Fewer homes repossessed by lenders in October

Here's the story from CNBC.

Fewer U.S. homes are completing the foreclosure process and ending up repossessed by banks because investors are increasingly buying up properties when they go on sale at public auction.
The trend reflects a growing appetite among investors for buying homes before they exit the foreclosure process and end up on the market.
Some 37,775 homes nationwide completed the foreclosure process in October, down 1 percent from the previous month and a decline of 29 percent versus October last year, foreclosure listing firm RealtyTrac. said Thursday.

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Landmark Chicago Burger Joint is Staying

The Billy Goat, known for the Saturday Night Live skits starring John Belushi, isn't going to have to move after all.

 Billy Goat Tavern won't be moving or closing, even if a planned redevelopment of its property goes through, the Sianis family said in a statement Thursday morning. 

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"The Realtor Building has been keeping us in the loop since discussions began with us over a month ago, and have assured us that The Billy Goat Tavern will not leave or close its doors on Michigan Avenue if or when the proposed redevelopment happens," the statement reads, referring to reports that a redevelopment of the 430 N. Michigan Avenue property could displace the bar, which has been open for more than 50 years.
The statement says the family has no knowledge of the details of the proposed development, and said it is seeking to correct "misinformation" in "the last few days" that reported the tavern would be temporarily displaced.

Read more at http://www.redeyechicago.com/news/redeye-billy-goat-tavern-releases-statement-says-it-is-staying-put-20131114,0,6368968.story#sbIvKBqlS5ydREYm.99

"The Realtor Building has been keeping us in the loop since discussions began with us over a month ago, and have assured us that The Billy Goat Tavern will not leave or close its doors on Michigan Avenue if or when the proposed redevelopment happens," the statement reads, referring to reports that a redevelopment of the 430 N. Michigan Avenue property could displace the bar, which has been open for more than 50 years.
The statement says the family has no knowledge of the details of the proposed development, and said it is seeking to correct "misinformation" in "the last few days" that reported the tavern would be temporarily displaced.

Read more at http://www.redeyechicago.com/news/redeye-billy-goat-tavern-releases-statement-says-it-is-staying-put-20131114,0,6368968.story#sbIvKBqlS5ydREYm.99

Chicago Investment Property List

Check out the list here. 

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New Fed Rules May Hamper Mortgage Lending

Check out the story from Money News. 

New liquidity rules for banks will put a drag on mortgage lending, one of the most important sectors of the economy, a finance expert predicts in an article for American Banker.
The Federal Reserve's proposed Liquidity Coverage Ratio rule attempts to ensure that large banks have enough liquid assets to survive a severe liquidity crunch, says Clifford Rossi, a professor at the Robert H. Smith School of Business at the University of Maryland. Their high-quality liquid assets (HQLAs) would have to be at least 100 percent of net cash outflows during a 30-day stress period.

The idea is well intentioned, he says. The last financial crisis clearly showed that stronger liquidity provisions are needed. The problem is in the details, specifically defining HQLAs.

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Affordable Care Act Tax Hidden in Home Sales

Check out the story here. 

The Affordable Care Act or Obamacare seems to be in the headlines every day because of all of the problems surrounding the launch. And while most realize the law is funded in part by the individual mandate and penalty tax, it is also being funded in ways that are not discussed as much in the media.
Luxury real estate broker Ron Aioso says there is a tax that is rarely discussed that also helps fund Obamacare. It is a tax on high-income taxpayers when they sell their homes.
Franklin Lakes, N.J. was listed on Forbes.com in 2010 as one of "America's Most Expensive ZIP Codes", with a median home price of $1.3M.

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US jobless see setback; trade imbalance widens unexpectedly

CNBC has the weekly figure. 

The number of Americans filing new claims for unemployment benefits fell last week, butan upward revision to the prior week's figure suggested the labor market recovery remained gradual.
Initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 339,000, the Labor Department said onThursday. Claims for the prior week were revised to show 5,000 more applications received than previously reported.Economists polled by Reuters had expected first-time applications to fall to 330,000 last week.

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Is Home Ownership for Suckers?

That provocative column courtesy of CNBC can be found here. 

The jokes were flying in October and I'm not talking just about the failedHealthCare.gov debacle, I'm speaking of real estate. The joke is on the naïve crowd who rushed to buy a home this summer as fears of missing the next great housing boom appeared.
Oops. Looks like housing is a bust, once again.

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