Tag: foreclosure

Cloudy with a High Probability of Short Sales: Get Ready for More

CNBC is reporting that banks may be changing their tunes once we realize the full impact of foreclosures on their books. Here’s the breakdown…. Why would banks prefer a short sale? According to Fitch, CNBC’s source, short sales experiene a 10% higher recovery rate. “Loss severities on distressed U.S. residential mortgage loans are likely to... Read more »

Spire: Still Dead

Image courtesy Curbed Chicago Blink and you may have missed it.  For those of you still holding on to the belief that unicorns are real and that the Chicago Spire still may be built…. I am sorry. Unicorns are real but, the Spire is done.  The Irish developer grasping at straws has finally lost control... Read more »

Chicago Ranks #3 in Foreclosed Homes: What Does This Mean for Our Market and You

Chicago is quickly becoming one of the foreclosure capitals of this country.  On Friday, Crain’s reported that Chicago had the third most homes repossessed by lenders for the third quarter.  (Following Phoenix and Miami).  Why is this reason for concern? If You Own:If many of your neighbors are going into foreclosure, you need to re-examine... Read more »

Live in Cook County? Some Temporary Foreclosure Relief

Chicagoist.com is reporting that Cook County Sheriff Tom Dart will not be enforcing foreclosure evictions for the time being.  Specifically from foreclosures related to Bank of America, Chase, and GMAC, This is not the first time Dart has done this: Two years ago, Dart halted evictions after it was discovered that banks were not sending... Read more »

Foreclosure Halt Over? GMAC and B of A Resume

The Wall Street Journal is reporting that both Bank of America and GMAC plan to resume foreclosures after finding no serious issues in their process.  Monday’s moves are part of a growing counterattack by lenders scrambling to stem a financial and political threat over allegations that certain employees signed hundreds of documents a day without... Read more »

Block 37: #2 On Our List of Disappointing Developments

Credit: Mark Mumford Block 37 was over budget, behind schedule, and now seemingly stalled. Many high-profile tenants have backed out leaving the many areas of the mall deserted.  The developer, Joseph Freed & Associates, is desperately fighting the clock and the legal system to salvage their stake in the property. Crains Chicago reported yesterday that... Read more »

The Chicago Spire: Dead In The Water

Courtesy of StructureHub Who doesn’t want an 80 foot deep hole just off of Lake Shore Drive?  Chicagoans are hoping someone does… The anticipation for the Fordham Chicago Spire was nothing short of a frenzy.  Unfortunately, Calatrava’s masterpiece quickly lost momentum as international investors hesitated to jump on the bandwagon.  Shelbourne still held strong and... Read more »

Bank of America Halts Foreclosures

On Friday, B of A announced that they too will be halting foreclosures to review foreclosure documentation.  This freeze affects 23 states including Illinois. For the full article click here

The Trouble With Trulia: Finding A Better Property Search

I’m all about the free exchange of information.  I have a problem when the information is wrong. Websites like Trulia and Zillow received significant press from their inception and were seen as the new way to research real estate.  Unfortunately, as nice as their features appear, the property search results they generate are often outdated... Read more »