Yearly Archives: 2009

Illinois Moves to Nationwide Mortgage Licensing System

CHICAGO, IL - December 30, 2009 - (RealEstateRama) -- The Illinois Department of Financial and Professional Regulation (IDFPR) announced today that starting January 4, 2010 mortgage brokers and mortgage bankers will use the Nationwide Mortgage Licensing System (NMLS) for license applications and renewals. Loan originators will also begin transitioning onto the NMLS for their new individual licensing credentials required in 2010. The national data base ensures that any mortgage loan professionals moving to Illinois will be able to demonstrate competency and a record clear of disciplinary actions in any other state in the nation.

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.

IAR Releases 2010 Illinois Housing Market Forecast

Springfield, IL - December 15, 2009 - (RealEstateRama) -- More optimism in terms of year-over-year home sales increases is projected in 2010 while the declines in median prices continue but at a lower rate of decline, according to the 2010 Illinois Housing Market Forecast released by the Illinois Association of REALTORS® and prepared by economists from the University of Illinois Regional Economics Applications Laboratory (REAL).

Quigley Hears Constituent Horror Stories, Drafts Measure Demanding Honesty from Mortgage Lenders

Amendment to Wall Street reform bill will shine light on loan modification process, help working families get straight answers, and prohibit egregious delay tactics or non-disclosure. WASHINGTON, DC - December 10, 2009 - (RealEstateRama) -- Today, Congressman Mike Quigley (D-IL) offered an amendment to provide greater fairness and transparency to homeowners who may have been improperly denied a loan modification on their mortgage without any explanation. The measure, an amendment to H.R. 4173 – the Wall Street Reform and Consumer Protection Act of 2009, was in direct response to horror stories shared by constituents and taxpayers across the country. Quigley’s amendment has the strong support of a broad coalition of consumer advocates, including the NAACP, AFL-CIO, and National Fair Housing Alliance

Homeowners, Veterans & Small Businesses Benefit from Halvorson Sponsored Provisions in Tax Credit Bill

December 10, 2009 - (RealEstateRama) -- Working to reduce burdens on our families, small businesses, and veterans, Rep. Debbie Halvorson (IL-11) today voted to pass the Tax Extenders Act of 2009, H.R.4213, which would extend a number of tax relief provisions through 2010.The Tax Extenders Act of 2009 contains three pieces of individual legislation sponsored by Halvorson, which were included into the larger bill. The first, H.R. 2146, would extend an additional standard deduction for state and local real property taxes for homeowners, which would save homeowners money on their tax returns.

Quigley Rolls Up Sleeves to Help Weatherize Seniors’ Homes

CHICAGO, IL - December 7, 2009 - (RealEstateRama) -- Congressman Mike Quigley (D-IL) and his staff recently volunteered with the Young Leaders of Korean American Community Services (KACS) at an event to weatherize over a hundred living units for local senior residents

Pent-Up Demand and Tax Credit Drive October Home Sales Rally Sales Up 24.2% Statewide...

SPRINGFIELD, IL - November 23, 2009 - (RealEstateRama) -- Illinois home sales took a double-digit jump in October as buyers took advantage of unprecedented buyer-market conditions with record low mortgage interest rates, affordable home prices and the federal first-time homebuyer tax credit. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in October 2009 reached 10,986 homes sold, up 24.2 percent from October 2008 sales of 8,846. The Illinois median price in October 2009 was $157,000 down 7.6 percent from $170,000 in October 2008. The median is a typical market price where half the homes sold for more, half sold for less

$1.4M Grant to Provide Free Foreclosure Mitigation Counseling to Struggling Homeowners

CHICAGO, IL - November 20, 2009 - (RealEstateRama) -- Today, the Illinois Housing Development Authority (IHDA) Board of Directors approved allocating a $1.4 million federal grant to fund free foreclosure counseling help for homeowners throughout Illinois

State pays nearly $78,000 to Illinois homeowners hurt by American Escrow closure

CHICAGO, IL - November 18, 2009 - (RealEstateRama) -- Thirty-four Illinois homeowners were made whole this month when the Illinois Department of Financial and Professional Regulation (IDFPR) repaid all the money lost from their escrow funds earlier this year. The homeowners were in default for taxes and insurance coverage after Chicago-based American Escrow, LLC went out of business without making the obligatory property tax and insurance payments from their escrow accounts.

Illinois Department of Veterans’ Affairs brings awareness to homeless Vets at Prince Home ...

MANTENO, IL - November 16, 2009 - (RealEstateRama) -- The Illinois Department of Veterans’ Affairs (IDVA) held an open house today at the Prince Home at Manteno to bring awareness to the resources the State of Illinois provides for homeless and disabled veterans. IDVA Director Dan Grant was joined by State Rep. Lisa Dugan (D-Kankakee) and State Sen. Toi Hutchinson (D-Chicago Heights) at the facility, which was the first in Illinois to provide permanent supportive housing for homeless veterans.

Illinois Third Quarter Home Sales a Bright Spot in 2009 Statewide Median Price at...

SPRINGFIELD, IL - November 9, 2009 - (RealEstateRama) -- The first-time buyer tax credit built third-quarter momentum as home sales marked the first positive year-over-year increase in more than three years while price declines moderated but continued to be influenced by entry-level and distressed sales, according to the Illinois Association of REALTORS® (IAR). Statewide home sales (which include single-family and condominiums) totaled 32,460, up 0.3 percent from 32,358 home sales in the third quarter of 2008. The third quarter median home sale price was $165,000, down 12.9 percent from $189,500 in the third quarter of 2008. The median is a typical market price where half the homes sold for more, half sold for less.

Rep. Foster Votes to Extend and Expand Homebuyer Tax Credit, Extend Unemployment Benefits

Washington, DC - November 6, 2009 - (RealEstateRama) -- Rep. Bill Foster (IL-14) voted in favor of the Emergency Unemployment Compensation Extension Act, H.R. 3548, to provide aid to those hurt by the economic recession and to continue his efforts to stimulate the economy. The bill passed by a bipartisan vote of 403-12, and now goes to the President for his signature

Davis Supports Extension of Unemployment Benefits, Home Buyer Credit and Small Business Net Operating...

November 6, 2009 - (RealEstateRama) -- Congressman Danny K. Davis (D-IL07) today spoke out for, and voted in favor of, extending Unemployment Benefits, the Home Buyer Credit and a Small Business Net Operating Loss Carryback. The vote today approved amendments added by the Senate to the legislation passed by the House of Representatives six weeks ago. The legislation is expected to be signed by President Obama tomorrow. The provisions of the bill include the following.

Rep. Halvorson Votes to Extend Homebuyer Tax Credit, Unemployment Insurance

November 6, 2009 - (RealEstateRama) -- Working to help those hardest hit by the struggling economy, and provide greater opportunities to realize the American dream, Rep. Debbie Halvorson (IL-11) today voted to pass the bipartisan Emergency Unemployment Compensation Extension Act."All across our district our friends and neighbors are in danger of losing their unemployment benefits, and our economy is struggling to recover, this bill is a big step in turning that around," said Halvorson. "By extending these benefits we are helping our communities today so they can be stronger and more prosperous tomorrow.


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.


Make Your Garage Door Quieter

How to Make Your Garage Door Quieter

Did you know that the structural noise from a garage can be anywhere from 5 decibels to 20 decibels above the background noise levels? And if you are wondering how much change would a 20-decibel increase make, then consider this – with a rise of 20 decibels, the sound energy increases by a factor of 100!