Make Home Buying a Smart Process
The purchase of a home is a major financial commitment. Don’t let the excitement of looking for your dream home prevent you from following these common sense tips:
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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Sweeping new EPA remodeling rules enacted April 22nd affects everyone
New EPA Remodeling Rules is not well known by the public and contractors are not prepared
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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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Claiming your Tax Credit for a Home Purchase
Claim your $8,000 Tax Credit
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Inverness Sales Statistics
Real Estate Sales in Inverness, Il