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With access to tons of housing market data, Zillow is like the E.F. Hutton of the real estate industry. When they talk, people listen. Later this month, the company’s CEO and Chief Economist will publish The New Rules of Real Estate, a book that highlights secrets both homebuyers and home sellers could benefit from reading. In an article about the book, Fortune magazine gives readers a sneak peek at some of the new rules. Among the advice is a warning to avoid using the word “unique” to describe … [Read more...]

If last year’s trend holds true, single women homebuyers will account for 21 percent of all home sales this year. Without a partner to help them share in both the expense and responsibility of homeownership, it is even more essential that potential solo homebuyers weigh the decision carefully before signing on the dotted line. A revealing article from HGTV shares insights and advice from several single women who have purchased a home on their own. Among the helpful tidbits, one solo homeowner … [Read more...]

Low gas prices nationwide have rekindled conversation in Congress about increasing the federal gas tax. The current tax of 18.4 cents per gallon has remained the same for two decades. With average gas prices nationwide sitting comfortably at $2.20 per gallon according to AAA’s Daily Fuel Gauge Report, a group of Republicans in the Senate are backing a proposal that would increase the tax by 12 cents over the next two years. The increase would go to pay for transportation infrastructure projects, … [Read more...]

AJ LaTrace of Curbed Chicago reports that a vacant lot on Milwaukee Avenue may soon be home to 40 new residential units and more than 12,000 square feet of ground-floor retail space.  In December, real estate developer Todd Braun of Dearborn Developers, LLC submitted zoning application paperwork for his planned six-story Logan Square building which will be conveniently located within walking distance of the California Blue Line station. Details and blueprints of the proposed plans can be … [Read more...]

HomeMade Pizza Co. (HMP) closed its stores unexpectedly in May and now has officially shut down for good after filing for Chapter 7 bankruptcy. The Chicago Tribune reports that court documents show the struggling company has less than $50,000 in assets but owes more than $10 million in liabilities. The company, which sold ready-to-bake pizzas made with fresh, locally-sourced ingredients, was based in Chicago where it had 19 locations and had expanded into other states including New York and … [Read more...]

Disappointing sales in the highly competitive retail world have forced several women’s retailers to either shut their doors or consider filing for bankruptcy this week.  Among the beleaguered stores is popular teen outlet Wet Seal. The national chain announced it would immediately close more than half its stores and layoff almost 3,700 employees. Another national retailer, Body Central, defaulted on its debt this week and may be forced to file Chapter 11 bankruptcy.  In an interview with The … [Read more...]

With college graduates leaving school carrying record high student loan debt, it comes as no surprise that it is taking millennials a lot longer than their parents to purchase their first home. But as the parent of a renting millennial, is it a smart financial move to help your child get into a home more quickly? According to Investor’s Business Daily, smart parents should take a number of factors into consideration before blindly writing a check to help make their child’s dream of home … [Read more...]

The IRS has announced additional changes to the tax code that will take effect in 2015. The most significant changes for most taxpayers are in the areas of retirement income. The limit for 401 (k) contributions will increase by $500 from $17,500 to $18,000. According to U.S. News & World Report, even that small increase in the contribution limit could yield an additional quarter million dollars for taxpayers if invested at 8 percent over a 25-year period.  Taxpayers will also see an increase … [Read more...]

The IRS announced this week that legislation passed by Congress to extend expired tax breaks will not impact their ability to open tax season as planned on Jan. 20 for both electronic and paper filers. The federal tax authority had previously announced that tax season would not open to 1040 paper filers until Jan. 30. That is no longer the case. IRS Commissioner John Koskinen said this week, “We have reviewed the late tax law changes and determined there was nothing preventing us from continuing … [Read more...]

A new report released last week from housing data expert RealtyTrac reveals that in 2015 it will be more expensive to rent than buy in most real estate markets nationwide. According to the report, renting a three-bedroom property next year will require an average of 27 percent of median household income. Buying will require only 25 percent. The exception to this finding is in the 25 areas where the population of millennials has increased significantly. In those areas, renting will require 30 … [Read more...]