the wasserblawg

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 .

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.

The Illinois Association of Realtors is due to release its July sales statistics next week. I'm staring at the computer waiting, with my hands over my eyes but peeking through my fingers. Can anyone say train wreck? Its getting hard to post on a real estate blog like this one this summer without whimpering or whining or bemoaning the state of the market. Instead, I've been spending a bit time on the bike lately and reading the occasional blog. Sure I like my work and all, but hey - there are worse things than actually taking time to enjoy the really terrific weather we have been blessed with. Riding the bike is terrific on many different levels. Having your bike stolen is not. So as a public service, I would like to refer you to an important reference point: The Chicago Stolen Bike Registry ; and a couple of irreverent ones: Bike Snob NYC and a wacky U-Tube vid . In the words of its creators, the bike registry exists: To provide a public forum for the distribution of i...

As a general rule, more closings happen at the end of any given month that at any other time, and most of those closings would happen on the last day (or perhaps the last Friday). So it being the end of July and all, I would ordinarily expect to be closing files with completed transactions. I am still closing lots of files this month, only the number of closed files due to mortgage companies (a) denying loan applications or (b) rejecting short sale proposals, is out-running the number of loan funded. We are still fighting the good fight, but oh my goodness, how things have changed.

Starting August 1st, it is going to be a bit more expensive to buy and sell real estate in the Chicagoland area; title insurance and escrow closing fees are going up. Chicago Title's new rate structure includes a $50 bump up on all owners title insurance policies (a seller cost) and $50 more for all escrow closings (typically a buyers charge). The charges for "title indemnities" and (Chicago) water department full account payment certifications are also being increased. I will not be surprised to see similar announcements from other title companies in the not to distant future. Kudos to CT for kicking up that TI fee, effective August 1, pure nefarious genius there. Property tax bills are supposed to be mailed out on August 1st - payable September 1. When Mortgage Companies expect a tax bill due, they demand that the title insurance company guaranty payment of the taxes. Title company are happy to oblige. They collect money from the buyers who will be responsible to pay...

Stand-by for a neat little change to the Illinois Notary Public Act that will likely impact the way we transact real estate closings here in Cook County. Both houses approved SB 0546 as the recent legislative session ended and we are awaiting the Governor's signature. This change, if implemented will require anyone who is selling residential real estate in Cook County will have to present proof of identity, including a thumb print image. It will fall to the Notaries who witness closing documents to collect this information. We will be obligated to prepare newly devised " Notarial Record s" that will include the "signor's" personal identity information, the aforementioned thumb print and even a certification that the transfer involved "residential" real property ( Looks like all those childhood hours with a Dick Tracy Crimestoppers Club Junior Detective kit did not go to waste... where'd I put that thumb print pad anyway?) The form itself pr...

Its that time of year when my morning work efficiency and intensity is slightly diminished whilst I watch the flash reports of the daily tour de france bike races on velonews or eurosport . THE most dramatic sporting even of the year (please don't get me started....) So here is a link to the everyday athlete blog piece on a completely unrelated bike race, the Cascase Cycling Classic and Chris Horner 's remarkable Stage Five finish. For those who care about such things, Horner finished 82nd, nine minutes behind winner Moises Aldape, who won the stage . Billy Demond finished with the same time, in 83rd. (Thank you to friend and chicago cycling club mate Rob Sindelar for the head's up on this one) Good one Chris!!