US Shuts 7 banks in IL

Yesterday was D-Day for Illinois Banks, the largest amount of bank seizures in one day. Some of the institutions that will become part of a larger bank were really great neighborhood banks. The real estate melt down has really changed the landscape of investing. In summary:

Lincoln Park Saving Bank will become Northbrook Bank & Trust, a Wintrust Bank. Broadway Bank and New Century Bank were both aquired by MB Financial. Citizens Bank & Trust was acquired by Republic Bank. Wheaton Bank will become Wheatland Bank, another Wintrust Company. The Harris Bank acquired Amcore. First Midwest of Itasca will take over deposits for Peotone Bank & Trust.

Fordham in the NFL Draft

As a proud Fordham Alum I am really surprised to see Fordham University named during the NFL Draft. QB John Skelton drafted by the Arizona Cardinals in the 2010 NFL Draft. Best of Luck John!

NEW LEAD PAINT REQUIREMENTS

Effective today certain paint jobs on homes or apartments built before 1978 will need to be completed by a contractor who is lead paint certified by the EPA. A link to an article in the Tribune is included.

A few things caught my attention on this :

1) I have not seen too much in the way of a public awareness campain for this measure, I have not seen much in the way of alerting contractors either.
2) This is exepcted to increase the cost of a paint job by approximately 5%
3) The liabilty is on the contractor, not the property owner

Getting a loan will be pricier

This article from CNN predicts 30 yr. mortgage rates in the 6% range in 2011, but states that the fed will not let rates rise to sharply until the economy is ready. Now that it seems as if everyone knows where rates are headed, what do we need to do to prepare.

Underwater rental buildings at risk; Cook County - chicagotribune.com

Underwater rental buildings at risk; Cook County - chicagotribune.com

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I do not know why, but this number shocks me. 42% of 2-6 unit  Chicago apartment building owners are underwater? If you are an owner of a property that is underwater our Property Management team can increase market value and if you are interested in making a real estate investment our agents can certainly find you a great deal. Call Root Realty if you would like to discuss how we can help.