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Showing posts from August 21, 2008

Gloom and Doom Report of the Day

Zillow reports that: 29.1% of homeowners who purchased in the past five years are currently underwater on their mortgages (i.e., owe more on the mortgage than the house is worth). We also reported that almost half (45%) of those that bought at the national market peak of 2006 currently have negative equity. Nearly 14% of all single-family homes in the U.S., regardless of when they were bought, are currently in negative equity.

Read more (if you dare) here.

Gov. to Legislature: "Thumbs Down of Thumbprints"

The Governor has amendatorily vetoed Senate Bill 546 (requiring that notaries take thumbprints of grantors signing deeds for Cook County property transfers, to delay its effective date for one year (making it July 1, 2009) and also delay the sunset repeal for two years (making it July 1, 2013). It will be on the General Assembly's this fall for acceptance of the amendatory veto or override.

NOVEMBER UPDATE:
The Senate and House both approved the Governor's changes. The new law becomes effective June 1, 2009.