Posted: under Buyers, Cook County Treasurer.
The good, bad, and the ugly regarding real property around the Web…
The first year-over-year uptick in the Chicago area residential sales numbers for July in more than 2 years. Good news, no? There’s still a significant drop in home prices year-to-year but isn’t the key right now just getting some of the foreclosure crap sold/stabilized and then we move forward.
Another example of the selling of valuable government assets (Chicago parking meters anyone?)…a more national scope regarding the sale of past due property tax liens. The good, a quick infusion of money for the government entities relient on property tax revenue. The bad, the private companies now holding the debt have a strict profit motive in getting paid back and less incentive to stabalize communities which a local county treasurer might have. Yeesshh, don’t give the Cook County Board any ideas. 
And finally, just another foreclosure, sheriff’s sale where the only bidder was the foreclosing mortgage-holder…the former Wilmette home of Tony Rezko.
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Aug 21 2009
Posted: under Cook County Treasurer.
Tags: property taxes
Saw these couple things in the news this week…
First, the Obama administration’s announcement that its Home Affordable Refinance program maximim loan will increase to 125% of a property’s loan-to-value ratio up from 105%. Here’s some coverage of the announcement and the release from HUD Secretary Donovan. Ho-hum is mostly my reaction…why do we want people owing 125% of an asset? Practically the rising interest rates over the last couple months have slowed refinance activity. This is unscientific but from one closing in early May to a closing I had on 6/30 the borrowers interest rate difference was 4.375% to 5.65%…and both were good credit borrowers.
Second, a nugget from the Trib’s Consumer Watch column regarding a resident’s inability to get a refund for a mistaken property tax payment. Of course the headline’s misleading…the parking spot owner didn’t pay his property’s taxes twice, he paid on another property first, realized his error, then paid the correct PIN, and now wants a refund for his WRONG payment. I’d side with the law and the explanation provided by the Treasurer, we do need trust-worthy property records. I’m relying on a title commitment at closing to tell me the property’s tax status and that can’t change after the fact which is what this guy wants.
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Jul 03 2009
