Archive for July, 2009
Unemployment in IL is the Number 1 Problem …
July 8th, 2009 categories: Just "My" Opinion, Local Markets
Every day I get asked the following question ” How is the Real Estate Market?” and then the follow up question is “When do you think it is going to get better?”
These are the two most difficult questions to answer because I do not have a crystal ball and I am not able to predict when the market will get better.
All I can say is the number 1 problem we face in Illinois appears to be the rise in unemployment through out our State.
According to the most recent May figures, the unemployment rate is now 10.1 percent. According to the Department of Employment Security there are now 671,400 unemployed people in Illiniois.
The State of Illinois has lost more jobs that it is creating. In fact 290,800 more people have lost their jobs since the beginning of the recession.
According to a recent Chicago Crains article dated April 9, 2009, Illinois companies plan to cut 2, 486 jobs.
Android Industries, LLC, an engine manufacturer, plans to cut 273 jobs.
AHS Food Company, a soybean processing company, plans to cut 246 jobs.
HSBC Finance Corporation, plans to cut 214 Illinois jobs
Northfield Laboratories announced 69 jobs are being cut.
RR Donnelly, announced 118 jobs are being cut
Motorolla announced 74 jobs are being cut in Libertyville.
As more people loose their jobs there will be a a rippling affect in the Illinois housing market.
People who loose their jobs will be unable to pay their mortgage on their homes and will not be able to refinance their mortgage or modify their loans with their lender.
I predict more home foreclosures and a longer recovery to the Housing Market in Illinois.
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NOTICE TO ILLINOIS RESIDENTS
July 6th, 2009 categories: Loan Modification
I am giving the link to a list of all the Hud Foreclosure Avoidance Counseling Offices.
On the left tab under Homes look for Avoid Foreclosure and Enter Page.
You will now be on a page that says Guide to Avoiding Foreclosures.
In the center you will see Get Help Now .
TALK TO A FORECLOSURE AVOIDANCE COUNSELOR.
Go to the Map of Illinois. From there you will be directed to All HUD Approved Foreclosure Avoidance Counseling Centers in the State of Illinois.
Please call an office near your home and make an appointment to speak with someone.
THIS SERVICE IS FREE…
DO NOT PAY SOMEONE TO HELP MODIFY YOUR LOAN.
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Foreclosures Are What People are Buying!!!
July 2nd, 2009 categories: For Buyers, Investing in Real Estate, Market Data
The second quarter statistics are showing that new Buyers are buying Foreclosures at a steady pace.
Almost 4 out of 10 sales in the second quarter of 2009 have been foreclosures.
The number of foreclosure continues to attract new home buyers.
| County | # of Single Family Sales | # of Short Sales | # of Bank Foreclosures | Percent of Total |
| Cook | 5606 | 426 | 2150 | 47 % |
| Lake | 1212 | 114 | 343 | 38% |
| McHenry | 578 | 79 | 140 | 38% |
| Dupage | 1363 | 233 | 137 | 37% |
| Kane | 796 | 93 | 204 | 37% |
| Will | 1216 | 127 | 398 | 43% |
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Why Do they Call it A Short Sale When it Takes Soooo Long?
July 1st, 2009 categories: For Buyers
I am often asked by buyers and agents “How Long will it take to get an answer from the Bank” on a short sale?
This is a difficult question because each bank is different.
Currently, I am going for a new record for the longest Short Sale. On July 7, 2009 it will be 1 year and I still do not have an approval from the bank.
During the past year a lot of things happened like:
August 2008: Olympic Games of the XXIX in Beijing, China, from August 8 to August 24, 2008.
Michael Phelps broke the records for most gold medals in one Olympics and for most career gold medals for an Olympian.
September 2008: Hurricane Hannah does $160 million damage in US.
Oct. 2008: The $700 billion bailout of nation’s battered financial industry is approved by Congress and signed by Bush.
Nov. 4: Obama wins presidency, says “Change has come to America”
December 2008: Appollo 8 celebrated 40 years since its historic flight around the moon.
January 2009: Barack Obama is the 44th President of the United States
February 2009: Slum Dog Millionaires wins the Oscars as “Best Picture” 
March 2009 Without more bailout money, GM says it will be broke by March 31
April 2009: Novel H1N1 (referred to as “swine flu” early on) is a new influenza virus causing illness in people. This new virus was first detected in people in the United States in April 2009. 
May 2009: Justice Souter decides to retire from the Supreme Court and Judge Sonia Sotomayor is picked by Obama as the Justice to replace Souter on the Court.
June 2009: Michael Jackson Dies and shocks the world.
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