The Chicago 77

First-time buyers have been driving the market in Chicago for months. They are taking advantage of both the low prices and the nearly record breaking interest rates available to them. First-time buyers are also helping the market by buying homes from sellers wanting to also take advantage of the market by buying something larger. In [...]

27 July 2009 ? With only 127 days left for first time home buyers to take advantage of the $8000 tax credit, speculation is heating up on whether it has been effective with much doubt it will be renewed. Because of longer times for processing mortgages, buyers must be under contract in the next 60 [...]

Earlier this month I highlighted some key points about short sales: What is a short sale? How does it compare to foreclosure? Are short sales on the rise and does this mean I should wait to buy? This week, I?m outlining the challenges faced when dealing with a short sale, what is being done?if anything?to [...]

The Chicago Tribune posted an article in yesterday’s Business section titled, “Chicago housing prices drop even faster.” In the article there was a graph which posted home prices and their price reductions broken down by neighborhood. The news source for the pricing was Trulia. Trulia is a website where seller’s and agents alike are welcome [...]

10 July 2009 ? Mortgage backed bonds struggled yesterday and closed down 34 BPS. This morning bonds opened up 38bps and continue to maintain the gains?currently the mortgage backed bonds are up 50bps. The Dow is down 31 and has not had a significant rally in some time. Chevron warned investors about concerns over future [...]

10 July 2009 ? Affordability is driving more buyers back into the market according to a survey conducted by Realtor.com. As reported today on Rismedia, bargains are motivating millions of buyers to engage in the market and at the same time delaying homeowners to sell. For 14.6% of first time home buyers, the federal $8,000 [...]

As I had time to reflect over the holiday weekend, I thought back to all that happened in the month of June. My Personal Market Activity Buyers re-engaged in the marketplace, resulting in sold properties. Sellers who want to sell are listing at prices to sell, not just to list. Communication between the Realtors®, lenders, [...]

30 June 2009 ? Changes in the Housing and Economic Recovery Act and The Home Ownership and Equity Protection Act that were made last October will go into effect July 30, 2009. All lenders and brokers must comply with the new rules. It will impact the real estate industry every single day. Realistic expectations will [...]

In March 2008, Fannie Mae entered into an agreement with The Federal Housing Finance Agency (FHFA). This agreement was set up to adopt certain policies relating to appraisals for mortgages. Starting May 1st, 2009 the Home Valuation Code of Conduct (HVCC) came into effect for Fannie Mae and Freddie Mac purchased loans. HVCC Means Only [...]

29 June 2009 – This week?s Crain?s Chicago Business (PDF) is reporting that the relative cost of owning vs. renting is swinging back in favor of home ownership across the U.S. and in Chicago. The Chicago real estate market is already seeing signs of this with an increase in pending home sales. There are great [...]

Here?s a question real estate agents are hearing lately??With so many short sales out there?does that mean the market is getting worse and should I be concerned about buying now verses later this year?? The answer, in a word, ?No.? Short sales certainly seem to be on the rise due to a variety of reasons: [...]

I think there is light at the end of the tunnel. We can certainly see it in our showing activity and in the market. It’s still not an easy market or necessarily a fair market for all involved, but it is changing for the better. Statistics from Illinois Association of Realtors (IAR) definitely back up [...]

As prospective buyers are sitting back, waiting, and speculating about when to take advantage of the bottom, it appears we have hit a plateau. One of the most effective ways for pricing to stabilize and then see appreciation is depleting inventory. Signs Home Prices in Chicago Are Stabilizing According to the Illinois Association of Realtors, [...]