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May 2009 - Posts
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FHA lenders will be able to develop short-term loans to enable buyers to use their homebuyer tax credit benefits upfront, but the loans can't cover the 3.5 percent minimum downpayment, according to new guidelines from HUD. Read more > Read More...
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More than 90 percent of economists in a survey predict the recession will be over this year. Read more > Read More...
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On May 20, President Obama signed the REALTOR®-supported S. 896, the Helping Families Save Their Homes Act , which will expand and encourage more mortgage loan modifications under the HOPE for Homeowners program. With the new changes, lenders will Read More...
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Crain's Chicago Business reports the Conference Board's Consumer Confidence Index vaulted to 54.9 in May, up from 40.8 in April. That is the highest level since September. Read More...
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The Cook County Board of Commissioners voted 12-3 on May 5 to repeal the full 1% sales tax increase it passed last February. The reduction, which would roll back the sales tax to 9.25% in the City of Chicago, would take effect on January 1, 2010. However, Read More...
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A recent survey finds that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home. Read more > Read More...
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Most real estate pros say home prices will stay the same for the next six months in a survey conducted by home-pricing site HomeGain.com. Read more > Read More...
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The Federal Reserve is working to hold interest rates down; 30-year and 15-year rates remained below 5 percent this week. Read more > Read More...
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Almost three quarters of the homes sold in the first quarter of 2009 are considered affordable by the Housing Opportunity Index. Read more > Read More...
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A spokesperson says HUD is continuing to prepare guidance on the first-time homebuyer tax credit. Read more > Read More...
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C.A.R. is saddened to report on the recent passing of two of its valuable members. Both gentlemen made worthwhile contributions not only to the Association but to the industry at large, and they will be sorely missed. After a long struggle with prostate Read More...
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MAY 30TH & 31ST, TO KICK OFF CHICAGO'S SUMMER STREET FESTIVAL SEASON MENOMENA AND FLOSSTRADAMUS HEADLINE FIRST CLASS MUSIC LINEUP, FAMILY FUN FEST OFFERS ACTIVITIES FOR YOUNG AND YOUNG AT HEART! When the sweet scent of summer fills the air in Read More...
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Today Alderman Flores launched a new website, www.greeneconomychicago.com, and a sister TV program, "Green Economy Chicago", as part of an effort to bring everyday citizens into policymaking decisions concerning the development of the green Read More...
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Distressed sales, which today comprise about 50 percent of transactions nationwide, are creating market distortions in otherwise stable neighborhoods. Read more > Read More...
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Rates for 30-year mortgages rose slightly this week but are still below 5 percent. Last year at this time, rates were slightly above 6 percent. Read more > Read More...
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A new government program lays out a process flow, minimum performance timeframes, and standard documentation for short sales transactions. Read more > Read More...
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Former Fed Chairman Alan Greenspan, speaking at NAR's Midyear Legislative Meetings, identified what he believes are the biggest obstacles to housing recovery. Read more > Read More...
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Short sales and bank-owned properties can expose you to serious legal liability if you're not careful. Read experts' advice for staying out of trouble. Read more > Read More...
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Under a new FHA rule, lenders can allow first-time home buyers to use the $8,000 tax credit as a down payment. Otherwise, buyers wouldn't get the money until they receive their tax return. Read more > Read More...
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Dear Friends, I am writing to update you on some recent legislation that my fellow Aldermen and I have been working on at City Hall. Today, a year after it was introduced by myself and Alderman Burke (14th), the City Council voted to pass into law the Read More...
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The Secretary of the U.S. Department of Housing and Urban Development told REALTORS® gathered in Washington, D.C., that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the first-time buyer $8,000 tax credit Read More...
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Several markets are starting to see multiple offers flood in as residential price declines make homes more affordable for many buyers. Read more > Read More...
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Waiting until the economy rebounds may make repairs more costly and put residents' health at risk, explains Consumer Reports. Read more > Read More...
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House hunters expecting deals on mid-range properties are finding only crowded open houses and few discounts. Read more > Read More...
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Troubled Texas bank destroys 16 new homes instead of finishing them. Read more > Read More...
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One likely reason for the increase is the $8,000 first-time home buyer tax credit, which is increasing buying power and getting buyers off the fence. Read more from NAR's latest report on the housing market. Read more > Read More...
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Although short sales have the reputation of being drawn-out and complicated, real estate pros are trying to streamline and standardize the process. Read more > Read More...
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Borrowers may think their woes are over after a short sale, but an increasing number of lenders are going after borrowers who sold their homes for less than they owe and are trying to recover all or some of the loss. Read more > Read More...
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The Cook County Board of Commissioners voted 12-3 on May 5th to repeal the full 1-percent sales tax increase it passed last February. The reduction, which would roll back the sales tax to 9.25% in the City of Chicago, would take effect on January 1, 2010. Read More...
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Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to NAR. Read More...
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In his May 5 economic outlook Fed Chairman Ben Bernanke said: “We continue to expect economic activity to bottom out, then to turn up later this year. Key elements of this forecast are our assessments that the housing market is beginning to stabilize Read More...
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