Don’t miss out on this fantastic opportunity to own a recently updated home with a driveway and custom 2.5 car garage! Home has freshly updated bathrooms with new tile. Eat-in Kitchen has oak cabinets and newer counter tops. Detached custom 2.5 car garage with two electronic doors facing alley/driveway. Huge living room and formal dining room get lots of sunlight. Finished lower level family room. Huge driveway and private yard with new patio.

Listed at $229,000

8509 S. Kilbourn Ave Chicago, IL 60652

Very unique East Village penthouse in modern elevator building. Living room boasts 20 ft ceilings, fireplace and enormous wall of windows with southern light.  Floating staircase in unit leads to lofted den & 640 square foot private roofdeck! Additional deck off hallway. Granite and stainless steel kitchen with 42″ cabinets and huge island. Marble master bath with seperate shower, soaking tub & dual vanity. Gorgeous 2nd ba w/river rock shower. Attached garage parking included. Walk to L stop!

Great price on a nicely updated condo.

808 N. Greenview Unit 4A

Listed at $275,000

“Most mortgage rates eased to all-time record lows this week as fourth quarter growth in the economy fell short of market projections,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.

Here’s a closer look at rates for the week ending Feb. 2:

• 30-year fixed-rate mortgages: averaged a new record low of 3.87 percent, with an average 0.8 point, dropping from last week’s 3.98 percent average. A year ago at this time, 30-year rates averaged 4.81 percent.
• 15-year fixed-rate mortgages: also reached new lows this week, averaging 3.14 percent, with an average 0.8 point. Last week, 15-year rates averaged 3.24 percent and a year ago at this time 15-year rates averaged 4.08 percent.
• 5-year adjustable-rate mortgages: averaged 2.80 percent, with an average 0.7 point, dropping from last week’s 2.85 percent average. Last year at this time, 5-year ARMs averaged 3.69 percent.
• 1-year ARMs: averaged 2.76 percent this week, with an average 0.6 point, inching up slightly from last week’s 2.74 percent average. A year ago, 1-year ARMs saveraged 3.26 percent.

LINCOLN PARK BEAUTY! PRICE ORIGINALLY AT $579,000 NOW $425,000!! A $154,000 PRICE REDUCTION. HARDWOOD FLOORS, GRANITE COUNTER TOPS, 42 INCH MAPLE CABINETS, MARBLE BATHROOMS, UNIT DUPLEX DOWN TO FAMILY ROOM, IN UNIT LAUNDRY, 2 FIREPLACES, 2 OUTDOOR SPACES ( 1 BALCONY OFF LIVING ROOM AND 1 DECK OFF THE MASTER), ADDITIONAL STORAGE, 1 SECURE PARKING PLACE, HOME WARRANTY!

Fantastic space for the price. 2300 Sq ft of Lincoln Park living!

1236 W. Webster Unit 1

Listed at $425,000

BRAND NEW 3 BEDROOM/3BATH CONDO IN WICKER PARK. TOP END FINISHES. KITCHEN INCLUDING GRANITE COUNTER TOPS, TALL CHERRY CABINETS, VIKING APPLIANCES. MARBLE MASTER BATH WITH DOUBLE VANITY, SEPARATE SHOWER WITH BODY SPRAY, AND JACUZZI. HARDWOOD FLOORS THROUGHOUT INCLUDING BEDROOMS. HIGH CEILINGS. IN UNIT WASHER/DRYER. SURROUND SOUND. LARGE DECK. COVERED GATED PARKING INCLUDED SOLAR PANEL HOT WATER TANKS!

Huge space near the Division St. Blue line and all of the Wicker Park nightlife!

1215 N. Cleaver Unit 1

Listed at $299,000

2520 N. Lincoln Unit 404

Listed at $340,000

Many borrowers are finding that the record-low mortgage rates advertised recently are out of reach. So how can borrowers obtain these best rates — which for the 30-year fixed-rate mortgage alone has been under 4 percent recently? Basically, they need to prove to lenders they pose no risk of default: Lenders offer the best rates to those who they perceive as low-risk borrowers.

Here are ways for consumers to show lenders that they are low-risk borrowers, according to a recent article at The New York Times:

Credit score: According to one mortgage broker, ideal borrowers nowadays have a FICO score of 740 or higher to qualify for the best pricing.

Property types: Buyers of a duplex, four-unit building, or condo may have a rate premium added. Also, lenders will charge borrowers more if they plan to rent out the property rather than live there.

Down payment: Borrowers who put down at least 25 percent will most likely attract the best pricing, lenders say. “Lenders offer different breaks on rates if equity is higher, so you should ask what is available,” The New York Times article notes.

Also, borrowers who are able to get a low rate now may want to lock it in if they are heading to closing soon. “Lenders typically agree not to change an offered interest rate for 60 days, but borrowers confident of a quick closing may be willing to accept a 45-day rate guarantee, or even a 30-day lock, in exchange for a small discount, because the transaction’s speed helps the lender reduce its risk,”

Article courtesy of the New York Times

Fantastic Price on a newer construction Old Town Parkside condo.  Location is unbeatable for this price. Keep in mind the condo is very standard with finishes and etc, but has lots of room to add value.  The building is also FHA approved, meaning the condo can be purchased for as little at 3.5% down! This is located near the new Target being built at Halsted/Division.

Newer construction townhome at Parkside of Old Town. Spacious 2 BR home plus den, 3 full bathrooms, & attached 1.5 car garage. Stainless Steel Appliances, granite counters, hardwood floors and private rooftop with skyline views. Close to Oak Street Beach, Old Town Village Restaurants, Dominicks, Michigan Ave., & CTA Bus/Train Nearby.

512 W. Elm St

Listed at $264,900

Martin Luther King, Jr., (January 15, 1929-April 4, 1968) was born Michael Luther King, Jr., but later had his name changed to Martin. His grandfather began the family’s long tenure as pastors of the Ebenezer Baptist Church in Atlanta, serving from 1914 to 1931; his father has served from then until the present, and from 1960 until his death Martin Luther acted as co-pastor. Martin Luther attended segregated public schools in Georgia, graduating from high school at the age of fifteen; he received the B. A. degree in 1948 from Morehouse College, a distinguished Negro institution of Atlanta from which both his father and grandfather had graduated. After three years of theological study at Crozer Theological Seminary in Pennsylvania where he was elected president of a predominantly white senior class, he was awarded the B.D. in 1951. With a fellowship won at Crozer, he enrolled in graduate studies at Boston University, completing his residence for the doctorate in 1953 and receiving the degree in 1955. In Boston he met and married Coretta Scott, a young woman of uncommon intellectual and artistic attainments. Two sons and two daughters were born into the family.

In 1954, Martin Luther King became pastor of the Dexter Avenue Baptist Church in Montgomery, Alabama. Always a strong worker for civil rights for members of his race, King was, by this time, a member of the executive committee of the National Association for the Advancement of Colored People, the leading organization of its kind in the nation. He was ready, then, early in December, 1955, to accept the leadership of the first great Negro nonviolent demonstration of contemporary times in the United States, the bus boycott described by Gunnar Jahn in his presentation speech in honor of the laureate. The boycott lasted 382 days. On December 21, 1956, after the Supreme Court of the United States had declared unconstitutional the laws requiring segregation on buses, Negroes and whites rode the buses as equals. During these days of boycott, King was arrested, his home was bombed, he was subjected to personal abuse, but at the same time he emerged as a Negro leader of the first rank.

In 1957 he was elected president of the Southern Christian Leadership Conference, an organization formed to provide new leadership for the now burgeoning civil rights movement. The ideals for this organization he took from Christianity; its operational techniques from Gandhi. In the eleven-year period between 1957 and 1968, King traveled over six million miles and spoke over twenty-five hundred times, appearing wherever there was injustice, protest, and action; and meanwhile he wrote five books as well as numerous articles. In these years, he led a massive protest in Birmingham, Alabama, that caught the attention of the entire world, providing what he called a coalition of conscience. and inspiring his “Letter from a Birmingham Jail”, a manifesto of the Negro revolution; he planned the drives in Alabama for the registration of Negroes as voters; he directed the peaceful march on Washington, D.C., of 250,000 people to whom he delivered his address, “l Have a Dream”, he conferred with President John F. Kennedy and campaigned for President Lyndon B. Johnson; he was arrested upwards of twenty times and assaulted at least four times; he was awarded five honorary degrees; was named Man of the Year by Time magazine in 1963; and became not only the symbolic leader of American blacks but also a world figure.

At the age of thirty-five, Martin Luther King, Jr., was the youngest man to have received the Nobel Peace Prize. When notified of his selection, he announced that he would turn over the prize money of $54,123 to the furtherance of the civil rights movement.

On the evening of April 4, 1968, while standing on the balcony of his motel room in Memphis, Tennessee, where he was to lead a protest march in sympathy with striking garbage workers of that city, he was assassinated.

Listed at $2,600/month

For the fifth year in a row, Washington, D.C., had the highest percentage of inbound moves while Ohio had the highest percentage of residents leaving, or “outbound moves.” Meanwhile, western states mostly stayed balanced in moves for the year. Several southeastern states, such as Florida and Georgia, also stayed balanced in moves despite high foreclosure rates, possibly because they also serve as retirement hot-spots, according to the survey.

The summer months continued to have the largest number of moves per season, according to the survey.

The following is a list from the Atlas Van Lines’ 2011 Migration Patterns study showing the top outbound states for moves (in which more than 55 percent of total shipments moved out of the state) and inbound states (in which more than 55 percent of total moving shipments moved into the state). The list is in no particular order.

Top Outbound States for Moves

• Ohio
• Indiana
• Illinois
• Kansas
• Nebraska
• Utah
• Minnesota
• Wisconsin
• Louisiana
• New York
• Massachusetts
• Connecticut
• Delaware
• New Jersey
• West Virginia
• Missouri
• Kansas
• Hawaii

Top Inbound States for Moves

• Washington, D.C.
• Maryland
• Texas
• Virginia
• North Carolina
• New Hampshire
• Rhode Island
• New Mexico
• Alaska
• North Dakota
• Tennessee

Source: Atlas Van Lines 2011 Migration Patterns

Gorgeous 2bd, 2ba Lincoln Park condo located on one of the most quaint streets in Chicago. Recently updated granite kitchen & natural stone baths. Brand new hardwood floors throughout. Amazing natural light from the oversized windows.  Garden unit, but sits almost at grade level. Incredible value w/ attached garage pkg for 1 car included. Near all LP offers including lake & el. Shows like a model!

Listed at $350,000

2919 N. Burling St Unit A

According to Realtor.com, Chicago remains on top of the list of most searched real estate market online. This is no suprise as we are the best city,  period!

http://realtormag.realtor.org/daily-news/2011/12/19/10-most-searched-real-estate-markets-online

A great opportunity to own an well updated condo on a quiet block.  Listed at $429,000

913 W. Altgeld St Unit 3W

Everyone knows there is a mad rush on Black Friday.  People flood the retail stores from dawn to the late hours of the night looking for spectacular deals and early Christmas gifts.  But on the following Monday, when people go back to work, they hop on their computers, and the mad rush begins again.  Cyber Monday has grown by leaps and bounds over the past several years: jumping 25% in 2005 to $608 million, 21% in 2007 to $733 million, and 15% in 2008 to $846 million.  While 2009 provided some slower growth of just 5% to $887 million, this Monday is now no meager shopping day.

Despite its strong numbers, Cyber Monday has a lot of room for growth.  Only 6% of retail purchases are done online, and with people finding it easier than ever to get great deals while avoiding the lines, I wouldn’t be surprised to see this number hit $1 billion in a few years time.

• Last year Cyber Monday saw 106.9 million shoppers visit online retail sites, a 10.8% increase from 2009 (96.5 million shoppers) and a 43.3% increase from 2006 (60.7 million shoppers).
  • Given the growth of Cyber Monday over the past few years it’s possible as many as 120 million shoppers could visit online retail sites on Cyber Monday this year.

• In 2010 Cyber Monday sales surpassed one billion dollars for the first time ever and sales are expected to follow this trend again in 2011.
  • Cyber Monday sales were $608 million in 2005 and have seen double-digit growth every single year except for 2009 (up 5% to $887 million)

2011 Cyber Monday may be record breaking, so keep your eyes open for the release of monday’s shopping statistics!

“Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” says Frank Nothaft, chief economist at Freddie Mac.

Here are how rates fared for the week:

• 30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, down from last week’s 4.10 percent average. The 30-year fixed-rate mortgage is the second lowest on record, just behind the 3.94 percent record reached on Oct. 6. A year ago at this time, 30-year rates averaged 4.24 percent.
• 15-year fixed-rate mortgages: averaged 3.31 percent, with an average 0.7 point, falling from last week’s 3.38 percent average. Last year at this time, 15-year mortgages averaged 3.63 percent.
• 5-year adjustable-rate mortgages: averaged 2.96 percent this week, with an average 0.6 point, dropping from last week’s 3.08 percent. At this time last year, 5-year ARMs averaged 3.39 percent.
• 1-year ARMs: averaged 2.88 percent this week, with an average 0.6 point, dropping from last week’s 2.90 percent average. A year ago at this time, the 1-year ARM averaged 3.26 percent.

Courtesy of Realtor.com

Listed at $391,900

1358 W. Belmont Ave Unit 201

Listed at $250,000(short sale!!)

1464 W. Erie St Unit 2 Chicago, IL 60622

Here are more details about the newly announced changes to the program:

What is HARP?

It’s a program started in 2009 that allows home owners to refinance their mortgages at lower rates without having to meet the typical requirement of having at least 20 percent of equity in their home to do so. Under current guidelines, many underwater borrowers have been ineligible for the program because their home values had to be no more than 25 percent below what they owed their lender. Also, some home owners were unable to afford the closing costs and appraisal fees to participate.

What’s changing?

Many of the extra fees to participate in the program have been waived, and home owners’ eligibility won’t be contingent on how far their home’s value has fallen.

Who’s eligible?

• Home owners with loans backed by Fannie Mae or Freddie Mac can participate. (Home owners can visit: freddiemac.com/mymortgage or fanniemae.com/loanlookup to determine if their mortgage is owned by either).
• Home owners must be current on their mortgage.

When will it take effect?

The changes could take effect by Dec. 1. HARP also is being extended through 2013 to allow more home owners the opportunity to qualify.

How successful will this be?

The administration hopes that by home owners being able to lower their monthly mortgage payments (with an average annual savings of $2,500 expected), they’ll be more likely to stay current on their mortgage and avoid foreclosure. Also, the administration hopes that it will then free up household money to start spending more on other things, which could provide an overall boost to the economy. However, the administration says it realizes that aiding the housing market requires much more than a refinancing plan.

“This is only one piece of a broader strategy to help the housing market,” says Housing Secretary Shaun Donovan. Donovan also notes federal efforts to help home owners who are delinquent on their mortgages and the unemployed.

Article courtesy of Realtor Magazine.

UPGRADED/BRIGHT (4 EXPOSURES) & EXTRA-WDE (23′ INTERIOR) 1400+ SQFT 2BD/2BA LINCOLN PARK HOME STEPS TO EVERYTHING ON RARE EXTRA-WIDE LOT;HARDWOOD FLOORS THROUGHOUT;EAT-IN CHERRY/GRANITE/STAINLESS STEEL  ISLAND KITCHEN W/BREAKFAST BAR OPENS TO SEPERATE DINING AREA & EXTRA-WIDE LIVING ROOM WITH STONE FIREPLACE. WIRED FOR  SURROUND & CUSTOM MANTLE;LUXURIOUS STONE BATHS W/JET TUB IN MASTER;IN-UNIT WASHER DRYER & GREAT CLOSET SPACE THROUGHOUT. INCLUDES LARGE MASTER WALK-IN CLOSET ;LARGE PRIVATE DECK & RARE COMMON YARD;GARAGE PARKING INCLUDED!

Listed at $349,500

1238 W. Diversey Parkway Unit 2 Chicago, IL 60614

With Halloween right around the corner, here are nine fun activities in the city to consider!

1. Chicagoween

Chicago’s own Halloween celebration is Chicagoween and takes place in the city’s Daley Plaza throughout October. Chicagoween includes pumpkin decorating and crafts, circus-type entertainment, and a farmers market selling pumpkins, squash, apples, and other fall specialties. Admission to Chicagoween is free.

You will notice that this list is much longer than the 2006 list of what it took to get a loan:

2006:

Active or inactive Library Card

2011:

Nowadays, when you apply for mortgage financing, you must provide the following documentation to the lender before your loan is granted:

• Name and address of landlord(s) for the past two years (if eligible).
• Proof of all income from the past 24 months (tax returns, pay stubs).
• Previous two years’ W-2 forms.
• Copy of most recent year-to-date pay stub for all applicants.
• Proof of all deposit accounts, checking, savings, money market, IRA and brokerage accounts.
• Three months most recent statements for deposit accounts, stocks, bonds, etc.
• If you chose to include income from child support/alimony, copies of court records or cancelled checks showing receipt of payments.
• Legible sales contract signed by buyers and sellers (if you have already purchased a home).

Name, address, account number, monthly payment and current balance for:

• Installment loans (including student loans, auto loans, mortgage loans).
• Revolving charge accounts (home equity, credit cards).

If you are self-employed or paid by commission:

• Previous two years Federal Income Tax Returns with all schedules.
• Year-to-date profit and loss statement and balance sheet.
• Corporate tax returns and all schedules.

If you have filed bankruptcy in the last seven years:

• A copy of petition and discharge, handwritten explanation of the reason for bankruptcy, evidence of excellent credit since the bankruptcy.

Since mortgage rates have been tracked, this is the lowest they have ever been. Take a look at the average weekly rates below:

• 30-year fixed-rate mortgages: averaged 3.94 percent this week, down from last week’s previous record low of 4.01 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.27 percent.
• 15-year fixed-rate mortgages: averaged 3.26 percent, another all-time low. This is the sixth-consecutive week the 15-year mortgage has posted new average record lows. Last week, 15-year rates averaged 3.28 percent. Last year at this time, 15-year rates averaged 3.72 percent.
• 5-year adjustable-rate mortgages: averaged 2.96 percent this week, dropping from last week’s 3.02 percent. A year ago, the 5-year ARM averaged 3.47 percent.
• 1-year ARMs: averaged 2.95 percent, the only mortgage rate to move up last week. Last week, the 1-year ARM averaged 2.83 percent. A year ago, the 1-year ARM averaged 3.40 percent.

ENORMOUS DUPLEX CONDO IN VIBRANT EAST VILLAGE LOCATION. SUNNY ENTERTAINING SPACE INCLUDES A GREAT ROOM WITH OPEN KITCHEN/DINING/LIVING SPACE WITH WOOD-BURNING FIREPLACE AND CHARMING FRONT AND BACK DECKS. LOWER LEVEL FAMILY ROOM WITH PATIO. 2BR/2BTH UP AND 2BR/1.1BTH DOWN. GREAT STORAGE, HIGH END FINISHES. 1 GARAGE PARKING INCLUDED. NEAR BLUE LINE, DOWNTOWN, DINING & PARKS. SHORT SALE!

811 N. Bishop Unit 1 Chicago, IL 60642

Listed at $275,000!!

This Table breaks down how much you will actually save by doing a refinance with today’s absurdly low interest rates. I used the average APR rates on google.com with a credit score of 700-900.  It’s possible to break even and start saving $ on a refinance after only 14 months! I used a $350,000 loan for my example and gave a 30 year fixed and 5 year ARM refinance option.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 9.3 percent in the week ended Sept 23.

The MBA’s seasonally adjusted index of refinancing applications rose 11.2 percent, while the gauge of loan requests for home purchases rose 2.6 percent.

Fixed 30-year mortgage rates averaged 4.25 percent in the week, down 4 basis points from 4.29 percent the week before.

“Mortgage rates declined last week, at least partially in response to the Fed’s announcement that they would shift their portfolio toward longer-term Treasury securities, and that they would resume buying mortgage-backed securities,” Mike Fratantoni, MBA’s Vice President of Research and Economics, said in a statement.

The U.S. Federal Reserve last week unveiled a new stimulus plan to support the economy’s recovery and help the mortgage market.

U.S. mortgage rates are linked to yields on U.S. Treasuries and mortgage-backed securities.

Article Courtesy of Reuters

WALK TO SOUTHPORT & ALL THAT LAKEVIEW HAS TO OFFER FROM THIS 2000+ SQFT 3BD+FAM RM/2.1BA COACH HOUSE THAT LIVES LIKE A SFH ON PREMIER TREE-LINED STREET IN BURLEY SCHOOL DISTRICT WITH POWDER ROOM ON MAIN LEVEL & WASHER/DRYER IN REAL LAUNDRY RM;LARGE EAT-IN KITCHEN & MAPLE BATHS W/JET TUB;RARE YARD & LARGE DECK FOR ENTERTAINING;LEASE EXPIRES IN 3/2012 BUT OCCUPANCY IS NEGOTIABLE;NO ONSITE PARKING BUT EZ STREET PARKING & RENTAL OPTIONS NEARBY!

Listed at $215,000

1221 W. Fletcher Unit CH Chicago, IL 60657

Information courtesy of HGTV:

http://www.hgtv.com/bathrooms/budget-friendly-bathroom-makeovers-from-rate-my-space/pictures/index.html

Spacious & bright condo with high-end finishes! Features include hardwood floors, master bedroom w/walk-in closet, fireplace & two private outdoor spaces. Designer kitchen with custom back splash & built-in espresso machine! Master bath has separate steam shower and whirlpool tub, marble tile, double sinks & heated floors. Additional storage. One car attached garage parking included in price. Property is a short sale and can be purchased at a discount!

Listed at $285,000

1463 W. Grand Ave Unit 2

Sunny 3 BD, 2.5BA duplex down in ideal Lincoln Park  location! Beautifully refinished hardwood floors and high ceilings. Gas fp in living room. Formal dining room. Open kitchen w/ cherry cabinets, stone countertops, 5 burner gas range, SS appliances. Huge master bath beautifully redone w/ dark cabinets, marble floors, jacuzzi tub, seperate shower. Full size stackable washer/dryer. Huge rear private deck. 1 extra parking space.

Listed at $399,000

1049 W. Montana St Unit 1

Lovely, affordable rehabbed Jr 1 bedroom in Lincoln Park! All units in this intimate condo development were rehabbed in 2006. Great location close to everything, DePaul University, many wonderful shops and restaurants, public transportation. Unit features hardwood floors, new thermal windows, SS appliances, granite counters, great closet space! Delightful common sundeck for resident enjoyment. Parking available to lease.

Listed at $155,000

625 W Wrightwood Unit 202 Chicago, IL 60614

1. Chicago
2. Las Vegas
3. Detroit
4. Los Angeles-Long Beach, Calif.
5. Atlanta
6. Tampa-St. Petersburg-Clearwater, Fla.
7. Philadelphia
8. Phoenix-Mesa, Ariz.
9. Dallas
10. Boston-Worcester-Lawrence-Lowell-Brockton, Mass.-N.H.

Now we just need home prices to slide up and this recovery to start!

http://realtormag.realtor.org/daily-news/2011/09/06/fed-official-housing-market-severely-out-balance

http://www.reuters.com/article/2011/08/31/us-usa-obama-housing-idUSTRE77T6DV20110831?feedType=RSS&feedName=topNews&rpc=71

http://www.bloomberg.com/news/2011-08-25/home-short-sales-jump-in-u-s-as-banks-more-realistic-on-property-market.html

Foreclosure sales likely would have been much higher too if so many banks hadn’t slowed their foreclosure processes while state and federal officials continued to investigate possible faulty practices. Foreclosure sales — which include homes purchased after they receive a notice of default or that were repossessed by lenders — peaked two years ago at 37.4 percent of sales, compared to 31 percent in the April to June quarter.

During the second quarter, 265,087 homes sold were in some stage of foreclosure or owned by banks — but that’s down 11 percent from the same period a year ago, RealtyTrac reports.

The state with the highest number of foreclosure sales was Nevada, where foreclosure sales accounted for 65 percent of all sales. Arizona followed with  foreclosure sales accounting for 57 percent of all home sales for the quarter.

Foreclosed homes continue to sell for less than other homes. During the spring, bank-owned homes sold for 40 percent less than the average price of other homes. Sales of homes in the foreclosure process or short sales sold for 21 percent less than the average home sold.

The average sales price of a foreclosed property was $164,217, a drop of less than 1 percent from the January-March quarter and a nearly 5 percent drop from the April-June quarter in 2010.

http://realestate.yahoo.com/info/guides/how-much-can-you-afford;_ylt=AvhaAC28W.TZY4FyJaBdOrnW4JF4

30-year fixed-rate mortgages: averaged 4.15 percent this week, dropping from last week’s 4.32 percent average. The previous record low for 30-year rates was set on Nov. 11, 2010, when rates reached 4.17 percent. For comparison sake, in 2000, 30-year mortgage rates averaged more than 8 percent and just five years ago they averaged 6.5 percent.

15-year fixed-rate mortgages: averaged 3.36 percent, dropping from last week’s 3.50 percent. Last year at this time, the 15-year fixed rate averaged 3.90 percent.

5-year adjustable-rate mortgages: averaged 3.08 percent, dropping from last week’s 3.13 percent. Last year at this time, the 5-year ARM averaged 3.56 percent.

1-year ARM: averaged 2.86 percent this week, dropping from last week’s 2.89 percent. A year ago, the 1-year ARM averaged 3.53 percent.

http://www.hgtv.com/bathrooms/foolproof-bathroom-color-combos/index.html

HomeSteps’ Condo Cash is limited to buyers who submit offers between August 15 and November 15, 2011 and close escrows on or before December 30, 2011.  HomeSteps’ Condo Cash offer is valid only on HomeSteps homes that have been on the market for at least 120 days and are sold to owner-occupant buyers.

A two-year Home Protect^® limited home warranty that covers electrical, plumbing, air conditioning, heating and other major systems and appliances is offered on some eligible HomeSteps homes.  Home Protect also provides discounts of up to 30 percent on the purchase of appliances.  (Terms, conditions and limitations apply. Not all homes or buyers will qualify. For details, see www.HomeSteps.com/smartbuy.)

HomeSteps Condo Cash is not available on HomeSteps condominiums purchased through auctions, sealed bids, bulk sales or in areas where such offers are prohibited by law.

For complete terms and conditions, visit www.homesteps.com.

Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Over the years, Freddie Mac has made home possible for one in six homebuyers and more than five million renters.

http://rismedia.com/2011-08-10/rental-vacancy-rate-at-6-year-low/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Rismedia+%28RISMedia+Real+Estate+News%29

Incredible Sky-lit 2 Bed/2.1 Bath Fully Renovated Penthouse! Not Your Cookie Cutter Place! Fabulous Floor Plan! Lrg Living Rm with Floor to Ceiling Brick Wood burning fireplace; Formal Dining; Hardwood Floors Throughout; Stunning Eat-in Kitchen w/Dark Wood Cabinets, Granite, SS Backsplash & Appliances; Master Suite w/ New Stone Bath w/ Double Glass Vessel Sinks; 2nd Bedroom En-suite Bath; Professionally Organized Closets; Huge Front Veranda & Back Deck.

Listed at $399,000

3827 N. Kenmore Unit 3N Chicago, IL 60613

Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo.

“At first he wouldn’t let me increase the price,” Buckler said. “I told him I know what I am doing—the market is picking up.”

The condo soon attracted multiple offers and ended up closing recently for $150,000 more than the original asking price.

http://www.domu.com/blog/top-secret-apartment-data

http://online.wsj.com/article/SB10001424053111904292504576482560656266884.html

Amazing 3BR/2BA penthouse duplex condo in ideal Lakeview/Southport Corridor location! Soaring 17’ ceilings, skylights, and hardwood floors. Kitchen features 42” maple cabinets, granite countertops and stainless steel appliances. Huge family room w/surround sound. An abundance of outdoor space with 2 large private decks, and garage parking. Steps to the El, Southport, Wrigley Field, restaurants and more.

Listed at $399,000

3251 N. Racine Unit 3. Chicago, IL 60656

Here is the description off the MLS:

RECENTLY RENOVATED WITH HUGE MASTER BED ROOM, ORGANIZED WALK IN CLOSE & SPA BATH WITH SLATE TILE, DOUBLE SINK & WALK-IN SHOWER. KITCHEN W/42″ CBNTS, SS APPLIANCESS & GRANITE COUNTERS. LIVING/DINING W/HARDWOOD FLOORS & FIREPLACE. LOWER LEVEL FAMILY ROOM WITH FIREPLACE, WETBAR, SURROUND SOUND & TONS OF STORAGE. CUSTOM LIGHTING, KOHLER & GROHE FIXTURES THROUGHOUT. SHORT WALK TO EL, GROCERY & LAKE. NOT ON EL . PARKING INCLUDED!

Listed at $399,000

3840 N. Sheffield Ave Unit 1N Chicago, IL 60613

Article courtesy of Kalen Smith and Money Crashers

Debt Ceiling Explanation

It’s a simple truth: Every year the United States Gov’t spends more money than it brings in revenue. To fund many national programs, the government borrows money by issuing Treasuries. In a given year, 40 to 50% of U.S. expenditures are made with borrowed money.

As we continue to borrow money without paying back the debt, the federal deficit continues to increase. To keep government debt from getting “out of control,” Congress has limited spending through a national debt ceiling. As our deficit has reached this alarming maximum, the debate rages: Should we increase the debt ceiling or change our spending policies?

Debt Ceiling Defined

Simply put, the debt ceiling is a cap on the amount of money that the U.S. government is allowed to owe. It includes both public and private debt.

Since 1917, Congress has agreed on a limit of how much debt the U.S. can owe without risking default, and legislators raise the limit when they feel we need to borrow more money to sustain the economy. The legislature has raised the debt ceiling 74 times in the past 50 years, and about ten times since 2001. At this point, some voters and leaders feel that it doesn’t even make sense to have a debt ceiling, since Congress has the option to raise it virtually any time.

Currently, we have reached the $14.3 million debt ceiling. There is now intense debate as to whether this ceiling should be raised, and what kind of expenditure cuts must be made by the government to reduce this deficit over the long term.

Arguments for Raising the Debt Ceiling

Many economists are mortified by the debt we’re facing, but still advocate for raising the ceiling. They feel that if we don’t raise the limit, the nation could face an economic catastrophe. Potential consequences that Congress will consider are:

1. Cuts to nonessential programs. Programs like the National Parks Service would be shut down because Congress wouldn’t have the money to pay them.
2. Government shutdown and sending home federal employees. Washington would have to place nonessential government employees on leave, sending millions of federal workers home until the debt situation is resolved.
3. Default on existing debt. The government starts out in deficit before it can even pay interest on current Treasuries or pay for the bonds as they reach maturity. That means that the U.S. has to borrow more money just to pay off existing debts, and without raising the ceiling, the government would default on most of its existing debt obligations. Some people have gone so far as to describe the U.S. economy as a giant Ponzi scheme, and if the instability were exposed, citizens and other governments would quickly lose faith in the U.S. government. China and many other nations holding our debt are already afraid that we’re about to default. Lack of trust would make lenders less likely to provide funds in the future, seriously damaging our trading position with the rest of the world. Interest rates would skyrocket if the nation’s credit rating dropped.
4. Economic repercussions. If the government’s cash flow got cut off, then Congress would have to either double taxes or slash the budget by more than half. Either choice would have a devastating effect on the economy, undoing the recent recovery efforts. In addition to rising interest rates, we’d face a damaged stock market and higher unemployment, sending a shock wave of economic turmoil through the rest of the world.

Cautions about Raising the Debt Ceiling

These ramifications are so serious and certain that it is almost certain that Congress will raise the debt ceiling again. Doing so seems essential to the survival of our country, but this short-term fix comes with long-term potential problems. Experts who are apprehensive about raising the ceiling have a variety of valid reasons, including:

1. Responsibility. Yet another increase in the debt ceiling will just tempt our government to continue borrowing money and spending beyond its means. It’s like a credit card company raising your limit when you’ve maxed out and consistently missed payments. The government will lose sight of the immediate and long-term problems that we are facing and continue to fail to address the deficit.
2. Collapsing dollar. Raising the debt ceiling devalues the dollar. Our currency becomes riskier and less stable as we become more likely to default on our existing debts. This declining value weakens our purchasing power and could cause the dollar to lose its position as the world reserve currency. Inflation has already increased substantially and the rising price of food and oil are starting to get out of control.
3. Futility. The U.S. is already having more trouble than ever finding investors to borrow our debt. Last year, the Federal Reserve only had to purchase 10% of available U.S. treasuries. Today, they are purchasing close to 70%. As interest rates have dropped to record lows (about a .25% for a one-year bill), investors don’t see any point in investing in them. With countries like China unloading their current holdings in U.S. treasuries, we’re starting to lose our market for foreign investors. With the country risking default, Standard and Poor’s has already threatened to lower our AAA bond rating. If S&P drops the rating and major companies won’t buy our debt, it may simply be too late for an increase in the debt ceiling to solve the problem.
4. Sending a message. Deciding not to raise the debt ceiling could signal to international community that we’re serious about controlling our situation. Providing that sign just might be the best move we could make. The rest of the world is looking for assurances that we are going to work at getting our spending under control. Rather making than another last-ditch effort that might not work, if Congress maintains the current debt ceiling and focuses on making drastic cuts and structuring a healthier economy, we’d be giving the world, especially major nations that hold our debt, the message that they want to hear.

What Will Happen to the Debt Ceiling?

In the end, Congress almost certainly feels as though it has no choice but to raise the debt ceiling. Along partisan lines, it seems that the Republican majority in the House has come to accept this opinion, but members are threatening to not cooperate unless the Democratic Party listens to its demands for changing the fiscal budget.

Ultimately, the two sides need to come together on a compromise and decide which programs they need to cut and whether taxes should be increased. Without an amicable, effective resolution, Congress may have to withhold payments to federal employees and programs, and the government may temporarily shut down. Moreover, the US is at risk of a credit downgrade, which could send ripples throughout the world economy and lead to an intense recession.

Final Word

Clearly, Washington needs to settle the debt ceiling debate very soon. Though this isn’t the first time that the topic has come up or sparked heated discussion, this is the most alarming situation we’ve faced.

As our country continues to get itself deeper into debt, we have to come to the conclusion that we are going to have to start changing the way we manage our economy. We cannot forever depend on short-term solutions that get us into deeper debt. Sooner or later, we will have to accept that we are going to have to change taxes, reduce spending, and start resolving our debt situation before we continue to borrow more money. This next debate may be a turning point for our country and we will see where it takes us.

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