Quick Takes: Commercial delinquencies drop as banks sell distressed loans

Commercial delinquency rate falls in Chicago-area
Crain’s Chicago Business reports the delinquency rate for commercial property and construction loans fell to 6.5 percent in the fourth quarter of 2011, in part because more banks are selling distressed properties.

While an improving commercial real estate market is helping landlords and lenders alike, the decline in delinquencies has more to do with a push by banks to sell or foreclose on distressed property loans, even at a big loss. Matthew Anderson, managing director of Trepp’s office in Oakland, Calif., expects the local delinquency rate to keep falling, dropping below 5 percent by the end of the year, Crain’s reports.

Evanston property “blacklist” pulled after REALTOR® action
The city of Evanston and Northwestern University have pulled a “blacklist” of student-occupied housing initially identified as being investigated for code violations after the North Shore-Barrington Association of REALTORS® issued a report calling into question the list. Read more in The Daily Northwestern.

In other news:

In the Chicago Tribune: Five tax breaks that homeowners should know including the mortgage interest deduction and energy-efficiency home improvement tax credits.

WJBC reports on the Illinois Foreclosure Prevention Network, which aims to connect distressed Illinois homeowners with counselors.

 

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