Private Companies Lobby Congress for Heavy Home Resale Fees
According to ALTA, the allowance of Wall Street Home Resale Fees would force homeowners to pay a large fee to sell their homes and also add a complicated legal roadblock to the home sale process. As a result, this controversial financial scheme is facing opposition across the country, ALTA said.
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REAL TRENDS Housing Market Report for June 2010
May housing sales up for 9th month in a row as closed units up 19.8 percent over May 2009 while prices climbed 6.9 percent in same period. All regions were up strongly in both units closed and average prices. Continued impact of tax credit and low interest rates are main reasons.
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Hoffman Estates Recovery Could be Quicker than past Recessions according to the Experts
Experts expect a speedy recovery and gains in Real Estate Sales.
Good News for Schaumburg Sales – Economic Recovery could be Quicker than past Recessions
Good News for Schaumburg Sales – Economic Recovery could be Quicker than past Recessions according to the experts. Citing growth in both consumer and business spending, economists Justin Weidner and John C. Williams said recovery “is likely to be faster than from the two previous recessions” in a report released Monday. The Schaumburg Real Estate [...]
New Fannie Mae Rules Affect Mortgage Qualification
New Fannie Mae Underwriting standards beginning June 1st
Rein in credit urges before closing
Beginning June 1st Fannie Mae will require a second credit check just before closing to see if you still qualify for the mortgage that was approved weeks earlier.
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Great News on the Economy in the Northwest Suburbs
We now expect the economy to grow by about 3.5% this year, a rate
that’s still well below the typical post recession surge of 6.5% or so.
But it’s a solid, sustainable pace. And it’s a lot better than
last year’s 2.4% decline in GDP.
Consumers and businesses are buying again. A close look at the good
news of a 3.2% pace of economic growth in the first quarter reveals
the really good news: Final sales to domestic purchasers — which
don’t include inventory buildups or trade — rose at a 2.2% annualized
pace. That’s the second best showing in three years and up from the
1.4% rate in the fourth quarter of 2009, when GDP overall was growing
by 5.6%. It signals a genuine pickup in U.S. consumers’ interest and
ability to buy and indicates that businesses are no longer simply
restocking bare shelves, but investing in new equipment and moving
product out the door.
Total consumer spending, which accounts for more than two-thirds of
GDP, increased 3.6% in the first quarter, more than double the 1.6%
gain posted in the previous quarter. In 2009, household purchases
dropped 0.6%, the biggest decline since 1974.
A modestly improved housing market also will be a plus this year.
Although residential construction won’t take more than baby steps
until 2011, the sector won’t subtract from GDP this year the way it
did from 2006 to mid-2009. But spending on commercial construction
such as office buildings and shopping centers will remain a drag on
growth through this year.
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