Archive for October 2010

Why Short Sales Take So Long: If Banks Ran Restaurants

  This is the second of my two part series on why short sales take so long. That first post was very factual and may have lost the less patient readers as it dragged them through the muck that is a short sale. So here is a rewrite of that post from the perspective of... Read more »

Falling Home Prices Are Back For Chicago

The Chicago Case Shiller home price index just came out for August and it looks like the decline is back – one month earlier than I originally predicted. Now, you may read elsewhere that home prices were actually up in Chicago and that would sort of be true but there’s more to the story. The... Read more »

Is The Mortgage Interest Deduction Doomed?

I’ve never quite understood why home mortgage interest is tax deductible. It seems to me like the government shouldn’t be in the business of subsidizing people’s lifestyles – the bigger the home that you buy the bigger the subsidy you get. And this is unlike any other purchase you make. If you buy your groceries... Read more »

Why Short Sales Take So Long: Real Examples

Why Short Sales Take So Long: Real Examples
A common question for buyers, sellers, and real estate professionals is why short sales take so long. After my last couple of trips to hell and back on the short sale train I swore I was going to document the range of problems that slow down the process for posterity. I’ve spent the better part... Read more »

All The Confusion About Foreclosure Procedures Is Very Confusing

As you probably have heard there is a lot of concern lately about several banks that may have improperly foreclosed upon certain homes. The big names in this fiasco are Bank Of America, JP Morgan Chase, GMAC, and PNC Financial. These banks are so concerned about whether or not they have the proper procedures in... Read more »

Chicago Foreclosure Activity Continues To Surpass 2009 Levels

RealtyTrac just released their foreclosure stats for September and it shows that Chicago foreclosure activity continues to run way ahead of 2009. To be exact, September activity was 69% higher than last September, though it was actually down slightly from July and August. However, at this point I don’t have any reason to believe that... Read more »

Chicago Home Sales Fall Even Further In September

In about 2 1/2 weeks the Illinois Association of Realtors will report on September home sales for Chicago. However, I can tell you right now that September is going to be even uglier than August was. If you will recall, August home sales for Chicago came in 22.9% below the previous year and that was... Read more »

Historic Victorian Landmark Mansion Now $599K

Historic Victorian Landmark Mansion Now $599K
I see a lot of homes so it’s not often that I find a home that I get emotional about and can’t tear myself away from. But it happened on Saturday when I had the privilege of touring an historic landmark mansion that is for sale at 2801 S. Prairie in the Douglas neighborhood. It... Read more »