Morning Minute: $1 billion in aid for Illinois foreclosure victims

As part of the federal foreclosure settlement, the state of Illinois will receive about $1 billion to be used to help homeowners “harmed by fraudulent foreclosure and mortgage servicing practices,” Illinois Attorney General Lisa Madigan announced this week. Read more at MSNBC.com

The money will be used to offer principal reductions and refinancing options for borrowers who are underwater — those who owe more on their home than what it’s worth, Madigan said.

The announcement comes as RealtyTrac releases its latest foreclosure statistics today that show Illinois has the nation’s fifth highest foreclosure rate, WBBM Newsradio reports.

In other news:

With lower housing inventory, home sellers are boosting their asking prices, the Wall Street Journal reports. According to Realtor.com data, the median asking price in May rose 1.9 percent compared to the month before and was 3.2 percent higher than a year ago.

Competing against multiple bidders? Find tips for getting the edge in today’s Chicago Tribune. A few ideas: Make sure you have your financing lined up in advance and remove any contingencies that you can live without and that could hamper a sale.

Sold: Hemingway’s boyhood home in Oak Park. The 4,100-square-foot house, previously owned by the Ernest Hemingway Foundation, has been purchased by an Oak Park family who plans to restore the home, the Chicago Sun-Times reports.

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