Chicago, IL

As I have time to reflect as we go into this holiday weekend, I think back to all that happened in the month of June.

My Personal Market Activity: Buyers re-engaged in the marketplace resulting in sold properties. Sellers who want to sell are listing at prices to sell not just to list. Communication between the Realtors, lenders, buyers, sellers and attorneys is key in keeping the deals together and getting them closed.

I have received negative comments responding to my positive outlook on the market, the first signs we are seeing of stabilization from the numbers that are being published. I have run into agents I know amazed when I say I am busy. They are thinking of getting out of the business. I am not "wearing rose colored glasses" as commented on one of my blog postings. Rather than walk away in frustration, I decided I have to continually educate myself to the dynamics of the ever changing market. Learn from my most current experiences. Most importantly, work to solve the problems that arise from each of the challenges that come with every transaction.

Americans deserve the opportunity to achieve and sustain the American Dream of homeownership. It is still recognized as one of their most important assets. I am a Realtor®. This is what I do.

Happy Birthday America!

Did you know that houses and buildings move? Those cracks that appear with age or settling could always be there.

I want you to look at your hand right now. Go ahead and look at it. See how your skin expands and contracts when there is movement?

Think about when you were a baby. Did somebody put a new body suit of skin on you as you kept growing? No? Yes?

Now, I want you to think about the climate you are in. I'm located in the midwest and hence we have frigid winters and hot summers. So, a house made of frame has a tendency to expand and contract during those seasons. You say, "No Way"? Well, then tell me why your feet and hands have a tendency to swell up during the summer?

If you have a brick building, go outside and look at where the foundation and the concrete sidewalk connect. Go ahead. Now, some of you may have that black tar. Some may have concrete built up in a "swoop" type of technique. Others may have a gap.

One of the problems with moisture on the exterior of the foundation walls of an old or new building, is the connection between the foundation and the sidewalk. If you do not have an good overhang on your roof line (16-24"), you probably are one that has been having problems with seepage into your basement, or a funny discloration to your exterior wall, or that green mold growing on the outside wall ... you know the stuff.

One of the best ways to stop the problem from beginning or when you purchase that older building is to have it inspected by a professional. Not a hobbiest - you know, the ones that can do everything.

I just received a call from a friend and client who told me that this "handyman" she hired a couple years ago put concrete between the foundation and sidewalk in the "swoop" method but it is crumbling all apart and is breaking up. Hmmmmm..... the best way to fill the crack or space between a multi-seasonal home location is to use a silicone material that is condusive to multi-seasonal weather changes.

Think about it. It's like the homes that have the hairline cracks above your doors and someone muds over it and says "that will take care of it". That's true, it will .... but they forgot to finish the sentence "for now". Years ago, I ran into a nice little product called "Crack Be Gone". It is a silicone spray that you lightly spray over that hairline crack. You don't stand it down after you spray. You wait for a couple of hours and then you can paint right over it. So, when you house moves again, sways to the breezes, or the earth shifting, it'll hold and you won't have to worry.

As my Dad has always said "Do it right the first time, and you won't have to worry about it."

Home Fixing Tips 101

THE CHICAGO IL REAL ESTATE MARKET, AND OTHER THINGS CHICAGO, FROM THE POINT OF VIEW OF A LITTLE WHITE DOG!

Hey, you dogs!

These days, my own scan each morning of the Business Pages in The Chicago Tribune and The Wall Street Journal often reveal a sliver of opportunity for hope in the Rebound of the Real Estate Market in Chicago.

But other key indicators leave me a bit distressed!

Yesterday, in The Wall Street Journal, in a story by reporter Kelly Evans, The latest Standard & Poors/Case-Shiller Index of Home Prices in 20 of the largest U.S. Cities shows a bit of price stabilization in April.

To be sure, the average indexed home price fell two months ago - the latest month for which the index has been calculated - by an average 0.6% across the U.S. - an improvement from the more marked 2.2% decline of March, 2009.

Here in Chicago, however the year-over -year Index Decline, between April, 2008 and April, 2009 was a record 18.7%. This was not by any means the worst falloff of Metro Markets Surveyed across the country. The Phoenix Metro Area suffered and Index Decline of 35.3% year over year, Las Vegas - 32.2%, and Detroit, - 25.4%.

But still-declining prices here point up the fact true recovery of the Chicago Real Estate Market may still be a ways off.

For me, as a dog, however, another statistic is far more troubling.

As reported in today's Chicago Tribune, by Reporter Jeannine Aversa, the Unemployment Rate, and, it's sister, less reviewed indicator, the Underemployment Rate - remain high, and are likely to increase over the coming months, according to many experts.

Across the U.S. in June, employers shed 467,000 paid positions - far more than the projected 363,000 monthly job losses economists were projecting for last month. That represents a 45% increase in lost jobs compared to May. It leaves the U.S. Jobless Rate, according to the Department of Labor, at 9.5% - a 26-year high!

A far more telling statistic these days, however, is what many call the "Underemployment Rate". This figure includes those who tried looking for new jobs, but have since given up their search. It also includes those who have accepted, at least temporarily, jobs beneath their level of expertise and training, or those who are working fewer hours, or are working part-time as opposed to full-time.

This Underemployment Rate has been estimated at 16.5% for the month of June - the highest such rate on record in over 15 years!

One 58-year-old former non-profit director in Florida felt forced to accept a job - any job - in order to make ends meet. She feels as if she has started a new career, at a time in her life when she should instead be planning for retirement.

Another telling, somewhat depressing unemployment statistic - the length of the time without a job. Today, 29% of the unemployed in the U.S. have been out of work six months or longer, the highest such percentage since the end of World War II.

Further, Average Weekly Earnings fell by roughly $2.00 per week in June, to $611.49. That's the lowest number in 11 months, and the first month-over-month decrease since last March.

In Washington, Federal Reserve Board Chairman Ben Bernanke, and several other economists, predict the recession will end by late this year. It is already the longest U.S. Recession in over 60 years. In total, the U.S. Economy has lost 6.5 Million jobs since the beginning of 2008, and an estimated 15 Million Employable Individuals were out of work last month.

Taken together, you dogs, these numbers still do not paint a rosy picture for Real Estate Recovery, here in Chicago, and elsewhere. As my Human Dad, Dean's Team Chicago Leader Dean Moss, says -

"If someone on Friday thinks they might lose their jobs the following Monday, that intervening weekend will not be spent searching for a new home."

No matter the moderation in home prices according to the Case-Shiller Index, being jobless, or merely the FEAR of becoming jobless, will always have a chilling effect on potential economic turnaround.

But let's all cross our paws and hope for improvement - soon!

See my post today via BlogChicagoHomes.com.

YOUR ACE REPORTER ON FOUR PAWS,

BUDDY HOLLY MOSS & DEAN'S TEAM CHICAGO

TVPG Radio's Guest: Mark Goodman

Mark Goodman appeared on TVPG Radio's Get More Business show Wednedsay June 3, 2009 at 11:30 A.M. EST.  Here's the link: http://www.blogtalkradio.com/get-more-business/2009/06/03/Get-More-Business-Show-Featuring-Mark-Goodman-Web-20-Expert.  It was a really great show.  Mark had a lot of good ideas to benefit small business owners, entrepreneurs and solopreneurs.  You can listen live over the internet or through iTunes.

Today there are so many Web 2.0 Tools and Techniques to help businesses market themselves in unique and dynamic ways. Mark is plugged into an active business community and works everyday with new and existing small to medium size businesses to find solutions to issues that all businesses face. By having his finger on the pulse of the small business market, he's developed a knack for determining what strategies will be most effective for different types of businesses.  Don't miss this opportunity to benefit from Mark's vast business experience.

Feel free to spread the word about this show and invite your friends to listen as well!  If you have questions for Mark or for me, I'll make sure I get you an answer. (You can email them to me.)

(If you missed the live show, you can always listen to the recorded podcast later by clicking on the link above or by using the player below.)

Jason Sanders @ValuePagesGroup
Business Networking Specialist

How you doin', folks? Greetings from our Mezzanine Level Offices, in the Lincoln Square Neighborhood on the North Side of Chicago!

Have you ever sat down at the closing table when buying your new home, and found that many of the mortgage loan terms - including your interest rate and fees - have increased from what you calculated they would be?

Over the years, I can identify dozens of closings here in Chicago.

Buyer clients represented by our Team were taken aback by heavy loan processing fees, increased origination fees, and, in some cases, higher interest rates than were originally disclosed in the Federally-Required Good Faith Estimate, provided shortly after the original loan application was completed. Amidst the dozens of papers that need to be signed at a home closing, the buyers often begrudgingly agreed to the new, less-favorable terms.

Effective July 30, 2009, this can't happen anymore! (See the FDIC Website for a summary of the changes, as explained in Federal Institution Letter FIL-26-2009).

Approved enhancements to Regulation Z - the Federal Truth-In-Lending Disclosure Law- take effect later that month that require extensive early disclosure of revised loan terms, far in advance of closing. If changes occur too close to the pre-scheduled closing time, the closing would need to be delayed to allow for proper advance notice of the changes in terms.

The changes apply to mortgage loans on most primary and secondary residences, and would impact both first and second mortgage liens. The main requirements -

- The Loan Process, including ordering of the appraisal, must not begin before the borrower provides written agreement of all loan terms.

- No Loan Application Fees, with the exception of a reasonable charge for the initial credit check, can be assessed until proper initial disclosure is made, and accepted by borrower signature.

- After the Truth-In-Lending Disclosure is provided to the borrower, a mandatory 7 Business Day Waiting Period is required before closing can occur.

- Re-disclosure is required should the borrower's interest rate increase by 1/8% or more from the initial quote (1/4% or greater on an Adjustable Rate Mortgage, or ARM). The resulting revised Truth-In-Lending (TIL) Statement requires a minimum 3-Day Waiting Period (6 Days if sent by mail, rather than delivered in-person).

Late changes in terms, and the resultant closing delays as required by the new law, might delay many moves, and add stress to an already-stressful home purchase process.

Warranted changes - or just more of that old red tape? Have an opinion? Please share!

See the FDIC Website for more important info.

And please review our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO