CHICAGO-In charge of the Alter Group, he was known for his knack at knowing the strength of property and people.

OAK PARK, IL-Eleven 20 Club, completed last year and sold for about $250 per sf, includes tenants such as Bar Louie and Lane Bryant.

ROMEOVILLE, IL-Land and Lakes Development Co. is developing the industrial building here at the 28-acre Bluff Point Business Park.

GLENVIEW, IL-Newport Capital Partners is buying the 62,815-sf Glenbrook Market Place, which is anchored by Walgreens.

CHICAGO-The fund, mostly invested in property and finance companies outside the US, had an annual return of 24.4% over nine years.

Real estate prices continued to post steep year-over-year declines during the three months ended June 30, according to a new report from the National Association of Realtors (NAR).

Rates on 30-year mortgages remained unchanged for the second consecutive week as this week brought a mixed bag of economic readings.

The foreclosure juggernaut lurched forward in July as banks took back 77,295 homes - up 8% in a month and 183% in a year, a report issued Thursday shows.

Toll Brothers said the market for new homes remained weak in its latest quarter, but CEO Robert Toll said the luxury homebuilder sees "growing pent-up demand" for people who have delayed buying the past three years.

Japanese property developer Urban filed for court-led rehabilitation when it collapsed with $2.34 billion in liabilities, becoming the nation's biggest corporate failure so far this year.

Today - Partly cloudy. Patchy dense fog early in the morning. Slight chance of light showers in the morning...then a chance of showers and thunderstorms in the afternoon. Highs in the upper 70s. Northeast winds 10 to 15 mph. Chance of precipitation 30 percent.

Alan Greenspan faults the U.S.'s approach in fixing Fannie Mae and Freddie Mac, saying the credit crisis offered an "ideal opportunity" to dismantle the mortgage giants. The former Fed chairman predicted U.S. home prices would reach their bottom in the first half of 2009.

Insurance companies are imposing tougher fire-safety requirements on homeowners in Western states. Residents say insurers have dropped them or refused to write a policy, even though they haven't filed a claim.

Vornado Realty Trust struck a joint venture with Indian conglomerate Reliance Industries to spend $500 million building and operating shopping centers in India, signaling the latest effort by a U.S. retail developer to expand abroad.

More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis.

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William Mapother to appear in Actors’ production of “Glengarry Glen Ross.” William Mapother’s acting career has taken him all over: acting in New York City, movie and television roles in Los Angeles and, most recently, portraying the sinister Ethan Rom on the TV show “Lost,” filmed in Hawaii.

Cracks are starting to show in Dubai's well-crafted and glitzy property-marketing machine.

Tax-limiting plan would put heavy debt load on buyer Tribune Co.'s desire to minimize its taxes when it unloads the Chicago Cubs sets the stage for a possible showdown with Major League Baseball.

(Crain's) — Home sales in the Chicago area fell almost 29% in the second quarter compared with the second quarter of 2007, according to the Illinois Assn. of Realtors. In the nine-county Chicago region, single-family and condominium sales totaled 20,679 in the second quarter, compared with ...

Switching from oil to gas heating usually costs between $4,000 and $8,000 for a single-family home and the conversion could take four to six years to pay for itself. Despite the costs and uncertain payback period, natural-gas utilities are reporting a flood of interest from residents in the Northeast.

Freddie Mac said it won't purchase subprime mortgages secured by properties in New York state with note dates on or after Sept. 1.

(Crain’s) — Bridge Development Partners LLC has landed $26 million in financing for a proposed office building in Lincolnshire. Chicago-based Bridge is planning a four-story, 162,000-square-foot building at 555 Aptakisic Road, about a half-mile west of Milwaukee Avenue and south of Half Day ...

(Crain's) — Federal Signal Corp. has sold two suburban plants to CenterPoint Properties in a $37.17-million sale-leaseback deal. Oak Brook-based Federal Signal is to lease the two properties in Elgin and University Park from CenterPoint for 15 years with a first-year rent of $3.14 million, ...

(Crain’s) — The low-profile developer of a Des Plaines condominium building is considering shifting the project to rental units as part of an effort to settle a nearly $15-million foreclosure lawsuit. Fifth Third Bank has sued to collect nearly $15 million on a mostly completed ...

(Crain's) — Looking to take advantage of the troubled market for commercial real estate mortgages, John Buck Co. is raising a $150-million fund to invest in distressed debt. The first contributions by investors, totaling roughly $75 million, are expected to be made later this month, ...

(Crain’s) — Lincoln Property Co. is planning a 330-unit apartment complex at the site of a shopping center in northwest suburban Rolling Meadows that’s home to a long-vacant Dominick’s store. The Dallas-based real estate giant is vying to take on a project that another developer ...

Read full story for latest details.

Banks and investors are shedding foreclosed homes at increasingly steep losses, potentially adding to the banking industry's woes this year.

The supply of homes available for sale in 29 major metropolitan areas in July was down 0.5% from a month earlier. The supply has begun to erode partly because some would-be sellers have withdrawn their homes from the market.

Real-estate executives' outlook for the commercial-real-estate market has deteriorated as hopes dim for improvement during the next year, according to a Real Estate Roundtable survey.

With record-high winter fuel costs on the horizon, a panic to find alternative heat sources is sparking unusual early demand for wood-burning stoves and other hearth appliances. Manufacturers are reporting backlogs of models that in some cases won't arrive until next year.

(Crain’s) — A company that provides temporary office space is among three new tenants totaling more than 50,000 square feet that have agreed to move into Sears Tower. In the largest of the three deals, New York-based OfficeLinks is leasing 30,000 square feet on the 84th floor of the iconic ...

Prudential Real Estate Affiliates, Inc., a Prudential Financial, Inc. (NYSE: PRU) company, today announced

CHICAGO----Prudential Real Estate Affiliates, Inc., a Prudential Financial, Inc. [NYSE: PRU ] company, today announced the affiliation of Starck Realtors®, one of suburban Chicago's oldest and largest independent real estate brokerages.

(Crain’s) — Starck Realtors, a 13-office suburban brokerage firm, has joined the residential real estate arm of Prudential Financial Inc. after being courted by the company for at least 10 years. Palatine-based Starck Realtors on Tuesday becomes Prudential Starck Realtors. Two other suburban ...

The book is full of errors, distortions and smears and has been published, of course, by Regnery, which printed Unfit for Command, one of the Swiftboating attacks on John Kerry in 2004.

Fatburger poised for stores in Orland Park, Beverly The first Chicago-area Fatburger is slated to open next month in southwest suburban Orland Park. The 2,353-square-foot restaurant will be at 15110 S. La Grange Road. Hip-hop artist Kanye West's KW Foods LLC has rights to develop 10 Fatburgers in ...

(Crain’s) — A former Chicago real estate broker has launched an online product to let people tour the city's neighborhoods without ever leaving their home. SeeChicago.com debuted Monday with 75 videos containing information about the schools, hospitals, restaurants and other facets of life in ...

CHICAGO -- Two owners of a Chicago real estate investment firm cheated investors out of more than $100 million by exploiting connections in the Orthodox Jewish community, federal authorities charged in criminal and civil lawsuits.

Prime mortgages are starting to record disturbingly high default rates, which could slow any potential housing recovery.

WASHINGTON - The U. S. Department of Housing and Urban Development announced today that is has charged the owners and board of directors of an apartment building in Rockville Center, New York, with housing discrimination for refusing to allow a woman with disabilities to keep a pet for emotional support.

Two owners of a Chicago real estate investment firm cheated investors out of more than $100 million by exploiting connections in the Orthodox Jewish community, federal authorities charged in criminal and civil lawsuits filed Monday.

Readers ask questions about mortgages.

The Baltimore Sun will eliminate its weekday Maryland section as part of a redesign that the newspaper will debut Aug. 24.

With mortgage interest rates on the rise, home buyers can save considerable cash by locking in a reasonable rate deal when they find one.

(Crain’s) — A venture that includes the owners of a frozen food company has won the right to buy a 4.8-acre development site near Bubbly Creek in Bridgeport after a Bankruptcy Court auction failed to attract another bid. Chicago-based Construction Import Solutions LLC agreed to pay a ...

(Crain’s) — Chicago hoteliers will have a harder time filling up their rooms over the next few years amid a slowing economy and a surge in new hotel openings. The Chicago hotel occupancy rate is expected to fall to 68.2% in 2011, down from 74.4% at the end of 2007, according to a report by ...

HARRISBURG, Pa. — State regulators say they are ready to hold a hearing to decide whether to approve the proposed rescue of Pittsburgh’s financially troubled casino project.

Don't worry about having to pay a mortgage in full when a lender fails, says Dr. Don Taylor.

When it comes to real estate agent commissions, you usually get what you pay for, says the Real Estate Adviser.

CHICAGO-The company is buying the 179,490-sf building on Goose Island, with Kendall College keeping a presence with a 20-year lease for the building.

WASHINGTON - The U.S. Department of Housing and Urban Development today announced that it has settled its federal lawsuit under the Real Estate Settlement Procedures Act (RESPA) against Property I.D. Corporation, a large hazard reporting company in California, Realogy Corporation, Cendant Corporation (now known as Avis Budget Group, Inc.) and Coldwell Banker Residential Brokerage Corporation.

City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.

A borrower hoping to escape a prepayment penalty is likely out of luck, says Dr. Don Taylor.

Anticipating a crush of attendees at the Democratic National Convention this month and a shortage of hotel rooms, some Denver residents are renting out their homes for $1,500 or more a night.

Sean Penn and Robin Wright Penn have put their San Francisco home on the market for $15 million…Naomi Watts and Liev Schreiber are relisting their New York condos…Seth Gerszberg sold a Miami Beach parcel for $12.1 million.

Freddie Mac said the 30-year fixed-rate home-mortgage rate average was unchanged from a week ago as mortgage applications slowed to a five-year low.

(Crain’s) — Even as Mayor Richard M. Daley pushes Chicago’s Olympic hopes in Beijing, the first signs of potential serious domestic woes for the city’s Olympics ambitions emerged back home in Chicago on Thursday. A group of about 100 South Side civic activists and community leaders ...

Homeownership Rate (HR)
The homeownership rate at 68.1 percent for the current quarter was not statistically different from the second quarter 2007 rate (68.2 percent) or the rate last quarter (67.8 percent).

Rental Vacancy Rate (RVR)
National vacancy rates in the second quarter 2008 were 10.0 percent for rental housing, which was higher than the second quarter rate last year (9.5 percent), but was not statistically different from the rate last quarter (10.1 percent).

Homeowner Vacancy Rate (HVR)
For homeowner vacancies, the current rate (2.8 percent) was not statistically different from the second quarter 2007 rate (2.6 percent) or the rate last quarter (2.9 percent).

2nd Qtr 2008
(HR): 68.1 percent
2nd Qtr 2007
(HR): 68.2 percent

Total construction activity for June 2008 ($1,081.9 billion) was 0.4 percent below the revised May 2008 ($1,085.7 billion). Please see our web site for further details: http://www.census.gov/constructionspending

June 2008: -0.4 % change
May 2008: 0.0 % change

Sales of new one-family houses in June 2008 were at a seasonally adjusted annual rate of 530,000. This is 0.6% below the revised May 2008 figure of 533,000.

June 2008: -0.6 % change
May 2008: -1.7 % change

CHICAGO-Tom Fioretti, founder of Fioretti Associates, will lead Grubb & Ellis’ project management group as managing director.

CHICAGO-US Equities Student Housing will manage the Buckingham and Fornelli Hall once a conversion from office space is completed.

CHICAGO-The company is expanding in the 650,000-sf building, which will lose Morningstar Inc. as a major tenant later this year.

CHICAGO-Ryan Murphy, Chris Ilekis and John Graves are joining the firm from NAI Hiffman.

CHICAGO-Adrian Smith + Gordon Gill Architecture is expanding by 16,000 sf at 111 W. Monroe.

CHICAGO-The developer of the $4 billion Lakeshore East project is starting a new consulting service.

CHICAGO-Northwestern Memorial Hospital is buying the 172,000-sf building for nearly $13 million more than Younan Properties acquired it for in 2006.

CHICAGO-Newcastle Limited has acquired three properties with 44,310 sf of retail space and 28 apartment units.

30 Year: 6.52 %, 15 Year: 6.10 %, 5 Year: 6.05 %, 1 Year: 5.22 %

Sports bar with financial theme planned near exchanges A sports bar called the Bull & Bear is slated to open in October at 431 N. Wells St. The 5,300-square-foot bar is being created by the owners of River North nightclub Stone Lotus: Luke Stoioff, David Rekhson and Brandon Zisman. The new spot ...

(Crain’s) — Shaun Frankfurt might seem like an unlikely choice to grow Trammell Crow Co.'s Chicago-area development business. Mr. Frankfurt, 45, comes from his native Oklahoma City, a market with about one-eighth the population of the Chicago area. He hasn't spent much time here and lacks ...

(Crain’s) — Strategic Hotels & Resorts Inc. reported that a key profit measure fell slightly in the second quarter and said it lowered its expectations for the rest of the year amid a darkening outlook for the hotel market. The Chicago-based real estate investment trust (REIT) reported ...

The number of pending homes for sale rose in June, a rebound from the previous month, according to a report released Thursday.

(Crain’s) — Ventas Inc. reported that a key profit measure rose 20% in the second quarter over the year-earlier period largely due to rent increases at some of its retirement properties. Ventas, a health care real estate investment trust, said normalized funds from operations (FFO) for the ...

Maricopa County in Arizona added more people than any other in the nation last year, according to a U.S. Census Bureau survey released Thursday.

Some tasks you definitely shouldn't tackle yourself. Laser eye surgery is out of the question, and so is pulling your own wisdom tooth. Even around the house, you're wise to hire a pro for jobs requiring highly technical expertise, such as adding skylights or boosting electrical service.

NEW YORK - U.S. Housing and Urban Development Deputy Secretary Roy Bernardi and Puerto Rico Governor Anibal Acevedo Vila today signed a financial agreement worth more than $600 million that will permit the Puerto Rico Public Housing Administration (PRPHA) to modernize and construct more than 4,100 public housing units. The agreement allows PRPHA to qualify for $235 million in tax credits to accelerate the ongoing efforts to modernize public housing on the Commonwealth.

New York once again charges the highest closing costs. There are, however, some costs you can negotiate.

New York continues to have the highest closing costs in the nation. See what you'll pay in your state.

Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts.

Bankrate's new study of closing costs shows New York tops the list.

Morgan Stanley added some of its well-heeled clients to the long list of customers whose lenders have frozen or reduced their home-equity loans.

Part of the housing-stimulus package recently signed into law could reduce the appeal of a tax-saving strategy used by wealthy home-hoppers. Many owners might not be eligible to claim the full exclusion on a vacation or rental home they convert to a primary residence.

CHICAGO - Former 20th Ward Alderman Arenda Troutman arrived at the Dirksen Federal Building with her attorney, Sam Adam, Jr ... proclaiming her innocence in the wake of a federal investigation, to acknowledge that she'd taken money for helping real estate ...

Pulte says it will match a new $7,500 tax credit for first-time home buyers with its own $7,500 discount on homes with the goal of drawing attention to Pulte homes and the housing market in general.

Defying skeptics who warned that the market already was oversupplied, Horst Schulze recently opened an ultraluxury hotel in Düsseldorf, Germany. Confident that the global boom in luxury hotels will continue, he plans to open seven more Capella-brand hotels around the world in the next 10 months.

(Crain’s) — A Cleveland investor has acquired a majority stake in a 408-unit Elgin apartment complex that values the property at about $39.3 million, or $96,200 a unit. Marquette Cos., a Romeoville-based real estate investor and developer, sold a 90% interest in the Hunters Ridge property in ...

(Crain’s) — A group led by New York investor Lloyd Goldman has paid nearly $54 million for the land under a River North apartment tower, an investment that apparently grew nearly 13% in value between contract and closing. The investment group late last month bought the land under One ...

(Crain’s) — Marc Realty LLC has acquired the loft office building at 180 N. Wacker Drive, best known to many as the home of Coogan’s pub. Chicago-based Marc, which owns a big stable of vintage office buildings downtown, bought the building for $7.9 million from the principals of ...

(Crain’s) — A former software subsidiary of Hewitt Associates Inc. is moving to the Sears Tower, the biggest among several new leases signed at North America’s tallest building. In total, the four deals amount to 42,583 square feet, which is a significant win for Sears Tower given the ...

(Crain’s) — An effort to establish DeKalb as a major distribution hub for Northern Illinois has been hit by a $21.6-million foreclosure lawsuit, raising questions about the future of the ambitious project. A subsidiary of Bank of America Corp. has sued Park 88 LLC, the venture ...

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 300,000 families have refinanced their mortgages with HUD's affordable mortgage insurance program. Since September 2007, FHASecure - the Federal Housing Administration (FHA) refinancing product - has provided struggling families with expanded access to safe and affordable mortgage financing. FHA is on pace to help 500,000 families by the end of the year.

Read full story for latest details.

A small real-estate investment bank is raising $150 million to purchase foreclosed houses in and around San Diego. In addition to the logistical problem of maintaining a sprawling collection of houses, there is the risk that prices could fall further and that an economic recession could depress rents.

June Fletcher finds three high-tech ways to make your home more compelling to prospective buyers.

As one of the most powerful chief financial officers among U.S. mall owners, Bernie Freibaum has held considerable sway for years over financial backers of General Growth. But as Freibaum begins to refinance its debt, he is finding that the tables have turned.

The Treasury Department hired Morgan Stanley to provide "market analysis and financial expertise" in connection with its rescue plan for Fannie Mae and Freddie Mac.

(Crain’s) — Inland Real Estate Corp.’s funds from operations rose in the second quarter but missed analysts’ estimates by a penny. Oak Brook-based Inland, which owns and operates neighborhood shopping centers, many of them grocery-anchored, reported FFO of $23.8 million, or 36 cents a ...

(Crain’s) — DeVry Inc. has paid nearly $11.8 million for a small, vacant office building in Wood Dale to accommodate the staff of its growing offerings of online education courses, about 20 miles north of a similar facility in Naperville. DeVry bought 300 Bauman Court, a 104,500-square-foot ...

Northwestern Memorial buys office building Northwestern Memorial Hospital paid $35.7 million for the 18-story building at 211 E. Ontario St., the seller said Tuesday. The seller was Woodland Hills, Calif.-based Los Angeles-based Younan Properties Inc., which bought the building in May 2006, paying ...

SAN JUAN, PR - U.S. Housing and Urban Development Deputy Secretary Roy A. Bernardi today announced that the Commonwealth of Puerto and 27 individual municipalities throughout the island will receive nearly $152 million to support community development and produce more affordable housing. HUD's annual funding will also assist individuals and families who might otherwise be living on the streets, and offer real housing solutions for individuals with HIV/AIDS.

When Henry Paulson agreed to leave his job as chairman of the powerful Wall Street investment bank, Goldman Sachs to go to Washington as Treasury Secretary in 2006 he demanded extraordinary powers as de facto economic czar. He got them.

Drowning in debt? Keep a cool head and carefully weigh your options. One of these five choices could be your ticket out.

This week's editorial cartoon by Roger Schillerstrom

After becoming the largest private landlords in Chicago's Hyde Park neighborhood with a single transaction last year, two New Jersey investors aim to put a more visible stamp on the lakefront intellectual enclave. Eli Ungar and David Gefsky, the principals of Englewood, N.J.-based Antheus Capital ...

WASHINGTON - Recognizing the tremendous needs of Midwest states following recent natural disasters, U.S. Housing and Urban Development Secretary Steve Preston today announced HUD's will immediately allocate $100 million to Iowa, Indiana and Wisconsin. The emergency funding is provided through HUD's Community Development Block Grant (CDBG) Program and will help support the states' long-term disaster recovery and critical infrastructure needs.

Private mortgage insurance is intended to protect lenders at higher risk of loss, says Dr. Don Taylor.

1871: The Great Chicago Fire destroys many of that city's breweries, giving Schlitz an opening to expand his busines