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Here are some current topics relevant in the Chicagoland real estate market. Contributors include the Appraisal Podcasts, Chicago Business - Appraisal Research Counselors and the Appraisal Scoop. To keep up to date, please check back here often.
The downtown Chicago condo market is bad all over, but it's worse in the neighborhood that was hottest during the building boom: the South Loop.
Builders will complete 2,147 condos in the South Loop this year, a 66% increase over 2008 and nearly half the total for all of downtown Chicago, .....Read More
Sales of new homes downtown are grinding to a halt, casting doubts over when the market for trendy condominiums and townhouses will begin to recover.
New-home sales plummeted 73% to a record-low 685 units during the first six months of this year, compared with 2,443 units in the first half of .....Read More
With rents and occupancy at record highs, downtown apartment landlords are in the middle of a boom likely to last until early 2008, when a wave of new developments hits the market.
DOWNTOWN RENTALS CRUISEThe downtown apartment market is coasting at a lofty level, with rents and occupancy rates .....Read More
(Crain’s) — While the apartment market remains strong in Chicago and the suburbs, downtown condominium sales fell for a second straight quarter, raising concerns that a number of proposed high-rises may ultimately be scrapped.
Condo sales in new buildings fell to about 700 in the third .....Read More
Amid rising occupancies and rents, the downtown apartment market is on the verge of its biggest construction boom in nearly 20 years.
Developers will add more than 1,250 apartments to the downtown market this year and are working on plans to build as many as 8,000 units over the next four years, .....Read More
Downtown condominium developers limped through yet another quarter, but they have at least one reason to be thankful: The great condo building boom is coming to an end.
For the past three years, downtown developers have built more condos than they have sold, the result of overexuberance and an .....Read More
It was typical of many developers during the tail end of the housing boom to offer an iPod, flat-screen TV or an even bigger goodie to lure buyers into new townhouses or condominiums.
Today, those types of incentives are largely a thing of the past much like the boom itself. But even in a .....Read More
The downtown Chicago condo market is bad all over, but it's worse in the neighborhood that was hottest during the building boom: the South Loop.
Builders will complete 2,147 condos in the South Loop this year, a 66% increase over 2008 and nearly half the total for all of downtown Chicago, .....Read More
After enjoying strong rent hikes for three years, Chicago's downtown apartment landlords are finding life a bit tougher in 2008.
Effective rents at high-end downtown buildings fell 2.2% to $2.26 per square foot in the third quarter from $2.31 in the second, putting them down 3.8% from an all-time .....Read More
Sales of new homes downtown are grinding to a halt, casting doubts over when the market for trendy condominiums and townhouses will begin to recover.
New-home sales plummeted 73% to a record-low 685 units during the first six months of this year, compared with 2,443 units in the first half of .....Read More
To: ICAP Members From: Jim Blaydes ICAP President Re: LEGISLATIVE ALERT- Call Your State Representative IMMEDIATELY and urge them to vote YES for House Bill 5868 – AMC Regulation Your help is urgently needed. Please contact your State Representative and...
"The government sponsored enterprises (GSE), Fannie Mae and Freddie Mac, recently updated their Home Valuation Code of Conduct (HVCC) frequently asked questions (FAQ). Both GSEs state that while there may be some differences with two sets of FAQs in terms...
"We have all heard complaints concerning appraised values being lower than selling prices in today’s recessionary environment. The buyer wants to buy a property and the lender wants to make a loan, but the appraisal stands in the way. There...
The nation’s largest professional organizations of real estate appraisers have set forth a list of business-related principles that they say appraisal management companies should adopt and advocate. The exposure draft of “Appraiser and Management Company Statement of Principles,” released March...
Dear Chief Justice Parraguirre: On behalf of the 35,000 members of our respective professional appraisal organizations, including several hundred members in Nevada, we are writing to oppose the proposed change to Rule 7(2.) of the Nevada Foreclosure Mediation Program (FMP)...
Guest Author: Mark R. Linné, is Executive Vice President of AppraisalWorld, an innovative provider of advanced valuation technology for appraisers. He is a veteran appraiser who has focused on technology, data and valuation modeling and their roles in appraisal practice....
OXFORD, Miss., Mar 15, 2010 (BUSINESS WIRE) -- Mortgage technology company FNC Inc. will host a free webinar to discuss Fannie Mae's initiative requiring mortgage lenders to provide appraisal information as electronic data. via www.marketwatch.com The webinar begins at 1...
AUTHOR: Ken Verrett: The author is the owner of Acorn Appraisal Associates, a 24 year old firm offering a wide range of quality appraisal services to the Financial and Business Communities. I'm sure we all read the Coester Survey link...
The National Association of Realtors (NAR) is contesting claims, made by the Appraisal Institute last week, against the use of broker price opinions (BPOs) in the upcoming Make Home Affordable Foreclosure Alternatives (HAFA) short sale program. NAR asserts that when...
It's been a while since we've posted anything about Zaio and their efforts to collect the sales history of each U.S. parcel into a data base capable of developing individual property valuation data and trends for the each of the...
" At a time when affordable housing already is in short supply, the financial demise of a local nonprofit threatened to rob Duluth of 93 rental units. But what could have been an ugly ending was averted through a cooperative effort that enabled Duluth to retain 88 of those affordable housing units....Read More
" The value of the biggest single investment that most Lovelanders make is holding steady after two bumpy years of decline, at least according to one new report on home prices....Read More
" Loan Modifications can be a way to save your home from an imminent foreclosure. It will also affect your credit score, and this could affect your chances of getting another loan or when applying for a job. This makes many people think twice before applying for a loan modification. The truth is that you could end up without being accepted for a lo...Read More
"The Federal Reserve Board removed an exemption it had given to six banks at the start of the crisis in 2007 aimed at boosting liquidity in financing markets for securities backed by mortgage- and asset-backed securities....Read More
"Fitch Ratings suggests that the US and the UK need to cut their primary budget deficits by 6-7 percentage points of GDP to be sure of maintaining their AAA sovereign debt ratings....Read More
"Loan defaults for U.S. hotel CMBS show no signs of slowing down as a large concentration of loans come due next year and in 2012 , according to Fitch Ratings....Read More
"Rarely has a public figure's reputation suffered a reversal as dramatic as Alan Greenspan's. When he left the Federal Reserve in early 2006 after nearly 19 years as chairman, he was hailed as the "maestro" and credited with steering the country through numerous economic shoals. Four years later, his policies are widely blamed for fostering the 200...Read More
``Remember “The Boy Who Cried Wolf”? Unfortunately we’ve ran into a situation that’s quite similar. The mortgage industry and media have hollered rates are rising, lock now! Today consumers don’t seem to believe and rightfully so, but this time around the wolf (rise in rates) could be real.'...Read More
" Next step for the Fed weasels - petitioning the Supreme Court in an attempt to completely trample America's constitution. In the meantime, Mark Pittman smiles from above as Satan reevaluates the amend and extend provisions of his affirmative covenants with the Fed....Read More
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