Ally Financial Inc, the auto and mortgage lender majority-owned by the U.S. government, posted its fourth consecutive quarterly profit as it prepares for an initial public offering this year. Get the full story »
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Ventas to offer 5.5M shares in secondary offering
Ventas Inc., a Chicago-based real estate investment trust, plans to offer 5.5 million shares in a public offering to raise money to repay existing mortgage debt and for other purposes, the company said Tuesday. Get the full story »
Less progress on mortgage mods in Chicago
The number of delinquent Chicago-area borrowers in permanent mortgage loan modifications fell in December for the first time since the government started its program to help troubled consumers keep their homes.
According to Treasury Department data released Monday, 27,121 local borrowers have received permanent loan modifications since the Home Affordable Modification Program began 21 months ago, compared with 27,176 in November. Get the full story »
Cook County: Extra month to pay property tax
Check the due date on your Cook County property tax bills that will arrive in the mail any day.
Property owners have an extra 30 days to pay their bills. The first installment, for the 2010 tax year, is due April 1, instead of March 1. Get the full story »
U.S. extends FHA program for flipped houses
The Obama administration on Friday extended through the end of the year a popular program allowing buyers of flipped homes to obtain loans backed by the Federal Housing Administration.
Flipping refers to the practice of buying a home and quickly reselling it at a profit. The FHA in 2003 banned buyers from obtaining government-backed mortgage insurance on homes bought less than 90 days after a previous sale. Get the full story »
Loehmann’s on State Street to close
Loehmann’s is closing its State Street store Saturday after operating for only three years.
The off-price women’s clothing chain opened the two-level, glass-encased showcase store in 2007, calling it one of its most upscale stores at the time. The store at 151 N. State St. anchors a prominent shopping corner in the Loop along with Macy’s Midwest flagship, Borders book store and the struggling Block 37 shopping mall. Get the full story »
Countrywide hit with 3 more investor suits
Bank of America Corp.’s Countrywide mortgage unit was hit with at least three new lawsuits accusing it of misleading investors about its finances and lending practices, and may face more by investors who chose not to join a recent class-action settlement.
Wednesday’s lawsuits by the states of Michigan and Oregon and by Fresno County in California were filed five days after Bank of America said it may incur an additional $6.1 billion of writedowns and legal costs tied primarily to Countrywide, which it bought in July 2008. Get the full story »
Illinois allots all federal affordable housing funds
The Illinois Housing Development Authority said it completed the allocation of $359.2 million in federal funds used to build and rehab almost 5,500 affordable rental homes for working families, seniors and people with disabilities.
The state housing agency received the funds as part of the federal American Recovery and Reinvestment Act.
Developments with Chicago accounted for more than $115 million of the disbursement.
Post office to sell Naperville building, lease space there
The U.S. Postal Service plans to sell its downtown Naperville facility and lease a substantially smaller space in the 70-year-old building.
Naperville Bank & Trust, a subsidiary of Wintrust Financial Corp., signed a contract last week to purchase the building and the bank will take occupancy in the fall, according to Jones Lang LaSalle, which is representing the Postal Service. Get the full story »
Pending home sales rise 2% in December
The number of Americans who signed contracts to buy homes rose in December, marking the fifth increase in six months.
The National Association of Realtors says its index of sales agreements for previously occupied homes rose 2 percent last month. The index posted a 3.1 percent increase in November. Get the full story »
Mortgage rates tick up to 4.8%
The average rate on the 30-year fixed mortgage rose slightly this week, following increases in bond yields.
Freddie Mac says the average rate rose to 4.80 percent this week from 4.74 percent the previous week. It hit a 40-year low of 4.17 percent in November. Get the full story »
Google Maps getting out of real estate game
Google Maps is getting out of the house-hunting game, at least for now. In a blog post this week, the company said it would “retire” on Feb. 10 the search option box on Google Maps that allows users to search for property for sale or rent in the United States, Australia, New Zealand, the United Kingdom and Japan. Get the full story »
Whole Foods to move Midwest HQ to River North
Whole Foods Market will move its Midwest regional headquarters to 640 N. LaSalle St., taking 36,000 square feet at the seven-story building on the block bordered by LaSalle, Ontario, Wells and Erie streets, according to leasing agent Jones Lang LaSalle.
The food retailer’s local regional headquarters is at 3241 N. Lincoln Ave., in West Lakeview, where it has 24,000 square feet.
Mortgage lending to hit 14-year low, MBA says
U.S. mortgage lending is projected to sink 36 percent this year to the lowest level since 1997, a trade group said Wednesday.
The Mortgage Bankers Association forecast new loans will fall to $966 billion in 2011 from $1.5 trillion this year. Get the full story »
Sales of new homes top forecasts, still not robust
New home sales climbed 17.5 percent in December to the highest level in eight months, the government reported Wednesday.
Sales of newly built single-family homes rose to an annual rate of 329,000 units last month, from a revised 280,000 units the month before, the Commerce Department said. That was the highest level since April but still down 7.6 percent from 2009. Get the full story »
