Chicago aldermen advance new members for Northwest Side home equity board

Chicago aldermen on Monday advanced a group of appointees to a Northwest Side taxpayer-funded commission that guarantees home sale prices for members in several bungalow belt neighborhoods, a program that was created decades ago to try to stem white flight.

Some aldermen questioned the policies of the Northwest Home Equity Assurance Program, which has collected more than $10 million in small property tax payments from all homeowners within its boundaries since the late 1980s, but has handed out just a few payments in that time to residents whose houses didn’t sell for a set minimum price.

“People pay into this program via their tax bill, and it has $9.5 million, $10 million sitting in an account,” said Northwest Side Ald. Gilbert Villegas, 36th, who has for years criticized the agency for not doing more with its reserves. “And it has staff. And what we need to do is to

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Mortgage and real estate news this week: Booming market, increasing equity

The mortgage and real estate industries remain as hot as ever, which means now can be a great time to buy your first home, refinance your mortgage or tap your home equity to do some remodeling. Here are five stories Bankrate published this week to help you navigate these options.

a man and a woman sitting in a yard: Mixed-race family in front of a house

© jhorrocks/Getty Images
Mixed-race family in front of a house

1. Looking ahead: Housing heat stays on through the fall

There’s no indication that home sales are going to see a significant dropoff in the coming months. Tight supply and low mortgage rates have combined to make it look like the cooler weather and school restarting will do little to dampen competition in the real estate market. Even after some regular, seasonal loss in momentum, the fall is likely to be pretty busy.


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2. Home prices are staying up

Unlike the Great Recession in 2008,

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Real Estate Rumors: Invictus, IMC Equity, Prologis

Law360 (September 24, 2020, 6:19 PM EDT) — Invictus Real Estate Partners has purchased the 90% portion of a Connecticut apartment complex it hadn’t already owned in a deal valuing the property at $157 million, The Real Deal reported on Tuesday. The firm bought the 90% stake in The Waypointe, a 464-unit complex at 515 West Ave. in Norwalk, Connecticut, and the seller is Carmel Partners, according to the report.

IMC Equity Group is hoping to build a mixed-use project in Miami’s West Little River neighborhood, the South Florida Business Journal reported on Thursday. The company is seeking permission to build an 11-story project at 2963 N.W. 79th St.,…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the

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Home equity surges as demand soars and mortgage rates hover near lows

After a brief stall in home sales at the start of the coronavirus pandemic, homebuyers came rushing back in — so fast that prices never even took a hit. In fact, the gains in prices accelerated quickly, causing home equity to soar even more.  

Home equity for homeowners with a mortgage rose 6.6% annually in the second quarter, according to CoreLogic. Collectively, that adds up to a gain of $620 billion, or $9,800 per home.

Home values have continued to rise and are now up 5.1% annually, according to Zillow. Price gains accelerated in 48 of the 50 largest metropolitan housing markets across the country.

The reason is twofold: Demand is outpacing supply by a lot, and mortgage rates are sitting near record lows. The latter gives buyers more purchasing power.

The total supply of homes for sale was just over 29% lower annually for the week ending Sept. 12,

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