Thursday, December 10, 2009

New short sale guidelines beginning April 2010.

Borrowers will now receive pre-approved short sale terms before listing the property. These terms will also include the minimum net proceeds that the lender will accept.

The mortgage servicer will now have just 10 days to approve or disapprove a short sale request.

The new guidelines will now prohibit loan servicers from requiring a reduction in the commission earned by real estate professionals that was agreed on in the listing agreement.

There will be a $1500 relocation assistance incentive for the homeowner.

The program requires that the borrower is fully released from future liability for the first mortgage debt.

Mortgage servicers will receive a $1,000 incentive for every completed short sale transaction.

Qualifying properties must be the homeowner’s principal residence, and the homeowner must be either already delinquent on the mortgage, or show that default is imminent.

The Home Affordable Foreclosure Alternatives Program applies to loans that are not owned or guaranteed by Fannie Mae or Freddie Mac. Fannie and Freddie Mac are working on a similar program.

Source: The Short Story on Short Sales

FHA Sets Aggressive Goals For 2010

FHA has insured nearly a quarter of all new loans made this year and about 80 percent of that business is from first-time homebuyers. The total dollar volume of FHA mortgages exceeded $300 billion dollars in the fiscal year 2009. Approvals for purchases, refinancing and reverse mortgages rose 70 percent increase within the last year. FHA has set even more aggressive goals for Fiscal year 2010, so these numbers are expected to continue to rise over the next year.

Wednesday, December 09, 2009

Hoffman Estates, IL 60194 - Housing Market

According to the Northern Illinois MLS there are currently 169 active listings of single family detached homes as of 12/09/2009.

The median list price is $320,000.00

In the last 30 days there have been 18 closed sales.

The median sales price was $277,500.00

At the current rate of absorption there are 9.38 months of unsold inventory in Hoffman Estates

Chinese Defective Drywall

During the housing boom, more than 500 million pounds of possibly defective Chinese drywall was imported to the U.S. According to the Associated Press, that was enough material to build around 100,000 homes. Environmental testing sponsored by a national consumer group shows defective Chinese drywall has been found in homes in 41 states, the group's leader said.

The drywall is alleged to have high levels of sulfur and, according to homeowners' complaints, the sulfur-based gases smell of rotten eggs and corrode piping and wiring, causing electronics and appliances to fail.

The fumes have also been associated with respiratory and sinus problems in some residents. In some homes, the drywall problems have been so severe that families have had to move, and some builders have begun gutting and replacing drywall in the buildings.

The largest number of complaints have come from Florida and Louisiana, where a warm, humid climate encourages the emission of sulfur fumes. Complaints have also come from Mississippi, Alabama, Virginia and North Carolina.

Most of this drywall was imported to the U.S. between 2004 and 2008 at the time of the building boom. Is there defective drywall in the Chicagoland area? If you are buying a house that was built or remodeled in those years a professional home inspection is recommended.

Tuesday, December 08, 2009

Plano, IL 60545 - Housing Market Analysis

According to the Northern Illinois MLS there are currently 103 active listings of single family detached homes as of 12/08/2009.

The median list price is $185,000.00

In the last 30 days there have been 13 closed sales.

The median sales price was $145,000.00

At the current rate of absorption there are 7.92 months of unsold inventory in Plano, IL 60545

Medinah, IL 60157 - Housing Market Analysis

According to the Northern Illinois MLS there are currently 32 active listings of single family detached homes as of 12/08/2009.

The median list price is $383,400.00

In the last 30 days there have been 2 closed sales.

The median sales price was $237,500.00

At the current rate of absorption there are 16.00 months of unsold inventory in Medinah, 60157

Hanover Park 60133 - Housing Market Analysis

According to the Northern Illinois MLS there are currently 118 active listings of single family homes as of 12/08/2009.

The median list price is $199,250.00

In the last 30 days there have been 20 closed sales.

The median sales price was $162,000.00

At the current rate of absorption there are 5.90 months of unsold inventory in Hanover Park, 60133.

Channahon, IL 60410 - Housing Market

According to the Northern Illinois MLS there are currently 94 active listings of single family homes as of 12/08/2009.

The median list price is $257,200.00

In the last 30 days there have been 11 closed sales.

The median sales price was $230,000.00

At the current rate of absorption there are 8.54 months of unsold inventory in Channahon, 60410.

River Grove - 60171 Housing Market Analysis

According to the Northern Illinois MLS there are currently 52 active listings of single family homes as of 12/08/2009.

The median list price is $222,325.00

In the last 30 days there have been 4 closed sales.

The median sales price was $196,500.00

At the current rate of absorption there are 13 months of unsold inventory in River Grove.

Monday, December 07, 2009

The Residences of Sherman Plaza - Evanston, IL

The Residences of Sherman Plaza is a 252 unit, 25 story postmodern high rize building built in 2006 in downtown Evanston.

Sherman Plaza is the largest mixed-use development in a suburban downtown. In addition to the condo's the building has 152,000 square feet of retail, plus a parking garage for 1,585 cars. The building occupies almost an entire city block, bounded by Church and Davis Streets and Sherman and Benson Avenues. Sherman Plaza is adjacent to the Davis Street train station, which serves as a junction point for two commuter rail lines.