Yesterday at 2:15 p.m.
Filed under:
Economy,
Housing,
Jobs/employment,
Trade
By Reuters
U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010. Gross domestic product expanded at a 2.4 percent annual rate, the Commerce Department said in its first estimate on Friday, after an upwardly revised 3.7 percent growth pace in the January-March quarter.
Financial markets had forecast GDP, which measures total goods and services output within U.S. borders, growing at a 2.5 percent rate in the second quarter from a previously estimated a 2.7 percent rate for the first three months of this year. Get the full story »
Wednesday at 1:24 p.m.
Filed under:
Autos,
Economy,
Government,
Housing,
Jobs/employment
By Reuters
Overall U.S. economic activity is still increasing but not robustly and in a few districts has lost steam over the past several weeks, the Federal Reserve said Wednesday.
The Fed’s latest Beige Book summary of national economic conditions, based on information before July 19, pointed to a less-than-booming recovery with sluggish housing markets and sales of costly items like new cars weakening. Get the full story »
Wednesday at 1:09 p.m.
Filed under:
Construction,
Development,
Housing,
Real estate
From Crain’s Chicago Business | AMLI Residential Partners plans to build a 49-story apartment building at Clark and Hubbard Streets in River North. Construction could start next year.
By Sandra M. Jones
The state of Illinois is offering low-interest disaster recovery loans for residents and businesses in northern Illinois that suffered damage from last weekend’s severe storms.
On Monday, Gov. Pat Quinn declared 12 northern Illinois counties disaster areas, after heavy storms on Saturday led to major flooding and property damage to many buildings and homes. The declaration means residents and business owners are eligible for below-market interest rates through participating lenders that they can use to finance repairs.
As of Tuesday, loan rates would be no more than 3.5 percent, according to Illinois State Treasurer Alexi Giannoulias, whose office oversees the loan program. Get the full story »
Tuesday at 10:58 a.m.
Filed under:
Housing,
Real estate
By Mary Ellen Podmolik
Like most major metropolitan areas, Chicago-area home prices rose marginally from April to May, but a “sustained recovery” remains out of sight, according to new data released Tuesday.
The widely-watched Standard & Poor’s/Case-Shiller Home Price Indices showed that in the Chicago area, home prices rose 1.2 percent in May, compared with April, but remain 1.5 percent below their levels in May 2009. Get the full story »
July 22 at 3:33 p.m.
Filed under:
Housing,
Real estate,
Updated
By Mary Ellen Podmolik
June marked a year of monthly positive year-over-year sales of existing homes in the Chicago area, leading some in the industry to conclude the market is finally stabilizing. But will the trend continue?
Home sales in the Chicago area rose 27.2 percent in June, to 9,085 single-family homes and condominiums sold during the month. The median sales price change still was in negative territory, however, falling 1.2 percent to $207,500, from $210,000 in June 2009, the Illinois Association of Realtors reported Thursday. Get the full story »
By Mary Ellen Podmolik
Only four of the eight largest mortgage servicers have committed to participate in a government-sponsored, yet voluntary, program designed to aid troubled homeowners with second mortgages, new data released Tuesday shows.
Of the four servicers participating in the second lien modification program — Bank of America, CitiMortgage, JPMorgan Chase and Wells Fargo Bank — only Bank of America and Chase were “operationally ready” and extending modification offers to consumers this spring, the Treasury Department said Tuesday. Get the full story »
July 15 at 2:55 p.m.
Filed under:
Bankruptcy,
Housing,
Real estate
By Mary Grandinetti
From Crain’s Chicago Business | The firm headed by Lucien Lagrange has filed for bankruptcy protection to keep the renown condo architect from having to shoulder the company’s debt as he retires.
July 14 at 6:05 a.m.
Filed under:
Housing,
Mortgages
By Reuters
Demand for loans to purchase U.S. homes sunk to a 13-year low last week, and refinancing demand also slid despite near record-low mortgage rates, the Mortgage Bankers Association said on Wednesday. Get the full story »
July 8 at 5:33 p.m.
Filed under:
Housing,
Real estate
From Crain’s Chicago Business | It’s official: A real estate investment trust sponsored by KBS Realty Advisors LLC will buy 300 N. LaSalle St., and pay nearly $503 a square foot for it.
July 8 at 9:15 a.m.
Filed under:
Housing,
Mortgages
By Reuters
U.S. 30-year mortgage rates dropped to a record low in the past week, according to a survey released Thursday by Freddie Mac, as concerns mounted about the economic recovery.
Rates on 30-year fixed-rate mortgages, the most widely used loan, averaged 4.57 percent for the week ended July 8, down from the previous week’s 4.58 percent and 5.20 percent a year earlier, according to the survey, which started in April 1971. Get the full story »
July 7 at 5:20 p.m.
Filed under:
Housing,
Mortgages
From CNN | Troubled mortgage finance giants Fannie Mae and Freddie Mac said goodbye to the New York Stock Exchange at the end of trade Wednesday. At the market open Thursday, Fannie and Freddie will start trading on the over-the-counter bulletin board — also known as pink sheets — under the symbols “FNMA” and “FMCC.” Get the full story »
July 7 at 6:28 a.m.
Filed under:
Housing,
Mortgages
By Reuters
Refinancing drove total U.S. mortgage applications to a nine-month high last week, while demand for loans to purchase homes sunk to a near 13-year low as buyers remained sidelined after the expiration of federal tax credits. Get the full story »
July 6 at 9:43 a.m.
Filed under:
Housing,
Mortgages,
Real estate,
Updated
By Kathy Bergen
Home loan delinquencies, excluding those loans already in foreclosure, rose 2.3 percent in May, to 9.2 percent nationally, according to a mortgage monitor report released Tuesday by Lender Processing Services Inc.
Meanwhile, the foreclosure inventory remained relatively stable compared with April, at 3.18 percent of all mortgage loans outstanding, the company reported.
Illinois is among the 10 states with the most loans in foreclosure or delinquency, with a rate of 13.6 percent of active loans. Nationwide, the rate is 12.38 percent.
July 2 at 1:03 p.m.
Filed under:
Bankruptcy,
Housing,
Real estate
By Dow Jones Newswires
General Growth Properties Inc. is seeking court permission to sell more than 60 acres in Las Vegas’ Summerlin residential development to a pair of home builders for about $38 million, pending higher bids at auction.
The deal will bring in cash that can be used to repay creditors and allow building to resume in the 22,500-acre development northwest of the Las Vegas strip, General Growth said in papers filed Thursday with the U.S. Bankruptcy Court in Manhattan. Get the full story »
