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:
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.
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 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 Northwest Suburban Real Estate Market continues to Rebound with [...]
Experts expect a speedy recovery and gains in Real Estate Sales.
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.’
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.
YTD sales of Palatine Homes are running 28.3% higher than the same period in 2009.
Cook County Real Estate Sales Statistics
Market Data on Home Sales in Palatine, Schaumburg, Arlington Heights, Barrington, Hoffman Estates, Rolling Meadows and all other towns in Cook County IL.
Real Estate Sales in Inverness, Il