Archives

July 2009

Illinois In Top 10 for Foreclosures

Posted at 6:25 AM, Jul. 31, 2009

According to RealtyTrac who monitors foreclosure activity, Illinois ranks number 8 out of 10 for the highest foreclosures, with well over 68,000 files against homeowners.  California, Florida and Arizona were the top three.

Nation wide, statistics show an increase in filings in the first six months of 2009; up 9% since the previous six month period and a total increase of 15% since 2008.  That breaks down to 1 in every 84 homes are in trouble. 

Leading experts state that unemployment and oppressed housing prices have been the leading cause.  Read more.

This Buyer's Market Is Showing Signs of an End

Posted at 5:59 AM, Jul. 29, 2009

While we still can anticipate more months of a buyer's market, it is showing signs of closure.  According to the National Association of Realtors, the national supply of housing peaked in November of 2008 with an 11-month supply.  However, as of May of 2009, the supply has dropped to 9.6 months.  Granted that every market is subject to it's own inventory statistics, but we can see from these overall facts that the gap between supply and demand is shrinking. 

What does that mean for the consumer?  Well, if the inventory continues to shrink, thus reducing supply, we can anticipate that housing prices will rise or even flatline in some areas and sellers can anticipate offers closer to list price and less time sitting in the market. 

So, if you are a buyer that is still sitting on the fence looking for the "right time", here's your clue.

Loan Foreberance for the Unemployed?

Posted at 3:11 AM, Jul. 27, 2009

A recent article from Realtor Magazine has indicated that the loan modification program has had it's share of hiccups mostly due to declining home values and unemployment on the rise which has many lenders not willing to play along.

So, in light of the current conditions, President Obama is considering a new plan that will allow the unemployed to postpone payments for a time that will allow them to gain ground and without having further effects on the housing market.

No plan is perfect and it seems we are continually molding the model in order to find the relief our nation needs to rebound.

First Time Home Owners Tax Credit

Posted at 2:40 AM, Jul. 24, 2009

There seems to be a lot of confusion among the public regarding this year's $8,000 home buyer's tax credit.  The largest question is what if the home buyer owes less than $8K in income taxes?  Well, simple, they get a very handsome return check! 

A second prevailing question is pertaining to the repayment clause.  An earlier version of this incentive which was for $7,500 required repayment once the house was sold however, our newer version does NOT require repayment unless the house is sold within three years of purchase.

Loan Modifications and What They Mean

Posted at 2:24 AM, Jul. 22, 2009

A loan modification is part of the President's Plan to assist homeowners that are either currently behind in their mortgage payments or soon will be. 

 The goal of this plan is that it can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home.

If you are currently behind in your mortgage payments, in a foreclosure process or foresee future difficulties due to life changes should consider this option to make every effort possible to keep your home.

See theFreddie Mac Fannie Mae official web site for more information.

Home Affordable Refinance Program

Posted at 2:15 AM, Jul. 20, 2009

 The HARP, or Home Affordable Refinance Program,  affects millions of homeowners currently in Fannie Mae or Freddie Mac loans and permits first-mortgage loan amounts up to 125% of the home's current appraised value, with and without a second mortgage already attached. In addition, closing costs and as many as two payments can be rolled into the loan and up to $2,000 can be taken out of the mortgage.