simply yield, at marked-crosswalk intersections.  That legislation has already passed the IL House.

Currently, eleven states plus DC have "must stop" laws for drivers.  Present IL Law requires drivers to slow at crosswalks, and stop only if necessary, to yield to pedestrians. 

Each year, the National Highway Traffic Safety Administration estimates more than 6,000 pedestrian-vehicle collisions happen across IL.  An estimated 3,000 occur each year in the City of Chicago.  Most occur near school buildings, or public parks.

Chicago Police will conduct crosswalk-enforcement operations within the next few days at 119th Street and Stewart Avenue, 103rd Street and Prairie Avenue, and 86th Street and Commercial Avenue, all on the South Side of Chicago. 

On Thursday, a similar Police Sting was held on the Northwest Side of Chicago, at the intersection of Peterson and Nagle Avenues.  Offending motorists pulled over were fined between $50 and $500.  The number of motorists pulled over, and the severity of their fines or warnings, has not yet been announced by the Chicago Police Department.

See our post today @ BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Has it worked?

The objective of the original $750 Billion Troubled Asset Recovery Program, passed by Congress at the insistence of the Bush Administration last fall, was to jump start lending at the largest banks in the U.S.  According to an analysis by the Wall Street Journal, as reported by David Enrich, Michael R. Cittenden, and Maurice Tamman in last Monday's Journal. it didn't work!

Indeed, the total loan volume by lenders who received the most TARP money dropped in three of the four months covered by the U.S. Treasury Department Survey.  Only three of the 19 lending institutions at the top of the TARP list originated a greater volume of loans at the end of the period, as compared to October.

The findings could fuel a fire of discontent over the Bush bailout program, as well as the one put into place in the early days of the Obama Administration, at the perceived lack of funding coming from major banks, combined with the public backlash over executive perks and bonuses at the same financial institutions who took the most Federal Bailout Money.

Last weekend, speaking in Trinidad, President Obama called for greater lender "accountability" with the TARP Bailout Funds. 

Why? 

Many experts feel bank lending levels will portend how quickly the U.S. Economy will rebound.   It also has a direct impact on the U.S. Housing Market, as consumer loans, especially mortgage financing and re-financing, make up nearly half of all loans written to consumers.  Excluding mortgage loans and re-finances, however, consumer lending dropped  by roughly 33% between October and February.  Lending to businesses dropped about 40% over the same period, according to U.S. Treasury Department Data.

Of the 19 banks leading the TARP Funds Received List, only three originated more loans in February than in October, 2008 - BB&T Corporation, a regional bank based in NC, major Wall Street brokerage house Morgan Stanley, and State Street Corporation, a major institutional lender based in Boston MA.

The bank with the steepest loan decline is the top retail bank Chicago and the Chicago Metro Area - J.P. Morgan Chase.  That bank made $61.2 Billion in total loans last October.  In February, that figure fell to $39.7 Million - a falloff of 35%.

See the WSJ Story for more details, graphics, and relevant quotes.  Also, read our post via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Good Morning!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, April 19, 2009.

The week-to-week see-saw continues, with Closed Units and Pending Sales posting gains this week that wash out last weeks declines.  Unfortunately, the number of Expired Listings climbed this week as well.

While stability pervades the count on Active Listings,  the Average Sales Price showed an unwelcome decline.   Average Market Time improved, but continues very high in the North and Northwest Side of Chicago Communities we serve most frequently.  Sales Volume increased nearly 19% this week versus last.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, again improved, while the downward trend in the percentage of homes sell within a normal six-month marketing time frame is still low.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

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 April 19th                      4,276                   49                      52             54  

w/e April 12th                      4,222                   41                      40             43

% CHANGE                           +1.3%                +19.5%            +30.0%        +25.6%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e April 19th                    $264,512             214 DAYS                    $13,754,624

w/e April 12th                    $290,001             245 DAYS                    $11,600,040

% CHANGE                              -8.8%                 -12.7%                         +18.6%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e April 19th - LAST 12 MOS - 15.83    LAST 6 MOS - 22.21     LAST 3 MOS - 23.63

w/e April 12th - LAST 12 MOS - 15.51    LAST 6 MOS - 22.09    LAST 3 MOS - 24.69

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e April 19th - 27.81% (UNSOLD - 72.19%) 

w/e April 12th - 28.09% (UNSOLD - 71.91%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

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