Posts Categorized: News

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Fannie and Freddie Plan Fee Increases

On April 1st, Fannie Mae and Freddie Mac are increasing down-payment rules. The upcoming changes are as follows: Condo buyers with down payments of less than 25 percent will be charged a three-quarter point add-on penalty regardless of their credit score Buyers of  multi family units, where one unit is owner-occupied and the other is rented,… Read more

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Chicago REO Properties on the Rise

Recently, the Chicago Tribune posted an article about REO properties and the fact that from 2005 to 2008, the Chicago housing market hs seen a 575% increase in REO homes.  First, what is an REO? An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. … Read more

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Chicago Condo Market Glut Reaches Biblical Proportions

I knew it was bad and getting worse but as we updated our Chicago neighborhood housing market statistics I started to see deterioration on a scale I had not seen before. It used to be that the evidence of a slowdown was limited to the fringe areas of the city. Sacred neighborhoods like Lincoln Park… Read more

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Who Are These People In Washington And What Have They Done With The Republicans?

Unfortunately, it looks like the NAR’s lobbying efforts are paying off since the US Treasury is now reported to be considering buying more mortgage backed securities in an effort to drive mortgage rates down to 4.5%. While this may be good news for buyers and sellers in the short run, it’s not the right policy… Read more

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NAR’s Four Point Housing Stimulus Plan

What else is new? The NAR is asking the government for handouts. As I’ve mentioned before, the last thing we need is for the government to prop up inflated home prices. Nevertheless, the NAR came up with their four point housing stimulus plan a while ago, in an attempt to do just that. Last week… Read more