REO Inventory increased in May

In my market area, active REO listings increased 12.3% over April.
Pending listings (under contract, no contingencies) increased 95.6%
Closed listings decreased 43.5%
As inventory increases, banks seem to be a little more flexible on pricing; look for a huge jump in closings during June.

Banks back away from investor loans

At a meeting today, I learned that First American Bank has temporarily suspended investor real estate financing, as has First Bank. 
Looks like lenders are retrenching; possibly because loan portfolios are too heavily skewed toward investment products.
I wonder how many other banks are pulling back as well?
Local banks will probably hang in there and may be the [...]

Case study: 1012 Glenwood, Waukegan

From the street, this 1950s 4-bedroom, 2-bath home looks harmless enough. Currently priced at $109,500, that works out to only $78.66 per square foot.
Follow the driveway to the rear of the house, and you begin to see potential problems; the driveway is cracked, the flat-roofed room addition is badly deteriorated.
Add those concerns to the poor [...]

Round Lake Q&A

Is there any particular reason why so many houses are for sale in Round Lake?  What are their schools like?
As you probably know, Round Lake is surrounded by Round Lake Beach, RL Park and RL Heights. The RL area is the fourth most affordable in Lake County. Wikipedia may be helpful: http://en.wikipedia.org/wiki/Round_Lake,_Illinois. At Tuesday’s LCPIA meeting, [...]

Case not closed

By Mary Umberger | Chicago Tribune | April 13, 2008
‘Foreclosure” may turn out to be the watchword of our decade, a process touching the lives of countless people—from the neighbor down the block to the investment banker on Wall Street.
But for something that’s becoming so common —Treasury Secretary Henry Paulson says he expects 2 million [...]

Good? News From Zillow

Today’s e-mail from “Zillow Buzz”
Home Value Trends in Mundelein
According to Zillow’s latest Home Value Report, home values in Mundelein decreased 7.5% in the first quarter of 2008, compared to the first quarter of 2007. Nationally, single-family home values decreased 7.5% while condo values declined 9.0% during this same period. Use this information to help keep [...]

The “multiple offer” fiction

From the National Association of Realtors Code of Ethics:
Article 1
When representing a buyer, seller, landlord, tenant, or other client as an
agent, REALTORS® pledge themselves to protect and promote the
interests of their client. This obligation to the client is primary, but it
does not relieve REALTORS® of their obligation to treat all parties
honestly. When serving a buyer, [...]

Waukegan man accused of stealing copper

News-Sun Staff Report | May 6, 2008
Police, investigating a reported burgary in the 800 block of Franklin Street, spotted a suspect and chased him. The suspect was captured with the help of a K-9 officer and his dog near Jackson Street and Grand Avenue, Walles said.
Waukegan police arrested a 40-year-old man Monday morning after he [...]

Why Are Short Sales So Troublesome?

Short sales seem like a win-win for everyone involved, but as real estate professionals know, short sales can be hard to pull off. It can take months for the mortgage company to respond to an offer, and the lender or lenders often balk at the price.
Why doesn’t the process go more smoothly when it seems [...]

REO Inventory increased in April

In my market area, active REO listings increased 3.8% over March.
Pending listings (under contract, no contingencies) decreased 25.8%
Closed listings decreased 4.2%
Banks seemed to dig in their heels during the month of April, refusing to meet our buyers’ offers or even negotiate. It looks like other investors were treated in a similar fashion.
Look for continued inventory [...]