Tax Credit can be used for Down Payment

Tax Credit Can Be Used for Down Payment Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.Other Solutions for Today's MarketDuring his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort. “Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”The real estate summit is part of the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo. During the week ending May 16, more than 8,500 REALTORS® will attend meetings, visit lawmakers and inspire action on Capitol Hill.Source: NAR

Español

Segun varias fuentes informativas y presiones por parte de varias asociaciones como Realtor , pudiera ser viable una utilización de los 8,000 Dolares para un posible enganche sin tener que esperar al año 2010 al realizar las taxas .

Si esta noticia se llevaria a cabo pudiera ser fuente de una subida en ventas debido a un enganche que seria utilizado basado en un hipotetico no enganche ...por determinar todavia por fuentes legislativas en USA.

Bad news for New Construction houses / malas noticas para casas nuevas

New single-family homes at 17-year low
Starts and permits continue to be weak, but pickup in condo and apartment construction lifts overall housing starts.

NEW YORK (CNN Money information) -- New construction of single-family homes fell to a 17-year low in January, according to a government report on the battered housing market released Wednesday.
At the same time, a pickup in apartments and condo construction resulted in a rare gain for housing starts overall.
Starts of single-family homes fell to an annual rate of 743,000 in the tenth straight monthly decline.
The level of single-family home building is down 5 percent from December, 34% from a year earlier and 60% from the record high reached only two years ago.
Still even with the continued decline in single-family homes, housing starts edged up to an annual rate of 1.02 million from the revised 1 million rate for December. The overall number for January was roughly in line with the forecasts of economists surveyed by Briefing.com.
The increase was due to a gain in starts in multi-family units, such as condos and apartment buildings, which posted a nearly 18% jump from December. Starts of multi-family housing units are a much more volatile measure than single-family starts. The narrow rise in overall housing starts marked only the second rise in the last eight months for that reading.
Mike Larson, real estate analyst for research firm Weiss Research, said the weakness in single-family home construction isn't a surprise, given the weakness in demand. Potential buyers are having more trouble arranging for financing or selling their existing homes, and many are nervous about buying in a market with falling home values.
"The news about the Federal Reserve cutting rates may have gotten people out there looking, but the financing side of things has gotten tighter," Larson said. "The builders can see the problems and the excess inventory they have on their hands, and they're responding in a rational way to those realities. It wouldn't surprise me to see them cut further."
In addition, building permits for single-family homes - often taken as a sign of builders' confidence and a better look at the future of the market - fell to an annual rate of 673,000. That also marked the tenth-straight month of decline for that measure and, like the single-family starts, was a 17-year low.
The pace of overall permits fell to an annual rate of 1.05 million from revised 1.08 million in December. Economists had been looking for permits to come in at a 1.04 million rate.
The sharp falloff in building is one of the primary drags on the U.S. economy and, some economists argue, has already caused a recession to start.
The fourth quarter reading on gross domestic product, the broad measure of the nation's economic activity, showed that investment in residences trimmed 1.2 percentage points off GDP in the fourth quarter alone.
Contractors specializing in residential construction have cut nearly 350,000 jobs from their payrolls since the peak of building two years ago, according to seasonally-adjusted Labor Department estimates. Losses in the sector have been tempered by continued strength in non-residential construction but that too is now showing signs of a slowdown.
Sales and prices for both new and existing homes have been in a near free-fall for most of the last year, and the most optimistic forecasts don't see a pickup in either sales or home values until the second half of 2008. Some forecasts are that prices and sales could continue to fall into at least 2009.
But there is a benefit for the battered housing market from the near cutoff in starts and permits. A separate Census Bureau report showed a record 195,000 completed homes for sale at the end of December, the supply of all new homes available for sale, including those under construction and those not yet started, stood at a 9.6 month supply. That glut of new homes for sale is cutting into the value of both new and existing ones.
In the face of weak demand for new homes, the only way to bring supply and demand back into balance is to drastically cut into production of new homes and wait for the weak demand to start to work through inventory.
The downturn in housing and home building has hammered the results of the nation's largest builders.
Earlier this month, D.R. Horton (DHI, Fortune 500), the No. 2 home builder by revenue, reported a much steeper-than-expected loss in the fourth quarter. Luxury home builder Toll Brothers, the No. 7 builder, reported a sharp drop in sales when it released preliminary numbers at the beginning of this month, saying it is "not yet seeing much light at the end of the tunnel."
That followed a report last month from No. 3 Lennar (LEN, Fortune 500) that showed a $1.25 billion fourth-quarter loss, the largest in the company's history. In addition No. 1 Centex (CTX, Fortune 500), No. 4 Pulte Homes (PHM, Fortune 500) and No. 5 KB Home (KBH, Fortune 500), all reported fiscal fourth-quarter losses far worse than forecasts in January, as did No. 6 Hovnanian Enterprises (HOV, Fortune 500) when it reported fiscal fourth quarter results in December.

Chicago Casas 2009 pronostico

Mal pronostico para este 2009 , debido a la cantiadad de casas reposeidas y pre-foreclosure en el Area de Chicago.
Segun fuentes informativas mas del 50% de las casas en varias areas de Chicago se encuentrar en Pre-foreclosure .
Esto quiere decir que lo mas cierto es que las propiedades bajaran en Chicago este 2009 hasta un 15% por lo menos viendo solo los datos estadisticos.
Esta bajada no sera en todas las areas solo en areas de Chicago llamadas de declive y no equivale la regla de 3 para todoas ellas.

Steven Good Was Found Dead !

New Cortesy of CNN Chicago

Real estate power broker dead of apparent suicide
Steven L. Good was found dead of an apparent gunshot wound in his car Monday
Good was a well-known real estate businessman in Chicago
Friends, family shocked, saddened by what police say appears to be a suicide


CHICAGO, Illinois (CNN) -- One of Chicago's most well-known real estate moguls appears to have shot himself to death, police said.

Steven Good was found dead of an apparent self-inflicted gunshot Monday, police said.

The body of Steven L. Good was found in his Jaguar on Monday. The car was spotted in a parking lot of a wildlife preserve in Kane County, Illinois, just outside Chicago, authorities said.
No note was found, and police say they do not know how long the 52-year-old had been in the vehicle.
Good was the chairman and chief executive officer of Sheldon Good & Co., a major U.S. real estate auction company.
The death comes amid great turmoil in the country's real estate industry. In his role as chairman of the Realtors Commercial Alliance Committee, Good commented on tough conditions last month at a business conference.
On a memorial blog set up by the Chicago Association of Realtors, for which Good once served as president, friends and colleagues described him as a gregarious man with a big personality. He was a savvy businessman who built his company into a major national real estate company that did deals with Donald Trump, they said.
"It is testimony to Steve's leadership that Sheldon Good & Co. remains well-positioned for the future," said Sheldon Good President Alan R. Kravets.
"The guy was a true blue Realtor," said Barbara Matthopoulis, the association's spokeswoman.
She was new to real estate when she met Good more than a year ago. He took time to give her advice that has helped her grow to love the business.
"Anybody who knew him would speak to his leadership, his generosity, his attitude. The guy was just very positive, always smiling, always telling you a story. He was engaged. Everyone is really very shocked," she said. "I doubt anyone could help explain why this happened."
Kane County Sheriff's Department spokesman Lt. Pat Gengler said authorities don't have any "concrete evidence if this had anything to do with his finances."
The company was founded by Good's father, Sheldon Good, in 1965, according to the firm's Web site.
Steven Good had "been involved in the sale of more than $4 billion of real estate, including commercial, office, retail, industrial, residential, and vacant land sites," it says.
"Mr. Good is the driving force behind the expansion of the company, which has been ranked as the largest firm in the United States exclusively conducting real estate auctions."
Good, who was also an attorney, wrote a book, "Churches, Jails and Gold Mines: Mega-Deals From a Real Estate Maverick." According to Amazon.com, Donald Trump wrote the afterword.
The first chapter begins, "Our auction company is to the real estate business what Sotheby's and Christie's is the fine art and collectibles business." The book goes to say that as of its 2003 publication, the firm had sold 40,000 properties totaling $8 billion.
"If you lined up 1,000 people and said pick the one that might do this to themselves, he would be the last person I would choose," said Wayne Caplan, who worked at Sheldon Good for six years and knew Steven Good personally. "He had a zest for life. He has a wife and kids and he had so much in his life."

Casa de Alcapone en Chicago

El sur de Chicago , tiene la casa de Alcapone entre su calles , en 7244 south PRAIRIE , Chicago .

Alcapone Nacio en New York , USA y fue mandado a Chicago para enfriar su peligrosa situación en New York debido a peleas con bandas rivales.

Alcapone llego en 1919 a las Calles de Chicago donde pronto estabilizo una de sus centros de operaciones en 7244 Sur prairie .

Hablando de terminos inmobiliarios , Santiago Sanchez Dice : "yo he vendido varias casas en ese area " los valores inmobiliarios la media estan en los $200,000 .

Varias medios de informacion estan publicando que la casa esta en venta , pero la realidad es que en el sistema de MLS el original de USA no lo esta , con esto no se quiere decir que esta casa no este para vender , pudiera ser estar de forma privada.

Muchos malos entendidos hacen pensar que Alcapone nacio en Napoles , pero NO ES CIERTO !

Alcapone Nacio en New York segun los registros de la ciudad en 1899 , la madre de Alcapone Tererisa Alcapone y su padre Grabiele.

Muchos han sido los que en Chicago han intentado borrar el pasado de Al capone y mafiosos en los 20's pero la verdad es que no han podido ....si no puedes borrarla Como dice el refran tomala como historia de la ciudad !

El Hotel Lexington el Michigan ave fue derribado que era una de la oficinas centrales de Al Capone en Chicago , hace solo unos anos.

Este Hotel fue deribado en noviembre 1995 , 10 pisos de altura cayeron como Espuma !!! y otro capitulo fue cerrado en Chicago

Real Estate Trends 2009

8 real estate trends for 2009
December 26, 2008
For even the most seasoned real estate professional, 2008 was a challenging year. As the credit market tightened, the economy sputtered, foreclosures soared and the stock market took a hit, many were wishing for a crystal ball to see just when to expect a turnaround. To give insight on the real estate market for 2009 and beyond, local developers and agents offer up eight predictions:1Less, with more. Single-family home builders are predicting the continued movement toward smaller homes, with many buyers opting for less square footage as a means of saving more, said Jim Chittaro, chief financial officer for Naperville-based J. Lawrence Homes. "We've definitely seen an increase in buyers opting for the smaller home with the lower base price, and then adding upgrades throughout," said Chittaro. "Rather than paying more for square footage, they're taking inventory of how much home they really need and deciding to go with a "quality over quantity" approach and adding features like a spa bath or gourmet kitchen that they'll enjoy for years to come."
Chittaro added that buyers are also very energy conscious. "Energy efficiency is very important to buyers and they're looking to save on utility costs when they can," he said. "One way to do so is to choose a smaller home, which costs less to heat and cool." 2Rethinking the American Dream. Homeownership has long been considered one of life's benchmarks, so much so, that the concept earned the moniker "The American Dream." However, in today's economic climate, realizing that dream is no longer an option for many people.Some renters simply choose not to buy a home, according to Tony Rossi, president of RMK Management Corp., which manages more than 8,000 apartments in the Chicago and Minneapolis areas."Homeownership includes a lot of added responsibility, from maintenance to unexpected fees, so the 'American Dream' really isn't the dream of every American," Rossi said. "Many of our residents simply prefer the renter lifestyle."Steve Fifield, president of Fifield Cos., which is developing K Station, a 2,400-unit development in Chicago's Fulton River District, noted: "Today, credit is tough to come by. Many people can no longer line up financing to purchase a home, but they still want an impeccably-designed place to live. That's why our new-construction apartments include condo-quality finishes, such as stainless steel appliances and granite countertops, as well as luxury club-style amenities."3Urban suburban. For years, a new-construction home in the suburbs meant moving into a cookie-cutter subdivision. But according to many suburban developers, their focus going forward won't be simply building homes, but entire downtowns with residential, retail, restaurants and more.In Lemont, 30 miles southwest of Chicago, the Lemont Downtown Redevelopment Project by Marquette Cos. is a $250 million mixed-use development that includes The Front Street Lofts, comprised of 82 lofts in four buildings above 24,000 square feet of retail space. "Instead of contributing to suburban sprawl, our goal is to revitalize Lemont's historic downtown with new residential and retail offerings," said Bruno Bottarelli, partner of Marquette Companies.Five miles northeast of Lemont, Opus North has developed Burr Ridge Village Center, a mixed-use development that integrates condominiums, retail shops, restaurants, office space and pedestrian-friendly features into a 20-acre town center. Events on its village green range from movie nights and a farmer's market to outdoor concerts.4Condo-max-iums. According to the National Association of Homebuilders, the average single-family home is 2,456 square feet. However, Chicago-area developers have noticed buyers—from young families to downsizers—are looking for the same amount of square feet when buying a condominium."There is no substitute for space," said Michael Reschke, chairman and CEO of The Prime Group, developer of Ten East Delaware, which offers plans as large as 2,910 square feet. "At Ten East Delaware, we're seeing many young professionals who want homes that offer enough room to host dinner parties and one day raise a family. They don't want to outgrow their condo in five years."Developer Winthrop Properties said its largest floor plans at Winthrop Club in Evanston have been popular among downsizers. "What we're finding is that downsizers don't really want to downsize at all," said Bob Horner, co-principal of Winthrop Properties. "Rather, they seek the maintenance-free lifestyle and single-level living offered by a condo."Matt Nix, vice president of development for Opus North, agrees. According to Nix, the developer's latest community, The Residences at Burr Ridge Village Center, has attracted many empty nesters who have lived in estate-style homes in the Burr Ridge area for years and now want to enjoy the convenience of a large maintenance-free home that is within walking distance of shops and restaurants. 5Online toolboxes. According to the 2007 National Association of Realtors Profile of Home Buyers and Sellers, 84 percent of buyers use the Internet to search for a new home. Taking a cue from these findings, leading Chicago-area residential brokerage firms will be enhancing their sites with user-friendly Web tools. In 2008, @properties released the @properties Market Report. This report, which is updated bi-annually, shows the average sales price and market time divided by neighborhood, and also by number of bedrooms and number of baths.6Common ground. In the city, where green space is as high in demand as parking, some developers will start going the extra "yard" to give Chicagoans more outdoor community spaces. At K Station, Fifield Cos. and its joint-venture partner, Pacific Life Insurance Co., have built a one-acre park, which was donated to Chicago. And in the retail district of the Clybourn Corridor, residents will soon enjoy a one-acre park and plaza that will be part of New City, a development that will offer street-front retail at Clybourn Avenue and Halsted Street. "Residents will appreciate having an open green space—the first of its kind in this area—with dining tables and chairs where they can take a break," said Michael Drew of Structured Development LLC, developer of New City.7Resurgence of rowhomes. Dating back to colonial Philadelphia and Boston, the rowhome is a hallmark of traditional city living. But at Port Clinton Place, a community in Vernon Hills developed by Opus North, and the Residences at the Grove, a 294-unit rental community in Downers Grove, managed by RMK, even suburban residents will be enjoying the urban flavor of this classic housing style. "Rowhomes were born out of practicality, as their shared walls made it possible to fit more homes in densely-populated urban areas. But today, many suburban buyers are choosing these homes for their urban style and overall aesthetic appeal," said Andrew Lockwood, real estate director for Opus North. " According to Tony Rossi, the rowhomes at the Residences at the Grove provide renters with more square footage. "It's rare for renters to be able to enjoy things like attached two-car garages or multi-level living, without having to rent directly from a homeowner."8Creating community. Many developers today are taking strides to form a sense of community among new residents before their homes are built, a trend that is expected to continue into 2009. Park Place of Elmhurst, a new continuing-care retirement community sponsored by Providence Life Services, has a monthly program called Positively Park Place, which includes cultural outings and presentations for residents. At The Front Street Lofts, developer Marquette Cos. has partnered with Lemont to establish the Institute for Community to create strong relationships between residents and merchants in the downtown Lemont business district. Under this initiative, merchants and business owners work together to help their mutual businesses thrive.

By Chicago Tribune

Homeless turn foreclosures into shelters

By Rick Jervis USA TODAY
For Max Rameau, a vacant, boarded-up home is more than just a symbol of the national housing crisis. It's an opportunity to house the homeless.
Rameau, a homeless advocate, runs a controversial program in Miami that helps families squat in homes vacated because of bank foreclosures. Using Internet listings and a team of volunteers, Rameau and his Take Back the Land foundation matches homeless families with empty homes.
Rameau, 39, says his efforts are creative solutions for two of America's biggest problems: rising numbers of vacant homes and a growing homeless population. He has moved in six families since January. The authorities so far haven't stopped him.
"It's morally indefensible to have vacant homes sitting there, potentially for years, while you have human beings on the street," Rameau says.
Kelly Penton, a city of Miami spokeswoman, says police don't have the manpower to scour neighborhoods looking for squatters. Police only act on a complaint by a property owner, which so far hasn't happened, she says.

"People need to obey the law, obviously," Penton says. "But it has to be something that's reported to the city."
Take Back the Land is just one of several grass-roots efforts — some legal, some on the borderline — that are emerging to confront the sprawling housing crisis. As the federal government tries to stem the growing problem, non-profit groups and advocates are taking matters into their own hands.
Advocates in Cleveland are trying to use city money to buy abandoned homes and rent them to the homeless. Homeowners in Atlanta pay homeless residents to sleep in their foreclosed homes to safeguard the houses. And in Boston, protesters have joined arm-in-arm in "eviction blockades" against sheriff's deputies.
With 44% of the nation's 744,000 homeless unsheltered, it's not surprising that people want to take over homes, says Michael Stoops, executive director of the National Coalition for the Homeless.
"With so many abandoned properties, I predict more and more non-profits will try to take advantage of the situation," Stoops says.
In Cleveland, there are about 4,000 homeless and some 14,000 abandoned homes, says Brian Davis, executive director of the Northeast Ohio Coalition for the Homeless. Since April 2007, Davis has been receiving calls from neighbors and police, letting him know about homeless families taking over the abandoned homes. In a recent survey of a small downtown area, there were 14 homeless people sleeping on the streets, down from 45 for the same area the previous year, a trend attributed to more homeless residents squatting in empty homes, he says.
Squatting presents dangers for families, Davis says. Children sometimes find guns left in homes by drug dealers. Fires have been accidentally started. In May, a homeless man squatting in a vacant house was killed after a candle caused a fire.
Instead of encouraging squatting, Davis and his group propose to use government funds to buy homes and rent them to homeless families, he says.
Workers at City Life/Vida Urbana, a housing advocacy group in Boston, are confronting the housing crisis with old-fashioned civil disobedience. Their focus is more on renters who suddenly find themselves evicted from a foreclosed building. Renters increasingly find themselves in such situations, says Steve Meacham, a community organizer with the group.
Once it hears of a pending eviction, City Life dispatches volunteers to lock arm-in-arm in front of police, Meacham says. Some go to jail. More often, however, the bank holding the mortgage will negotiate with the group to avoid the bad publicity.
The group has blockaded 13 evictions this year, 10 of which resulted in negotiated solutions with banks, noting, "We're getting banks to negotiate in ways they weren't before."
In Miami, Rameau says he approached banks this year with the idea of legally acquiring some of the homes at a discounted cost and renting them to residents. Some banks seemed interested, but once the federal bailout was announced, they stopped returning phone calls, he says.
Rameau says he doesn't choose homeless residents with severe problems. Families selected for squatting are required to pay to turn on the electricity and water, he says. The family lives in the house until they save enough to move into another home or until the owners show up with police and force them out — whichever comes first, he says.
One of the families who approached Rameau was Marie Pierre, 39, who had been bouncing around Miami homeless shelters since 2004 with four children, ages 1 to 11. The last shelter had forced her back on to the streets in October.
Pierre, an unemployed researcher, called Rameau on Nov. 3, she says. Three days later, he moved her family into a four-bedroom, two-bath home in Miami's Buena Vista neighborhood.
"It's a real miracle," Pierre says. "Max found for me in three days what the shelter system couldn't in four years. He has the solution."

LA CRISIS ECONOMICA MUNDIAL: EL DECLIVE DEL IMPERIO AMERICANO SEGUN ROUBINI Y FERGUSON

LA CRISIS ECONOMICA MUNDIAL: EL DECLIVE DEL IMPERIO AMERICANO SEGUN ROUBINI Y FERGUSON

"El precio que los honestos pagan por la indiferencia hacia los asuntos públicos es ser gobernados por miserables"
Platón
"Cuando los miserables se juntan los honestos deben asociarse. En otro caso caerán uno a uno, un sacrificio inmisericorde en una lucha ruin"
Peter Burke-Thoughts on the Cause of Present Discontents (1770)
Los análisis económicos al uso no suelen tener en cuenta los aspectos históricos.El último comentario de Nouriel Roubini sobre la crisis económica en los Estados Unidos es una excepción que señala los paralelismos entre la actual situación del imperio americano y la previa del imperio británico y cómo ambas coinciden en que los pasados acreedores y prestamistas netos del mundo se convierten en deudores y prestatarios netos.La dificultad de la la situación actual para los Estados Unidos se complica porque sus acredeores principales son sus rivales estratégicos y su posición deudora no concede apenas margen para negociar las condiciones del endeudamiento.Roubini señalz que la decadencia económica se prolongará durante años, pero que su inicio es incuestionable.La actual crisis internacional de la guerra en Georgia es según él también una señal de la inflexión.
Este planetamiento recoge, con exhaustiva documentación económica, el planteamiento de determinados historiadores y, entre ellos, el de Niall Ferguson en su libro "Colossus. The Rise and fall of the American Empire".Este último autor tiene también un interesante artículo sobre la situación de endeudamiento americana titulado “Una advertencia otomana para la endeudada america”.
Roubini, y todos lo historidarores, plantean que el declive del imperico americano puede acarrear consecuencias graves en un contexto internacional del que había desaparecido hace tiempo el multilateralismo.Las consecuenciads están a la vista.El nuevo orden está, todavía, y estará por algún tiempo, inédito.Ninguna política, nacional o internacional, podrá resistirse al cambio de paradigma.El desconocimiento de las advertencias de Platón y Burke tiene un precio elevado.
Estos son algunos de los detalles de Roubini y Ferguson:
"The US squandered its economic and financial power by running reckless economic policies, especially its twin fiscal and current account deficits. The last time around the current account started to go into negative territory in 1991 after a brief surplus during the 1990-91 recession. In the 1990s the growing US current account deficit was driven by a private investment boom – the internet technological revolution – and thus the accumulation of foreign liabilities of the US was driven by FDI and M&A activity, i.e the US accumulated foreign liabilities in the form of equity rather than debt. But since 2001 the further worsening of the US current account deficit was driven instead by growing fiscal deficits - especially in the 2001-2004 period – caused by unsustainable tax cuts and by the buildup of spending on foreign wars and on domestic security and since 2002 by the collapse of household savings and boom in investment in unproductive stock of housing capital that the housing bubble induced. And while the weak dollar is now inducing a modest improvement of the external deficit the looming sharp increase in fiscal deficits - that the current recession and financial crisis is inducing - will cause a return of twin deficits in the coming years. By now the US is the biggest net borrower in the world – running current account deficits still in the 700 billion dollars range – and the biggest net debtor in the world with its foreign liabilities now over 2.5 trillion dollars.
The trouble with these twin deficits is multi-fold. First, superpowers and empires - like the British Empire at its peak - tend to be net lenders – i.e run current account surpluses – and be net creditors, not net debtors; The decline of the British Empire started in World War II when the British fiscal deficits in the war and the current account deficits turned that empire into a net borrower and a net debtor both in its public debt and external debt. That financial switch into an external debtor and borrower position was also the reason for the decline of the British pound as the leading reserve currency. And the British twin deficits were being financed by a rising economic and financial power that was a net lender and a net creditor, the US.
Second, the last time the US was running large twin deficits in the 1980s the main financers of these deficits were the friends and allies of the US, i.e Japan, Germany and Europe as the US external deficit was against these economies. Today instead the economic powers financing the US twin deficits are the strategic rivals of the US – China and Russia – and unstable petro-states, i.e Saudi Arabia, the Gulf States and other shaky petro-states. This system of vendor financing – with these US creditors providing both the goods being imported and the financing of such deficits – has led to a balance of financial terror: if these creditors were to pull the plug on the financing of the US twin deficits the dollar would collapse and US interest rates would go through the roof.
Third, while it is unlikely that China, Russia and other powers would suddenly pull the rug from under the US feet – as such action would lead to a sharp appreciation of their currency and negatively affect their export led growth model – relying excessively on the kindness of strangers – especially that of your strategic rivals – is extremely risky. Since almost 100 percent of all US fiscal deficits since 2001 have been financed by non-residents – as US residents net holdings of US Treasuries have been flat since 2001 - by now the total stock of US Treasuries held by non-residents is getting close to 60 percent. And the foreign financing of the US current account deficits has also become more risky: less FDI and equity, more debt, more short term debt, more debt held by official political actors – central banks and sovereign wealth funds – , less debt held by foreign private investors, and more debt held by politicals rivals rather than allies of the US. This change makes the US vulnerable to such rivals using the financial terror weapon – dumping US assets and or reduicing their financing of the US twin deficits – in situations of geostrategic tension.
All these changes in the economic, financial, reserve currency and geopolitical role and relative power of the US will not occur overnight. But the trend is clear. The rise of the BRICs and other emerging market economies; the continuation of the process of economic and political integration in Europe; the US policy mistakes in economic, financial and foreign policies will steadily erode the power of the American Empire. This process will not be sudden and will take a couple of decades. But the trend is clear: the brief period of unipolar power of the American hyperpower is now over and a new age of balance of great powers is starting in the world. Also, the rise of non governmental actors – multinational corporations, NGOs, terrorist groups, non-nation state powers, failed and unstable states, non-traditional global players – will radically change the traditional balance of power as the power of nation states will shrink relative to that of other global players.
Whether the decline of an hegemonic power providing global public goods – security, free trade, freer mobility of capital and people, inducements to free markets and democracy, better environment, peace – will lead to a more stable world with many powers multilaterally cooperating on these global economic, financial and geopolitical issues; or whether the absence of such stable hegemonic power will lead to a more unstable world characterized by conflicts – economic, political and even military – among traditional nation states, great powers and non-traditional actors is an open and difficult issue. But it is certain that the decline of the American Empire has started."

REAL ESTATE CRISIS

I JUST PUT THIS ARTICLE BECAUSE I THINK IS VERY GOOD !

BY MONEY CULTURE
Daniel Gross
The Other Real Estate Crisis
Are ghost malls going to haunt the economy?
Jan 9, 2008 Updated: 11:41 a.m. ET Jan 9, 2008


So far, America's real-estate agony has been confined largely to the vast residential sector. Commercial (office buildings) and retail (malls, strip malls, big boxes) real estate have held up rather well, even though those markets were propelled by the same factors that sent housing into orbit: easy credit, an abiding faith in perpetually rising asset values and misplaced optimism about economic expansion.
But when the economy slows and threatens to go into recession, it's usually bad for all classes of real estate. And despite President Bush's measured happy talk on the economy earlier this week, indicators are rising that American consumers are keeling over from exhaustion. Shoppers unwilling to shop spells trouble for the tenants of malls and strip malls—and for their owners and lenders. All of which suggests: get ready for the ghost mall
The retail real-estate market has already started to slow. In the third quarter of 2007, 7.4 percent of retail space nationwide was vacant, according to Reis A vacancy rate of 7.4 percent isn't tragic by any means. But it's the highest level since 2002, and it's up from 6.8 percent at the end of 2005. The third quarter of 2007 marked "the 10th consecutive quarter of flat or deteriorating retail occupancy at the national level," noted Sam Chandan, chief economist at Reis, in a recent report. Thanks to continuing growth in supply and flagging demand, there was about 140 million vacant square feet of retail space in the third quarter of 2007, up from 124.4 million vacant square feet at the end of 2006.
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Malls aren't turning into haunted houses just yet, but they may be on their way, thanks to the recent wholesale shuttering of national retail chains. (This column's long-standing guiding principle has been that when a naturally observed event happens three times in relatively short time-frame, it's a trend. Like, for example, egregious right-wing hacks getting richly undeserved columns in large-circulation print publications.)
First came CompUSA the electronics retailer that managed to make Carlos Slim Helu, one of the world's wealthiest man, a little less wealthy. Helu spent more than $800 million to buy the computer and electronics chain in 2000. But after years of losses, the Mexican billionaire threw in the towel on the brick-and-mortar business. Last month, CompUSAannounced it would shut down its remaining 103 stores. The week after Christmas, Macy's, whose 850 department stores frequently anchor malls, announced it would close nine large stores in Indiana, Texas, and Ohio.
The trend continued in the first week of January. Last week, Pacific Sunwear said it would close 154 stores of its urban clothing unit, demo, "as soon as is practical" and would also shutter its nine One Thousand Steps shops.

Chicago River History

History of the Chicago River by the city of Chicago

More than 200 years ago, early pioneers described the Chicago River as a wet, muddy pond with the consistency of cement. This sluggish stream trickled imperceptibly along two channels that became the river's north and south branches, converging at the mouth of Lake Michigan. There were only two ways to travel along the stream: by canoe or by walking along trails made by the Potawatomi. Some of these trails are now major highways that now link people and goods throughout the region and the world.




The river has been a highway of sorts. The Chicago River and its tributaries have been dredged, straightened and deepened to improve its use for agriculture, navigation and shipping. Channeling the upstream reaches of the river provided agricultural drainage. Channeling the lower stream allowed commercial navigation. Today, the two reaches converge amongst the steel and concrete skyscrapers in downtown Chicago. This "River System," constructed by humans, runs backwards from its natural course. It is more than 150 miles long and downtown it is 21 feet deep. The system includes the Chicago Sanitary and Ship Canal, Cal-Sag Channel, Calumet and Little Calumet Rivers and the North Shore Channel.



Commerce



When people first began settling and trading near the river, they moved themselves and their supplies across the river with canoes. Later they built bridges such as the log drawbridge and began channeling, or straightening the river. Both made commerce easier and promoted new settlements. Burgeoning trade and new industries out paced any ideas concerning the need to process garbage and human waste separate from the Chicago River. Riverside industries such as slaughterhouses, sawmills, tanneries and soap factories dumped debris and pollutants into the river. The waste upset the ecological balance of the river. Settlement and industrialization took its toll.



Bubbly Creek



The pollution in Bubbly Creek, on the river's south fork in the town of Bridgeport, was a standout. The Union Stock Yards, slaughterhouses and processing plants, flanked the river from 35th and 47th streets. The "Yards" dumped unwanted hog parts into the river. On the river bottom, decomposing carcasses released methane gas and grease, which swelled with greasy foul-smelling bubbles. The Union Stock Yards lasted 105 years, finally closing in 1971. This legendary stretch of the river serves as a cornerstone for modern progress.



Reversing the Chicago River


Eventually the pollution from dwellings and industry along the river began to take a toll on human health. In 1885 a severe rainstorm forced sewage-filled river water into Lake Michigan, contaminating the city's drinking water. This natural disaster led to a cholera and typhoid outbreak that killed over 90,000 people within a few days. The polluted water also choked river vegetation and killed small animals inhabiting the waterway.



Repeated outbreaks of epidemic diseases compelled the City to find a way to stop the flow of polluted water into Lake Michigan. The city created the Metropolitan Sanitary District of Greater Chicago in 1889 to safeguard the city's drinking water and to determine an acceptable way to dispose of wastes. In 1900, the problem was solved by a massive engineering effort. Engineers constructed the Chicago Sanitary and Ship Canal to reverse the river's natural flow from eastward to westward, thereby steering the city's waste, human and industrial, away from Lake Michigan. Now the river flows toward the Des Plaines River, the Mississippi River and, finally, the Gulf of Mexico. Locks regulate the elevation of the river and prevent Lake Michigan from draining freely downstream. The American Society of Civil Engineers (ASCE) deemed the river reversal project one of the seven engineering wonders of the United States.

Barrio de Hyde Park , Obama

Muchas son las personas que nos preguntan , han subido los valores en Hyde park ? por ser elegido Obama presidente ? la verdad es que Hyde park siempre ha sido un area muy estable , pero poco antes de las elecciones se ven unos movimientos grandes en el sistema de real estate justamente en ese area .

Oberven esta grafica

Analisis de precios , Casas en Chicago 2008 inmobiliaria

Resumen estudio realizado por santiago Sanchez del año 2008 desde Enero hasta Noviembre 2008 de los cambios de precios en el sitema inmobiliario.

Claramente podemos observar con datos reales puestos en las gráficas la bajada del precio mínimo establecido en la ciudad de Chicago

La bajada de precios desde el mes de Agosto se hace notar fuertemente con caidas impresionantes .
Este estudio es de toda la ciudad de Chicago en general , por lo cual areas en concreto pudieran variar de la grafica en General

Programa de Prestamos itin para illinois

Desde hace unos 6 meses muchos de los bancos han eliminado este programa , pero todavia esta vigente este , que hemos elegido en illinois , a muy buen precio y lógico
puede comentar esta notica si desea , para mas info ir a www.itinprestamos.com

Stop Foreclosures - Pre-Foreclosures

Muchas son las personas que se preocupan mucho por vender su casa , pero no lo consiguen estando obligados a ir a foreclosure , ahora esta compañia de Chicago da una solución buena para este proceso click en su señal o logo para más información que parece muy atractiva

para mas informacion de Este WEB Click aqui

Casas en chicago resumen Abril 2008

Buen mes para las ventas de casas en el mes de abril en Chicago , cientos de casas vendieron , pero no las esperadas...las unicas ventas fueron n 70% foreclosures o casas reposeidas y solo un 30 % casas convencionales , esta es una de las razones que los precios todavia no estan subiendo pero pudiera cambiar en poco tiempo .

www.ChicagoCasas.net

Caida de precios en Chicago

Si usted se fija bien en esta grafica podemos ver claramente un aumento de ventas de casas y disminución total de las ventas claramente !

Esta gráfica esta basada en los últimos 12 meses sólo en la ciudad de Chicago

increibles datos ! Creados por Agent Metric center y mls procesados por santiago sanchez

Chicago Spire , Edificios de Chicago

El famoso chicago Spire del Arquitecto Espanol Santiago Calatrava , Inspirado en la naturaleza y el mar , parece que el edifico Respira !
Situado en Lakeshore Dr sera el mas alto de USA y unos de los mas altos en el mundo .

Casas en Chicago , Zona Norte

Por qué la zona de Uptown es una de la más apreciadas y más valoradas en Chicago ?

Esa pregunta ...es una de las frecuntes en el último 2007 '2008 la razón es clara ...el area es una zona de las más tradicionales con más antiguedad en Chicago desde el pub de al capone hasta el lago estan alli ! y los constructores pelean duro por un espacio a edificar en Uptown.

Casas Reposeidas Chicago y problemas con Bancos

Hola , Una de los problemas que más esta surgiendo es el precio bajo de los foreclosures , pero otro problema es poder financiarlos , por la fatal de Cocinas o baños .
Si una casa no tiene cocina o baño no se puede financiar convencionalmente y se necesitaria y prestamo más complicado .
www.CasasReposeidasBaratas.com

Casas en Chicago , Zona de Midway Aeropuerto

El area del aeropuerto de Midway se ha mantenido fuete en sus valores los ultimos 6 meses entrando fuerte en el 2008 .

las calles sobre la 65 y Austin y el area colindante es una de las que mejor mantiene el valor en Chicago
www.TusCasasenChicago.com