Morning Minute: Mandatory residential fire sprinklers voted down in Gurnee

by Stephanie SieversApril 18, 2012

The Gurnee Village Board has voted down a proposal that would have required the installation of residential fire sprinklers in newly constructed homes. Illinois REALTORS® have advocated against mandating sprinklers, saying installation should be optional, allowing the homeowner to make the choice. Howard Handler, a governmental affairs director for the Illinois Association of REALTORS®, told [...]

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Alonzo, HUD secretary take part in Chicago housing conference

by Jon BroadbooksApril 17, 2012

IAR President President Loretta Alonzo, CRB, GRI, took part in the Illinois Governors Conference on Affordable Housing this week at Navy Pier with HUD Secretary Shaun Donovan (right). Alonzo moderated a session on loan products available throughout the state that can help first-time buyers, veterans, and others to purchase properties and enjoy homeownership while contributing in the [...]

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Two North Shore firms announce merger

by Jon BroadbooksApril 17, 2012

@properties and Chambers Cross & Associates are joining forces. Chambers Cross & Associates is based in Winnetka, and was founded in 1993. The firm primarily dealt with upscale properties. (Chicago Agent) Debate rages over tear-downs on North Shore Older properties are targeted as owners seek to build anew. Longtime residents say the move could alter [...]

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News roundup: Chicago’s upscale condo market thriving

by Jon BroadbooksApril 16, 2012

Condo owners in some locations have actually seen property appreciate as the Windy City recovers from a housing slump. Many of the units in the Trump International Hotel and Tower have been resold for more than the purchase price. Interesting observations: Chicago a heard sell for foreign buyers. Most seem to be wealthy U.S. residents. [...]

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NAR Collaborates with U.S. Treasury on Short Sale “Help for Homeowners” events in Chicago

by Jon BroadbooksApril 13, 2012

A new National Association of Realtors® collaboration with the U.S. Department of the Treasury will help Realtors® in the Chicago area better assist clients who are struggling to sell their homes in a short sale and help homeowners explore options to solve their mortgage problems. Realtors® who attend an upcoming Making Home Affordable “Help for [...]

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RealtyTrac: Illinois among states with highest foreclosure activity

by Jon BroadbooksApril 12, 2012

One in 141 housing units in Illinois are in foreclosure, according to RealtyTrac’s monthly report. Illinois joins California and Florida with the highest numbers of foreclosures in the nation. According to the report: “Illinois foreclosure activity increased 17 percent from the previous quarter and was up 14 percent from the first quarter of 2011, helping the [...]

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‘Quick-take’ effort could speed new Chicago-area highway

by Jon BroadbooksApril 11, 2012

The Illinois House is considering a measure that would speed the process by which land could be seized through eminent domain. The measure, which has passed the Senate, could speed construction of the proposed Illiana Expressway. According to the Chicago Tribune story: “There’s no question property can be condemned for a highway. The state or whoever is [...]

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Housing inventory plunges in U.S. metropolitan areas

by Jon BroadbooksApril 10, 2012

Data from the National Association of REALTORS® and other sources indicate a 20.4 percent decline in housing inventory from 2011 levels. Also, article notes that there are some issues with “shadow” inventories where many people have opted not to put their houses on the market because of the price they might reasonably expect to get. See [...]

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FHA fees to increase today

by Jon BroadbooksApril 9, 2012

According to the National Association of REALTORS®, the upfront insurance premium for FHA-insured mortgages will increase .75 percentage points today from 1 percent to 1.75 percent. Annual FHA insurance premiums will go up a tenth of a percentage point. Lear more here and here.

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Morning minute: Have-to sales help fuel real estate market

by Jon BroadbooksApril 9, 2012

‘Dream market’ seen for homebuyers Sellers fall into two groups, according to article:  Those who have owned for 10 years and still can get a return on investment, and those who are selling under stress. IAR’s President Loretta Alonzo is quoted, and she says : “The traditional seller, unless they have to sell their house, [...]

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