Existing-home sales in the Chicago area sunk 35.9 percent in October from a year ago, and median home prices continue to lose ground, according to data released Tuesday. Get the full story »
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Foreclosures weigh on Chicago housing market
Three reports issued Monday paint a grim picture of the foreclosure crisis in the Chicago area, particularly compared to the nation as a whole.
TransUnion reported that mortgage loan delinquencies in the Chicago area fell only slightly in the third quarter, to 7.79 percent of mortgage loans that are at least 60 days delinquent. That compared with 7.98 percent in second quarter, and 6.95 percent in 2010’s third quarter. Get the full story »
Late mortgage payments jump in Illinois
Late mortgage payments jumped sharply several Northeastern states during the third quarter, compared with a year ago, while the national delinquency rate rose at a far slower pace.
The rate of borrowers who were 60 days or more past due on their home loans jumped sharply in New York, New Jersey, Maine, Connecticut and Delaware, according to TransUnion. Pennsylvania, Vermont, Rhode Island, Maryland and New Hampshire also saw higher delinquency in the quarter. In Illinois the rate of late payments jumped to 6.55 percent in the third quarter from 5.95 percent a year ago, a 10.1 percent increase. Get the full story »
William Blair chairman sells Winnetka mansion
ELITE STREET | By Bob Goldsborough | William Blair & Co. Chairman Edgar D. “Ned” Jannotta on Friday sold his 11-room, lakefront mansion in Winnetka for $6.5 million after once asking $10.75 million for it.
Jannotta, 79, has been with the closely held investment bank for more than 50 years. He became chairman in 2001 after previously serving in a variety of positions, including as managing partner. Get the full story »
Cubs’ Fukudome buys Streeterville condo
ELITE STREET | By Bob Goldsborough | Chicago Cubs outfielder Kosuke Fukudome and his wife have paid $1.44 million to buy a three-bedroom Streeterville condo. Get the full story »
Judge orders Freed to turn over Block 37 to banks
Pedestrians walk down State Street past an empty store front in the Block 37 Shops. (Keri Wiginton/Chicago Tribune)
Joseph Freed and Associates will no longer own the star-crossed Block 37 mall in the heart of downtown Chicago, a Cook County Circuit Court ruled Friday, bringing to close a year-long effort by banks to foreclose on the troubled property.
The Chicago-based developer has been ordered to turn over ownership of the high-profile shopping center to a group of banks led by Bank of America on Dec. 17, after documents related to the sale of the property are presented to the court and approved, according to Freed spokeswoman Jayne Thompson. Get the full story »
Chicago’s most expensive home gets $5M price cut
Le Grand Reve mansion in Winnetka. (Tribune File/Chis Walker)
ELITE STREET | By Bob Goldsborough | A 26-room, 27,000-square-foot mansion in Winnetka whose owners once tried to sell it for $32 million saw its asking price cut by $5 million on Thursday, to $23 million.
Known as Le Grand Reve, the six-bedroom, chateau-style mansion, which commercial real estate executive Sherwin Jarol and his wife own, sits on 2.04 acres. Get the full story »
FTC rule cracks down on mortgage mod outfits
Hoping to cut down on fraud and scams tied to the mortgage crisis, the U.S. Federal Trade Commission is tightening rules for companies and attorneys who perform loan modification and foreclosure rescue services. Get the full story »
2 Chicago sites on American Greetings’ radar
Greeting card maker American Greetings Corp. is considering two sites in the Chicago area for its corporate headquarters, which it may move from Brooklyn, Ohio.
The company said in a Friday statement it may stay in Brooklyn, which is in the greater Cleveland area. But it is also looking at six other sites, with four in Ohio and two in “greater Chicago.” American Greetings spokeswoman Patrice Sadd declined to be more specific about the Chicago-area locations under consideration. Get the full story »
Pace of mortgage mods continues to slow
The number of Chicago-area homeowners who received permanent mortgage modifications rose last month, topping 25,000, but the pace at which consumers are being added to that group has slowed dramatically.
The government’s monthly accounting of its Home Affordable Modification Program showed that in the Chicago area, the 25,001 mortgages that received permanently lower payment terms was a 3.1 percent increase from September. On a percentage basis, that’s the smallest monthly gain of the year, and a dramatic drop from the high double-digit gains recorded earlier this year. Get the full story »
Mortgage rates backing off historic lows
Borrowers betting that mortgage rates would fall even further lost out this week. The best rates may be behind them.
The average rate on a 30-year fixed mortgage rose to 4.39 percent from 4.17 percent, mortgage buyer Freddie Mac said Thursday. The latter’s the lowest level on records dating to 1971. Get the full story »
Lawmakers hit banks, regulators on foreclosures
Lawmakers pressed major banks and federal regulators on Thursday to explain how they allowed faulty paperwork problems to fester into a controversy that could slow home sales and raise costs for new borrowers. Get the full story »
Oprah said to be eyeing New York-area property
From the New York Post | Oprah Winfrey yesterday toured a $68 million mansion for sale on the grounds of the former Frick estate in Alpine, N.J. before heading north to look at another property a few miles north in Snedens Landing. Get the full story>>
JPMorgan wants foreclosure problem fixed quickly
JPMorgan Chase & Co.’s chief financial officer on Wednesday joined a growing chorus of industry executives calling for a speedy resolution of the probes into the industry’s foreclosure practices as a settlement may be on the horizon. Get the full story »
Three men charged in Islamic-based Ponzi scheme
Three owners of a Chicago-based real estate development firm have been charged with fraud for allegedly cheating investors out of $43 million while claiming to be compliant with Islamic law.
A federal grand jury returned a 14-count indictment against the owners of Sunrise Equities on Tuesday, U.S. Attorney Patrick Fitzgerald said in a Wednesday statement. Federal officials said Salman Ibrahim, the majority owner and president of the now-bankrupt firm, and Mohammad Akbar Zahid, senior vice president of investor relations and a 10-percent owner, told clients that their investments would comply with Shariah law.
Islamic law prohibits interest, so Ibrahim and Zahid told investors they would receive monthly pay-outs of profits from real estate development. According to Fitzgerald’s office, the men promised annual returns of between 15 and 30 percent. Get the full story »
