More Assisted-Living Buildings Up In Chicago

April 27, 2009
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Senior citizens are set to benefit from the expected increase in the number of several assisted-living buildings in the Chicago area. This is in line with Illinois’ expansion program that will provide seniors an affordable alternative to high-cost nursing homes. Among those who would benefit from this are seniors who do not really need s4 hour supervision but only some occasional support.

There are 113 existing facilities all over the state under the Supportive Living Program, 36-more supportive living buildings in the Chicago Metropolitan area and a lot more being planned.

One of those who are set to move into one of these new facilities is 68-year old Phyllis Starks who is…

Mortgage Modification Only Appealing In Theory

April 27, 2009
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One of the solutions earmarked by the government to curb the rising number of foreclosures in the country is to encourage home mortgage modification. Notices of default or auction have been received for 800,000 homes during the first quarter alone which is a 9% increase compared to the same period last year. American CoreLogic Inc reported that one in every five mortgage is over the value of the property involved.

To lend a helping hand, legislators have established the Helping Families Save Their Homes Act of 2009 which aims to encourage lenders to go for mortgage modifications for troubled homes. The bill was passed by the House on March and is…

Greater Chicago Home Tour

April 27, 2009
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Chicago’s real estate business is back! This can be gleamed from the increase in the number of real estate activities in the area the latest of which is the Greater Chicago Home Tour that will be hosted by the Home Builder’s Association.  The Tour, which will take you to newly-built homes and newly-remodeled homes in scattered sites, is scheduled on May 2-3, 9-10 and 16-17 from 11 a.m. to 5 p.m.

The homes that will be shown during the Tour are priced from $200,000 to over $5 million. Included in the Tour are six homes from Toll Brothers located in Hawthorn Woods, South Barrington, Elgin and Morton Grove, two properties from…

Chicago Home Sales Come Alive

April 27, 2009
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Signs of life in the Chicago real estate market have been felt and this has resulted to some sort of optimism among industry players. Chicago home sales have started to slightly increase while the average prices of homes in the area have also increased compared to the previous months. Re/Max Edge real estate agent Mark Zipperer said it’s like rain coming after a drought—in comparison to his busy schedule of appointments just last week.

Real estate agents have noticed an increase in home sales in the past weeks and this is record validated with Illinois single-family homes and condominiums posting a gain for the second consecutive month.  The statewide average home…

15 Fishhawk Ranch Homes To Be Auctioned

April 27, 2009
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Sheldon Good and Company, Inc., is set to auction fifteen award-winning City Homes in time with the grand opening celebration of Park Square City Homes Phase Two. The two-level homes consisting of three and four bedrooms measuring from 2,158 and 2,716 square feet are all located in FishHawk Ranch.

The open outcry auction in June this year is a one time offering and will be held at the InterContinental Tampa Hotel in Kennedy Boulevard. If you are interested then go early as the registration will be at 12 noon with the auction starting at 1PM. Open houses are scheduled for preview on May 16, 17, 30, 31 and on June 6,.7…

Sheldon Good Bankruptcy Blamed on Exec

April 27, 2009
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Barely three months after Sheldon Good & Co chairman Steven Good committed suicide the company is dying as well and has filed bankruptcy protection under Chapter 11 for nine of its operating entities. The company seemed to still being hounded by the former CEO since company officials blamed the company’s near demise to Good’s improper actions.

Steven Good committed suicide in January this year and only after that did the debtors discovered that substantial amounts have been withdrawn by Good from their operating accounts leaving them without reserves during one of the worst economic recessions. In the bankruptcy filing Company President Alan Kravets said Good’s misappropriation has decreased the operating capital…

Four States Top Foreclosure Rates

April 26, 2009
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Majority of the cities that have experienced the greatest number of foreclosures are those found in four states namely Arizona, Florida, California and Nevada. These states are the location of the 26 cities with the worst foreclosure problems in the United States today. RealtyTrac Inc. reported that the highest foreclosure rates were in Florida’s Cape Coral-Fort Myers area and in California’s Las Vegas and Merced areas.

There is also a great increase in foreclosure rates in other metro areas in California including Bakersfield, Riverside, Stockton, Vallejo-Fairfield and Modesto and in metro areas in Florida including Port St. Lucie and Phoenix.

There is a 24% increase in the number of American households that…

Canada Feeling The Real Estate Crisis

April 26, 2009
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It is not only the United States that’s feeling the real estate and economic crunch. Even Canada is beginning to experience the effects of the economic recession in terms of an increase in the number of available properties and sublet space in major cities. Colliers International attributed Canada’s real estate problems to the recent job losses and economic slowdown.

Canadian firms are starting to reorganize their business operations by reducing the number of leased space that was earmarked for future growth and expansion. The companies are hoping to endure the financial crisis by giving up extra commercial space to the detriment of the commercial real estate sector.

At least 19.5% f the…

Pressure Rising At Freddie Mac With CFO Suicide

April 26, 2009
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The bubble burst in the real estate sector as resulted not only to dislocation of families experiencing foreclosures but more significantly it has resulted to the loss of lives of people who are directly involved in the real estate industry. The latest casualty of the crisis is mortgage-giant Freddie Mac’s chief financial officer Davir Kellerman who was found dead in his home basement last Wednesday.

The 41-year old Kellerman, who has been with Freddie Mac for 16 years prior to his being named acting chief financial officer last September, was said to have committed suicide by hanging himself. Kellerman is an addition to the long list of professionals working in the…