Northwestern Memorial Hospital has completed the purchase of the former Lakeside Veterans Affairs hospital site at 333 E. Huron St. Northwestern had previously bought most of the Streeterville property, picking up the remaining 30 percent last month. Neither terms nor planned uses for the parcel were disclosed.
Filed under: Real estate
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Aug. 25, 2010 at 1:16 p.m.
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Filed under: Commercial real estate, Health care, Real estate NU med center completes deal for VA site
Toll Brothers posts quarterly profit on tax gains
U.S. luxury homebuilder Toll Brothers Inc. beat Wall Street expectations and reported its first quarterly profit in three years Wednesday, sending its shares and those of other homebuilders higher. Get the full story »
Pritzkers put Hyatt Center on market for $575M
The Pritzker family is putting the Hyatt Center, the curvy 71 S. Wacker Dr. skyscraper on the Chicago River, on the market for more than $575 million, according to Crain’s. Major tenants in the 49-story building include the Pritzker family’s Hyatt Hotels Corp., Mayer Brown Rowe & Maw LLP and Goldman Sachs Group Inc. Get the full story>>
Aug. 24, 2010 at 2:57 p.m.
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Filed under: Bank failures, Banking, Government, Investigations, Mortgages SEC: Mozilo OK’d Countrywide preferential loans
Federal regulators say former Countrywide CEO Angelo Mozilo personally approved mortgages for favored borrowers that violated the company’s policies and lending standards.
The Securities and Exchange Commission had previously accused Mozilo of civil fraud and illegal insider trading. Now, the agency says Mozilo played a direct role in a program for preferential borrowers that has been the focus of congressional ethics inquiries. Get the full story »
Later mortgage modifications turning out better
Homeowners who had mortgages modified recently are faring better than those who did so earlier in the housing crisis, according to a report released Tuesday, possibly debunking predictions of a huge wave of defaults to come.
The State Foreclosure Prevention Working Group warned of other troubling signs, however, on the same day that a separate industry report showed the most severe July sales drop-off for previously occupied homes in 15 years. Get the full story »
Aug. 24, 2010 at 12:45 p.m.
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Filed under: Bankruptcy, Commercial real estate, Real estate Brookfield to run General Growth spinoff
General Growth Properties Inc. has struck a deal for Brookfield Advisors LP to manage the new real-estate company it plans to spin off when it exits Chapter 11 protection.
The mall owner is tapping Brookfield Advisors to prepare the company to separate from the nation’s second-largest mall owner and become publicly traded, according to papers filed Monday with the U.S. Bankruptcy Court in Manhattan. Get the full story »
Oil prices drop for sixth day on housing news
Oil prices sank again on Tuesday after a disappointing report on home sales underlined the slow economic recovery and weak demand for oil and gas.
Chicago existing home sales plummet 25% in July
Sales of existing homes in the Chicago area nosedived 25.1 percent in July, partly due to the end of a government tax credit program that had propped up the housing market for more than a year.
The anemic results caused 12 months of consecutive year-over-year sales volume gains for the local market to come to a screeching halt last month, according to data released Tuesday by the Illinois Association of Realtors. It was the worst July performance for the local real estate market since at least 2000 when the trade group began tracking home sales.
Many real estate agents, while pleased with the local market’s still-positive first-half performance, are beginning to think their year is peaked, despite mortgage interest rates that are consistently falling to new weekly record lows. Get the full story »
500 W. Monroe heads for foreclosure auction
Piedmont Office Realty Trust Inc. plans a foreclosure auction next month on the 500 W. Monroe St. property, according to a notice published Sunday. The action comes after the owner, an affiliate of Broadway Partners Fund Manager, failed to act on senior loans of $215.6 million on the 46-story tower.
Mortgage fraud on rise again
According to data from research firm CoreLogic, prepared for the Wall Street Journal, losses from mortgage fraud rose 17 percent last year after declining 57 percent in 2008. And the scams are getting more sophisticated to counter tighter rules put in place after the market collapse.
http://online.wsj.com/article/SB10001424052748703824304575435383161436658.html?mod=WSJ_hps_LEFTWhatsNews
Sun-Times Media expands Blockshopper deal
Sun-Times Media, the owner of the Chicago Sun-Times and other newspapers, said Monday it has expanded its partnership Blockshopper.com to offer real estate news and information to online readers and advertisers. Get the full story »
ShoreBank shut down by FDIC
An exterior view of ShoreBank at 3401 S. King Drive on the South Side, May 18, 2010. (Chris Walker/Chicago Tribune)
ShoreBank, which billed itself as the nation’s first and leading community development and environmental lender, failed Friday and was acquired by a consortium of big banks, insurers, philanthropic groups and civic-minded individuals.
ShoreBank is the 15th Illinois lender to fail this year, and the 114th to be seized by regulators nationally.
Its failure is expected to cost the Federal Deposit Insurance Corp. $367.7 million. The FDIC is funded by the banking industry. Get the full story »
Fewer homeowners received mortgage help in July
The Treasury Department said Friday that the nation’s housing market “remains fragile” and reported that far fewer delinquent mortgage borrowers received loan modifications through a federal government program in July than they did in June. Get the full story »
Mortgage rates keep falling; now at 4.42%
Homes in Oak Park. (Antonio Perez/Chicago Tribune)
U.S. mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the U.S. economy, according to a survey released Thursday by Freddie Mac, the second-largest U.S. mortgage finance company.
Rock-bottom rates should continue to spur demand for home loan refinancing, putting extra cash into consumers’ hands that they can save, use to pay off existing debt or funnel into the economy through extra spending.
Interest rates on U.S. 30-year fixed-rate mortgages, the most widely used loan, averaged 4.42 percent for the week ended Aug. 19, down from the previous week’s 4.44 percent and its year-ago level of 5.12 percent, according to the survey. Get the full story »
