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 […]
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[@properties] Last month, the Federal Reserve implemented its second interest rate hike of the year and indicated there could be two more rate hikes to come in 2018. Understandably, the news created some buzz in the housing market as the Fed Funds Rate affects mortgage rates. While mortgage rates have […]
The State of Illinois has recently stopped distributing the mold disclosure form. The mold disclosure which was recently available for years through Illinois REALTORS® stopped providing these forms, after a legal review.
Spring is generally a hot season for home selling and buying. But just as there is more demand, there is also an increase in inventory and competition from others looking to sell their home as well.
Home buyers are looking for home offices to serve more than just a space to do work in.
Follow me each month to learn about the current trends in Chicago real estate and news for home buyers and home sellers. News and statistics are shared from several sources as well, @properties, the leading Chicago real estate brokerage, MLSNI and the Chicago Association of REALTORS. Take a moment to […]
Builders, landlords and investors are carefully watching the apartment sector, determining the health, and potential decline of demand and return of investment in the city. With the pace of apartment building and current supply increasing recently there are concerns that there could potentially be an oversupply. After the bust, the […]
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 […]
While solar is comprised of a diverse suite of technologies, there are three main types: photovoltaics (PV), solar heating & cooling (SHC), and concentrating solar power (CSP). Homeowners and businesses interested in going solar are primarily interested in the first two technologies, while utilities and large-scale energy project developers primarily […]
#200478943-001 / gettyimages.com With many homeowners’ spending power getting squeezed from the economy, or from sapped equity from the market downtown in previous years, many are becoming more creative in finding ways to make their home more affordable and produce cash flow in unique ways. Many of these ideas could […]
Market gaining momentum after weather, low inventory slowed spring sales. Despite a slow start, 2014 is proving to be an eventful year for housing. Here at @properties, we’ve been keeping a close watch on local market conditions, and all signs point to a very busy second half of the year. Let’s take a closer look at some first half highlights and what to expect this summer and fal
The spring market is in full swing and many residents are moving into new housing. Many are debating whether purchasing is still a great option, or whether renting is better suited for them.
Though it may not fully feel like it, spring is upon us! April showers, is the time many homeowners start to prep their lawns and gardens for the coming summer. But there are a few things some homeowners can do to not only make their lawns green, but themselves. Typically, […]
With the continued rising costs of rents in many Chicago neighborhood markets and suburban areas many are considering renting their homes in lieu of selling or adding to their real estate investment portfolio.
The American Council For An Energy-Efficient Economy released its score card that ranks cities. Chicago has come in at the top ten, ranking 9th overall as one of the greenest cities in the country. Boston topped the list primarily because of its community-wide efforts and programs, scoring 76.75 out of […]
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.
There is currently a rise in thefts of homes and buildings. The thieves, however, aren’t looking at your new flat screen or jewelry box. In some cases, they don’t even have to break into your home at all… At the beginning of the year, two new laws have been created, […]
The year over year statistics for November has been published. One common trend occurring in several market segments, including all residential and commercial properties are the lowered months supply of inventory, which all seem to be hovering over the four month mark. What the months supply of inventory (MSI) tells […]
The development group will be focusing on resuming construction at the 27 story Waterview Tower, which has remained unfinished since work was stopped on the project in 2008. The development group, led by Related Cos., will close on a $115 million dollar construction loan from Bank of American and US […]
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.
Homeowners’ insurance policies are sometimes not only advisable but required. This past year many homeowners were faced with increased rates and policies that could not be renewed. In this era of unpredictable weather patterns, insurance companies are raising rates, cutting coverage, shying away at some payouts and generally shifting more […]
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, […]
For the past few years, I have been explaining deconstruction to clients, and lately it seems to be growing in interest and curiosity. Deconstruction is the process of salvaging materials from a home. Both raw and finished materials could be salvaged and reused in a new home, or even donated […]
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 […]
Several changes have been done to the statistics page. Distressed sales statistics (lender mediated assisted sales: REO, short sales, pre-foreclosure, foreclosure) are now compiled in a monthly report. Additionally, information by each neighborhood is available for registered subscribers. Reports for each month is made available a couple of weeks after […]
As we enter a new year, I am finding myself guiding clients in this market, formulating strategies and guiding expectations. It’s no surprise that the real estate market has been difficult for the past few years and many economists are expecting more of the same for this year. But even […]
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 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 […]
Dreaded property tax bills are expected to hit Cook County mailboxes the first week of October, and homeowners might find them a bit plumper than last year despite the continued housing market malaise. Figures released Thursday by County Clerk David Orr showed that Chicago residential, commercial and industrial property owners […]
It is no surprise that rates are a historic low. Rates on 30-year fixed-rate mortgages averaged 4.12% for the week ending Sept. 8, down from 4.22% last week and 4.35% a year ago. The mortgage’s previous low was set the week ended Aug. 18, when the rate averaged 4.15%. With […]
News Regarding Forbearance from FTC Enforcement of some MARS Rules against Real Estate Professionals On July 15, 2011, the National Association of REALTORS® (NAR) issued a press release stating that the Federal Trade Commission (FTC) will not undertake enforcement actions against real estate professionals who assist distressed homeowners in their […]
Recently, there is a rise of a new scam aimed at hijacking just one or two mortgage payments from unsuspecting homeowners. With many mortgages being transferred to new service providers through the life of a loan, many homeowners are unaware of what the actual process is for notification, or what […]
With homeowners staying longer in their home, and expected buyers planning for longevity, many are coming back to basics – location. Among them, accessibility to transportation, neighborhood walkability and area schools are among the most important. For families, schools are extremely vital factor as they can influence choice of residence/neighborhood […]
The weekly statistics for distressed and traditional real estate sales have been updated for last week. An index of local home prices fell in December for the fifth straight month, hitting its lowest point since the summer of 2001. The growing concern is over the “shadow inventory” or foreclosures/soon-to-be-foreclosures that […]
Buyers have a long list of what they want when home shopping, but one of their biggest desires: A good deal. Originally published at https://realtyevolved.net by Sherwin Sucaldito.