This Week in Real Estate: Home Sales, Lawsuits and Smokey Mirrors

by Chicago Agent

Legislation for smoking bans in condos was one of the week's most viewed stories.

How did existing-home sales look in January? Is Quicken Loans preparing to take the stand in the nation’s highest court? And could Illinois become even more smoke free? We look at the week’s top news (Feb. 20 – Feb. 24) by the numbers:

4.3 – the percentage that existing-home sales increased from December to January; data was even more encouraging for Illinois, where sales were up 16.1 percent year-over-year to the highest levels since 2007.

4134 – the name of the House bill that would give condo associations the authority to ban smoking from their buildings by codifying the smoking ban in Illinois’ Condominium Property Act.

600 – the number of days it almost takes for Illinois to work out a foreclosure; the number could rise even higher with new FHFA policies that have been issued to deal with Chicago’s vacant home ordinance.

2007 – the year that Freeman v. Quicken Loans Inc. originated in court; a class-action suit between a few families and the mortgage servicer, the case is now before the Supreme Court and could widely affect mortgage fees.

800,000 – the permanent number of jobs that the government’s REO conversion plan would create, according to a Morgan Stanley analysis of the plan.

75 – the number of days that servicers would have to respond to short sale requests by consumers under a new bill being proposed in the Senate.

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