Chicago Real Estate Blog

Thanks to the economic downturn, condominium prices are dropping across the country. But if the homeowners association is in the red, a condo that looks like a steal can quickly become a money pit, leaving buyers on the hook for a lot more than they had bargained.

Read the article at Bankrate.com

The benchmark 30-year fixed-rate mortgage fell 10 basis points, to 5.7 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.48 discount and origination points. One year ago, the mortgage index was 6.53 percent; four weeks ago, it was 5.65 percent.

The benchmark 15-year fixed-rate mortgage fell 9 basis points, to 5.07 percent. The benchmark 5/1 adjustable-rate mortgage fell 9 basis points, to 5.17 percent.

Read More at Bankrate.com

Lombard is located approximately 24 miles west of the Chicago "Loop" in suburban Dupage county.

Known as "the Lilac Village" Lombard is an established residential community, which traditionally served as a market center for surrounding rural areas. Settlers came when the railroad route westward from Chicago followed the St. Charles Road Trail.

The population has more than quadrupled since 1960, as the village has shared in the economic growth that has come from an expanding Chicago metropolitan area. As of the 2000 census, Lombard had a total population of 42,322. A 2003 recount gave the village a population of 43,251. The total land area of Lombard is 9.9 square miles.

The village's municipal neighbors include Addison to the north, Villa Park to the east , Downers Grove to the south, and Glen Ellyn to the west.

Transportation links include U.S. Route's 64, 38 and 58. The I-88 East-West tollroad passes on the southern edge and the I-355 North-South tollroad is on the western border of the village. Commuter train service to Chicago is available in downtown Lombard. O'Hare International Airport is approximately 9 miles northeast.

According to the Northern Illinois MLS the median sales price in Lombard in the twelve months ending April 19, 2009 for detached homes was $260,000.00 with 162 days on the market, with 261 sales.

Median sales prices have decreased -5.62% , sales volume has decreased -22.32% and marketing times have increased +22.72% over the previous twelve months.

In the twelve months ending April 19, 2008 the median for a detached home was $275,500.00 with 132 days on the market, with 336 sales.

There are currently 242 active listings of detached homes in Lombard. At the current level of absorption of 21.75 sales per month this represents a 11.12 month supply of existing housing inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

If you have an active listing or need to sell in 2009 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in Lombard, Illinois 60148. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. FHA and conventional. For all your Dupage County appraisal needs contact Citywide 312-479-5344

In an effort to keep at-risk borrowers from losing their homes, Fannie Mae and Freddie Mac announced that they are suspending foreclosures and evictions during the holiday season from November 26 through January 9. The temporary suspension will extend Fannie and Freddie’s recently unveiled mortgage modification program to homeowners who haven't paid their mortgages for three months. Fannie and Freddie estimate that as many as 16,000 borrowers may benefit from the suspension. "With this suspension, seriously delinquent borrowers may have an opportunity to avoid foreclosure and work out terms to stay in their homes," said James Lockhart, Director of the Federal Housing Finance Agency.

From the start, the charge and scope of the Chicago Climate Task Force was broad and ambitious. Dozens of experts and a nationally recognized research advisor committee took part in discussions. Leading scientists were consulted to describe various scenarios for Chicago’s climate future and how these would impact life in the city.

The results of the research are both serious and encouraging. They clearly demonstrate that our current trajectory poses risks to our economy and health. They demonstrate that we need to act now to reduce our emissions, while preparing for climate changes that cannot be avoided. We face a big challenge – but we have also been granted a big opportunity. Every Chicago resident and businesshas a role to play in implenting the Chicago Climate Action Plan, which will not only ensure a more liveable climate for the world, but also for the city. The economy and quality of life could improve. Jobs could be created. New technologies will emerge.

The Chicago Climate Action Plan outlines five strategies, which are broken into 26 actions for mitigating greenhouse gas emissions and nine actions to prepare for climate change. The Chicago Climate Action Plan details steps for organizations of all kinds and suggests actions for every individual. The Plan is a snapshot in time -- the actions detailed in the Strategies section draw on current technology and options now available in the market. As new technologies and options emerge, actions may change. The goal, however, remains the same: to reduce our emissions and prepare for change.

On September 18, Mayor Richard M. Daley, joined by businesses, foundations and residents, unveiled the Chicago Climate Action Plan, an outline of bold ideas that could help expand on the City's successes to slow the effects of climate change. Mayor Daley also discussed how City, businesses, residents will play a major role.

Check out the Action Plan

The Village of Bellwood is located 13 miles west of downtown Chicago in suburban Cook County.

Bellwood's municipal neighbors include Melrose Park to the north, Maywood to the east , Westchester to the south, and Hillside-Berkeley to the west. Transportation links include the major east-west arterial streets of Butterfield Road and St. Charles Road. The major north-south arterial is Mannheim Road (Route 12-45).

The village is located at the juncture of the Eisenhower Expressway (I-290) and the Tri-State Tollway (I-294). Bellwood is easily accessible from all directions and commuting to Chicago is easy with service from the METRA commuter rail line and PACE bus service. O'Hare Airport is 13 miles from the village.

Most properties sell with FHA/VA or conventional financing. Recent curbs in sub-prime lending has lowered prices and lengthened marketing times. Defaults and foreclosure activity increased dramatically as ARM interest rates reset higher. This excess supply of home inventory places significant downward pressure on prices. Further, declining home prices have made re-financing more difficult.

According to the Northern Illinois MLS the median sales price in Bellwood in the twelve months ending November 21, 2008 for detached homes was $142,500.00 with 163 days on the market, with 79 sales.

Median prices have decreased -25.00% , sales volume has decreased -45.52% and marketing times have increased +45.54% over the previous twelve months.

In the twelve months ending November 21, 2007 the median for a detached home was $190,000.00 with 145 days on the market, with 112 sales.

As of November 24, 2008 there are 174 active listings of detached homes in Bellwood. At the current level of absorption of 6.58 sales per month this represents a 26.44 month supply of inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.

A Condominium Market Analysis

Burnham Park Plaza is a 25 story condominium building in Chicago's Loop. Built in 1912 as the YMCA Hotel it was converted to condominium and contains 277 units.

According to the Northern Illinois MLS the average sales price in this complex in the twelve months ending November 19, 2008 was $263,294.00 with 66 days on the market, with 17 sales.

Average prices have decreased -21.07% , sales volume has decreased -41.38% and marketing times have decreased -20.48% over the previous twelve months.

In the twelve months ending November 19, 2007 the average sales price was $333,583.00 with 83 days on the market, with 29 sales.

There are currently 11 active listings in this complex with prices from $174,000.00 to $699,000.00. At the current level of absorption of 1.42 sales per month this represents 7.75 months of available inventory.