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February 2009 - Posts
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Under the legislation, loan limits in high-cost areas rise to $729,750. They had dropped to $625,500 this year before passage of the legislation. Read more > Read More...
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Sales volume fell 5.3 percent last month, yet inventories reached a two-year low as buyers awaited stimulus package details. Read more > Read More...
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Freddie Mac reports an increase in the 30-year fixed mortgage rate to 5.07 percent. "Lower house prices and affordable mortgage rates have yet to spur housing demand," Freddie Mac's chief economist says. Read more > Read More...
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A new proposal in the Obama administration's federal budget outline would limit the mortgage interest deduction amount for thousands of families Read more > Read More...
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KRAIN will be having a 203 k (FHA) Rehab ( http://www.hud.gov/offices/hsg/sfh/203k/203kabou.cfm ) loan specialist coming to our office, located @ 1003 N. Damen Ave., for an informational seminar on Thursday, March 12th from 11:30 - 1:00pm. This event Read More...
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In July 2008, Congress passed the Housing & Economic Recovery Act of 2008, which included $3.92 billion for the Neighborhood Stabilization Program (NSP). On January 13, 2009, HUD approved the City of Chicago's NSP application for its allocation Read More...
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The new homebuyer tax credit is an $8,000 refundable tax credit (or up to 10% of the purchase price), given to first-time homebuyers or purchasers of a “main home" that closed (or will close) between January 1, 2009 and November 30, 2009. Resources Read More...
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Mortgage rates fell this week across the board, a welcoming sign to potential buyers and home owners looking to refinance. Read more > Read More...
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The housing plan offered by President Barack Obama this week attempts to stave off foreclosures, but will it do enough? Experts weigh in. Read more > Read More...
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Plan includes help to home owners who are still current on their mortgage but at risk of trouble. Read more > Read More...
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The Polish Triangle, a public space bordered by Milwaukee Avenue, Division Street and Ashland Avenue, was designated earlier this year as one of two inaugural "placemaking" projects in Chicago. Placemaking is an approach to improving public Read More...
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Here is the result of your responding to the REALTOR® Call to Action campaign, tireless advocacy by The Illinois and Chicago Association of REALTORS®, and the dawning realization housing is a key component of the recovery effort. Click here for Read More...
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One of the three major credit bureaus will no longer offer credit scores based on its data through the Fair Isaac Corps Web site. Read more > Read More...
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"Most lenders have withdrawn from the market and there is no secondary market for commercial mortgages," says NAR President Charles McMillan. Read more > Read More...
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Summerlin South, Nev., and Katy, Texas, are among the list with the biggest growth. Read more > Read More...
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Despite a dark national economic outlook and weak housing conditions, some signs suggest that a bottom in the housing market is coming into view, says a report by Economy.com. Read more > Read More...
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Under a new set of regulations, the IRS is demanding taxes on 100 percent of REIT dividends, whether they are paid in cash or stock. Read more > Read More...
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The green benchmarks apply to new or renovated home projects, ranging from sprawling McMansions to compact modular homes. Read more > Read More...
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House and Senate conferees have eliminated the repayment requirement on the home buyer tax credit, a move backed by NAR. Read more > Read More...
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A dip in the long-term mortgage rate this week offered home owners a refinancing opportunity. Read more > Read More...
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Chicago Police have provided a photo of the suspect believed to be involved in the recent sexual assault on the 2300 block of W. Moffat. This offender may have also been involved in a sexual assault that occurred on the 1700 block of N. Marshfield in Read More...
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The forward-looking index, based on contracts signed, rose 6.3 percent in December. Big gains in the South and Midwest offset modest declines elsewhere, according to the latest NAR report. Read more > Read More...
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Some banks, including JPMorgan Chase, have stopped using outside brokers and only accept applications submitted at their own branches. Read more > Read More...
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Fannie Mae plans to eliminate some credit-score requirements, scale back income-documentation standards, and waive the need for appraisals in some cases, starting on April 4. Read more > Read More...
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To give a spark to the housing industry, the Senate voted Wednesday to give a tax break of up to $15,000 to home buyers. Read more > Read More...
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Read NAR President Charles McMillan’s letter to new U.S Treasury Secretary Timothy Geithner, calling for the Troubled Asset Relief Program (TARP) to be used to boost housing by lowering mortgage rates, expanding the first-time homebuyer tax credit Read More...
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One provision of H.R. 1, the American Recovery and Reinvestment Act, passed by the U.S. House last week reinstates the higher loan limits from 2008. REALTORS® are asking that the Senate, which now takes up the legislation, also support higher limits. Read More...
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A recent story in the Rockford Register Star highlighted the growing threat of mortgage rescue scams targeting troubled homeowners. One scam is the bait and switch. Homeowners believe they are signing documents for a new loan, but are actually surrendering Read More...
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The dust is beginning to settle after a tumultuous week in Springfield that saw impeached Gov. Rod Blagojevich officially removed from office and barred from ever holding public office again and Patrick Quinn sworn in as Illinois’ 41st governor. Read More...
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