Dean Moss - Dean's Team Chicago Real Estate Team

Inundated by thousands of homeowners on the brink of losing their homes to foreclosure, giant U.S. Mortgage Investor and Guarantor Fannie Mae has created a program that will allow many of those who face losing their home the opportunity to lease them for up to one year. For most distressed homeowners, that's a far better option than being evicted.

As reported by Nick Timiraos in last Thursday's Wall Street Journal, the new Fannie Mae Deed for Lease Program began last week. It allows the former homeowners, now tenants, to pay a market rent to lease their home for up to twelve months from the day agreement is reached with the lender. Rents would be set at market - in many cases, the new monthly housing payments would be considerably lower than the previous mortgage payments.

Fannie acquired roughly 57,000 houses through foreclosure during the first half of 2009. It's total package of Real Estate Owned now stands at 63,000 distressed properties. Their estimated value - $6 Million!

If the rental program proves successful, Fannie Mae would keep additional foreclosed home inventory from an already saturated distressed property market. Hopes are the market will be stronger at the end of the lease term, and the organization could sell these houses at a higher price one year down the road.

According to Jay Ryan, Vice President of Equity Investments at Fannie Mae, fewer foreclosures on the market will also help the neighborhoods and communities in which these homes are located.

Under the program, the homeowners lender or mortgage servicer would have to prove that the borrower would not be eligible for loan modification or workout programs. Those current in their house payments would not be eligible for the Deed for Lease Program.

Fannie Mae also believes occupied homes would remain in better condition than those turned over, vacant, in foreclosure. The program would also provide some rental income to Fannie, rather than the guaranteed monetary drain of vacant, foreclosed homes.

Earlier this year, Fannie Mae began offering month-to-month leases to some owner occupants who lost their homes to foreclosure. Those foreclosed homes, however, remained on the selling block. This new program takes them off the market during the one-year lease term.

To qualify for the program, former owners will have to establish that the new rent amount will be less than 31% of their adjusted gross income. The one-year leases could be renewed month-to-month at the end of the term, but will return to the market at that time. Houses sold to buyers at that point would receive an assignment of any remaining portion of the lease.

Professional management companies would handle accounting and maintenance tasks.

Freddie Mac, the other major U.S. Mortgage Guarantor and Investor, is considering a Deed for Lease Program for homes in its portfolio - they have some success renting month-to-month to former owners, rather than foreclosing.

Please read our post today via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Hey from Chicago - home of those Hapless Chicago Bears! You see the game? Painful! Very painful!

Less than an hour before the Season Finale of Mad Men . . . so, time to blog!

If you are self-employed for a living - an independent contractor, perhaps in a Real Estate Related Field - perhaps you have asked yourself this question, at one time or another -

"What's my exit plan? And, what will my source of income be after I opt for this plan?"

Now, this is a question that those employed in a full-time job may not have to comtemplate. Many of these folks - those that STILL have a full-time job, anyway - have Pension Plans. 401-K Plans. Retirement Accounts.

What do those of us in Real Estate Related Fields have?

Often, investments tied to Real Estate - most of which are worth far less than they were only a couple of years ago!

Retirement plans? Savings Reserves? We Independent Contractors often have them - but, likely, their balances are considerably depleted as compared to a few years ago.

Sometimes, these days, strong sales months simply fill up the hole created during recent lean times. Likely, more lean times lay ahead, early in 2010, and many Real Estate Practitioners will likely again fall in the "living from check to check mentality."

So, many plan to work. As many years as we need to. In order to meet our family's daily needs, and our monthly expenses.

When bills are due, as we all know, excuses often don't work with those we owe money to. We have to pay up - even if, at times, we do so a few days late.

For those younger than 30, the decision on an "Exit Plan" is many years away. Those older than 50 - not so distant.

But, for everyone, the exit decision will hit us sooner or later.

Have you thought about and planned for that? Or . . . is an exit, simply a pipe dream, in today's Real Estate Market?

Would love it if you share!

DEAN & DEAN'S TEAM CHICAGO

Hey, folks!

Our Team Member Sue Moss just wanted to catch you up on some of the fun things to do in Chicago this weekend.

Hope you can enjoy them!

The Allstate Arena will be welcoming "The Greatest Show on Earth" this weekend - the Ringling Bros. & Barnum & Bailey Circus. There's always fun to be had at a circus for both young and old. For me, it's eating tons of cotton candy until my stomach hurts! Click here for show times and tickets.

The Museum of Contemporary Art in the Gold Coast neighborhood (220 E. Chicago Avenue) offers a Hide and Seek free with general admission. The admissions desk can provide you with a guide containing clues for an art scavenger hunt. Click here for more details.

Don't know a thing about Chicago's theater district? Well, you're in luck! The Broadway in Chicago Historic Theater Touris offered on Saturdays at 11:00 a.m. This tour will enlighten you with folklore and quirky facts about two of the following -- Ford Center for the Performing Arts, Oriental Theatre; the Bank of America Theatre, and the Cadillac Palace. Click here for more information.

Speaking of the Cadillac Palace Theatre (151 W. Randolph Street) in the Loop, this Sunday evening is opening night of Young Frankenstein, you know, Mel Brooks' classic film where Dr. Frankenstein creates The Monster. It'll be interesting to see how well it's been adapted for Broadway. So, click here to get your tickets. It only runs through December 13^th!

Sheffield's(3258 N. Sheffield Avenue) in the Lakeview neighborhood will be hosting their 2^nd Annual Chili Cook-Off this Sunday from 2:00 p.m. to 5:00 p.m. in the beer garden. It's for amateur cooks, so if you wish to compete for the $200 gift card, your entry must be received by 2:00 p.m. on Saturday. Click here for further details.

Since this very well may be the last weekend of mild temperatures and no rain for a while, why not take Bobby's Lakefront Neighborhoods Bicycle Tour, which includes bikes and helmets. In fact, yours truly, took this tour in July and thought it was well worth the price. I had such a great time I'm going to do it again next year! But hurry, this tour only runs through November 30^th, so click here to get more details on this guided tour.

Lastly, there is one Holiday event taking place this Saturday at Noon, and it's Macy's 103^rd annual Great Tree Lighting celebration in the Walnut Room. But don't fret if you can't make it, the tree will be on display through January 10^th. Click here for further information.

Don't live in Chicago? You jealous?

Here's a link to Sue's This Weekend in Chicago Blog Archives, via BlogChicagoHomes.com.

Move here!

DEAN & DEAN'S TEAM CHICAGO

Good Morning!

This week, in her Chicago Neighborhood News Post, our Team Member Cathy Mallers covers the Chicago Neighborhoods of Portage Park, Lincoln Park, The Loop, and The Gold Coast, as well as the Chicago Suburb of Evanston IL.

Planning something special in your Chicago Neighborhood or Suburb? Let us know, and we'll help get the word out!

Dean's Team offers the Highest Rated Active Rain Blog in Chicago!

PORTAGE PARK

Make sure you mark your calendars now because coming to Portage Park in 10 days is the Horror Society Film Festival. I have to say better late than never.

The Portage Theater will be showcasing classics like 'The Return of the Living Dead,' 'Fleshbeast,' 'Colin,' 'Zombie Girl' and more.

Be sure to get your tickets now.

LINCOLN PARK

Who doesn't like a good laugh? One of Chicago's favorite locations for fun and frivolity is Second City. With an amazing lineup (including Steve Carrell, Stephen Colbert, Jim Belushi and more) just released this week, tickets are going to be at a premium for the event billed as "The Second City Alumni: One Night Only."

The show will be staged in both of Second City's mainstage and e.t.c. theaters. Tickets go on sale Thursday morning at 10am and will cost $125. Be sure to call early if you want to get tickets because the only show is at 7 pm with the late night slot being private for alumnae only.

LOOP

According to its website, Block 37 is a premier development encompassing an entire city block bordered by State, Randolph, Dearborn and Washington streets in the heart of Chicago's downtown Loop. Block 37 will have direct access from the City's Pedway as well as the CTA Red Line and Blue Line subway system.

The Block 37 building continues to build its resident listings. With new leases totaling 20,700 square feet and featuring tenants such as Sephora, Michelle Tan, Claudia Kleiner Malabar Collection, Simply Thalia, iCandylicious, and more.

Developer Joseph Freed & Associates LLC remains optimistic about filling the 280,000 square foot shopping center. In a recent press release the developer states that Block 37 is "on track to open this new shopping and entertainment destination for consumers before Thanksgiving and to complete Block 37 by the end of 2010."

GOLD COAST

Gentlemen it's now time to update your wardrobe and move out of the t-shirt and jeans look. Local store, aptly named Haberdash, has undergone a complete makeover and is offering new looks to men who want to update their wardrobe.

Of particular note, the shop now carries everything from dress socks to office-ready Hugo Boss suits and even its own exclusive line of vintage-inspired button-downs.

Be sure to stop by the newly remodeled location with its men's club feel and urban chic inventory.

EVANSTON

What if you could write your own story based on illustration only? At the Evanston Public Library in the children's section you can now visit the "Imagination Library" for just that.

On the second and third floors of the library you will see 75 original paintings, sketches and drawings accompanied by a description of what the illustrator envisioned for the story - but the story itself is left up to the imagination of the viewer.

Thanks to the efforts of Jeff Garret, Associate Librarian for Special Libraries at Northwestern, Evanston Public Library was able to showcase the international exhibit which has already appeared in Japan, Greece, and Iran.

Here's a link to Cathy's Chicago Neighborhood News Archive, via BlogChicagoHomes.com.

DEAN & DEAN'S TEAM CHICAGO

Good Evening!

Here's our Chicago Market Stats Update, based on data compiled Sunday evening, November 1, 2009.

Don't let the big jump in Sales Closed, Sales Volume and Listings Expired concern you too much! These wild jumps are very typical for the end of the month - and many listings are set by Realtors to expire the end of each October.

Most of the key numbers continued to be flat last week - Active Listings fairly stable, Average Market Time still too high. However, I am encouraged by continuing stability in Pending Sales despite the approach of the dreaded Chicago Winter. Also, the Average Sales Price in the North and Northwest Sides of Chicago Neighborhoods we serve most frequently jumped over 5.5% last week.

Absorption Rate - the theoretical time to clear existing homes-for-sale inventory, fell significantly last week - it's now below 10 months. This is far from the sub-5-month Absorption Rate of a couple of years ago, when the market was far stronger, but the downward trend is very encouraging.

The Percentage of Homes Selling in an Estimated Six-Month Marketing Time Frame also improved - to 47.09% this past week.

Here are archived annual Chicago Neighborhood Statistics, including Units Sold and Price Trends Data, for 1995 through 2008 courtesy of The Chicago Association of Realtors.

In addition, here is an Interactive Median Price Heat Map, from the Chicago Tribune Real Estate Section, covering Every Chicago Neighborhood. View the map for links to maps for Chicago Suburbs. It is updated as new data becomes available.

Communities and clients we serve, reside, or plan to reside, in the Chicago Neighborhoods of The Chicago Loop, The Gold Coast, River North, Lincoln Park, Lakeview, Uptown, Edgewater, North Center, Lincoln Square, Albany Park, Ravenswood, Wicker Park, and Bucktown.

Also, these Great Chicago Neighborhoods: Logan Square, Rogers Park , West Ridge, Portage Park, Jefferson Park, Norwood Park, Sauganash, Edgebrook,and Edison Park. Plus All Chicago Suburbs.

SINGLE FAMILY, CONDOS, AND SMALL MULTI-UNIT PROPERTIES - NORTH SIDE OF CHICAGO, NORTH OF ADDISON STREET, WEST OF ASHLAND AVENUE

ACTV LISTINGS JUST SOLD CLOSED EXPIRED

w/e November 1st 3,804 58 131 72

w/e October 25th 3,887 59 68 12

% CHANGE -2.2 -1.7% +92.6% +500.0%

CLOSED PROPERTIES DATA

AVG SALE PRICE AVG DAYS ON MKT TOTAL VOLUME

w/e November 1st $257,178 139 DAYS $33,690,318

w/e October 25th $243,523 138 DAYS $16,559,564

% CHANGE +5.6% +0.7% +103.4%

THEORETICAL TIME TO CLEAR EXISTING INVENTORY (ABSORPTION RATE) -

w/e November 1st - LAST 12 MOS - 13.65 LAST 6 MOS - 10.39 LAST 3 MOS - 9.83

w/e October 25th - LAST 12 MOS - 14.19 LAST 6 MOS - 10.95 LAST 3 MOS - 10.27

PERCENT OF HOMES SELLING IN 180 DAYS -

w/e November 1st - 47.09% (UNSOLD - 52.91%)

w/e October 25h - 45.36% (UNSOLD - 54.64%)

SOURCE: MIDWEST REAL ESTATE DATA LLC, AREA MARKET SURVEY DATA

Review our Chicago IL Real Estate Stats Pack Archive via BlogChicagoHomes.com.

Call our Team anytime for current trends in any Chicago Neighborhood or Chicago Suburb!

DEAN & DEAN'S TEAM CHICAGO