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By now you have heard that Congress failed to pass the Emergency Economic Stability Act (EESA). This is a critical time for our nation, and REALTORS everywhere need to call on Congress to enact a recovery plan that will end the economic crisis we are facing. I have received messages from many of you, wondering why NAR (National Association of REALTORS) is supporting this unprecedented government investment in financial institutions and the housing market. The truth is that consumers everywhere already are feeling the impact of the credit crisis. Many buyers can no longer find financing they need to buy a home, contracts are being pulled off the table, and sellers are taking their listings down. Without swift and substantial intervention, all REALTORS and the consumers we serve will soon face a market where: - Getting a mortgage, small business, or short-term loan becomes extremely difficult, even for good credit consumers and businesses.
- Consumer and business bankruptcies rise significantly, as refinancing options are shut down.
Lines of credit are reduced and interest rates on personal and business credit cards rise, adding to the burden on families. - Consumer and business spending declines, further depressing the economy.
Unemployment increases significantly. - Budget deficits increases noticeably due to declining revenue collection at all levels of government.
REALTORS know better than anyone else how important housing is to our local and national economies. Like it or not, the housing market can’t rebound until we resolve the problems in the financial markets. Now is the time to act before they move beyond repair.
Despite what you may have heard from the news media, the laws and policies that Congress is considering will directly benefit Main Street, by making financing more available and helping to stabilize home sales and prices. Additionally, the cost of such a plan is likely to be below the figures that have been widely reported. In fact, as our own Chief Economist, Lawrence Yun, has explained, there is a very good chance that taxpayers will reap a positive return on this investment over the long term. Today, I ask all of you to help us resolve this crisis. Please take some time to read our point-by-point analysis of the major provisions being discussed in Congress , help educate consumers and your fellow REALTORS about the current situation and what’s really at stake, and most importantly, contact your members of Congress and urge them to support the Emergency Economic Stability Act.
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation NAR will continue to do our part to stay ahead of developments in Washington, D.C., and keep you informed of changes to the initial bill. With your help, and working "All Together," I believe we can get beyond debate over who is responsible for the current situation and move toward a solution that will benefit REALTORS and all of the consumers we serve. Sincerely,  Richard F. (Dick) Gaylord
2008 NAR President Visit the web address below to tell your friends about NAR's efforts to urge Congress to pass the Emergency Economic Stability Act.
 Tell-a-friend!
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The fate of the Bush administration's $700 billion financial bailout plan was abruptly thrown in doubt Monday as a House vote turned against the controversial measure. Read Full CNN Story
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The Chicago Association of REALTOR® helped the City realize and resolve an error that could have caused numerous Chicagoans to overpay their property tax bills. It was discovered that the Cook County Assessor’s Office had inaccurate records for taxes in certain neighborhoods, as a result of scamming or other misinformation. REALTOR® Daniel Merrion of City Point Realty was one of the C.A.R. members who volunteered their time to work with the City and see the errors corrected. “We worked with the City and had them re-open the window of time during which people could appeal their taxes,” he says. “We supplied them with statistics and information, and for the first time, they actually took REALTOR® information from the MLS and used it to calculate a more accurate assessed value.” A number of C.A.R. members worked tirelessly to see this error resolved. “We pulled everyone together as one voice,” says Merrion. “It got C.A.R. and the real estate community doing a public service and establishing the value of a REALTOR®.” A special word of thanks to Mabel Guzman and Brian Bernardoni for taking the lead on this important initiative. C.A.R. thanks the following members who were involved in this action: Andrea Geller, Angela Clark, Ben Gagliardi, Dan Merrion, Fran Mizzi, Fred Siliger, Gaspar Flores, Jeff Procopio, John A. Michailidis, Kate Mangan-Smith, Kathleen Baggett, Ken Baker, Danny Scollan, Diana Turowski, Erika Villegas, Faith Cade, Kywana Ross, Laurie Ann Foote, Lea Larsen, Luminita Ispas, Marie Leaner, Mary Parker-Harris, Paul Popp, and Steven J. Harris.
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The National Association of REALTORS® commended the Treasury Department's decision to place Fannie Mae and Freddie Mac in a government conservatorship. "This demonstrates that the government is clearly committed to keeping the flow of capital uninterrupted, which is crucial to the housing sector and the economy," NAR President Richard F. Gaylord said in a statement. Source: Illinois Association of REALTORS, www.illinoisrealtor.org
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After a few months of elevated yet stable interest rates, the 30 yr. conventional fixed mortgage dropped roughly 5/8% to an average 6% nationally. If you have been waiting to pull the trigger on a purchase or refinance, now's your shot to save a significant amount of money over the life of your loan. See the figures below. A traditional principle and interest loan of $350,000 @ 6% is $2,098.43 a month.
The same loan @ 6.625% is $2,241.09, a savings of nearly $150 a month compared to a week ago.
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Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works: - The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.
- This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.
- The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.
- High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.
Source: Realtor Magazine |
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Not every real estate company in Chicago is feeling the brunt of this slow market. While some of the largest and most recognized names in real estate are closing branches and consolidating, KRAIN is growing at a rapid pace and shows no signs of slowing down. Our aggressive online marketing, streamlined processes, and in-house broker and sales support for our agents has led to high levels of client satisfaction and increased closed sales volume over the past 2 years of the housing slump. Our everyday "retail" real estate brokerage business is thriving and we have also diversified into the foreclosure and short sale market via grass root relationships with various banks and loss mitigation companies. We have recruited successful agents from some of the most recognized companies in the world and have extremely high levels of retention and agent growth. Our business model has filled a niche that has gone unserved and will be the future platform for which real estate brokerages will operate in the future. We are seeking focused agents to serve Chicago and the greater Chicagoland Area. We provide industry-leading compensation, full broker support, aggressive marketing, training, mentoring, and a laundry list of benefits and services that you will not find with any other brokerage. For an informal and confidential interview, please contact John Federici @ 773.235.0111 x111 or john@krainonline.com KRAIN is Chicago Real Estate sm
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We're pleased to have Stewart Stinson join Krain. Stewart is a Senior at DePaul University in Lincoln Park. He is ambitiously in pursuit of his Bachelor's Degree with a double major in Real Estate and Finance. He is slated for graduation in November, at which point he will be focusing his energies toward a successful career in commercial real estate. Feel free to send encouraging words to Stewart @ s.stinson@krain-chicago.com
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We are pleased to announce the addition of Daniel Norris to KRAIN. After several succesful years in the real estate industry, Dan Norris has left a competitive broker on Michigan Ave. to take advantage of our sales and marketing support systems to better serve his clientele. Dan specializes in residential sales and marketing in Chicago and the Southwest suburbs. Please feel free to contact Dan about his transition. Daniel Norris
Krain - Residential Sales Division
Real Estate Consultant
dnorris@krain-chicago.com
dnorriscrre@gmail.com
Direct: 773.991.5018
Office: 773.235.0111
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On July 30, 2008, housing bill H.R. 3221 was signed into law. As a result, a new temporary tax credit has been allotted as an incentive to first-time homebuyers. The $7,500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009. The National Association of REALTORS® provides a first-time homebuyer tax credit FAQ guide to help you and your clients better understand this new legislation.
Download the NAR FAQ Sheet
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Illinois home sales in June up 3.6 percent from previous month while the overall housing market remained strained by low consumer confidence and a troubled economy. According to the Illinois Association of REALTORS latest report, total home sales were up 3.6 percent in June 2008 to 11,643 sales compared to May 2008 sales of 11,243; year-over-year sales were down 27.0 percent from June 2007 totals of 15,945. The Illinois median price in June reached $200,000.
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The President has signed into law legislation that will allow HUD’s Federal Housing Administration (FHA) to continue providing targeted mortgage assistance to homeowners. The Hope for Homeowners program will continue FHA’s existing and successful efforts to provide aid to struggling families trapped in mortgages they currently cannot afford. Under the program, certain borrowers facing difficulty with their mortgage will be eligible to refinance into FHA-insured mortgages they can afford. The program will be implemented on October 1, 2008.
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