Archive for October, 2010

“Foreclosures, Tax Sales, and Our Troubled Economy”

 

NILES TOWNSHIP LECTURE SERIES PRESENTS:

” Foreclosures, Tax Sales, and Our Troubled Economy”

 I have been invited to be part of the panel this Thursday, October 21, 2010, 7:00 pm.

As part of the panel I prepared the following information to share with people who will be attending the lecture.

Real Estate Market in Niles Township – 12 months

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

City Months Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price
Skokie 12 327 48 67 35% 129 $294,572
Morton Grove 12 174 23 49 41% 152 $273,883
Glenview 12 381 46 51 25% 211 $593,612
Niles 12 143 13 32 31% 201 $284,472
Lincolnwood 12 105 22 32 51% 188 $361,569

Real Estate Market in Niles Township – 24 months

The following data comes from the MLS. The author of this report makes no representation to the accuracy of the data provided by the MLS.

City Months Total Sales Short Sales Foreclosures % of Total Sales Market Time Avg Sale Price
Skokie 24 618 87 118 33% 145 $298,922
Morton Grove 24 311 47 71 38% 149 $287,633
Glenview 24 673 86 80 25% 215 $583,979
Niles 24 276 28 43 26% 194 $290,264
Lincolnwood 24 188 33 47 43% 186 $388,902

 

Summary and Conclusions:

Short Sales and Foreclosures continue to dominate the real estate market in Niles Township. During the past 12 months the total number of  sales is down compared to last year. This may be the result of several factors from loss of the  First Time Home Buyer Tax Credits, unemployment  in the area or the economy in general.

On a positive side the average sale price of homes is remaining stable. Huge price declines as a result of the number of foreclosures appears not to be affecting the Average Sale Price of Homes in the Township.

Written by Jack Lewitz | Discussion: No Comments »

Moratorium ..Does Not Mean Stop.. Rather Proceed with Caution..

thumbnailCA7X03SG Today I decided to check on the Foreclosure Moratorium in Illinois.

I  began my search at the  Cook County Sheriff Sale site. This site lists the time and location of all properties up for auction.

Today there are 106 Residential homes ( Single Family, Condominiums, and Townhomes)  up for Auction in Cook County.

While this may seem like a tricle it is not a complete halt. The Moratorium on Foreclosures includes the big banks (Chase, BOA, CitiMortgage, and Well Fargo)  not the smaller banks.

While some banks see  Red light when it comes to the Moratorium on Foreclosures other banks see Yellow and are proceeding with caution.

Written by Jack Lewitz | Discussion: No Comments »

The Blame Game in Real Estate.. When will it End?

 I think it is about time to stop pointing the finger and blaming each other for the housing market crisis we are in at this present time.

 Pointing fingers does not find solutions. It only perpetuates the problem.

The Truth is we are All to Blame. Homeowners took on too much debt,  Investors leveraged too much money, and Lenders took on  

too  much Risk.   Now that we know the Truth how can we solve the problem?

                                                Here are some simple solutions:

  • Home owners should reduce the amount of debt they owe and live within their means. This means reducing the amount of credit cards we own and use, pay with cash when we have a chance.
  • Investors should Leverage less and make sure the investment has a positive cash  Flow
  • Banks should take on less Risk, get out of owning Real Estate and do what they do best and that is lend money.

           

If we all work together on this we would be a lot better off than we are now. Lets try to end the Blame Game and call it a tie and find some Real Solutions to the Housing Market.

Written by Jack Lewitz | Discussion: No Comments »

Illinois Association of Realtors News Brief

Suspension of Foreclosure Activity
As you may have read in recent news reports or heard at the recent Legal Update at the IAR Convention, several banks/servicers have suspended foreclosure activities including GMAC, JPMorgan Chase and Bank of America. The Illinois Attorney General’s Office has issued letters to JPMorgan Chase and Ally/GMAC demanding meetings to address concerns that the companies have violated the state’s Consumer Fraud Act and reports about the accuracy of documents filed in foreclosure lawsuits. The Illinois Department of Financial and Professional Regulation also issued a statement.

According to IAR Chief Legal Counsel Steve Bochenek: “This moratorium will impact clients in different ways. A seller client will have a little more time to sell a house where the mortgage is in default. In addition, if the suspension lasts for long then the lenders/servicers might have some incentive to agree to a short sale. Buyer clients that may be in the process of purchasing REO properties will not be able to close until the suspension is lifted and so there may be some delay in closing a transaction, although we do not know how long. Also, buyer clients need to be advised to obtain title insurance to insure title to REO property they are purchasing. Clients that have rented properties that were then foreclosed on will have some additional time before they may be evicted. The key is that if any client of a brokerage company has a question as to how this suspension impacts them they need to talk to an attorney or call the Illinois Attorney General’s office.” The Attorney General’s Homeowners’ Referral Helpline is 1-866-544-7151.

Written by Jack Lewitz | Discussion: No Comments »

Moratorium on Foreclosures

thumbnailCABJXPF8 It is not surprising that we find another controversy when it comes to Home Foreclosures. The number of people being faced with foreclosure continues to be a problem and the banks do not have enough people to handle the problem.

If you have ever bought a home then you know the amount of paperwork involved. I have been to many real estate closings and never once have I seen an attorney read all of the mortgage documents word for word to his clients. If they did we would have 8 hour closings.

Now we have an incident where GMAC was accussed of not reading the documents and having someone “ROBO ” sign the foreclosure documents. This is a problem and Attorney Generals in many states are asking for a moratorium on all foreclosures. Many bankks are cooperating and are reviewing their foreclosure procedures.

I am not sure what will be the end result of all of this but I am sure things will just pile up.

Written by Jack Lewitz | Discussion: No Comments »

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