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The closing of RadioShack stores nationwide may be an opening for the nation’s third largest wireless carrier. According to a recent report in the Chicago Tribune, Sprint hopes to expand its retail presence by opening mini shops in more than 1,700 of RadioShack’s closing locations. In its bankruptcy filing, RadioShack said it is looking to sell between 1,500 and 2,400 stores to Standard General, its largest shareholder. Sprint has entered into a deal with Standard General to occupy one-third of … [Read more...]

With FHA loans more affordable than ever, homeownership is now within reach for thousands of renting Americans who are likely paying more to rent than they would to own. In many cases, the only thing standing in the way of a renter becoming a homeowner is the down payment. A recent article from online real estate powerhouse Zillow offers five smart tips to help renters get on their way to accumulating the 3.5 percent needed to qualify for an FHA loan. One of the smartest tips is particularly … [Read more...]

Although more than 87 percent of homes qualify for some type of down payment assistance, a new study reveals that these programs are widely underused. According to a new report from RealtyTrac, there are 2,290 down-payment assistance programs available nationwide. Of those programs, 91 percent have untapped funds to distribute to eligible buyers. Sadly, many young homebuyers, who can most benefit from the funds, are not aware they are available. Rob Chrane, president and CEO of Down Payment … [Read more...]

The New York Stock Exchange announced this week that it would immediately suspend trading shares of stock for bankruptcy-bound electronics retailer RadioShack. The move sent investors scrambling to dump the plummeting stock, which closed at just 24 cents a share on Monday. According to USA Today, the stock’s value dropped even further to 14 cents in the after-hours market. The NYSE warned RadioShack that it would be delisted unless it produced a business plan that showed it was taking steps to … [Read more...]

If you’re looking to a launch a rental-home business in Cook County, a new market report may put a damper on your plans. According to RealtyTrac, Cook County yields a 7.92 percent average return on investment for residential rental real estate. That places it behind 300 other counties nationwide. The problem is not demand. Rentals of single-family homes in Cook County are actually up 14 percent from last year. The issue is the high cost of real estate in this county. With a median price of more … [Read more...]

Figuring out the best thing to do when you inherit a home is a tricky decision that requires careful thought and consideration. According to the Center of Wealth and Philanthropy at Boston College, Americans stand to inherit more than $27 trillion in assets over the next 40 years. That means, at some point, you could be faced with making emotional and financial decisions about what to do with an inherited home. As the host of the new TV show Strange Inheritance, Jamie Colby offers seven key tips … [Read more...]

Struggling municipalities in Illinois may finally get the debt relief they have been anxiously seeking. Earlier this week, Representative Ron Sandack (R-Downer's Grove) introduced HB 298, which would amend existing municipal code to allow a city, village or incorporated town to file for Chapter 9 bankruptcy relief.  With municipalities in other states taking advantage of Chapter 9, local government officials have been working for months to formally sanction Chapter 9 in Illinois. During the … [Read more...]

An estimated three to six million uninsured tax payers will be the first to pay the Obamacare tax penalty this tax season.  The penalty, which is either $95 or one percent of income, could prove costly for an uninsured married couple.  According to CNN Money, a couple with a combined income of $100,000 will have to pay $797 for not carrying health insurance in 2014. Those who fail to enroll in some type of health insurance plan in 2015 will face an even stiffer penalty of $325 or 2 percent of … [Read more...]

Many Illinois residents have avoided paying the state’s 6.25 percent sales tax by making purchases online through retailers such as Amazon.  Starting in February, Amazon will begin collecting this sales tax at point of sale in order to comply with a new state law. This makes Illinois the 24th state in which sales taxes will be added at point-of-sale. The state’s brick-and-mortar retailers support this change because they had been unable to compete with prices that did not include sales tax. The … [Read more...]

Online predators love tax season. According to the IRS, scammers take advantage of unsuspecting taxpayers by using fake emails or fake websites that look like they were created by the IRS. IRS Commissioner John Koskinen cautioned taxpayers in a recent statement saying, “The IRS won’t send you an email about a bill or refund out of the blue. Don’t click on one claiming to be from the IRS that takes you by surprise. They may be scams to steal your personal information.” The IRS is also asking … [Read more...]