A new affordability report has been issued by RealtyTrac that discusses the success that some real estate markets have experienced in rebounding after the housing crisis. Some areas have rebounded nicely from the housing crisis with some areas surpassing their averages pre-crisis. For Cook County, the report revealed that prices are low relative to information available for past performance. In other words, real estate in the Chicagoland area is considered affordable when compared to other data.
For the full article read, “New Report Talks Chicagoland Affordability.”
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Home sales in the Chicago area are not enjoying the same positive sales trend as other markets around the country. Last month, home sales on a national level increased by 2.2 percent year-over-year according to the latest Redfin report. However, in Chicagoland, sales actually took a dive 3.5 percent during the same period. An article in the Chicago Business Journal seeks to understand the reasons behind the negative trend. One possible cause offered by Redfin real estate agent David Yocum is the weather. He says during February and March of this year, when he is typically busy, Chicago home sales were slow due to unusually bad weather.
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for other reasons behind the trend.
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With a 22.8% decrease in home listings since September 2013, Chicago is among 33 markets that have significantly fewer homes available for sale. This finding, which is based on the September National Housing Trend Report released this month by realtor.com, may signal a need for new home construction in the Chicagoland area to help alleviate the inventory shortage and give sellers more housing options. Other cities experiencing a similar crunch in housing inventory include Las Vegas, San Jose, Cincinnati, and Columbus, Ohio while some markets like Honolulu, Orlando, Miami, and Charleston, West Virginia are seeing a double-digit growth in inventory.
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If you’ve been looking for a legitimate reason to splurge on an iPad or Surface Pro 3, a new article published by RealtorMag suggests the purchase is less of a luxury than you might think. In fact, for on-the-go real estate agents, a tablet is becoming an essential tool of the trade that more than pays for itself in increased productivity. Whether you use it to pull up detailed property listings for clients on the spot or to help navigate your way to meetings in the field, a tablet is the next best thing to carrying your desktop computer around with you.
Read the entire article here.
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Chicago’s mortgage delinquency rate for commercial properties has shrunk to a record low for the first time since 2007. See what’s behind the drop.
The Consumer Financial Protection Bureau has announced a two-month delay in the effective date for the TILA-RESPA Integrated Disclosure rule. Instead of taking effect on August 1st as planned, the impending rule—which requires two new disclosure forms, the Loan Estimate and Closing Disclosure—will not roll out until October 1st of this year. CFPB Director Richard Cordray released a statement on Wednesday saying, “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks.” The new disclosure forms are expected to give homebuyers more time to review and understand the cost of their home mortgage.
To learn more, read the entire article.
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Boomerang buyers are putting the recession behind them and looking to rejoin the housing market this year. See which cities interest them most.
You may have noticed that homes in your neighborhood were being purchased at an increased rate. If so, Blackstone Group may be moving into your neighborhood. This investment firm has been buying distressed homes in neighborhoods throughout the Chicagoland area and then renting those homes. More than 1,300 homes in Cook County were purchased by Blackstone last year. Initially thought of as a great investment in the area, some are rethinking their initial views of Blackstone’s interest in our neighborhoods.
For more and a list of the neighborhoods that seem to be of interest to Blackstone read, “Is Blackstone buying homes in your neighborhood?”
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BBVA Compass brings no-money-down mortgages back for low-wage income earners. Is this a move in the right direction for the housing industry? Comment below.
Short sales and foreclosures forced them out of their homes during the housing crisis, but industry reports say nearly half of those 7.5 million Americans will make their way back to homeownership over the next several years. In fact, as many as 500,000 are expected to do so in 2015. Are you ready to cater to these “boomerang” buyers who will likely approach home buying with more caution than typical buyers? According to Marc Gould, vice president of business specialties for the National Association of REALTORS®, this group will require special attention. In a new article for RISMedia, he advises agents to start assembling a strong support team of real estate attorneys, mortgage brokers, and inspectors that can help this more cautious group feel confident in their purchasing decision.
To learn more, read the entire article.
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