It Ain't All Big Hair and Cadillacs

Governor’s Acts Decisively; suspends HB4050

Calls for a “system that effectively fights predatory lending and protects homebuyers”
CHICAGO, IL -- (January 20, 2007) –

The Chicago Association of REALTORS® (CAR) has been notified that Governor Rod R. Blagojevich has directed the Illinois Department of Financial and Professional Regulation (IDFPR) to “immediately suspend” the Illinois Predatory Lending Database Pilot Program, also known as HB 4050 effective immediately. A full text of his statement can be found at www.idfpr.com.

The Illinois Department of Financial and Professional Regulation has acted accordingly and the full text of the re-designation of the zip codes as no zip codes or areas whatsoever can be found at http://wwwidfpr.com/forms/memo/011907PubAct94280.PDF

"On behalf of our Board and our 17,500 members, including the over 1000 real estate professionals and their clients and families who were impacted by this statute,” began Alex Chaparro, President of CAR, “I am encouraged by the Governors actions to suspend HB4050 a statute REALTORS®, community leaders, and other advocates across Illinois have opposed since its inception.”

Chaparro continued; “I will encourage our members and those who worked so hard to rescind the bill to work just as hard to assist the Illinois General Assembly and the Governors office as well as the advocates for HB4050 to develop an open process to find a better solution in tackling the states foreclosure and mortgage fraud problems and to preserve buyers’ rights and their options towards buying a home. "

The Illinois Association of REALTORS® as well as the Chicago Association of REALTORS® is closely monitoring the actions of the Governor, as well as those of the Illinois General Assembly in the wake of this directive. For more information, the Association urges you to monitor www.chicagorealtor.com and www.idfpr.com regularly.

The Chicago Association of REALTORS® (C.A.R.), the "Voice for Real Estate™" in Chicago since 1883, represents more than 17,500 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions, and residential sales.

Please make the phones...there are only two of them! Thanks

Urgent call to action. Please pass this around and make the two phone calls. Thank you.

SB2300 passed the House today and was sent over to the Senate for concurrence.
We at TRAC had hoped for the passage of SB2691 which raised the "cap on the cap" from $20,000 to $60,000.

But the handwriting is on the wall and we have decided to call for the passage of SB2300. We will take the safety net now and start the process for real reform immediately. But it is up to you...You need to call today, Tuesday, January 9, 2007 or first thing tomorrow morning...or send a fax! There is a time limit - if President Jones doesn't call it for a vote tomorrow - we have to start all over again!

YOU MUST MAKE THE CALL!

PRESIDENT OF THE SENATE
EMIL JONES
217-782-2728
217-782-3242 (FAX)
773-995-7748
773-995-9061 (FAX)

CALL YOUR STATE SENATOR
http://www.elections.state.il.us/DistrictLocator/AddressSearch.aspx

President Jones, thank you for your hard work on my behalf. Please call SB2300 and vote to concur. Thank you.

(Your state Senator) Please ask President Jones to call SB2300 and vote to concur. Thank you.

Aldermanic Forum – Thursday, Jan. 11, 2007

43rd Ward – 8:00 PM

Your Alderman is probably the most important elected official there is when dealing with neighborhood problems. Wrightwood Neighbors, Sheffield Neighbors, Ranch Triangle, and the League of Women Voters are therefore co-sponsoring an Aldermanic Forum for the 32nd and 43rd ward candidates!

All Lincoln Central members are welcome and encouraged to attend. (Lincoln Central is located entirely within the 43rd Ward).

Place: DePaul’s Corteylou Commons (2324 N. Fremont Ave )
Date: Thursday, January 11, 2006
Time: 6:30 p.m. – 32nd Ward / 8:00 p.m. – 43rd Ward

This is an opportunity to ask each candidate directly their positions on specific issues that concern you. Questions on anything from property taxes, zoning issues, redevelopment of the Children’s Memorial Hospital site, the future of Finkl Steel and Guttman properties, and other Aldermanic services are fair game!

Below is a list of candidates as of the close of filing. All have been invited to attend.

32nd Ward 43rd Ward

Ted Matlak Vi Daley
John Lag Tim Egan
Paul Millar Rachel Goodstein
Scott Waguespack Michele Smith
Catherine Zaryczny Peter Zelchenko

Unlike many past Aldermanic elections, each race has a number of candidates. This is a great opportunity to find out the candidates stand on important issues before we vote on February 27, 2007.

Regards,

Your LCA Board

Visit our website at www.lincolncentral.org for more up to date news about your community.

Based on statistics pulled from the Multiple Listing Service of Northern Illinois (MLSNI), sales of condo units in Chicago were down 11% in 2006.

Appreciation, based on citywide median sales price, was up, but by only 0.3%, compared to 12% in 2005. The 2006 median sales price was $277,900, or $265 per square foot.

The least expensive condo sold for $10,000; the most expensive for $8.3 million. Condos continue to account for 58% of residential sales in the city.

For details: see our updated Market Overview.

Source: Ric Cox, President & CEO www.chicagocondosonline.com

In 2006, the Illinois General Assembly passed a new law which requires the placement of Carbon Monoxide Detectors in residences.

Public Act 94-741 mandates that every dwelling in Illinois must be equipped with at least one carbon monoxide alarm within 15 feet of every room used for sleeping purposes.

A dwelling unit is defined as a room or suite of rooms used for human habitation, which would include a single-family residence as well as each living unit of a mulit-family residence and each living unit in a mixed use building.

The law exempts residential units that are in buildings that:

1. do not rely on conbustion of fossil fuel for heat, ventilation or hot water
2. are not connected in any way to a garage
3. are not sufficiently clos to any ventilated source of carbon monoxide.

Buildings with electric heat are exempt.

The law allows three different types of alarms to be used to meet the requirement. The alarm can be battery powered, a plug-in style (with battery back-up) or it can be wired into the AC power line with secondary battery back-up.

The carbon monoxide alarm must bear the label of a nationally recognized testing laboratory and must comply with the most recent standards of the Underwriters Laboratories (UL).

The carbon monoxide alarm may be combined with the smoke detector provided that the combined unit emits an alarm in a manner that clearly differentiates the hazard.

Willful failure to install a detector is a Class B misdemeanor . Tampering with, or removing, destroying, disconnecting an alarm (except in maintenance or inspection) is a Class A misdemeanor.

This law is effective January 1, 2007.

For more information or resources on this topic, visit www.illinoisrealtor.org

Information provided by the Illinois Association of Realtors.

NAR's 2006 Profile of Home Buyers and Sellers:

The top five things that buyers say they want most from real estate professionals, according to NAR’s 2006 Profile of Home Buyers and Sellers:

1. Help finding the right home,
2. Help with price negotiations
3. Help with paperwork
3. Help determining what comparable homes are selling for
5. Help determining how much they can afford

A LAST TRAC CALL TO ACTION:

Tired of all the games that are being played with YOUR home?

Opponents to the 7% property assessment cap are suggesting that you go into DEBT* to pay your escalating taxes!!

What happens next triennial year, when the assessments go up again and the loan is not paid off? Borrow more? Go further into debt? Rob from your children's education, or your own retirement funds?

Tell your elected officials that you have HAD ENOUGH with property politics. PASS the 7% Property Assessment Cap with the $60,000 expanded homeowners exemption (Senate Bill 2691).

The FINAL THREE DAYS of the 94th General Assembly in Springfield are:
Sunday, January 7; Monday, January 8; and Tuesday, January 9, 2007.

CALL NOW:

Join Mayor Daley in his efforts to pass this needed legislation - call his office at 312-744-3300 and say:

I understand that Mayor Daley supports the 7% Assessment Cap with the $60,000 exemption, and I encourage him to bring that message to Springfield THIS WEEK.
(or fax to: 312-744-8045)

Call your State Representative - find their number here:
http://www.elections.state.il.us/DistrictLocator/SelectSearchType.aspx
and relay this message:

We need you to go all the way on the 7% Assessment Cap, and fight for the $60,000 expanded homeowners exemption.

Call House Speaker Michael Madigan's office at 773-581-8000 with this message:
Continue tax reform by calling SB2691 - the 7% with a $60,000 expanded homeowners exemption - for a vote.
(or fax to: 773-581-9414)

It's your property - demand taxation WITH representation.

Your Friends at TRAC
Tax Reform Action Coalition
www.trac-il.org


*One idea by the authors of the institute's report is a tax-loan program, in which homeowners could borrow money to pay higher taxes by using the increased value in their property as collateral." (Chicago Tribune, 1/2/2007)