The Village of Palatine to cut over 30 large trees along Palatine Road!
In the interest of “Progress”, The Village of Palatine is making improvements to a short leg of Palatine Road. The Railroad crossing is being improved (but we will still have to wait for trains), there will be more turn lanes, (but we will have to wait for a break in the traffic from 2 oncoming lanes now), and just West of Bothwell Street, the 2 westbound lanes will funnel into 1 lane. Ugh!
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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:
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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FHA to Cut Seller Concessions by 50%
Paul Skeens, president of Colonial Mortgage Group in Waldorf, Md., said he is advising loan applicants to request a “good faith estimate” upfront that provides for the seller to pay 100 percent of closing costs and prepaid fees “so that in cases where the buyer doesn’t have much more than the down payment, that’s the only cash they’ll need to close” on an FHA loan before the policy change.
Skeens said he’d prefer that FHA adopt a “sliding scale” approach to concessions, with higher concessions allowed on lower priced homes, and the lowest concessions allowed on high-priced properties. Since closing and loan expenses generally represent a larger percentage of the total transaction on lower-priced houses, he believes the new 3 percent rule across the board “will have a much heavier impact on the people FHA traditionally has served,” who are buying modest priced houses and have limited cash resources.
Economic Recovery in Palatine could be Quicker than past Recessions
Defying many analysts’ predictions, economists Justin Weidner and John C. Williams say the rebound ‘is likely to be faster than from the two previous recessions.’
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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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Palatine Real Estate Sales in March 2010
YTD sales of Palatine Homes are running 28.3% higher than the same period in 2009.
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Palatine Real Estate Sales Statistics
Real Estate Sales Improve in Palatine, Il