Laws & Taxes

Laws & Taxes

Illinois Housing Market Gains Ground in 2010 in a Tough Economy

SPRINGFIELD, IL - February 10, 2011 - (RealEstateRama) -- The Chicagoland region ended 2010 nearly even with home sales in 2009 while statewide the Illinois housing market continued to ride out the turbulent economic times boosted by sales from the homebuyer tax credits. For the year, statewide total home sales (single family homes and condominiums) were down 3.8 percent in 2010 with 103,710 homes sold compared to 107,782 sales in 2009; in the nine-county Chicagoland PMSA, home sales reached 69,010, off just -0.5 percent from 69,367 home sales in 2009

Illinois Median Home Price Remains Stable Three Straight Months

SPRINGFIELD, IL - December 22, 2010 - (RealEstateRama) -- Economic and seasonal factors and a residual tax credit effect impacted home sales in November while prices held steady for three consecutive months with half of Illinois counties reporting posting a median price increase or no change from a year ago. According to the Illinois Association of REALTORS® latest report, statewide total home sales (single family and condominiums) were down 3.5 percent year-to-date January through November 2010 with 95,973 home sales posted compared to 99,494 home sales for the same period in 2009. For the month of November home sales totaled 6,884, down 34.5 percent from 10,505 home sales in November 2009

Tax Credit Effect Evident in Illinois Third Quarter Home Sales Sales Down 24.0 Percent,...

SPRINGFIELD, IL - November 10, 2010 - (RealEstateRama) -- More than half of Illinois counties reported gains in the median home sale price during the third quarter of 2010 compared to a year ago despite the post-tax credit slowdown in sales activity. According to the Illinois Association of REALTORS® (IAR) third quarter 2010 report, Illinois home sales (which include single-family homes and condominiums) totaled 24,628 in the third quarter, down 24.9 percent from 32,776 home sales in the same period a year ago. The third quarter statewide median home sale price was $154,000, down 6.1 percent from $164,000 in the third quarter of 2009. The median is a typical market price where half the homes sold for more, half sold for less.

Governor Quinn Announces Housing Tax Credits For Elgin Arts Community

ELGIN, IL - September 21, 2010 - (RealEstateRama) -- Governor Pat Quinn today announced the state has committed federal Low-Income Housing Tax Credits to finance a planned creative arts community in downtown suburban Elgin. The new Artspace development will provide affordable housing and will support Elgin’s arts community. The project is expected to create approximately 100 construction jobs

Jaclyn J. Janssen Joins Pircher, Nichols & Meeks as Litigation Attorney

Chicago, IL - August 24, 2010 - (RealEstateRama) -- Jaclyn Janssen has joined the national real estate law firm Pircher, Nichols & Meeks as a litigation attorney within its Chicago office. In her new position, she will focus on litigating matters in the areas of real estate development, acquisitions, dispositions, financing, leasing, foreclosures and constructions.

Post-Tax Credit Pause in Illinois Home Sales Activity for July

SPRINGFIELD, IL - August 24, 2010 - (RealEstateRama) -- After nearly a full year of home sales gains statewide, the rush to meet the homebuyer tax credit deadline combined with weak job and economic reports led to a lull in Illinois home sales activity in July. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in July 2010 were down 29.7 percent, totaling 8,135 homes sold compared to July 2009 sales of 11,566 homes. The median price in July 2010 was $160,000, down 4.3 percent from $167,185 in July 2009. The median is a typical market price where half the homes sold for more, half sold for less.

Governor Quinn Signs Major Property Tax Legislation to Benefit Millions of Illinois Homeowners

CHICAGO, IL - August 2, 2010 - (RealEstateRama) -- August 1, 2010. Governor Pat Quinn today signed a bill into law to reform property assessments for millions of Illinois homeowners and provide property tax relief for Cook County residents.

Governor Quinn Signs Legislation to Protect Homeowners

SPRINGFIELD, IL - July 13, 2010 - (RealEstateRama) -- July 12, 2010. Governor Pat Quinn today signed two bills into law that will protect consumers from deceptive home repair and remodeling practices. Senate Bill 3645 and Senate Bill 2540 protect homeowners and individuals who have disabilities from fraudulent home repair projects

Foster votes to extend homebuyer tax credit

Washington, DC - June 30, 2010 - (RealEstateRama) -- Rep. Bill Foster (IL-14) voted to pass legislation that would extend the closing deadline for the homebuyer tax credit, benefiting families who are in the process of purchasing a home.

Governor Quinn Signs Law to Provide State Tax Credit for Renovation of Peoria Landmark

PEORIA, IL - June 21, 2010 - (RealEstateRama) -- Governor Pat Quinn today signed a bill into law that will create a pilot program to provide a state tax credit for the renovation of the historic Hotel Pere Marquette in downtown Peoria. The project is expected to generate 1,000 jobs and lead to economic benefits for central Illinois.

Governor Quinn Introduces Homeowner’s Property Tax Relief Initiative of 2010

CHICAGO, IL - May 3, 2010 - (RealEstateRama) -- Governor Pat Quinn today unveiled legislation that will provide extensive and much-needed property tax relief to millions of taxpayers while also pressing for greater citizen participation and openness in the tax assessment process.

Time Is Running Out to Take Advantage of Homebuyer Tax Credit Nationwide Open...

SPRINGFIELD, IL - April 6, 2010 - (RealEstateRama) -- The popular homebuyer tax credit, which has benefited millions of first-time and move-up buyers purchasing a new home, will soon come to an end. Potential homebuyers need to move quickly if they want to take advantage of the federal tax credit before it expires April 30, 2010

First-time buyers dominate Illinois housing market

More than half of home buyers in the 2009 Profile of Illinois Home Buyers and Sellers were first-time buyers, due in large part to the first-time homebuyer tax credit stimulus and increased affordability in home prices in the last year. The survey results released by the Illinois Association of REALTORS® (IAR) found 51% of buyers were first-time buyers, compared to 47% nationwide (a figure which has averaged closer to 40% nationwide since 2001). When asked about the primary reason for timing of the home purchase, 46% of first-time buyers said it was just the right time.

Illinois Home Sales Record Major Gains in November from a Year Ago Sales...

SPRINGFIELD, IL - December 22, 2009 - (RealEstateRama) -- Pent-up buyer demand plus low interest rates and the homebuyer tax credit incentive yielded a second month of double-digit gains for Illinois home sales in November, in stark contrast to home sales one year ago in November 2008. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in November 2009 reached 10,361 homes sold, up 64.0 percent from November 2008 sales of 6,317, marking the third consecutive month of year-over-year sales increases in Illinois. The statewide median price in November 2009 was $155,000 down 4.3 percent from $162,000 in November 2008. The median is a typical market price where half the homes sold for more, half sold for less

Four Suburban Men Charged in Mortgage Fraud Scheme

December 18, 2009 - (RealEstateRama) -- Robert D. Grant, Special Agent-in-Charge of the Chicago office of the Federal Bureau of Investigation (FBI) and Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois, announced today the filing of criminal charges against four west suburban men in connection with a mortgage fraud scheme.

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Investigation by CHA and HUD Inspectors General ends with guilty plea...

The Chicago Housing Authority will receive restitution for money stolen by a former contractor and her husband after the pair pleaded guilty to stealing funds intended for the Housing Choice Voucher (HCV) program, a crime that was exposed following an investigation by the CHA’s Office of the Inspector General.

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The Boulder Group Arranges Sale of an GSA Building in the...

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Internal Revenue Service (IRS) office building located at 14479 S. John Humphrey Drive in Orland Park, IL for $3,250,000.

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Quigley Fights to Expand Affordable Housing and Protect Vital Infrastructure Investments

Today, U.S. Representative Mike Quigley (IL-05) fought to expand federal housing assistance and protect funding and eligibility for vital infrastructure programs that improve the economy and support local communities, including projects in Chicago and Cook County. His efforts come as the House Appropriations Committee considers the FY15 Transportation, Housing and Urban Development (THUD) Appropriations bill Fisher Investments Jay Carlson