Photo source: City of Austin

With the first-time homebuyer’s tax credit set to expire in April and home prices at generational lows, people–especially young people–are able to buy a lot sooner than many expected.

But it’s easy for first-time buyers to get blinded by the excitement of purchasing a new home. Here are [...]

Some gloomy numbers loomed over the real estate market this week when national home sales and prices dropped, while mortgage rates creeped up.

“Demand to buy homes is really weak,” said Patrick Newport, economist at IHS Global Insight.

Four of the city’s real estate all-stars—an appraiser, investor, academic  and analyst—spent a little over two hours bemoaning the industry’s bleak 2010 fate at Thursday’s Chicago Association of Realtors Forecast. Then, they boiled their complicated, chart-heavy predictions into a bookmark-sized Letterman-esque top 10 list.

BY MEGAN MOLLMANN – MEDILL NEWS SERVICE

Although there was good news this week that housing prices are on the rebound, the aftershocks of the housing bubble are still being felt.

Chicago’s foreclosure rate shot up 30.3 percent in the first half of 2009 compared with January through June of 2008, according to a [...]

Flickr.com/Nathan Rein

BY MEGAN MOLLMANN – MEDILL NEWS SERVICE

Every American dreams of one day owning a multimillion dollar estate, but following the nation’s housing crisis, even Chicago’s ritziest real estate properties are struggling to find a buyer.

A few have even [...]

Flickr.com/Afagen

BY KATIE ROGERS — MEDILL NEWS SERVICE

In the grand tradition of Chicago traditions, yet another of the city’s most famous landmarks will undergo an official name change Thursday.

The Sears Tower will become Willis Tower, and the switch will be made permanent July 16 in a ceremony that will officially recognize [...]

(Kate Shellnutt/MEDILL)

BY KATE SHELLNUTT – MEDILL NEWS SERVICE

You didn’t have to look at your calendar yesterday to realize it was June 1—the start of moving season, when leases expire and Chicagoans move in and out—you could have just looked out your window.

U-Haul vans and moving trucks, back [...]

BY KATE SHELLNUTT – MEDILL NEWS SERVICE

Real estate agents can find themselves in scary situations; for example, all alone in an empty house.

So companies, like @properties in Chicago, and industry groups across the country are doing more to emphasize safety and self-defense.

Agents are often working on their own and [...]

Through the Chicago Green Homes program, the city suggests environmentally friendly ways for locals to make home improvements. (City of Chicago site)

BY KATE SHELLNUTT - MEDILL NEWS SERVICE

Green building experts say 2009 has brought ups and downs to the industry—a new administration in the White House offers more favorable environmental [...]

BY KATE SHELLNUTT - MEDILL NEWS SERVICE

The Treasury announced new incentives Tuesday for lenders to modify second mortgages in an effort by the Obama administration to further help troubled borrowers. Mortgage experts say the plan’s expansion, which taps into a $50 billion rescue fund, may not be enough to help the [...]