Illinois is set to launch a new mortgage assistance program to help both homebuyers and existing homeowners save money on their mortgages. Learn more here.
Banks are giving the green light to large apartment development projects in record numbers according to a new report issued by the Mortgage Bankers Association. The overwhelming vote of confidence from lenders for the multi-family housing market has some speculating whether the market is getting overheated and may be headed for the same problems single-family home builders experienced in 2008. Others say high rent prices and low vacancies are indicators that multi-family housing is still an issue for millennials and other non-homeowners. Diana Olick, CNBC’s real estate correspondent, explores the concern in herl atest RealityCheck column. Read the entire story.
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Promising new data from Ellie Mae and the U.S. Department of Veterans Affairs suggests that real estate agents and their veteran clients should take a harder look at VA mortgage loans. Until recently, four widespread myths about the hard-earned loans have discouraged both realtors and veterans according to a recent article in Inman News. One of the biggest myths is that VA loans take longer to close than traditional mortgage loans. The Ellie Mae report released late last month proves that myth simply is not true. On average, VA and FHA loans close within 40 days making them comparable to the 39-day closing average for conventional mortgages.
Read the entire article to debunk more myths about VA loans.
Ever wonder how much it would cost to buy your favorite TV family’s home in real life? A fun listing from online real estate powerhouse Trulia breaks down the cost for seven of the most popular homes in TV history. Among the list is the Modern Family home. According to Trulia, the real-life owners of that home sold it in May 2014 for $2.1 million. If that is well out of your price range, the beloved North Hollywood home of The Brady Bunch is a fraction of that price at $552,300. Although, surprisingly it only has two bedrooms, which explains why it was only used to shoot exterior shots for the blended family of eight.
To see which other homes made the list, read the entire article.
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We typically think of retirees as downsizing their homes. With no kids to fill up extra bedrooms and a fixed income to protect, moving to a smaller house seems like the right move to make. But, according to a recent Merrill Lynch study, 30 percent of retirees are actually buying bigger homes. What makes upsizing so appealing? Well, it seems that now that they are home more often, retired couples feel confined in a two-bedroom home. Not only do they not want to be on top of each other, they also want to entertain more and have space to explore hobbies. The rebounding economy is also a big factor in the new trend.
To learn more, read the entire article.
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Is real estate crowdfunding a smart way to break into commercial real estate? Share your thoughts in the comments below.
Even though Chicago’s foreclosure rate is still slightly higher than the state average, foreclosures in the Chicagoland are have been falling at a rate of approximately 1.6 percent annually. In July, the foreclosure rate for the Chicago area was 2.6 percent. A recent report confirmed that the national foreclosure rates are also continuing to drop each month. Hopefully, the further we continue to move past mortgage and financial crisis of 2008, the problem of foreclosures will continue to decrease.
For the full story read, “Falling
Foreclosure Rates Represent A Housing Market That’s Bouncing
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Few things are more disappointing for a home seller than a deal that falls through. Learn what you can do to spot a wishy-washy buyer and close the deal.
Federal Reserve reports gains for Chicago’s real estate market as Illinois launches mortgage program for homeowners and buyers. Get the details here.
Rents are on the rise, but for many Americans, paychecks are not. This stark reality has sparked more renters to seek roommates to help lighten the burden of increasing housing costs. According to a recent CNN Money article, more than 32 percent of Americans now live with someone other than their spouse or partner. That’s six percent more than in 2000. Young professionals aren’t the only group feeding this new trend. At least 42% of households in high-cost markets like New York, Los Angeles, Miami and Honolulu are comprised of working adults who are living with roommates.
Read the full story.
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