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Posts Tagged ‘Chicago’

96,000 Multifamily Housing Buildings in Chicago Area are Underwater ; 42 Percent of Small Rental Buildings at Risk of Default

96,000 Multifamily Housing Buildings in Chicago Area are Underwater ; 42 Percent of Small Rental Buildings at Risk of Default

Saturday Romance

Courtesy of Mish 

Citing a DePaul University study, the Chicago Tribune reports More than 42 percent of small rental buildings in Cook County are ‘underwater’

Owners of 96,000 two- to six-unit rental buildings in Cook County are upside-down on $12.6 billion of mortgage debt, potentially putting 42 percent of small rental buildings in the county at risk of default, new data show.

A study by DePaul University’s Institute for Housing Studies, released Wednesday, also found that $3 billion in multifamily building mortgages already are in foreclosure, affecting more than 32,000 rental units in Cook County, or 6.8 percent of multifamily mortgages. That compares with about 38,000 single-family homes in foreclosure in Cook County.

Researchers analyzed 25,822 sales of existing small rental buildings and 591 sales of buildings with seven or more units in Cook County.

Multi-family foreclosure rate spikes in Cook County

Here are some additional facts in a Chicago Sun Times article Multi-family foreclosure rate spikes in Cook County

The foreclosure rate on multi-family rental properties in Cook County has spiked, and falling property values have put 30 percent, or more than $13 billion in Cook County’s multi-family mortgages at default risk, according to a study released today by DePaul University’s Institute for Housing Studies.

The report found that there are more than 32,000 rental units in Cook County impacted by foreclosures. The percent of loans in foreclosure on small two- to six-unit properties jumped to 8.75 percent in the fourth quarter of 2009 from 1.67 percent five years ago. On large seven-plus unit rental properties foreclosure rates jumped from 0.3 percent in 2004 to 3 percent in the fourth quarter of 2009.

For one in eight rental apartment units, revenues are falling below operating costs for owners. Owners of about 74,000 rental units in Chicago or 13 percent of the market, are currently spending more to operate buildings than they are collecting in revenues, placing them at significant risk of decreased or discontinued maintenance.

“The multi-family foreclosure crisis has not received as much attention as the crisis in the single-family housing market, but the trends outlined in this report demonstrate that it should,” study author James Shilling, chair of Real Estate Studies, said in a statement.

He added the problem


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Chicago Cannibalization: Mayor Daley’s Budget Eats 75% of a 75 Year rainy Day fund in One Year

Chicago Cannibalization: Mayor Daley’s Budget Eats 75% of a 75 Year rainy Day fund in One Year

Courtesy of Mish 

USA, Illinois, Chicago, Millennium Park, Cloud gate sculpture, dusk

A year ago Mayor Daley rammed though a parking meter deal that was supposed to provide a "rainy day" fund for Chicago for the next 75 years.

In September, snags appeared prompting the Chicago Sun Times to write Daley losing confidence in parking meter company.

Mayor Daley demanded today that Chicago’s embattled parking meter operator synchronize the time on its pay-and-display boxes and void parking tickets tied to time discrepancies. “That’s unacceptable. They have to void those tickets,” he said.

Daley said the latest in a string of operational problems that have marred the transition to private control has prompted him to lose confidence in Chicago Parking Meters LLC.

“Slowly but sure, yes,” he said.

But, the mayor said he is not about to cancel the 75-year, $1.15 billion lease tied to a steep schedule of rate hikes that helped plug a gaping hole in the city’s 2009 budget.

“See that home over there? Go over there and ask them if they want their real estate taxes increased,” the mayor said after a ribbon-cutting at the new Jorge Prieto Math & Science Academy, 2231 N. Central.

“We have a rainy day fund. If it wasn’t for that, our financial crisis would be worse. … That was sold at the highest time. You can’t even sell a public asset today. You can’t sell anything today.”

The Chicago Sun-Times and NBC5 reported this week that pay-and-display boxes touted as the high-tech solution to over-stuffed and improperly calibrated parking meters have a problem of their own: they’re out of synch.

A spot check of about 50 newly-installed boxes found the time they show varies from machine-to-machine — leaving motorists confused about when to return to their vehicles to avoid getting a ticket.

Times displayed by boxes along Lincoln, Fullerton and Armitage didn’t match, even though they’re on the same computer server.

Political fall-out from the parking meter fiasco is at least partly to blame for a precipitous drop in Daley’s approval rating — to 35 percent, the lowest of his 20-year reign, according to a Chicago Tribune poll.

Chicago’s parking deal revisited

In November, Felix Salmon posted an interesting chart showing just how flawed the lease deal is in Chicago’s
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Conventions Say Good Riddance to Chicago Over Costs and Union Work Rules

Conventions Say Good Riddance to Chicago Over Costs and Union Work Rules

Courtesy of Mish 

Thinkstock Single Image Set

Major conventions are ditching Chicago over outrageous costs for McCormick Place electricians. Please consider High costs drive major trade show out of Chicago

Chicago ditched. Tens of thousands of outsiders say it’s too expensive to spend their money here; $52 million would have been pumped into our economy by some 28,000 visitors. Instead, a major trade show says it’s leaving Chicago behind for good.

This week, CBS 2 reported on outrage over the hundred dollar case of Pepsi. Exhibitors feeling ripped off. Threatening not to come back.

Now, it’s happened. McCormick Place electricians were the straw that broke the camel’s back for one Chicagoan who says he reluctantly said "no" to bringing his convention back home.

The Tribune reports the Healthcare Information and Management Systems Society, which held its annual meeting at McCormick Place for the first time in April, is taking its 2012 show to Las Vegas instead.

Healthcare Information and Management Systems CEO Steve Lieber told CBS2 it’s all because of the electricians.

"Our costs were about $200,000 more," said Lieber. "So it went from $40,000 to $240,000 for the electrical work alone."

The city got the word Wednesday that the huge medical convention wouldn’t return. They’re also sweating out a decision by an even bigger show.

The International Plastics Showcase has been in Chicago since 1971, but now a spokesman says: "We are looking at other options."

Like Orlando. Though the medical trade group says it’s deeper than union versus non-union towns.

"It was the number of hours and the number of people it took to do the identical job," Lieber said.

Two months ago, McCormick Place quietly fired two-thirds of its electricians, promising to bring back only the best, and only when they’re needed; trying to change the work rules and work ethic that’s already cost Chicago tens of millions of dollars.

The article says the issue is not unions but rather "work rules".

Excuse me but who sets those work rules? Mickey Mouse?

If it takes 3 times as many workers to get the job done in Chicago then union rules are more than likely the culprit.

Not to fear, I have the perfect solution: raise property taxes and sales taxes to paper over falling revenues. That may sound…
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Chicago National Youth Summit and Grant Project

Democracy 2.0: Exploring the Millennial Generation’s ROI
 

Citizen's Guide 2009

November 18-20
Chicago, IL

A National Youth Summit Presented By
The Peter G. Peterson Foundation and Mobilize.org
 

Apply for a Summit Invitation or Compete for a Democracy 2.0 Grant Award
by Submitting Your Ideas to Improve the Financial Health of America’s Youth

The Peter G. Peterson Foundation (PGPF) and Mobilize.org are partnering to host the Foundation’s first national Youth Summit in Chicago, IL from November 18-20 – just over one year after Chicago’s Barack Obama was elected as our nation’s President.

The three day Youth Summit, entitled Democracy 2.0: Exploring the Millennial Generation’s ROI, standing for "return on investment," will focus on (1) exploring the barriers preventing today’s younger generation from achieving financial health and (2) developing the action plans necessary to begin setting an agenda for millennial-led economic reform in the United States.

To that end, PGPF and Mobilize.org are inviting Americans between the ages of 18 and 34 with solutions for improving the economic health of the Millennial generation and a desire to participate in this exciting and forward-thinking dialogue to submit their ideas online at www.Mobilize.org. Through the use of interactive keypad voting technology, PGPF and Mobilize.org will award grants totaling up to $25,000 for selected ideas, projects and proposals that rise to the top during the Summit. Additionally, funded ideas will receive 12 months of support from Mobilize.org, whose partner network and funders are committed to further building their success. Submissions will be accepted until October 17, 2009.

Those who wish to attend the Summit as a participant only may apply for an invitation online. All selected participants who are invited to attend the three day Summit will have their airfare and accommodations paid for by funding provided by PGPF.

Summit Resources


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We Regret To Inform You That The City Of Chicago Will Be Closed Monday

We Regret To Inform You That The City Of Chicago Will Be Closed Monday

Courtesy of John Carney at Clusterstock 

Chicago, the business insider

The Chicago Sun Times reports that budget woes will mean many city services just won’t open tomorrow:

If you planned to check out a library book, visit a city clinic or have your garbage picked up on Monday, you’re out of luck.

The City of Chicago will basically be closed for business on Aug. 17, a reduced-service day in which most city employees are off without pay, according to a release from the Office of Budget and Management. City Hall, public libraries, health clinics and most city offices will be closed.

Emergency service providers including police, firefighters and paramedics will be working at full strength, but most services not directly related to public safety, including street sweeping, will not be provided, the release said.

That also includes garbage pickup. Residents who receive regular collection on Mondays should expect trash to be picked up the following day, the release said. Some other customers may experience a one-day delay as collectors catch up.

As part of the 2009 budget, three reduced-service days were planned for 2009, days which are unpaid for all affected employees — the Friday after Thanksgiving; Christmas Eve; and New Year’s Eve. The City Council recently approved moving the reduced-service day planned for New Year’s Eve to Monday.

The 2009 budget anticipates saving $8.3 million due to the reduced-service days.

While lots of people wonder if the recession may spur  more financial responsibility in household spending habits, there’s not enough talk about the possibility of more government financial responsibility. Lots of things we don’t need--like free public libraries stuffed with books people could buy for themselves or don’t want to read anyway--may have to be cut back. The ability to shut down services for a day--and deprive city workers of pay--shows that we may have the political will to actually make the cuts.

California, risk

See Also:

California’s Still Riskier Than Russia

 

 


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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743"

Thank you for you time!

 
 

Phil's Favorites

Expect higher treasury yields in second half

Expect higher treasury yields in second half

Courtesy of Sober Look

While many investors refuse to accept this fact, we are clearly marching toward higher treasury yields later in the year and in 2015. Even after today's bond selloff, we are still around the yield levels we had during the dark days of the government shutdown. Here are a couple of key factors that will drive yields higher from here.

1. Many are pointing to record low yields in Europe (see chart), suggesting that on a relative basis treasuries look attractive. Perhaps. But it's important to make that comparison based o...



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Zero Hedge

Russia And Germany Allegedly Working On Secret "Gas For Land" Deal

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

While many were amused by this photo of Putin and Merkel during the world cup final showing Europe's two most important leaders siding side by side, some were more curious by just what the two were scheming:

 

Thanks to the Independent, we may know the answer, and it is a doozy, because according to some it is nothing shy of a sequel to the ...



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Insider Scoop

Warren Resources Enters Marcellus with Citrus Asset Buy - Analyst Blog

Courtesy of Benzinga.

Independent energy company, Warren Resources, Inc. (NASDAQ: WRES) announced that it has acquired certain assets in Pennsylvania's Marcellus Shale from Colorado-based oil and natural gas producer, Citrus Energy Corporation and two other parties that owned working interest in the region. The transaction, which marks Warren Resources' entry into the prolific natural gas basin, was for a purchase price of $352.5 million.

Following this announcement, shares of Warren Resources gained around 2.6% to close at $6.30. Shares also touched an intraday high of $6.70 that marked a new 52-week high for the stock.

The company mentioned that it will issue $40 million in shares at $6.00 per share as part of the transaction cost. The...



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Chart School

3 Things Worth Thinking About (Volume 2)

Courtesy of Doug Short.

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Last week, I started a new weekly series entitled "3 Things Worth Thinking About". The focus here will be three things, ironically enough, that are worth considering with respect to your portfolio and related investments. As I have discussed many times previously, focusing only on "bullish" commentary when markets are rising is really of little use as it creates a "blind spot" to related investment risks. The same goes for when markets are falling. These cognitive biases get in the way of making logical and disciplined investment decisions to not only garner returns when markets rise, but avoid depletion of capital when they don't.

I hope you will...



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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Option Review

Kellogg Call Options Active Ahead Of Earnings

Shares in packaged foods producer Kellogg Co. (Ticker: K) are in positive territory on Monday afternoon, trading up by roughly 0.20% at $65.48 as of 2:20 p.m. ET. Options volume on the stock is well above average levels today, with around 12,500 contracts traded on the name versus an average daily reading of around 1,700 contracts. Most of the volume is concentrated in September expiry calls, perhaps ahead of the company’s second-quarter earnings report set for release ahead of the opening bell on Thursday. Time and sales data suggests traders are snapping up calls at the Sep 67.5, 70.0 and 72.5 strikes. Volume is heaviest in the Sep 72.5 strike calls, with around 4,600 contracts traded against sizable open interest of approximately 11,800 contracts. It looks like traders paid an average premium of $0.37 per contrac...



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Sabrient

Sector Detector: Bold bulls dare meek bears to take another crack

Courtesy of Sabrient Systems and Gradient Analytics

Once again, stocks have shown some inkling of weakness. But every other time for almost three years running, the bears have failed to pile on and get a real correction in gear. Will this time be different? Bulls are almost daring them to try it, putting forth their best Dirty Harry impression: “Go ahead, make my day.” Despite weak or neutral charts and moderately bullish (at best) sector rankings, the trend is definitely on the side of the bulls, not to mention the bears’ neurotic skittishness about emerging into the sunlight.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, incl...



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OpTrader

Swing trading portfolio - week of July 28th, 2014

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Stock World Weekly

Stock World Weekly

Newsletter writers are available to chat with Members regarding topics presented in SWW in the comments below each post. 

Our weekly newsletter Stock World Weekly is ready for your enjoyment.

Read about the week ahead, trade ideas from Phil, and more. Please click here and sign in with your PSW user name and password. Or take a free trial.

We appreciate your feedback--please let us know what you think in the comment section below.  

...

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Digital Currencies

BitLicense Part 1 - Can Poorly Thought Out Regulation Drive the US Economy Back into the Dark Ages?

Courtesy of Reggie Middleton.

An Op-Ed piece penned by Veritaseum Chief Contracts Officer, Matt Bogosian

This past weekend (despite American Airlines' best efforts), Reggie and I made it to the Second Annual North American Bitcoin Conference in Chicago. While there were some very creative (and very ambitious) ideas on how to try to realize the disruptive Bitcoin protocol, one of the predominant topics of discussion was New York Superintendent of Financial Services Benjamin Lawsky's proposed Bitcoin regulations (the BitLicense proposal) - percieved by many participants at the event as an apparent ...



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Market Shadows

Danger: Falling Prices

Danger: Falling Prices

By Dr. Paul Price of Market Shadows

 

We tried holding up stock prices but couldn’t get the job done. Market Shadows’ Virtual Value Portfolio dipped by 2% during the week but still holds on to a market-beating 8.45% gain YTD. There was no escaping the downdraft after a major Portuguese bank failed. Of all the triggers for a large selloff, I’d guess the Portuguese bank failure was pretty far down most people's list of "things to worry about." 

All three major indices gave up some ground with the Nasdaq composite taking the hardest hi...



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Pharmboy

Biotechs & Bubbles

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Well PSW Subscribers....I am still here, barely.  From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.

First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices.  Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment.  Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer.  For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...



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Promotions

See Live Demo Of This Google-Like Trade Algorithm

I just wanted to be sure you saw this.  There’s a ‘live’ training webinar this Thursday, March 27th at Noon or 9:00 pm ET.

If GOOGLE, the NSA, and Steve Jobs all got together in a room with the task of building a tremendously accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.

Well, I hate to break it to you though… they never got around to building it, but my friends at Market Tamer did.

Follow this link to register for their training webinar where they’ll demonstrate the tested and proven Algorithm powered by the same technological principles that have made GOOGLE the #1 search engine on the planet!

And get this…had you done nothing b...



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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows, archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

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