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Fixing the housing market

Posted on December 8, 2008 by IC N in Residential

CHICAGO (MarketWatch) — Helping Main Street as well as Wall Street has been an objective of President-elect Barack Obama throughout both the campaign and into the transition period. Some argue that home-buying incentives built into a new economic stimulus package — if done right — could help not only the housing industry and the overall economy, but also would-be home buyers who are facing a crisis in confidence as well as credit.



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Flip Rule Clarification

Posted on December 8, 2008 by IC N in Residential

Waiver of Requirements of 24 CFR 203.37a (b)(2)
Pursuant to §7(q) of the Department of Housing and Urban Development Act (42 USC 3535(q) and 24 CFR 5.110, I hereby waive §203.37a(b)(2) of the regulations. That regulation prohibits a mortgage from being insured by FHA if the sale of the property that will be the security for the mortgage is within 90 days of acquisition by the seller. This waiver is limited to a sale within the 90-day period if the property is acquired through foreclosure, and is effective for a period of one year. In support of the waiver, I make the following Findings and Determinations.

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U.S. housing crisis also hitting the wealthy

Posted on November 29, 2008 by IC N in Residential

By Nick Carey

HINSDALE, Illinois (Reuters) – Less than a year ago, few people in this affluent Chicago suburb expected the subprime U.S. housing crisis would hit close to home.

“We thought Hinsdale was virtually immune and we wouldn’t see any foreclosures, but we have,” said Dave Hanna, managing partner of Chicago-based Prudential Preferred CRE and president of the Chicago Association of Realtors. “Nowhere is immune.”

With a pretty red-brick downtown lined with stores, good schools and a railway line to nearby Chicago, Hinsdale has been popular among wealthy doctors, lawyers and executives.

It has also seen a 37 percent jump in foreclosure filings this year, according to research firm RealtyTrac, and local data shows the average home sale price has fallen to $1.07 million from $1.15 million in September 2007.

The consequences of years of devil-may-care mortgage lending during the U.S. housing boom were first felt among America’s poorer home owners. But if that is where it started, it did not stop there.

“People think this is just a lower-income problem,” said Mabel Guzmann, a Century 21 realtor in Chicago. “It’s not.”

Guzmann was recently called in to try to sell a $1.2 million home in foreclosure, but found it riddled with mold.

“There are few buyers for properties like that,” she said.

Along with their less moneyed fellow citizens during the housing boom, many wealthy Americans leveraged their home equity to buy anything from a car to stocks.

“High income does not necessarily mean smart or responsible,” said Michael Lefevre, head of the National Association of Mortgage Professionals (NAMP), a trade group.

He argues for financial literacy classes at U.S. high schools.

Now the market is awash with excess properties, depressing prices so much that many Americans owe more than their homes are worth. A sinking U.S. economy and huge job losses — more than 10 million out of work by December — have not helped.

Observers forecast it will take the overall market a long time to recover. In the meantime, it could be difficult to sell expensive homes: buyers may find getting a mortgage tough.

“I think it’s going to get worse,” Lefevre said. “2009 is going to be ugly.”


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Hard Money Lenders: Risk, Collateral, and More

Posted on September 23, 2008 by IC N in Residential

When it comes to doing business with a hard money lender there is a lot that you need to be aware of. After all, dealing with one of these lending companies is not the same as a more traditional bank or lender. For this reason, it is quite important that you consider what hard money […]

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The 30 Day Test Drive

Posted on September 4, 2008 by IC N in Residential

How would you like to showcase your investment properties to our 40,000+ member database for FREE for 30 days?! as well as BuyownerMLS, Trulia, Googlebase, Propbot, zillow…and more! In today’s market you need your properties to have the ultimit exposer! Well, now you can test drive www.investorsclassifieds.com for the next 30 days at no charge […]

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Where can I get a free list of homes going into foreclosure? Or FSBO?

Posted on August 11, 2007 by IC N in Residential

I want a list that gives the address and I don't want to pay for what seems to be public information. I just want to see if there are any good deals out there.

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is there any way to find a listing of reo property without paying for it?

Posted on May 26, 2006 by IC N in Residential

Trying to find a listing of foreclosure property in Illinois that does not charge you to search.

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Posted on October 17, 2004 by IC N in Uncategorized

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