River North's HoJo Tower Scores Its First Construction Permit

Here's the story of a tower in it's early stages in the River North neighborhood.

Now that the retro Howard Johnson Inn along LaSalle Street has been permanently erased from the streetscape, a new 38-story apartment tower is officially ready to take its place. On Wednesday, the city issued the tower's foundation permit, which will allow workers to transition from demolition duties to construction. The plan to replace the mid-century motel with a new apartment tower was approved by the city last August and demolition began on the HoJo Inn earlier this year. As of last month, the site was completely cleared and prepped for the new tower, which will feature 298 rental units and a 114 space parking podium which will also serve as the building's amenity deck. Grab your hard hats—another tower is ready to climb into the sky. 

The River North neighborhood is one of the swankiest in the city.  

A stylish urban neighborhood that borders the Magnificent Mile and is just across the bridge from the Loop, River North is the go-to district for those who appreciate fine art and design. And for those who appreciate fine dining and drinks, the momentum behind the latest trendsetting openings continues to build and the late night energy swells.
Dormant factories and industrial warehouses began their transformation in the 1970s and 1980s, becoming work spaces and studios for artists and entrepreneurs. What followed was an influx of new businesses that densely concentrated the area and have made River North a hub for creativity and entertainment. Anchoring the area is the massive Merchandise Mart, with its endless trade showrooms for furniture and design wholesalers, and surrounding this epicenter are eye-catching galleries, home stores and antique shops. And architectural standouts are plenty, from the twin corn cobs Marina City to its neighbor the stately, steel and glass 330 N. Wabash building by Mies van der Rohe.
Cultured by day, River North shifts into high gear by night. The dining scene is always buzzing-from knockout noodles and Spanish small plates to high-end steakhouses and famed pizzerias. Just about every type of cuisine is covered in this mix of award-winning restaurants and local favorites. And for some after-hours revelry, slip into any of the sleek new clubs, upscale wine bars and craft cocktail lounges that dot the scene. 

New single-family homes in a great Chicago neighborhood

Here's the story. 

If you don’t know Old Irving Park, you’re missing one of Chicago’s great neighborhoods. Join residents and business owners in the video for a look at what makes Old Irving Park so attractive.

Ranquist Development is building 48 sophisticated, flexible, contemporary homes at an approachable price at Basecamp Old Irving Park.

Mortgage bankers predict $71B more in volume for 2015

Here's the story. 

  In reaction to stronger home sales and less cash in the housing market, the Mortgage Bankers Association is predicting far higher home purchase mortgage volume this year than it did just one month ago.
Purchase loan volume is now expected to rise to $801 billion in 2015, an upward revision from the $730 billion forecast last month and the $638 billion originated in 2014. 

Dodd-Frank's Job Isn't Done

Here's the article from Bloomberg. 

On July 21, 2010, President Barack Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act, aimed at ensuring the financial system would never again bring the U.S. to the brink of economic disaster. Five years later, the job remains far from done.
Consider, for example, the law's impact on bank capital, a crucial element in protecting the economy from financial shocks. Also known as equity, this is the money provided to institutions by their shareholders. Unlike most types of debt, it doesn't have to be paid back -- a feature that allows banks to absorb losses and keep lending in bad times. The government had to rescue banks during the 2008 crisis because the cushion was insufficient.

Dodd-Frank has dramatically changed the way mortgages are done.

Weekly mortgage applications rise 4.6% on rate dip

Here's the story. 

Mortgage volume last week regained almost exactly what it lost the previous week, as interest rates stopped climbing and dipped slightly lower.
Total applications rose 4.6 percent on a seasonally adjusted basis for the week that ended Friday, which included an adjustment for the Independence Day holiday, according to the Mortgage Bankers Association. Mortgage application volume is now 22 percent higher than one year ago.