"You've Caught the NET!"

The Chicago-Naperville-Joliet IL Metro Area shows the highest rate of foreclosure for any area in IL, for the First Half of 2009.

As reported by the Associated Press in today's Chicago Tribune, a study by CA based RealtyTrac shows greater than 63,500 Foreclosure Filings in the 8-County Chicago IL Metro Area between January 1 and June 30, 2009.  That's a 30% increase over 2008!   In the Chicago Area, 1 out of 59 homes are at some stage of the foreclosure process.

Experts pin the blame on rising unemployment locally, rather than any collapse in the mortgage market.

Across IL, foreclosures were up 15% in the Rockford IL Metro Area, and a whopping 40% in the Western IL/Eastern IA area that includes the Quad Cities. 

On a somewhat more positive note, foreclosures actually FELL in several Downstate IL Metro Areas.  The Peoria IL area experienced a 22% drop in foreclosure activity during the First Half, 2009.  Foreclosures fell 11% in Champaign-Urbana  IL, home of the University of Illinois.  In the State Capital of Springfield IL, foreclosures fell 29% during the First Half, as compared with the same period in 2008.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Those who thought the massive Fed Bailout of Banks by both the current and previous Presidential Administrations would cure all our lending ills - are likely disappointed!

Despite big cash infusions from Washington totaling hundreds of billions of dollars, the total amount of loans held by the 15 largest banks in the U.S. has not grown.  In fact, the portfolio of these bank loans actually fell, by 2.8% in the Second Quarter, 2009.  Further, according to an analysis by The Wall Street Journal, in a story by David Enrich and Dan Fitzpartick, most of the new loans during the Second Quarter came from either renewing or extending lines of credit to businesses, or from refinancing of existing home mortgages.

The banks reviewed include J.P. Morgan Chase, Bank of America, Citigroup, Fifth Third Bancorp, Regions Financial, U.S. Bancorp, and others.  The Top 15 Banking Institutions hold 47% of all federally-insured savings deposits nationwide.  They received, collectively, $182.5 Billion in taxpayer-funded money from the Fed's Troubled Asset Relief Program.  Still, as of the end of June, 2009, these same banks showed $4.3 Trillion worth of loans across their Balance Sheets, down 2.3% versus March 31st.

Economic experts say the tightened purse strings of these larger lenders are making it harder for an economic recovery to take hold..  Some predict that increased lending levels will not actually occur until the Second Half, 2010.

Although many are disappointed that the Fed Relief Program did not result in an increase in loan volume overall, others contend that the TARP was not designed to increase loan volume, but to prevent major banking system collapse.  These supporters feel the program has achieved that.

One analyst, Gerald Cassidy of RBC Capital Markets, sees the problem as few companies and homeowners are paying down their existing loans.  Until they do, and lenders more favorably adjust their underwriting standards, in his opinion, the capital markets will not loosen, and an economic rebound will not begin in earnest.

But it appears "forcing" banks to lend, by offering considerable infusions of cash and hoping they will do so - that formula doesn't seem to be working!

Please see 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, July 26, 2009.

Recent fluctuations in key market indicators - Available Inventory, Average Market Time and Sales Price, and Total Weekly Sales Volume - tell me we have yet to set a pattern for renewal in the North and Northwest Side of Chicago Neighborhoods we frequently serve.

Although inventory appears to have stabilized over the last few weeks, Pending Sales have, over the last few weeks, trended pretty flat, while Average Sales Price has gone down (predictably, with the high number of Short Sales and Bank-Owned Foreclosures on the market today). 

Total Sales Volume appears to see-saw each week, while Average Market Time has jumped considerably - to nearly six months - since the last time we took a reading seven days ago.

There is a bit of good news, however.  The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, has improved steadily over the last few months, and now sits at just over 13 months in our marketing area.  Not a victory, by any means - but far better than the 18-month-plus figures we were seeing earlier in 2009!

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 July 26th                   4,251                   52                    78                29

w/e July 19th                   4,279                   67                    85                29

% CHANGE                      -0.7%                -22.4%               -8.2%          +-0.0%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e July 26th             $270,012            177 DAYS                    $21,060,996

w/e July 19th             $287,737            133 DAYS                    $24,457,645

% CHANGE                       -6.2%                 +33.1%                         -13.9%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e July 26th - LAST 12 MOS - 16.33    LAST 6 MOS - 16.27    LAST 3 MOS - 13.03

w/e July 19th  - LAST 12 MOS - 16.41   LAST 6 MOS - 16.98    LAST 3 MOS - 13.48

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e July 26th - 31.51% (UNSOLD - 68.49%) 

w/e July 19th- 30.39% (UNSOLD - 69.70%)

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

Home Sales have rebounded in many of the largest markets across the U.S!  Last month, home sales jumped sharply in Southern California, the San Francisco CA area, Minneapolis, and Orlando. 

Indeed, in these areas, thousands of foreclosed properties have attracted deep-discount bargain hunters with cash to buy, or access to hard-to-get financing on homes that need moderate to extensive repairs and upgrading.

In the Chicago Metro Area, however, according to a report and statistics compiled by The Wall Street Journal, the theoretical Inventory of Homes for Sale stands at over 18 months, amidst a 10.4% area unemployment rate, and a 7.1% rate of homeowners at least one payment behind in their mortgages.  The Median Home Price across the Chicago Area has dropped 23.8% since mid-2006, when prices here peaked.

There are hundreds of distressed or foreclosed properties for sale in the Chicago Real Estate Market.

Chicago isn't the only area experiencing continued real estate market weakness, however.   Detroit, where the unemployment rate in June hit 14.9%, still has an over 14 month supply of homes for sale, and a 31.9% drop in the median price of a home since their prices peaked within the last couple of years.

Sales have also declined, amidst high levels of inventory, and increasing jobless rates, in Nashville, Charlotte, Las Vegas, and parts of Florida, as well as in and near New York City and Long Island NY.

Higher-bracket homes have been especially hit hard by the housing crisis nationally.  Upper-end buyers have fewer financing options, and often can't upgrade their home at all if they can't release the frozen equity in their existing home, which often cannot sell, or eventually sell far cheaper than projected.  Today, even owners of the nicest homes are not immune to loss of a job - they often fall behind on their mortgage payments, and cut their sales prices to deep-discount levels in order to get the homes to sell.

Potential buyers face their own unemployment concerns - those fearing for their jobs are reluctant to chance a home purchase.  Further, mortgage credit remains tight as loan underwriting standards have been made far more stringent, and appraisers have been far less liberal with their home valuations, causing many sales to fall through due to under-appraisal.

 And no one can accurately predict if the expiration of the Fed $8,000 Credit For First-Time Homebuyers, on November 30th,  will dampen sales further.

MoodysEconomy.com predicts how quickly the real estate market will truly rebound will be tied closely to local unemployment numbers.  They predict Washington DC, Minneapolis, Houston, and Dallas will likely have unemployment rates below the average nationally, and may actually fare better than metro areas with higher-predicted unemployment - Detroit, Las Vegas, Miami, Orlando, Sacramento, and Portland OR. 

The unemployment outlook here in Chicago is unclear.

Please see our post via BlogChicagoHomes.com.

DEAN  & DEAN'S TEAM CHICAGO

Hey, gang!  Hope you had a great weekend!

It was beautiful here in Chicago - dry, not too hot!  But the weekend was made even more enjoyable by a visit from two of my closest friends and Real Estate Colleagues.

Beginning roughly 4 1/2 years ago, at the suggestion of Michael Pallin from The Floyd Wickman Team, I built on an already-established bond I had with a couple of other strong-producing Real Estate People - and good Business People - from other parts of the U.S., to form what Mike referred to as an R Group.

My own "Responsibility Group,"  consists of three - Norman O'Grady, of Prime Realty Group in Boston MA, Bob Daniel, of Prudential One Realtors in Westchester OH - a suburb of Cincinnati, and myself, from the North Side of Chicago.

We all share the same approximate level of Real Estate Sales Production, the same Hard Work Ethic, and the same Core Values, as Floyd Wickman and his trainers like to call them.

The three of us generally meet personally only two or three times each year - once being in each other's home cities, on an alternating basis, each July (this year, Bob and Norm came to Chicago; next year, Bob and I will travel to Boston to visit Norm; in 2011, Norm and I are off to Cincinnati to Bob's home town).

Each summer, and again in January, we get together as part of Floyd Wickman's Semi Annual Forum get togethers - about 60-70 agents mentoring Floyd and his people, in a suburb of Detroit MI.

But the cool thing - the powerful thing - the connected thing - involves what the three of us do in between our personal meetings.

We phone conference!

Every two weeks, on a free bridge line (we use FreeConferenceCall.com, and call a MN bridge line number), we get together on the phone for about 45 minutes, early in the morning, at a set, early time.

The agenda for our call is simple, yet very powerful -

First, we discuss "Good News" - what has happened in the past two weeks that really made us feel "alive."

We move on to our "Stats" - contacts made, appointments attended, listing and buyer clients served, referrals generated, and the like.   How did these stats compare with commitments we made in the previous R Group call.

And, don't underestimate the power in the numbers!  You need these stats - because if you don't know where you are now, how can you plan where you want to be next?

Third is our "Parade of Techniques" - tips and ideas one of us has come up with, that improved our business in some way.  These techniques could possibly improve the business of each of us - so we share, unselfishly!

The longest part of our call - "Ask The Experts" - follows.  If any, or all of us, have a problem we need to solve, this is where we get the problem on the table and ask for each others suggestions to improve it.  Was the problem major?  Minor?  What did you learn from what happened?  And how could the same problem be avoided next time around?

For many in the Real Estate Business, 2008 and 2009 have been pretty tough . . . yes?  I don't know, sometimes, if I would have truly survived, without the "Little Help from my Friends" that the R Group concept provides.

We finish up with our "Commitment" for the next meeting, and our pledge to each other to hit our targets for the coming bi-weekly call.

It's an incredibly powerful formula.  Concise!  Quick!  Inexpensive!

And the three-person format assures that each member will get his voice heard, and that the professional bond between us will remain strong.

Want help putting a group like this together - in Real Estate or any professional business?  Write back and let me know - I'll help you set one up, and share the format, with the same basic structure developed by Floyd Wickman, Mike Pallin, and their associates and trainers.

DEAN & DEAN'S TEAM CHICAGO

How you doin', folks?

This week in her Chicago Neighborhood News Post, our Team Member Cathy Mallers covers the Chicago Neighborhoods of The Loop, Lakeview, and The Gold Coast, and the Chicago Suburb of Oak Park IL.

Are you planning a community event this summer?  Please send us the word, and we'll help publicize it for you.  Dean's Team Chicago offers the Number One Ranked Active Rain Blog in the City of Chicago and across Cook County IL.

THE LOOP

This Sunday, after Venetian Night (wait for Sue's post on that one), why not stay overnight to get a taste of the Tour de France Chicago-style?

The Chicago Criterium, a 1.1 mile bicycle race around Grant Park is sure to be exciting and thrilling for all to watch.  There's going to be a jumbotron to watch all the action, entertainment, vendors and a Big Wheel race for the kids later in the day.

To read more, click here.

LAKEVIEW

As you know, we here at Dean's Team are avid Cubs fans.  When it comes to Wrigley, we love to know what's going on and anything new to the area.

We are happy to announce that MyWrigleyville.com is just the thing for you - a social network that is all Wrigley, all the time!!  After this Friday's game new members are invited to Toons Bar & Grill, but never fear those who have not signed up, there will be a computer at the bar where you can add yourself to this new network.

To read more, click here.

THE GOLD COAST

I don't know about you, but I'm what you would call in some circles a "foodie."  I like to try all sorts of different foods from different regions around the world, and don't get me started on the wine.

In an effort to help people taste foods and amazing wines from many of the famous chefs in the city, Vital Bridges is hosting Chefs and the City this Friday, July 24, at the Peninsula hotel.  There's also going to be an after-party at RL Restaurant.

For more details, click here.

OAK PARK

Chicago and suburbs like Oak Park are home to many historic landmarks.  Unity Temple designed by Frank Lloyd Wright is one such landmark that has recently been placed on National Trust for Historic Preservation's 2009 List.

Unity Temple is an important cultural, architectural, historic and civic asset providing not only a congregational but also a public home for tours, educational programs and civic events.  Some restoration has been done but there is an ongoing need for more to restore the structure back to Wright's original vision.

To read more about National Trust for Historic Preservation's 2009 list, click here.  To read more about the Unity Temple Restoration Foundation, click here.

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

Have a great weekend!

DEAN & DEAN'S TEAM CHICAGO

In these tough times economically, cities and counties across the U.S. are searching for new ways to bridge revenue gaps that often run into the millions of dollars.

And how do County Officials and Mayors across the country deal with the revenue shortfall?

Likely, you guessed it right away!  Typically . . . THEY INCREASE TAXES IN THEIR JURISDICTIONS!

That happened in Cook County IL - the county that includes the City of Chicago.  Last year,  the Cook County Board of Commissioners voted overwhelmingly to increase the Cook County General Sales Tax to as high as 10.25% within Chicago.  That's the highest stipend of any big city across the country.

County officials predicted complacent acceptance.  Resignation.  No drop off in tax revenues - in fact, a hoped for revenue INCREASE, county wide.

But they didn't get that!

Instead, there was talk of the perimeter suburbs of Chicago of seceding from Cook County.  Or, in this tough economy, seeking out merchants just over the Cook County line, in neighboring Indiana or Wisconsin, or buying more over the Internet, in hopes of minimizing our already-high sales tax bite.

And this week, 12 of the 17 members of the Cook County Board apparently had enough.  As reported by Dan P. Blake in The Chicago Tribune, the commissioners voted to scale back the June, 2008 10.25% tax enactment to 9.75%.

The matter is not settled, however!

Embattled Cook County Board President Todd Stroger, already under a county wide microscope for alleged inappropriate hiring and wasteful spending, promises to veto the tax rollback.  According to County Law, he has six days to do so - and likely will!

And although Cook County Statutes make it difficult for the Board to overturn President Stroger's veto - Board Rules call for an 80% approval to overturn a Board President veto - a preliminary count indicates the board will  have the needed 14 of 17 votes required to get the tax brought down.

Stroger supporters fear Cook County could lose up to $140 Million in revenue if the Cook County Sales Tax is reduced from current levels.  Cook County Health Department spokespeople predict $85 Million in cuts if the tax is dropped.

But most agree the current county budget does contain some "fat" needing to be trimmed - and all will be well if the Cook County Sales Tax is rolled back.

And President Stroger has another looming problem.  The President is expected to face several pro-lower-tax Democratic challengers when he runs for re-election in 2010.

See our post this evening 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!

Hey, you dogs!  I'm lovin' Summer in the City - although it has been a bit cooler than usual this July!

BTW . . . A big congrats to Chicago White Sox Hurler Mark Buehrle!  The South Side Pitcher threw only the 18th Perfect Game (no batter reached base, 27 straight hitters retired in 9 innings) in Major League History, and the first by a member of the Sox since 1922.  The Sox beat the Detroit Tigers today 5-0, and are now tied for First Place in the American League Central Division.

Wish he were a Chicago Cub - but congrats to Mark, nonetheless!

"Yo Quiero Taco Bell!"   Remember that clever advertising phrase from that taco-loving Chihuahua about 12 years ago?  Or, perhaps you heard the line in the commercial for the same national taco chain in their cross-promotion for the 1998 Godzilla re-make -

"Here, Lizard, Lizard, Lizard . . ."

Since I am only 4 years old, these famous ad lines were originally uttered long before my time.  But for us dogs, as you know - the reader became legendary.

Gidget the Chihuahua, (a girl dog actually), and that famous Taco Bell Dog from late-1990's advertisements, passed on this week.  She was 15.  The story was reported by Associated Press Writer Jesse Jablon in Tuesday's Chicago Tribune.

The dog died of a massive stroke at her trainer's house in Southern California earlier this week, and was then put down.   Until her final day, she was active, playful - though a bit hard of hearing!

Gidget was actually found at a CA dog pound back in 1997.  Her features - including her short jaw and oversized ears, weren't dog show quality, but she seemed to have a knack for acting in front of the camera.

Her first TV Commercial for Taco Bell came later that year, when a heavily-Spanish-accented "I want Taco Bell." in male human voice, endeared nearly every human, and most dogs, to her persuasive style.  She was supposed to perform one-time-only, but quickly became the star in a series of ads which ran until 2000.   Other Chihuahuas got smaller parts - but Gidget was always the star of the show, and the dog most remembered.

Gidget even made an appearance opening up the New York Stock Exchange one day!  She appeared in the movie "Legally Blond 2," as well as a 2002 GEICO Insurance commercial spoofing her earlier work.

It was Gidget's wishes to be cremated.  Additional details of the private funeral have yet to be finalized.

She will be missed by me, Gracie Ella Moss, and all our little four-pawed contingent here in Chicago!

Please read our post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

Easy Money!

That's how many Hind-sighted Critics blamed lax Lending and Loan Disclosure Policies for creating the most dramatic downturn in Real Estate Sales, and the freeze in mortgage and credit markets - a tumble which many experts claim as the worst since The Great Depression.

Now, the Federal Reserve Board is formulating new lending disclosure rules which they feel will make mortgage rules easier to understand.  They hope the new procedures will not only educate borrowers on how mortgage instruments work, but also help them steer clear of risky loan products which could lead to escalating monthly house payments they might not be able to afford.

Among the changes, as reported by Associated Press Economics Writer Jeannine Aversa in today's Chicago Tribune -

- a new, easier-to-understand explanation of potentially high-risk mortgage disclosure features, including pre-payment penalties, and the method by which Annual Percentage Rate (APR) is computed.

- a worst-case-scenario of how monthly loan payments might change with an Adjustable Rate Mortgage, or ARM.  Lenders would also be required to notify borrowers 60 days in advance of any change, up from the current 25 days.

- for borrowers who take on loans whose monthly mortgage payments don't adequately cover monthly interest accrued, an explanation that underpaying interest would increase the outstanding principal balance on a loan.  Payment options that would avoid increasing principal loan balance would have to be offered.

- a prohibition of compensation to loan officers and mortgage brokers based on undesirable loan terms.   Such terms could rack up fees and commissions to the mortgage broker, but would not be in the best interest of the borrower.

- a proposal to prohibit lenders from calling a Home Equity Line of Credit delinquent unless the customer's payment is more than 30 days late.

Is everyone on board with these changes?  Well, not everyone!

Representatives of both the Mortgage Bankers Association and the American Bankers Association each praise the consumer protection aspects of the changes, but fear too many changes could be burdensome to lenders, and could eventually increase loan fees.

See Ms. Aversa's story for more details.

Here's a link to our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Hey, folks!

Summertime colds - they are THE PITS!  Man, I wish I could stem this one!

A load of GOOD NEWS, however -

It appears as if the housing market is hopping once again in Chicago!  Our Team is seeing it - especially with less-expensive properties catering mainly to first-time homebuyers - and the statistics are bearing this out as well.

Between May and June, sales of Single Family Homes and Condominiums in the Chicago Metro Area jumped 25.8%.  According to the Illinois Association of Realtors, as reported in today's Chicago Tribune by Mary Ellen Podmolik, 7.140 homes were sold in and around Chicago last month.  That's still 8.5% below their June, 2008 level.

Median home prices across the Chicago Area climbed again in June as well, by 5% over May, to $210,000.  Unfortunately, today's median price is 18% below last year's June level.

In the City of Chicago, units sold rose 27.2% in June versus May, while the Chicago Median Sales Price increased 7.7% month-over-month.  However, both figures were far below June, 2008 levels.  Last June, the median home price in Chicago was $309,945.  Today, it's $242,275 - down a hefty 21.8% versus last year.  The City of Chicago Units Sold figure fell 13.1% between June, 2008 and June of this year.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO