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Court rules for white firefighters over promotions

WASHINGTON — The Supreme Court ruled Monday that white firefighters in New Haven, Conn., were unfairly denied promotions because of their race, reversing a decision that high court nominee Sonia Sotomayor endorsed as an appeals court judge.

Illinois Market Gets Moving with May

llinois Market Gets Moving with May Home Sales Up 19.3 Percent from April;Statewide Median Price at $158,000.

In the Chicago Primary Metropolitan Statistical Area (PMSA), home sales were up 18.7 percent to 5,634 homes sold in May 2009 compared to 4,747 home sales in April 2009; sales were down 18.7 percent from 6,927 home sales in May 2008.

The median home sale price for the Chicagoland PMSA was $200,000 in May 2009, up 4.2 percent from $192,000 in April 2009; the median price was down 20.3 percent from $251,000 in May 2008.
In the city of Chicago, May total home sales (single-family and condominiums) were up 11.5 percent to 1,537 sales compared to April 2009 sales of 1,378; sales were down 27.5 percent from 2,119 homes sold in May 2008.

The city of Chicago median price increased 2.3 percent to $225,000 in May compared to $220,000 in April 2009; it was down 29.5 percent from $319,000 a year ago in May 2008.

America’s 15 Most Recession-Resistant Cities

Some cities have been hit much harder than others during the recession. Cities in California, Florida and Michigan, for instance, have been particularly hard hit, while others have seen their economy grow. In a recent Brookings Institution study, researchers gathered key economic statistics about the 100 largest US metro areas, including employment, home values and Gross Metropolitan Product (GMP). Among the surprising results — 38 metro areas recorded an increase in home values, even though the national average declined 6%. So, what are America’s most recession-resistant cities? Click ahead to find out!
@ CNBC | Posted: 06/24/09 at 0646 EDST

We'll recover soon, world's most opmisitic economist vows

James Smith points to one of his favourite books when asked to explain his unusual optimism about the prospects for the U.S. economy. Smith, chief economist at a North Carolina wealth management firm, holds the distinction of being the most optimistic forecaster in a survey of 77 U.S. economists conducted by Bloomberg News. He's predicting the recession-bound American economy could actually enjoy a recovery before the end of the year and will definitely be rebounding strongly by February or March. Although he's recently shaved a point off his sunny forecast, he's still looking for a relatively healthy 2.3-per-cent economic growth next year.

Making a Good Deal for Retirement Even Better

New tax rules are about to give more people access to a Roth IRA, one of the best savings plans for later life. Here’s how the changes work—and how to get ready.

HUD offers $4 million for Healthy Homes research

WASHINGTON - The U.S. Department of Housing and Urban Development today announced that $4 million is available to improve methods to detect and control lead-based paint, mold and other housing-related safety hazards that harm children. These grants will be awarded competitively to multiple Academic and non-profit institutions, State, Tribal or local governments that advance the recognition and control of residential health and safety hazards or improve our understanding of the link between housing and health.

Irish investor blows into Illinois with $1 billion for wind farm projects

Three Illinois wind farms within 100 miles of Chicago were acquired Monday by an Irish energy company making its first U.S. investment amid hopes that President Obama's economic stimulus package will bolster the renewable energy business.
@ Chicago Tribune | Posted: 06/16/09 at 0400 EDST

To refinance home loan, navigating paperwork and system takes patience

It's a mess for borrowers trying to renegotiate the terms of their mortgages right now. That's despite a highly publicized, $75 billion, Obama administration program that pays lenders to modify loans. If you need to get a new deal on your mortgage — as millions of people do — the best thing you can do is to arm yourself with information, about the problems you'll face and what you can do to get around them.
@ Ft. Lauderdale Sun Sentinel | Posted: 06/16/09 at 0201 EDST

Summary Federal Reserve Bank

Reports from the twelve Federal Reserve District Banks indicate that economic conditions remained weak or deteriorated further during the period from mid-April through May. However, five of the Districts noted that the downward trend is showing signs of moderating. Further, contacts from several Districts said that their expectations have improved, though they do not see a substantial increase in economic activity through the end of the year.

Federal Reserve Districts Seventh District--Chicago June 10, 2009

Overall, economic activity in the Seventh District weakened in April and May. Consumer spending decreased and the pace of business spending slowed. Construction activity continued to be weak, although residential real estate conditions showed some improvement. Both manufacturing activity and labor market conditions deteriorated further. Credit conditions improved, but remained tight for some firms. Downward pressure on prices and wages diminished. Wet weather delayed planting of both corn and soybeans in the District.

The Economists' Outlook is the REALTORS® resource for economic news and views for June 2009.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home.Now it's even better

Families can only access this credit after filing their tax returns with the IRS. AS OF May 29th, FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate.

Chicago-area home sales fall 22% in April

The 22.1% year-over-year drop in Chicago-area sales in April was the smallest so far this year. In the nine-county Chicago region, 4,745 single-family homes and condominiums were sold in April, compared with 6,094 sales in April 2008. April sales were up 11.4% compared with March. In the city of Chicago, April sales fell 26.9%, to 1,378 compared with 1,886 in April 2008. Sales rose 16.7% compared with March.