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Optimism for Winter Buyers, But Why Are Some Listings Being Pulled?

Written by: - November 16, 2009

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Optimism for Winter Buyers, But Why Are Some Listings Being Pulled?

I don?t understand why some agents are taking their listings off the market until after the new year. According to the Illinois Association of Realtors, 37% of home buyers are new to Chicago. Nearly half of these home buyers are first-timers who are eager to cash in on the federal tax credit.

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Fannie Mae to Become National Landlord? New Policy Allows Home Owners to Rent

Written by: - November 10, 2009

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10 November 2009 –Fannie Mae is primed to become a landlord on a national scale. Last Thursday, Fannie Mae announced a new program that would allow current home owners in foreclosure to stay in their homes by signing a 1-year rental agreement. After the lease expires, homeowners could then enter a month-to-month lease. This would […]

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Obama Signs Tax Credit Extension for Home Buyers

Written by: - November 9, 2009

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Obama Signs Tax Credit Extension for Home Buyers

On Friday, President Obama signed into law an extension and expansion of the home buyer tax credit. To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010.

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Tax Credit Extended and Expanded

Written by: - November 6, 2009

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6 November 2009 ?As home buyers, sellers, Realtors┬« and affiliated professions await the signing of the expanded Home Buyer Tax Credit by the President, buyer options continue to narrow. According to the regional MLS, MRED LLC, there are 26% fewer homes under $800,000 on the market today than in October of 2007. While single family […]

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Stocks Rise and Bonds Move Up as House Passes Home Buyer Tax Credit Extension

Written by: - November 5, 2009

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5 November 2009 ?Bonds opened up 19bps today and have remained strong well into the afternoon with a day change of up 18bps. With a day to absorb yesterday?s news that the Fed will keep interest rates near zero, mortgage bonds have bounced back significantly today. It is expected that the Mortgage Backed Securities program […]

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The Difference Between Short Sale and Foreclosed Properties

Written by: - November 5, 2009

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The Difference Between Short Sale and Foreclosed Properties

I frequently get asked the difference between a short sale and a foreclosure / Real Estate Owned (REO) property. Buyers in today?s market who are cash heavy and have a flexible time frame may be in the best position to purchase one of these foreclosed properties.

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Property Tax Bills in the Mail, Many See Steep Increases

Written by: - October 29, 2009

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29 October 2009 –GET YOUR CHECKBOOKS OUT……. Bad news and not so bad news for Cook County and Chicago residents. The new tax bills will be arriving shortly and some residents may want to be sitting down when they open their mail. Most Cook County residents will be looking at a median increase of 10 […]

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The Failed Olympics Bid – Neighborhoods Will Be Better Off

Written by: - October 28, 2009

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The Failed Olympics Bid – Neighborhoods Will Be Better Off

Many Chicagoans are still reeling with disappointment over Chicago?s loss of the 2016 Olympics. But the impact on the near south and South Loop real estate markets may have been less than positive after the flame was extinguished.

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October Home Prices Rise, But A Full Recovery Remains Elusive

Written by: - October 27, 2009

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October Home Prices Rise, But A Full Recovery Remains Elusive

Chicago saw an increase in home prices from July 2009 to August 2009 of 1.7%, but a 12.7% decline of year over year prices. No matter who is pulling the data and how they chart it, the message is the same ? first time buyers and jobs.

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CPS Grants a Perk for Chicago School Teachers

Written by: - October 27, 2009

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CPS Grants a Perk for Chicago School Teachers

Did you know that CPS teachers are eligible for a grant of up to $7,500 that can be used toward closing costs of a home purchase? What a great way to give back to the teachers of Chicago who spend their days educating today?s youth.

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Update: House to Vote on HVCC Changes

Written by: - October 26, 2009

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Update: House to Vote on HVCC Changes

Step one in the process to amending HVCC has been passed and approved. The president of the National Association of Mortgage Broker’s, Jim Pair, announced today that the first step in amending the Home Valuation Code of Conduct was passed with the House Financial Services Committee.

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September Home Values Fell as Sales Increased

Written by: - October 23, 2009

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September Home Values Fell as Sales Increased

Market watchers believe the next few months will be a mixed bag for buyers and sellers. If unemployment does not abate, distressed properties will continue to impact market pricing for months and even years in the future.

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HVCC Regulations Are Changing Your Property Values

Written by: - October 15, 2009

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HVCC Regulations Are Changing Your Property Values

The HVCC program and its regulations are lengthening underwriting times, increasing costs to the buyer and seller, and lowering property values.

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