Category Archives: short sale

Illinois Foreclosure Statistics

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Illinois foreclosures down …

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… but still in the national top 10, meaning that 1 in 550 housing units in Illinois is now in foreclosure. That in turn translates to roughly 1 out of every 10 residential homes.

But the real scourge of the real estate market is that is has hollowed out entire blocks and permanently affected the ability of homeowners to move, sell, divorce, or refinance. Most are stuck, and many are stuck paying for more house than they actually have.

Failed Bank List

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This is the list maintained by the FDIC of bank failures since October 2000. You can download the list as a CSV file as well. Below find a portion of the complete list …

Only an economist would call this a positive sign!

Bloomberg - fewer houses upside down in Nov 09

In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.

In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.

Housing Prices and Median Income

housing prices and median income

new home sales at 1-year high (but less than forecast)

Housing Up (But Not By Much)

Housing Up (But Not By Much)


Sept. 25 (Bloomberg) By Bob Willis
Sales of new homes climbed in August to the highest level in almost a year as builders cut their
prices to compete with the foreclosures now flooding the market with previously owned homes.

Home sales increased 0.7% to an annualized pace of 429,000 units; assisted in part by first-time buyers taking advantage of tax credits before the November deadline. But that figure was still less than had been anticipated. Federal Reserve policy makers this week pledged to keep borrowing costs low to sustain the recovery past the time when the government stimulus measures wane. Thanks for nothing.

for the last time, NO mortgage modification in bankrupcty!

On March 30 Congress made it official. H.R. 200, the “Helping Families Save Their Homes in Bankruptcy” Act of 2009 was put down once and for all by a narrow margin in the Senate.

Pity. It turns out the Act would have gone a long way towards leveling a very uneven playing field. You can read about some of the (relatively) radical aspects of the bill in this summary from govtrack.us.

Now for the last time, stop fantasizing that the Federal Government is going to save your house and just hire a bankruptcy lawyer already.

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