Omnibus Condominium Bill – House Bill 189 is a major rewrite of parts of the Illinois Condominium Property Act and Common Interest Association Act.
Financial
(AP) — Wells Fargo’s embattled CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. He won’t be receiving severance pay […]
For residential properties, inventory throughout the city is low, with sales and under contract properties on the rise. With all three categories, detached, attached and multi-units seeing a months supply of inventory at about three months, properties are moving off the market quickly as demand in key markets pick up. […]
Homeownership carries many tax benefits, so be sure you’re taking advantage of these strategies at tax time: Mortgage Interest Deduction Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible on Schedule A when you use the loan […]
The newest Cost versus Value report has just been released. Leading in the midrange projects in Chicago are steel entry doors, garage door replacements, deck additions and stone veneer accents. Leading upscale projects were wood window replacements, garage door replacements and siding replacement. Unlike what television may have us believe, […]
Since the real estate downturn, investors have stepped up their purchasing practices. However, there have been limitations for some investors requiring a loan…
The Consumer Financial Protection Bureau’s recent report on mortgage servicing found problems at banks and nonbanks alike. Specifically, its investigation, conducted from November to June, found significant issues that could cause homeowners to miss payments, threaten their credit histories and plunge them into foreclosure.
With the noticeable changes in the residential market in the past few months many are now looking at the commercial segment for a similar change. Typically, the commercial sector follows the residential trend and the general economy by roughly 18 to 24 months. But the supply and demand, and price […]
An independent audit last month revealed that the Federal Housing Administration had a $16.3 billion deficit ($30.3 billion in cash reserves as of Sept. 30 to cover $46.6 billion in projected losses), most of which, accounted for loans backed between 2007-2009. Agency officials however have stressed that it has no […]
Wall Street Journal’s Nick Timiraos discussed Federal Housing Authority (FHA) practices that led to its $16 billion shortfall in 2012, what it’s doing about it and the potential of Congress to offer the administration a bailout.
With the elections behind us and the winter season approaching, many are watching the housing market for changes in activity. But much of the recent data seems to support much of what has been talked about on a national level. For Chicago, inventory has decreased throughout single family, attached condos […]
The South Side Builder’s Association has scheduled their next meeting this Wed., October 3rd at 11:30a at The Parthenon in the West Loop (314 S Halsted). John Petrovski, currently the Chief Operating Officer of the Commercial Real Estate lending team in the US for BMO Harris Bank and formerly, up […]
The official overseeing of the vast pool of mortgages held by Fannie Mae and Freddie Mac has defied the White House and more than 100 members of Congress for the second time by formally rejecting a plan to use bank bailout funds to write down principal balances for underwater homeowners.
With banking institutions unfavorable to homeowners, regulators and policy makers Sandy Weill, the former Citigroup chairman and CEO credited with building the bank into a financial superpower, now says big banks should be split up. Read more at NBC News’ site.
With the housing market still struggling in parts of the country, many policy makers and economists are struggling with ways to help homeowners and the housing market. Sen. Jeff Merkley, suggests that policy makers shouldn’t give up and has offered a new proposal to be released today. He aims to […]
Let’s say you were a conservative, responsible homebuyer back in 2006, and made what, by all accounts, would be considered a conservative, responsible down payment of 20%. Since then, the average home price across Chicagoland has fallen by more than 30%, according to conservative estimates. Conservatively, that means a lot […]
Banks could be forced to pay as much as $125,000 per customer to compensate borrowers who were subject to foreclosure-processing errors.
Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its Offer in Compromise (OIC) program. The full articles is available for registered subscribers here. Register now for free and continue reading!
Times are difficult for many. To help, the IRS recently announced an expansion of its “Fresh Start” initiative with more flexible terms to its (OIC) program helping the most distressed taxpayers to clear up their tax problems more quickly
This past Monday, Anthony Renzi, who heads the largest division at Freddie – the single family mortgage division is leaving. This past year has seen a slew of talent and executives leave this past year, and was no surprise back in March, when Freddie announced their 2011 financial results. […]
FHA is lowering its mortgage insurance premiums to help borrowers refinance into lower interest rates. Additional help to military who have been wrongly foreclosed on or denied the opportunity to refinance as well, as announced by President Obama earlier this week FHA is reducing its up-front premium to .01 percent, […]
The recent Realtors Confidence Index survey reports that cash buyers are 31% of the existing residential home sales market. This is no surprise as tightened credit leave cash buyers as a significant percentage of purchasers when competing offers that require financing sometimes cannot qualify for certain properties. The majority of […]
The recent settlement covers borrowers who have loans that are serviced by one of the five big banks. Who qualifies, the different options for homeowners (both previously foreclosed and current owners underwater). Subscribers will be able to view the full article with links and phone numbers to contact their lenders. […]
UPDATE: U.S., Banks Agree on Foreclosure Pact For months now a nationwide plan to help homeowners hit by the mortgage meltdown and improper foreclosure practices may be announced today under a multi-state settlement by states’ attorneys generals and the nation’s five major lenders (Bank of America, JP Morgan Chase, Wells […]
Rates are low. So are home prices. So what’s preventing many from buying? For some, buying has become an obstacle as they are finding that financing their real estate purchase has become difficult. With a strong credit background, considerable down payments and reserves, many potential home buyers are finding that […]
the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Office of Thrift Supervision announced enforcement actions against 14 large residential mortgage servicers
Home owners may be able to take advantage of several tax credits for energy efficiency home improvements from this year. But time is running out, the tax credits are set to expire Dec. 31, and Congress has yet to renew them for 2012. “Making efficiency improvements this year will lower […]
Fannie Mae and Freddie Mac sued the city of Chicago on Monday over an ordinance that makes mortgage creditors liable for the upkeep of vacant properties. Lenders are liable for fines up to $1,000 if they do not maintain the property, or provide basic care / upkeep. Currently, the city […]
Long term outlook is still largely uncertainty as the Super Committee cannot come to agreement. Without changes, there is some $1.2 trillion in federal programs that will be automatically cut in 2013. Military bases and surrounding communities will be hit as spending is scaled back and surrounding area is impacted […]
The Federal Housing Administration’s cash reserves are falling short. This could impact the market in a multitude of ways, including the FHA depleting its reserves, which creates fewer financing options for buyers as well as impacting how quick stabilization occurs. The audit, to be released Tuesday by the FHA, estimated […]
The Obama administration announced plans to expand the Home Affordable Refinance Program to make it easier for homeowners who are struggling but still making mortgage payments to refinance their homes. Changes to the program include refinancing despite how much a home’s value has fallen, reducing some fees, and eliminating the […]
The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced it was adjusting the current Home Affordable Refinance Program. The program was developed to help borrowers who have been making timely payments on heir mortgage, but unable to qualify for a refinance as the housing market changed […]
Many lending institutions are facing a large inventory of foreclosed properties. Many of them have sat vacant after foreclosure for lengthy periods of time and have fallen into disrepair, vandalism and theft or even fraud in some cases. There have been many ideas presented, but the growing inventory, limited resources […]
For the interested buyers that are looking in today’s market, there are two recurring obstacles that seem to prevent many of them from obtaining necessary loans to purchase: mortgage approval and condition of property.
With the rise of rental properties on the market along with situational landlords and foreign investors, many are finding themselves unprepared for management of real estate properties when problems arise. Even simple maintenance and preventative issues can be overlooked when no one is at the property to inspect and maintain. […]
Without truly knowing if the market has hit bottom or how fast recovery will come, many buyers are sitting on sidelines waiting, and watching. Even though some economic indicators (residential loan delinquency, unemployment, MSI) point that we are in a recovery period, as some economists suggested, it will be a […]
The rules and costs, are changing for home buyers, especially if you are a first time home buyer just entering the market. Buyers are facing different challenges than their predecessors who purchased even just a year ago. For home buyers, not all deals are created equally. In the past few […]
If it’s been a year or more since you’ve checked your credit report, you’re entitled to get a free credit report from each of the three credit reporting agencies: Equifax, Experian, and TransUnion. Checking your credit report helps to identify and address potential problems. By checking your credit report, you […]
Even amidst the current debacle of robo-signers and foreclosures, many are still favoring short sales, even though they may be guilty of the same processes. Originally published at https://realtyevolved.net by Sherwin Sucaldito.
The median monthly housing costs for mortgaged owners was $1,505 and renters $842. What makes more sense for you? Originally published at https://realtyevolved.net