Did you know that? We didn’t. After searching a multitude of sites including the official FHA, IRS and first time home buyer tax credit sites and making several calls we still didnt have an answer. Finally, I found official documentation on the IRS page. It wasn’t located under guidelines, or even frequently asked questions but it was under… Read more
Basic principle: whenever the government tries to fight the market the market wins. Always. Never fails. When will they learn? Just take a look at what must be the 375th government housing program: The Neighborhood Stabilization Program. The basic concept here was to sprinkle $3.9 B around the country for states and localities to buy… Read more
Well, I didn’t think we’d live to see the day that I would turn bullish on the Chicago housing market but there are definitely signs of us turning the corner. Despite the fact that I still think home prices in this city are outrageous (compared to income levels) you can’t argue with the trends. A… Read more
Just a quick note to post a graphic from an old Crain’s article on the rent vs. buy gap in Chicago. As you can see below the gap was recently wide but it hasn’t always been that way. I wish they would update it.
Here are a couple of thoughts on what the future holds in light of the first time home buyer tax credit. First, everyone should realize what the government apparently does not. Namely, there is no free lunch. A lot of first time buyers have been pulled into the market recently with the promise of an… Read more