"You've Caught the NET!"

Within the past year to 18 months, many trying to sell their condos have faced a glut of competitive units when they sell.  The Condo Market Sluggishness here in Chicago forced many owners to try to rent out their units, rather than leaving their unit vacant and unsold.

As reported by Chicago Tribune Real Estate Columnist Mary Umberger in Sunday's Trib, for traditional landlords - those owning larger apartment buildings - these new "landlords by default" create more competition, have driven down rents in many areas, and have forced many lessors to offer generous incentives, discounts, or even free rent in order to entice new tenants.   Many are concerned about a "shadow market" of condo units for rent.

Although some Chicago Neighborhoods continue to have a vibrant rental market, according to Judith Roettig, Executive Vice President of the Chicagoland Apartment Association, vacancies in many others is running 8 to 10% - higher than the usual 4-5% vacancy.

What concerns her organization's members even more, however, is the high percentage of new tenants who have demanded considerable rental incentives or discounts for renting a particular unit.  This creates a problem some of the larger landlords refer to as low "financial occupancy" - discounted tenants reducing the overall revenue of a rental building, versus what it could have been were the discounts not needed.

Landlords fear that as the Unemployment Rate in Chicago remains high - over 10% in the City of Chicago and across IL - the rate of vacant apartments will increase as well.  Many younger buyers might elect to move home with their parents if they cannot find a suitable job.  Others, to save money, will buddy up with a roommate.

The roommate scenario might offer a bit of a bonanza for those renting out two-bedroom or larger apartments, at the expense of lessors of smaller one-bedroom or studio units.

Please see our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Hope you're enjoying your Sunday Evening, folks!

Good so far for me - our Chicago Bears are beating the Denver Broncos . . . but it is early in the game!  Bear Down! 

Confession!

If you happen to be Catholic, as my wife is, likely, at some time in your life, some fellow in a black suit coat with funny collar explained that it's "Good for the Soul."

But, if you're having financial trouble - real financial trouble - is it good for the confessor - the one having trouble struggling with his or her debt?

This week, I found the answer!  Likely, it is a resounding . . . NOOOOOOO!

I have a client.  A nice young couple.  Normally conservative with their money.

But they fell into financial trouble.  You might know the story, or one very similar to it.

He had a job - a good one - but lost it in today's Economic Downsizing (in other words, he got canned, for reasons out of his control . . . or perhaps, he just didn't play along).

She works as a nurse.  But, in today's economy, even nursing - usually a safe haven - is not safe.  Her usually-reliable overtime hours have been cut dramatically.

The couple has a young daughter - now, three.  A beautiful little girl!

Another one was on the way - but it has been a tricky ride.  Complicated, as it sometimes is for an older mom.  And their health insurance was poor.

After the baby was born - a beautiful boy, by the way - they were laden with nearly $40,000 in hospital and doctor bills for the maternity care.  I don't know all the specifics.

How did he deal with the problem?

You know those friendly-looking advance checks you get with your credit card statement each month?  They don't tell you they may cost several hundred dollars to make a draw.  And he didn't see it coming - so, he drew!  Thousands, unfortunately - unbeknown to me.   None of my business!

He also drew equity against his house, earlier on, when you could still do that, to keep things afloat a year ago or so, when he had vacancy in a rental condo he owned.  To cover the vacancy, and several thousand dollars worth of repairs caused by the last tenant.

After this - and several other poor-judgment financial moves - he was near broke!

He found another job - but found himself in a deep hole, and couldn't keep up - even though, for several months, he managed to pay all of his monthly minimum payments.

But, now he is having trouble.  He can't anymore!

As a near last resort, he calls one of his credit card companies - Bank of America, I believe.  And tries for forbearance.  A minimum payment plan - he wants to pay them back, but can't afford the now $800 minimum payments covering interest only.

At first, they say approval of such a plan is likely - he holds off on pulling the trigger, then calls me, as his trusted Real Estate Adviser.  He asks me to listen in on the second phone call - likely, I guess, because I am a lot cheaper than a bankruptcy attorney!

I listen, very quietly, from the other phone, as my client, and friend, confesses his problems, and asks for help.

After several transfers, he gets a "Financial Hardship Counselor."

Immediately suspicious and skeptical, she grills my client as to how he got into his problem.  He is honest - and she notes every comment. 

She asks him those personal financial questions - his income, his debt, his financial and family situation.

And after all is said and done, he is positive - slightly positive - in his income to expense ratio.

"Sorry, can't help you!," she says, smugly.  "Just pay your minimums, and call us back IF YOU FALL MORE THAN 3 MONTHS BEHIND."

I'm paraphrasing, of course - but she also mentioned something very curious on the phone -

"Likely, sir, as a result of this call, your credit score will fall somewhat.  And, also, we will adjust your available balance downward to respond to your financial hardship."

Willing to help - NO!  Ready to pounce, and make things more difficult for this fellow and his family?  SEEMS THAT WAY!

Hard for me to keep silent on the other extension - but I did!

Indeed, when he checked back a few days later - his credit score had dropped 31 points.  Nothing else he did during that time frame likely would have caused this.

His credit card line with that bank was curtailed.  On both his credit card, and on a Home Equity Line of Credit he also had with BOA.

Even worse, three weeks later, another or his credit card lenders, at another bank, said they will need to adjust his line downward, and increase his favorable rate of interest, due to a lower credit score.  This despite his previously-strong payment history.

Now, he is having headaches with both banks, and sees little option other than contact that BK attorney we mentioned earlier. 

No other way out, in his opinion - with fewer options than before. 

Confessing?  Asking for help, as many lenders advise publicly?

Did no good here!  Actually, hurt the man and his family!

And . . . that is bad!  It suggests the only way out is the most desperate way out.  And that may not be true!

Any thoughts?  Experiences along this line?  Please share!

DEAN & DEAN'S TEAM CHICAGO

According to our Team Member, Sue Moss, there is never a shortage of things to do each weekend in Chicago - especially during the summertime. 

This year, the unusually-temperate weather makes spending time outside even more enjoyable!

Here's what's going on in Chicago this weekend -

First, there's the 25^th Annual American Craft Exposition held at the Henry Crown Sports Pavilion in Evanston (2311 Campus Drive).  A wide variety of crafts will be on display and for sale by 150 juried craftspeople from across the country.  Click here for dates, times and more.

There's also the Randolph Street Market Festival in the West Loop neighborhood at Randolph and Ada Streets (1350 W. Randolph Street).  View antiques and vintage collectibles from over 200 dealers at this indoor/outdoor fair.  Click here for more details.

Then there's the Bucktown Arts Fest at Senior Citizens Memorial Park in the Bucktown/Wicker Park neighborhood (2238 N. Oakley Avenue).  Not only will various forms of art be featured by artists from across the country but also live music, dance and theater along with a food court and beer vendors.  Check out the music lineup as well as dates and times by clicking here.

You'll find the Taste of Greece 2009 in Greektown (100-400 S. Halsted Street).  I've been waiting for this annual fest all summer long!  Click here for a list of participating local restaurants to see why this is one of my favorite summer events!

Muy Caliente! It's the Viva! Chicago Latin Music Festival held in Grant Park (300 S. Columbus Drive).  Wear your dancing shoes because you won't be able to sit still to these Latin sounds from around the world!  Click here for who's playing when and on what stage.

How about Jammin' at the Zoo at Lincoln Park Zoo (2200 N. Cannon Drive) on Friday starting at 7:15 p.m.  Gates open at 6:00 p.m.  You'll also need a lawn chair since you'll be sitting in the zoo's Main Mall.  Click here for more information on this returning popular summer concert series.

Go visit the Ravinia Festival in Highland Park (200-231 Ravinia Park Road) featuring Tony Bennett on Friday and Saturday, and Carrie Underwood on Sunday and Monday.  Click here for ticket information.

And finally, there's the 27^th Annual Chicago Triathlon this Sunday at 6:00 a.m.!  Registration is closed, however, watching is free and fun!!  Click here for information on the course route, prime viewing spots for spectators and the post-race party.

Need more?

Wait until next weekend!  Hope you can spend some time in Chicago this summer!  Have a great weekend - try not to tire yourself out!

DEAN & DEAN'S TEAM CHICAGO

Happy Friday from Chicago, Gang!

This week's Health Care and The Independent Contractor Blog Post has caused quite a stir in the Blogosphere.  I'm thinking today's Chicago Neighborhood News, covering the Chicago Neighborhoods of Portage Park, Lincoln Park, The Loop, and Old Town, as well as the Chicago Suburb of Oak Park IL, will be a bit less controversial!

Here's this week's take, from our Team Member Cathy Mallers -

PORTAGE PARK

When trying to find a unique magazine or newspaper, it's really hard to know where to go.  Sometimes, even the library does not have what you need.  Worse yet, you may have to wait order what you want. 

Enter into the picture, local treasure City Newsstand.  Ironically this is not a corner stand, but a full brick and mortar location.  If you like trucks, check out the newly published quarterly True Blue Trucks Magazine.  To read more about this great gem, click here.

LINCOLN PARK

Sometimes, I like to be a tourist in Chicago and start looking for unique shows or events.  I found this information from one of my favorite sites for events, The Local Tourist.

In the Golden Age of Magic, during the late-nineteenth and early-twentieth centuries, Chicago was a major center for magic in the United States. Great magicians gathered here to amaze audiences in theaters and parlors, nightclubs and showrooms, restaurants and bars throughout the city.

To read more about tonight's performance at Greenhouse Theater Center, click here.

THE LOOP

The Museum of Science and Industry has received a heart transplant this week.

The new exhibit called, "You!  The Experience," is scheduled to open on October 8.  Previously there was a big walk through heart that families could view showcasing how the human body works.  Sadly, the old heart was made of plaster of Paris around a pillar and could not be dismantled, but was broken into pieces.

To read more about this amazing exhibit, click here.

OLD TOWN

Old Town is home to newly opened restaurant, 33 Club.  From the elegant herringbone floors to the carefully arranged bottles in the floor-to-ceiling display case that separates the front bar from the main dining room, no detail is overlooked.

Chef Daniel Kelly serves a lineup of classics starts with dishes such as crab and shrimp cocktail ($10), French onion soup ($7) and Caesar salad ($8) and proceeds without much fanfare to homey plates like roasted chicken ($18) and broiled Lake Superior whitefish ($18).  Chef Kelly knows steak having come from Tramanto's Steak & Seafood in Wheeling, so be sure to try the 12-ounce New York strip ($30), 16-ounce bone-in rib eye ($33) or signature 8-ounce fillet ($28) with truffle demi-glace.

To read more about this delectable menu, click here.

OAK PARK

It is a fact that home foreclosures are impacting the entire nation.  One thing that most people going through this difficulty find is that they are unsure of what options are available.  We've all heard about the loan modification program that President Obama's administration passed in May.

This weekend Oak Park residents can meet with local communities and housing organizations that will provide a hands-on tutorial on how to tap into the federal program aimed at modifying troubled mortgages.

To read more, click here. Have you got something going on, in the City of Chicago or in any Chicago Suburb, you would like us to publicize?  Let us know, and we will help get the word out.

DEAN'S TEAM CHICAGO offers the Number One Rated Active Rain Blog in the City of Chicago, and across Cook County IL.

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

Enjoy the weekend!

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!

Hello, you dogs!  Gracie Ella Moss here - you know, the Lil' Brown Dog in the Moss Household.  Buddy is out tonight with the boys - an all-night poker game, I suspect.  He has those every once in a while.

Blogging duty goes to me tonight!

Shopping for Groceries in Chicago?  With just a few exceptions, most shoppers frequent two of the largest supermarket chains.  Here in the Chicago area, Jewel Food Stores, owned by Minnesota-based Supervalu, Inc., does 39% of the grocery business in town.

Dominick's, about one-third the size, with 81 Chicago Area Stores, holds onto a declining 11% of the market.  They are owned by CA-Based Safeway Stores.

Back in Old Chicago, as our Human Daddy and Team Leader Dean refers to the early 1970's, the two giant supermarket chains were practically all we had here.  Jewel was the first to offer 24-hour shopping - very unusual back in '72, he said.

Dominick's had the classier, friendlier employees.  They wore white shirts.  Black ties.  Efficiently bagged your groceries, in the days when paper was the only choice.  They were started by an old Italian Family - Dominick Di Mateo was the family patriarch, and he and his son, Dominick Junior, frequently visited the stores, making sure they were clean, well run, and had plenty of Canolli in stock at the store deli.

Jewel was bigger.  Brighter.  Flashier.  More union.  And often less friendly, in Daddy' Dean's opinion, anyway.

The two chains battled it out in the weekly supermarket sales flyers in the Chicago Tribune and Sun-Times.  They advertised heavily on Chicago Radio and TV.

And each had its own, unique part in Chicago History.

Today, the battle goes on, but the battleground has changed.  Large supermarket competitors - including Walmart, Super Target, and Meijer, have an increasing piece of the grocery pie here.  Whole Foods Market and a few smaller competitors target those most organically-conscious, Treasure Island and Trader Joe's - those seeking a bit more exotic, imported fare.

This all drives prices down - good for the consumer . . . yes?

Well, now, according to Reporter Mike Hughlett in today's Chicago Tribune, Dominick's has fired the latest volley in the Chicago Grocery Store Wars.  They've announced deep price cuts - as much as 30% - on thousands of items. The move matches the one by Jewel last April, as they reduced many of their prices up to 20% - and still do - in their "Big Relief Price Cut" promotion.

During this weekend economy, you dogs, most humans are looking at every way they can to save money.  They are packing up the pups less to eat out at restaurants.  Even so, the Chicago Big Two Grocery Chains are seeing falling sales, and lost business to the upstart discount supermarkets.

Thus - price cutting to build store traffic.  And, as a result, consumers save money!

Or do they?  Often times, says Charles Cerankovsky, of Northeast Research, when supermarkets slash prices on some sales leader items, they often raise prices on many others!  Hmmmmm . . . . !

In any event, if you do hit Dominick's or Jewel to save all that money, please spend some of the money you do save on some Meaty Bones for Buddy and me.  Canine Sources say, prices are SLASHED!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

(Actually, it's me - GRACIE ELLA MOSS - writing this week.  Buddy's back next week - unless, that is, he takes a bath at the poker table!)

Modifying the terms on a mortgage loan!  Not necessarily the principal balance, but the interest rate, and repayment schedule.

As reported by Ilyce Glink in her Real Estate Matters Column in the Chicago Tribune last week, some lawmakers feel this is just the tonic to get many distressed homeowners back on their feet in a troubled economy.  Others feel it's just delaying an inevitable default by a financially-stressed homeowner by no more than a couple of months or so.

And, often times, loan mods take months for approval, and are often not approved.  Even President Barack Obama is getting involved, asking Top U.S. Mortgage Lenders at recent meeting in Washington, to process and approve more loan modifications.  The real question - how quickly can they turn them around?

According to recent statistics, roughly 9% of homeowners eligible for loan modification have had their loans modified on a temporary basis within the past 12 months.  A far slimmer percentage have had permanent modifications to their existing mortgage loan.

As a general rule, loan modifications are considered temporary for three months, after which they can be made permanent.

But many who receive the Loan Modifications often fall into trouble within a year, and often default once again.  Second time around, getting the lenders to agree to changing loan terms is far more difficult, if not impossible.

And those who lose their jobs, or their ability to repay - they are often rejected in the first place.

See our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Remember the Good Old Days?  Way Back . . .  let's say . . . 2006!

Home Equity Growth - practically guaranteed!  3%, 5%, 7% each year!  Marching on!

Here in Chicago, in the North and Northwest Side Neighborhoods we serve with great frequency, average annual home appreciation between 2002 and 2006 was just over 4%.  Declining home values here - not even a consideration!

But now?

The Standard & Poor's Chase-Shiller 20-City Composite, a national index measuring home values compared to a 2001 base index of 100, shows roughly a 33% decline from its 2006 peak.

Another measure, from the Federal Reserve Board, estimates the total Vallie of all real estate across the country has fallen from $21.9 Trillion at the end of December, 2006, to $17.9 Trillion as measured at the end of March, 2009 - a decline of roughly 18%.  Parceled out for every adult across the U.S., that's about $13,000 per person!

Falling home prices, however, although the most talked about statistic, are only a part of the picture.

During the past three years, total outstanding mortgage loans rose from $9.9 Trillion to $10.5 Trillion- just over a 6% increase.  As average prices decline, combined with higher average mortgage balances, the Perfect Storm was created for a home equity collapse.

Brett Arends, in a Wall Street Journal article from August 20th, graphs a real estate equity decline, based on Fed data, of about 40% from its peak in 2006. 

Way back in 1955, when people longed to burn their mortgages, and many stayed in their homes forever, without periodic refinancing or drawing out equity for discretionary spending, home equity as a percent of home value exceeded 70%.  As of March of this year, that equity percentage tumbled to 41.4%.  That's the lowest percentage on record!

Even during the last prolonged slump in Real Estate - in the early 1990's, equity as a percent of home value fell only to the upper-50% range. 

But here's the rub, according to Arends - today, in his opinion, even if average home prices recovered to their pre-bubble levels in 2006, the equity percentage versus value would still be only 52% or so!

Data from MoodysEconomy.com estimates that over 16 Million homeowners across the U.S. are underwater - in other words, they owe more on their home loans than its present market value. Even historically-real-estate-stable states such as Indiana have seen an incredible increase in those homeowners short on their value versus their outstanding mortgage balance.

The implication - even if home prices recover, the massive amounts of equity lost in this still-current Real Estate Downturn may not recover.  Sellers will be able to draw less equity out to re-invest in a new, more expensive home.  And buyers, no longer seeing their next home purchase as an automatic equity tree, might hesitate to pay too much.

So, indeed, as the market turns positive - and it will - many will find their lower levels of equity won't allow them to pull themselves up to the next housing level.

And that could impact upward movement on home prices down the line.

A scary thought, ehhh?

See our post today via BlogChicagoHomes.com.

DEAN MOSS & DEAN'S TEAM CHICAGO

Are you a Real Estate Practitioner?  A Loan Originator?  An Independent Sales Representative?

Back when we were young pups, thinking about leaving the security of an employed position, to join the ranks of the "Be Your Own Boss" set - you felt pretty invincible, didn't you?

"I can make a lot of money selling . . . (fill in the blank)!"  I'll cover the family.  Make enough to pay for the kids college tuition.  Put a few bucks away.  Even pop for that nice car, or boat, or second home!

Health care coverage?

Hey - I'm young!  Thirty-something!  My spouse works - I'll glomb onto her policy!  I feel fine . . . and, by the time I'm old enough to need more intensive health insurance coverage, I'll be able to find coverage.  I'll likely have to pay a premium for it, but I will get it.  No problem!

So, gang, what happened?

Sweet sixteen turned 31, then 41, then 50, or more.  Although 50 is the new 30, or something like that, you start to get prescribed medications you never had to worry about before.  For blood pressure.  Perhaps asthma.  Hopefully, nothing more serious - but, for some post-50, they are not so lucky.

The costs for these miracle meds?  ASTRONOMICAL!

Each day, I take three medications - one pill for allergies, an inhalation drug for asthma, and a mild blood pressure reducer.  The cost for the regimen each month - in excess of $300!  And, I am pretty healthy, the right weight, and I exercise and eat well.

Routine care doctor visits?    Sky high!  Often, over $250!  And, being a guy, I try my damnedest to avoid the doctor's office!

My Blue Cross Individual Health Insurance Premiums, which I purchased with great ease when I became an independent contractor over 15 years ago, have increased three-fold in price per month - it now costs over $850 each month to insure me and my wife.

Further, to keep the costs within a reasonable realm, I have had to increase our deductibles - to over $5,000 each.  Prescription Drug Coverage - minimal.    One of my monthly prescriptions costs over $150 - and I am not even sick!  Geez!

And each year, I receive a nice little white envelope from the Blue Cross people, crying how medical costs have gone up soooo much, and it is with great regret that the have to raise our health insurance rates once again.  10%.  15%.  Once, nearly 18%. 

But here's the kicker - I rarely even use the policy. Unfortunately, however, I know that my usage of medical services can climb precipitously, at any time, the older we are fortunate to become.

And there is nothing we can do about it!  Nothing!

Stop coverage?  You know that will be when our families' genetic disposition to heart disease will kick in!

Reduce coverage?  Same concern, and for those of you who may have not noticed - there is a recession on, and, often times, the income is hard fought!

Today, people who work for companies - those who are fortunate enough to still have a job, that is - don't truly know how lucky they are to have subsidized health care coverage, even though the employee co-pays have increased considerably over the years.

We Independent Contractors have seen even greater increases!

And many of we indies are considering the previously-unthinkable - going without health care insurance, since its cost is going out of control.

Once an older insured lets coverage lapse, it is far tougher to get it back, at any kind of reasonable price, with advancing age.  Walking away from coverage, therefore, is a very bad move!

Something, it seems, needs to be done to keep health care costs in check.  For the aging population of Independent Contractors.  And Real Estate Practitioners.

Reasonable rates.  No Pre-Existing Conditions.  And, yes, absolutely, the Public Option, to keep private providers in line, and costs down!

Socialism?  Don't think so!  It's just common sense!  Even many of those outspoken "Righty Tighties" agree!  Something, something needs to be done about Health Care in the U.S.! 

For many!  For everyone!  But, especially, for us!

Or, the problem is going to get far worse - especially among the ranks of us self-employed individuals.

Senator Ted Kennedy, God rest his soul, was on the right track all these years.

No doubt!

Your thoughts?

DEAN & DEAN'S TEAM CHICAGO

Early this year, when Congress passed, and President Obama signed, an $8,000 non-repayable income tax credit for First Time Homebuyers who purchased and closed on their new homes before November 30, 2009, the qualification deadline seemed almost one thousand years away.  Early on, some blamed the long qualification period for lackluster response to the program, initially.

Here in Chicago, and within our Team, we can count over a dozen of our buyer clients who have taken or will take advantage of the tax credit.  Three more are currently in process for closing.  It's hard to say if the credit precipitated the purchase, or if those buying would have bought a home anyway.  However, the rather substantial $8,000 credit was often one of the first questions for these first-time buyers.

But now, as reported by Kenneth R. Harney in last Friday's Chicago Tribune, there might be a housing rush among first-time homebuyers - according to Fed rules, those who have not owned a home within the last three years -  to find their home, and have the transaction close, by the end of November deadline - just over three months away. 

Further complicating the process - tighter loan underwriting rules have added to loan processing time.  In addition, the Thanksgiving Holiday falls this year on November 26th, with the 30th falling on the following Monday.   Here in Chicago, and elsewhere, attorneys and escrow companies booking closing time at title companies may find them booking up fast during those last qualifying days.

So, to give homebuyers, the real estate agents that represent them, and those title companies where the sales close, a bit more breathing room - should the credit be extended?

Look no further than the "Cash For Clunkers" Program.  Introduced by the Fed just a few weeks ago, many estimate the incentive program, which provided as much as a $4,500 credit to those buying select, fuel-efficient new cars, in return for trading in, for scrap, their old, gas-guzzler older vehicles, resulted in sales of over 300,000 vehicles. 

But now, that program is over.  Will new car dealers now feel the hangover of weak sales for months to come?

And could the same thing happen in the housing market?

Will the end of the credit, whether it be the end of November, or a year from that time, create sales lags in the future?  Or, will it help get us over the housing slump - albeit at high cost to taxpayers, now, or down the road?

The housing industry's two biggest trade organizations - the National Association of Realtors, and the National Association of Home Builders, are lobbying hard for an extension.  NAR estimates the credit has incentivized as many as 350,000 new homebuyers to step to the closing table this year.  They see additional economic benefit as well - these new homebuyers then purchased appliances, furniture, lawn edgers, and the like to put in their new homes.

In Congress, bills to extend the credit - or even expand it to all homebuyers, not just first timers - is likely to be hotly debated as Congress returns from its August recess next month.  One proposal would increase the credit to $15,000, through all of 2010.

Is there enough time for an extension to be approved in advance of the November 30th deadline?  After all, President Obama's Health Care Initiative is likely to take center stage in debate.  And if extension is uncertain into October, buyers will likely act as if the credit will not be extended.  Will they delay their purchases, feeling they have lost their opportunity to receive the credit, until passage seems more certain?

And how will the billions in lost tax revenue be made up if the program is extended beyond its current deadline?

Finally, when the program, even if extended, finally does end, will housing sales tail downward?  Or, is this temporary shot in the arm - the extension of the credit - simply the bridge we need to restart the housing engine?

Of course, proponents hope a credit extension is a just a needed stimulus, and it will no longer be needed as the housing market recovers.  But we'll have to see!

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, August 23, 2009.

Mid-month numbers ticked down last week!

While Active Listings were stable - no big influx of homes-to-market usually comes to Chicago in mid-August - most other numbers fell - Pending Sales, Closed Transactions, Sales Volume, and Average Sales Price.  Listings Expired also fell - typical for mid-month.  Encouragingly, Average Market Time tumbled - hopefully, a positive trend!

The Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell once again!  The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame retrenched, just a bit, this past week. 

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 August 23rd             4,210                   60                    65                33

w/e August 16th              4,224                   69                   79                47

% CHANGE                      -0.3%               -13.0%             -17.7%            -29.8%

CLOSED PROPERTIES DATA

                              AVG SALE PRICE     AVG DAYS ON MKT     TOTAL VOLUME   

w/e August 23rd      $270,836            127 DAYS                    $17,604,340

w/e August 16th      $275,537             168 DAYS                    $21,767,423

% CHANGE                   -1.7%                 -24.4%                         -19.1%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e August 23rd - LAST 12 MOS - 16.18   LAST 6 MOS - 14.26  LAST 3 MOS - 11.83

w/e August 16th  - LAST 12 MOS - 16.12  LAST 6 MOS - 14.59  LAST 3 MOS - 11.98

PERCENT OF HOMES SELLING IN 180 DAYS - 

w/e August 23rd - 34.86% (UNSOLD - 65.14%) 

w/e August 16th- 35.76% (UNSOLD - 64.24%)

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