CHICAGO NEWSPAPER MOGUL PREDICTS SPRING 2009 RECOVERY

 
Financial mogul Sam Zell, owner of the Tribune Co., recently told an Israeli business conference that the U.S. real estate market will be in recovery by spring 2009.
Zell blamed the current crisis – at least in part – on ill-considered decisions. Optimistically he shared the fact that the U.S. [...]

Business Week ranked the top cities where apartment rents have fallen
Rank: 10
Rent drop: -2.8%
Q4 2008 rent change: -2.4%
Q4 2007 rent change: 0.5%
Effective rent: $1,634.20
From Business Week:
The Boston area, home of Harvard University, MIT, and Boston University as well as some of the nation’s finest hospitals, is seeing damage to its financial sector. Thousands of financial-services [...]

This is the rescue package explained by our nations top economists:
The Rescue Bailout Explained in two minutes

It means Death Grip, dead Pledge! That’s probably a secret your mortgage broker didn’t tell you.
From Websters:
mort·gage Pronunciation: \?mo?r-gij\ Function: noun Etymology: Middle English morgage, from Anglo-French mortgage, from mort dead (from Latin mortuus) + gage gage
From  American Heritage Dictionary:
 ETYMOLOGY: Middle English morgage, from Old French : mort, dead (from Vulgar Latin *mortus, from Latin [...]

In 2008 the price per sq. ft. for all size units was up from 2007.
Comparing sq. ft. prices in 2008 with 2007.
700 sq. ft. or  less – Avg. sq. ft. price  $609.57 up +0.72%
701 -1,000 sq. ft. – Avg. sq. ft. price $557.98 up +5.09%
1001 – 1,500 sq. ft. – Avg. sq. ft. price $541.12 up [...]

Citywide Boston studio condos had the largest drop in sales. (Compared with 1,2 and 3 bedrooms).
Number of studio sales in Boston 4th Q 2007 – 40
Number of studio sales in Boston 4th Q 2008 – 22
A 45.00%  drop off in sales.

Avg. Price
‘06 4th Q
‘07 4th Q
‘08 4th Q

 
$527,735
$424,536
 $496,675

 % +/-
 +46.20%
 -19.56%
 +16.99%

Median Price
‘06 4th Q
‘07 4th Q
‘08 4th Q

 
 $415,000
 $390,000
 $390,000

% +/-
 +22.06%
 -6.00%
 0.00%

If your either a buyer or seller be prepared for the closing cost fees.

Here are some of the Buyers closing cost fees you can expect:

Fees for obtaining a mortgage
pre-paid interest on the new loan
Recording charges
Inspection costs
Homeowners insurance
Property taxes (prorated)
Transfer taxes
Title insurance and settlement fees
Attorney’s fees

Sellers are typically expected to cover closing costs like:

Loan payoff fees
Real [...]

From the New York Times
The Obama administration plans to move quickly to tighten the nation’s financial regulatory system. Officials say they will make wide-ranging changes, including stricter federal rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.
—
Aides said they would [...]

Avg. Price
‘06 4th Q
‘07 4th Q
‘08 4th Q

 
$673,750
$558,439
 $513,006

 % +/-
 +2.18%
 +17.116%
 -8.14%

Median Price
‘06 4th Q
‘07 4th Q
‘08 4th Q

 
 $684,500
 $561,250
 $485,000

% +/-
 +0.96%
 -18.01%
-13.59%