Sep. 20, 2010 at 4:49 p.m.
Filed under:
Economy,
Housing,
Mortgages,
Real estate,
Updated
By Reuters
U.S. home-builder sentiment remained stuck at a 1-1/2-year low in September, the latest suggestion the sector is in for a painful and prolonged climb back to health.
The National Association of Home Builders and Wells Fargo said Monday that their Housing Market Index for single family homes held for the second straight month at 13 — the lowest level since March 2009. Economists had expected the index to edge up to 14.
A reading above 50 indicates that more builders view sales conditions as good than poor. The index has not been above 50 since April 2006. Get the full story »
Sep. 20, 2010 at 4:31 p.m.
Filed under:
Housing,
Litigation,
Real estate,
Updated
By Mary Ellen Podmolik
Radio personality and comedian George Willborn arriving at a press conference to talk about the discrimination suit on Aug. 26, 2010. (Heather Charles/Chicago Tribune)
The federal government filed a civil lawsuit Monday against a couple living in Chicago’s Bridgeport neighborhood and their real estate agent, for allegedly refusing to sell their home to an African-American family.
The filing, made in U.S. District Court in Chicago, names as defendants Daniel and Adrienne Sabbia; their real estate agent, Jeffrey Lowe; and Midwest Realty Ventures, which does business as Prudential Rubloff Properties.
The lawsuit was expected. The U.S. Department of Housing and Urban Development originally filed a federal housing discrimination complaint last month against the parties after it determined that Chicago radio personality George Willborn’s failed efforts to buy the Sabbias’ home was the result of housing discrimination. The case was moved to the Justice Department in late August. Get the full story »
Sep. 20, 2010 at 4:23 p.m.
Filed under:
Retail
By Sandra M. Jones
The holiday shopping season forecasts are starting to roll in, and the slow pace of the recovery is dampening expectations.
Deloitte said Monday that it predicts holiday sales for November through January will increase 2 percent to $852 billion, as households remain focused on reducing debt and increasing savings. Get the full story »
Sep. 20, 2010 at 3:45 p.m.
Filed under:
Agriculture/Farming,
M&A
By Associated Press
Canada’s prime minister says concerns surrounding a possible foreign takeover of Canada’s Potash of Saskatchewan will be examined and says foreign takeovers are not automatically approved. Get the full story »
Sep. 20, 2010 at 3:24 p.m.
Filed under:
Consumer news,
Retail
By Sandra M. Jones
Retails sales in the Chicago area rebounded slightly in the first half of 2010, thanks to an uptick in apparel sales and a government stimulus program that drove appliance purchases, according to a report to be released this week.
But, no one is celebrating yet. Consumer activity in the region, while better than the same time last year, still lags the first half of 2008 when the nation was in a recession.
“It gives us a sense that things are going to get better, but very slowly,” said John Melaniphy, a Chicago-based retail real estate consultant and publisher of the report. “While the first half of 2010 showed retail sales increases, they are very narrow compared to other recession recoveries. Get the full story »
Sep. 20, 2010 at 2:58 p.m.
Filed under:
Policy,
Politics
By Reuters
Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said on Monday. Get the full story »
Sep. 20, 2010 at 2:32 p.m.
Filed under:
Magazines,
Media,
Personnel moves
By Associated Press
Nearly a year after shuttering Gourmet magazine, Conde Nast is shaking up the food world again.
The publisher announced Monday that longtime Bon Appetit editor-in-chief Barbara Fairchild will step down this year when Conde Nast moves the magazine’s headquarters from California to New York. The company said the move is part of a consolidation effort. Get the full story »
Sep. 20, 2010 at 2:08 p.m.
Filed under:
Real estate
By Reuters
GMAC Mortgage, a unit of Ally Financial Inc., is continuing with new residential foreclosures despite a report it had stopped them, a spokeswoman said Monday.
But some evictions have been suspended while the company reviews its internal procedures, the company said. Get the full story »
Sep. 20, 2010 at 2:05 p.m.
Filed under:
Defense,
Government,
Manufacturing
By Mary Jane Grandinetti
Heavy equipment maker Caterpillar Inc. said Monday that received a contract worth up to $641 million to build earth-moving tractor scrapers for the Defense Department.
It’s the largest single award from the department that the Peoria-based company has received, the company said in a statement. Get the full story »
Sep. 20, 2010 at 2:00 p.m.
Filed under:
Banking,
Personnel moves,
Sports
By Reuters
The National Football League’s chief financial officer is leaving after two years to return to Goldman Sachs Group Inc., the league announced on Monday.
Anthony Noto, 42, will leave the NFL Oct. 4 and rejoin Goldman Sachs as co-head of the global media group within its investment banking division, working with Andy Gordon in New York. Get the full story »
Sep. 20, 2010 at 1:08 p.m.
Filed under:
Commercial real estate,
Retail
By Associated Press
Wal-Mart Stores Inc. is planning an aggressive push into urban markets with a new small format that’s a fraction of the size of its supercenters.
The expansion is aimed at pumping up sluggish U.S. sales. The retailers is expected to spell out more details next month at a meeting with analysts. Get the full story »
Sep. 20, 2010 at 12:51 p.m.
Filed under:
Autos,
Recalls
By Associated Press
General Motors said Monday it was recalling more than 20,000 Cadillac CTS and CTS-V vehicles to replace a glove compartment that could lead to leg injuries in a crash.
GM says the recall involves nearly 5,000 all-wheel drive 2009 Cadillac CTS and CTS-V models, and more than 15,000 vehicles from the 2010 model year. Get the full story »
Sep. 20, 2010 at 12:40 p.m.
Filed under:
Insurance,
M&A
By Mary Jane Grandinetti
The $4.9 billion sale of human resources specialist Hewitt Associates to Aon was approved by the shareholders of both companies Monday.
The buyout is still subject to regulatory approval. Get the full story »
Sep. 20, 2010 at 12:23 p.m.
Filed under:
Computers,
Technology,
Wireless
From Bloomberg News | Analysts at Rodman & Renshaw say Apple is working on an iPad with a smaller, 7-inch screen to compete with the more compact tablet computers on the way from competitors. The current iPad has a 9.7-inch screen.
Sep. 20, 2010 at 11:57 a.m.
Filed under:
Commercial real estate,
Health care,
Real estate
By Bruce Japsen
Children’s Memorial Hospital has hired Chicago-based commercial real estate firm U.S. Equities Realty to market the land and building at its current tony Lincoln Park location.
Calling it “one of the most desirable neighborhoods in the Midwest,” hospital officials are hoping the prime six-acre real estate site will fetch a large sum.
Hospital officials would not disclose or speculate on what the sale of the property may raise but it is certainly worth tens of millions of dollars even in the current down market for real estate, say Chicago real estate observers. Get the full story »
