Chicago Exclusive Buyer Broker - Relocation Advisors Group Inc.

New Record for People Behind on their Mortgage Payments Suggests Higher Future Foreclosure Rate and Pricing Pressure

Thu, 19 Nov 2009 12:12:02 -0600

A rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure, adding to concerns about the strength of the economic recovery. Driven by rising unemployment, such loans accounted for nearly 33 percent of new foreclosures last quarter. That compares with just 21 percent a year ago, when high-risk subprime loans made during the housing boom were the main reason for default.

At the same time, the proportion of homeowners with a mortgage who were either behind on their payments or in foreclosure hit a record-high for the ninth straight quarter.

It is entirely possible that the housing market and broader recovery could be thwarted by the continuing surge in home loan defaults, especially as the unemployment rate keeps rising. Lost jobs, rather than the shady loans made during the housing boom, are now the main reason homeowners fall behind on their mortgages.

After three years of plunging prices, the housing market started to rebound this summer - but only because of the tax credit. While optimists hope the worst is over, pessimists say there are simply too many foreclosed properties that have yet to be dumped on the market and expect further price declines.

About 4 million homeowners were either in foreclosure or at least three months behind on their mortgage payments as of September.

Even if a quarter of those borrowers are able to stay in their homes, there is a lot of potential inventory coming into the market next year.

Subprime loans with adjustable rates have fallen to 16 percent of new foreclosures from 35 percent a year earlier.

Loans backed by the Federal Housing Administration also show increasing signs of trouble. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure.

California, Nevada, Arizona and Florida accounted for 44 percent of new foreclosures in the country. Nearly 13 percent of all loans in Florida were in foreclosure, the highest in the U.S., followed by Nevada at more than 9 percent.

Illinois has the most homes listed for sale as a percentage of population - and could face rising foreclosure rates.

If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using our expert negotiation services. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a specialist - not a generalist - and you can never get into the dual agency conflict of interest situations that you can get into - with a typical buyer agent.

I use my background in high-end corporate competitive intelligence to identify very flexible sellers - allowing you to get extremely good purchase prices on properties of your choice. I'm a "Certified Negotiation Expert" (CNE Designation) - and on the Board of Directors of the National Association of Exclusive Buyer Agents - www.naeba.org -- an organization that is the premier trade association in the USA for home buyer representation. Because I have over 20 years of high end negotiation experience, I have several thousand negotiation techniques at my disposal. I select the techniques that work best for a given situation. You can count on me to be fully on your side - telling you about the negatives of any given property - not "selling you" on a property. Market timing is not nearly as important as getting an amazing purchase price on a property -- which then makes timing irrelevant. Contact me using the information below to schedule an appointment for more information.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!

If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.

Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.

If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")

Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

New US Foreclosure / Mortgage Loan Statistics -- 6.25 percent of U.S. mortgage loans were 60 or more days past due - up 58 percent from 3.96 percent a year ago.

Tue, 17 Nov 2009 11:11:29 -0600

For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent from 3.96 percent a year ago.

Being two months behind is considered a first step toward foreclosure, because it's so hard to catch up with payments at that point.

The increase shows there's still a lot of problematic mortgages out there, said F.J. Guarrera, vice president of TransUnion's financial services division. The company doesn't expect the figure to start declining until the middle of 2010.

Two things must get better before mortgage delinquency rates start reversing themselves, he said: home values and unemployment. "Until we see improvement in both of those areas, it's possible that it will take longer for delinquency to improve."

The statistics, which are culled from TransUnion's database of 27 million consumer records, show that mortgage delinquencies remain highest in the four states where the crisis has hit the worst.

-- In Nevada, the rate reached 14.5 percent, up from 7.7 percent a year ago.

-- In Florida, the rate was 13.3 percent, up from 7.8 percent last year.

-- In Arizona, the rate hit 10.4 percent, up from 5.5 percent in 2008.

-- In California, the rate jumped to 10.2 percent, from 5.8 percent last year.

North Dakota remained the state where mortgage holders most often paid on time, with just 1.7 percent delinquency, up from 1.4 percent last year.

TransUnion expects delinquency to rise to just short of 7 percent for the fourth quarter, compared with 4.6 percent for the 2008 fourth quarter. The rate may reach 16 percent in Nevada. Those states with the highest delinquency and foreclosure rates will likely continue to see depressed housing prices.

The average mortgage debt per borrower nationwide edged up to $193,121 in the third quarter, from $192,287 last year. The District of Columbia had the highest average mortgage debt per borrower at $359,788. The lowest average mortgage debt per borrower was in West Virginia at $97,265.

If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using our expert negotiation services. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a specialist - not a generalist - and you can never get into the dual agency conflict of interest situations that you can get into - with a typical buyer agent.
I use my background in high-end corporate competitive intelligence to identify very flexible sellers - allowing you to get extremely good purchase prices on properties of your choice. I'm a "Certified Negotiation Expert" (CNE Designation) - and on the Board of Directors of the National Association of Exclusive Buyer Agents - www.naeba.org -- an organization that is the premier trade association in the USA for home buyer representation. Because I have over 20 years of high end negotiation experience, I have several thousand negotiation techniques at my disposal. I select the techniques that work best for a given situation. You can count on me to be fully on your side - telling you about the negatives of any given property - not "selling you" on a property. Market timing is not nearly as important as getting an amazing purchase price on a property -- which then makes timing irrelevant. Contact me using the information below to schedule an appointment for more information.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Final Results of Michigan Avenue Tower II auction at the W Chicago – City Center (in the Loop)

Mon, 16 Nov 2009 13:15:50 -0600
According to developer Jacob Bletnitsky, the final tally for sales was 46 units.
The Michigan Avenue Tower II auction - was held yesterday afternoon at the W Chicago – City Center in the Loop.
Buyers packed one of the hotel’s event rooms starting at 1 p.m. to vie for 43 condos (three more were added) at the tower, located at 1400 S Michigan Ave.
The condos sold for more than many had expected — and the developer looked pretty happy when I was walking out...
The actual average based on this spreadsheet - was $276 per square foot, down 26 percent from an original average of $375 per square foot.
In all, sales surpassed $11.2 million.
If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using our expert analysis (in auctions for example) and negotiation services - on all types of properties - bank owned foreclosures / short sales, for-sale-by-owners, new construction etc. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a specialist - not a generalist - and you can never get into the dual agency conflict of interest situations that you can get into - with a typical buyer agent.
I use my background in high-end corporate competitive intelligence to identify very flexible sellers - allowing you to get extremely good purchase prices on properties of your choice. I'm a "Certified Negotiation Expert" (CNE Designation) - and on the Board of Directors of the National Association of Exclusive Buyer Agents - www.naeba.org -- an organization that is the premier trade association in the USA for home buyer representation. Because I have over 20 years of high end negotiation experience, I have several thousand negotiation techniques at my disposal. I select the techniques that work best for a given situation. You can count on me to be fully on your side - telling you about the negatives of any given property - not "selling you" on a property. Market timing is not nearly as important as getting an amazing purchase price on a property -- which then makes timing irrelevant. Contact me using the information below to schedule an appointment for more information.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Buyer Demand in the Chicago Market...and Data From This Weekend's Auction for Condos in Michigan Avenue Tower II

Mon, 16 Nov 2009 12:54:33 -0600

We certainly are in the midst of wonderful Chicago area Fall weather. There is a nip in the air, and final leaves to rake. It's a wonderful time of year to be in the Chicago area - especially as it has been warmer than normal - though the cool air is finally kicking in with an invigorating punch...

The local Real Estate market continues to be a very divided market. Homes sales are brisk in the price ranges of under $350,000 and slow down significantly above that price range. The extension of the $8,000 tax credit for first time buyers will guarantee a continuation of this trend. What we don't know at this time is if the $6,500 tax credit for move up buyers will kick start the market above the $350,000 range.

Investors are certainly beginning to take note of this market with it's attractive home pricing and low interest rates. We serve investors by being the top research and professional negotiation firm in the Chicago area - helping them attain deals they would not otherwise be able to obtain - for the price that we negotiate.

With the large number of bank owned properties and short sale properties available for sale it is a perfect environment for investors. When the investors are jumping into the market -- move up buyers should take note that this is a good time for them as well.

We are starting to see another surge of new buyers - like we saw this summer - with our busiest year ever (at least for my company / myself.)

Look for conditions to remain fairly constant through early next year....

DOWNTOWN CHICAGO AUCTION DATA FROM THIS WEEKEND:

Sunday, November 15, 2009 - I attended and analyzed an auction of 45 downtown Chicago condos -- 1400michigan.com - Michigan Avenue Tower II.

The lowest price per square foot for the units was about $258 per square foot -- a 2 BR 2 BA unit at 1,144 sq feet went for $296,000 (it had previously been listed for $520,000)    Prime Michigan avenue location - with views of the downtown skyline.

Average per square foot price for the condos based on my calculations - was about $280 per square foot. Bids were fairly consistent based on square footage calculations - perhaps because there were over 200 bidders in attendance.

Units ran drom a 3 BR 3 BA with 2,120 square feet going for $601,000 to 2 BR 2 BA units with 1,115 square feet (317k), 1,144 square feet (296-317K), 1,027 square feet (went for 274k - 305k), and 1,260 (going in the 330's) square feet.

1 BR 1 BA units ranged from 692 square feet (went for 180-190k) to to 751 square feet (198k-222k - quite the range!), 783 square feet (218-221k)

A small 550 square foot studio went for 160k.

If you would like me to represent you at such auctions (either downtown Chicago or for Chicago suburban properties) - feel free to e-mail me directly at rhauser@relocationadvisorsgroup.com

Have a nice day!

If you are a home buyer or investor in the Chicago area - you can have the peace of mind in using our expert analysis (in auctions for example) and negotiation services - on all types of properties - bank owned foreclosures / short sales, for-sale-by-owners, new construction etc. I only work for buyers - never sellers (meaning - I am an "exclusive buyer agent"). As such - I am a specialist - not a generalist - and you can never get into the dual agency conflict of interest situations that you can get into - with a typical buyer agent.
I use my background in high-end corporate competitive intelligence to identify very flexible sellers - allowing you to get extremely good purchase prices on properties of your choice. I'm a "Certified Negotiation Expert" (CNE Designation) - and on the Board of Directors of the National Association of Exclusive Buyer Agents - www.naeba.org -- an organization that is the premier trade association in the USA for home buyer representation. Because I have over 20 years of high end negotiation experience, I have several thousand negotiation techniques at my disposal. I select the techniques that work best for a given situation. You can count on me to be fully on your side - telling you about the negatives of any given property - not "selling you" on a property. Market timing is not nearly as important as getting an amazing purchase price on a property -- which then makes timing irrelevant. Contact me using the information below to schedule an appointment for more information.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Survey suggests that the market lies in younger buyers - mostly in the south and west

Wed, 11 Nov 2009 10:37:42 -0600

In a survey conducted by move.com before the credit extention - they found that just one in 20 Americans say they plan to buy a home within the next year, and they're most likely to be 34 years old or younger and living in the South or West.

(Comment - that begs the question - what about the East and Midwest? I don't think those markets are dog meat... My company has had a banner year of buyers in the Chicago area - thus far....perhaps because they know that we are totally different (being 100% on the buyer's side - never representing sellers) - and expert negotiators... since that is all we do..)

Roughly a quarter of potential buyers said the No. 1 reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes.

Those surveyed widely favored federal policies that kept interest rates low and helped troubled homeowners avoid foreclosure over those that helped first-time homebuyers purchase a home. And, overall, 48 percent of those polled didn't think the government was doing enough to stabilize the housing market, whereas 42 percent thought it was.

Forty-five percent of Americans worry that they or someone they know will face foreclosure in the next year. And almost 30 percent of those with a mortgage have contacted their lender in the past year to reduce their payments.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Details on the Homebuyer Tax Credit

Mon, 09 Nov 2009 19:40:46 -0600

Last week, a new Homebuyers Tax Credit bill was signed into law. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.

Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.

Tax Credit for First-Time Homebuyers

FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Homeowners

The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.

What's So Great About a "Tax Credit"?

The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $1,000 in income tax, she can still receive a check for the remaining $7,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sales price of $800,000.

Remember, the new tax credit program includes a number of details and qualifications. Call or email me today at rhauser@relocationadvisorsgroup.com if you have questions or would like to see if you can benefit from the tax credit...and email this article along to anyone else you feel it might benefit as well!

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Homebuyer Tax Credit Extended to April 2010 - Can Close by end of June 2010 - and 6.5k to Owners Who Have Lived in Their Home at Least 5 Out of Last 8 Years

Fri, 06 Nov 2009 19:11:58 -0600

After the Senate gave final approval last night without a dissenting vote, the House of Representatives voted overwhelmingly this afternoon to pass legislation containing an extension and expansion of the homebuyer tax credit, completing Congressional action and sending the tax credit to President Obama for his signature, possibly as early as tomorrow.

The $8,000 homebuyer tax credit for first-time buyers, due to expire in 25 days, will be extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in the process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline. The new legislation increases the income limit for couples with income up to $225,000, a nearly $55,000 increase above the level in existing law.

For the first time, the new legislation makes buyers who already own a home eligible for a credit. A $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation limits eligibility for the existing homeowner credit to homes worth $800,000 or less.

The legislation takes effect December 1 and is not retroactive. Both credits are available only for primary residences, not second homes or investment properties.

It is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.

The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department’s Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

The legislation also contains a provision supported by the National Association of Home Builders which will help larger companies strapped for cash with net operating losses (NOL). Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extend the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off.

Comment - this should help keep buyers in the market for quite some time... and perhaps provide a benefit over the normally slower holiday season..

America's Cheapest Homeownership Markets

Tue, 27 Oct 2009 18:34:56 -0500

Different people have different notions of what cheap means and buying isn't an option for everybody. Many renters are now losing jobs and banks are raising standards for mortgages.

But renters should always evaluate the decision of whether to rent or to own.... Here is a list of American's Cheapest Homeownership Markets...

Some summary information from the link noted above...

1. Detroit Metro (Mich.)
Own/rent ratio: 94%
Annual cost to own: $8,519
Annual cost to rent: $9,072

Detroit is best known as the home of the Big Three automakers: General Motors, Ford, and Chrysler. The city has been hard-hit by the recession because of its dependence on the struggling auto industry. Detroit was the 11th largest metropolitan area as of 2007, with a population of nearly 4.5 million. It had and unemployment rate of 17.1% in June, the worst of any metropolitan area with a population over one million.

2. Pittsburgh Metro (Penn.)
Own/rent ratio: 97%
Annual cost to own: $8,947
Annual cost to rent: $9,252

The Pittsburgh area, located on the west side of the state, has a population of about 2.3 million. This former steel town now has large employment in the education and health-care industries. Heinz and United States Steel have headquarters there. The area has escaped the worst of the recession and had a 7.7% unemployment rate in June.

3. Rochester Metro (N.Y.)
Own/rent ratio: 113%
Annual cost to own: $9,523
Annual cost to rent: $8,448

Located near Lake Ontario, the Rochester metropolitan area has a population of more than 1 million. Rochester is home to Eastman Kodak and the University of Rochester. The Rochester unemployment rate was 8.4% in June, not seasonally adjusted. In the first half of this year, one in every 276 houses received a foreclosure notice in the Rochester area, according to RealtyTrac.

4. Memphis Metro (Tenn.-Miss.-Ark.)
Own/rent ratio: 114%
Annual cost to own: $8,593
Annual cost to rent: $7,524

Memphis is located on the Mississippi River and the metropolitan area has a population of more than 1.2 million. The city is known as the birthplace of rock and roll. Elvis' estate, Graceland, is in the area. FedEx, AutoZone and International Paper are headquartered there. The Memphis area ranked 43rd in the nation in foreclosure notices in the first half of 2009 according to RealtyTrac.

5. Tampa Metro (Fla.)
Own/rent ratio: 115%
Annual cost to own: $10,823
Annual cost to rent: $9,444

South Florida is has been hit hard by the recession, and home prices in Tampa have taken a dive. The metro was the country's 19th-largest in 2007, with a population of more than 2.7 million. OSI Restaurant Partners and WellCare Health Plans are headquartered there. The Tampa Bay area also relies on the tourism industry.

6. Cleveland Metro (Tenn.)
Own/rent ratio: 119%
Annual cost to own: $9,934
Annual cost to rent: $8,364

Cleveland, Tenn., is located in the southeast corner of Tennessee, near Chattanooga. Major employers include Johnston Coca-Cola Bottling, Whirlpool, and Rubbermaid. With a population of approximately 112,000, the Cleveland area is among the smallest on this list.

7. Dayton Metro (Ohio)
Own/rent ratio: 119%
Annual cost to own: $8,420
Annual cost to rent: $7,056

Home prices and employment in Dayton have both taken a hit in the recession. The unemployment rate in the area was 12.1% in June. The Wright-Patterson Air Force Base is a large employer in the area.

8. Columbia Metro (S.C.)
Own/rent ratio: 123%
Annual cost to own: $9,885
Annual cost to rent: $8,016

Columbia is the state capital and home to the University of South Carolina. The metropolitan area had about 700,000 people as of 2007. The city's large employers are the state government and University of South Carolina, two industries that are more recession-proof than others, and so it has been spared from the worst of the crisis. However, the unemployment rate still reached 10% in June (not seasonally adjusted).

9. Orlando Metro (Fla.)
Own/rent ratio: 124%
Annual cost to own: $12,107
Annual cost to rent: $9,756

The Orlando metro area, in central Florida, has a population of more than 2 million. Orlando's economy relies heavily on tourism from Walt Disney World, Universal Studios, and SeaWorld amusement parks. The metro area ranked 10th in foreclosure notices in the first half of 2009, according to RealtyTrac. It had an unemployment rate of 10.8% in June, not seasonally adjusted.

10. Dallas-Fort Worth Metro (Texas)
Own/rent ratio: 124%
Annual cost to own: $11,037
Annual cost to rent: $8,880

Home sales in the Dallas-Fort Worth area were flat in the second quarter of 2009 after several declines, according to the National Association of Realtors. Mortgage rates are low, making this a good time for home buyers. The Dallas-Forth Worth region was the fourth-largest metropolitan area in 2007 and the largest city on this list. It had a June unemployment rate of 8.2%. American Airlines and ExxonMobil are headquartered in the area.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Chinese Drywall is causing problems. And insurance is being pulled on those homes.

Thu, 15 Oct 2009 14:08:27 -0500

In West Palm Beach Florida - a couple recently discovered that their relaxing retirement was put on hold when they discovered their new home had been built with Chinese drywall that emits sulfuric fumes and corrodes pipes. It got worse when they asked their insurer for help -- and not only was their claim denied, but they've been told their entire policy won't be renewed.

Thousands of homeowners nationwide who bought new houses constructed from the defective building materials are finding their hopes dashed, their lives in limbo.

Insurers drop policies or send notices of non-renewal based on the presence of the Chinese drywall.

At least three insurers have already canceled or refused to renew policies after homeowners sought their help replacing the bad wallboard. Because mortgage companies require homeowners to insure their properties, they are then at risk of foreclosure, yet no law prevents the cancellations.

During the height of the U.S. housing boom, with building materials in short supply, American construction companies imported millions of pounds of Chinese-made drywall because it was abundant and cheap.

An Associated Press analysis of shipping records found that more than 500 million pounds of Chinese gypsum board was imported between 2004 and 2008 -- enough to have built tens of thousands of homes. Shipments were heavily concentrated in the Southeast, especially Florida.

The defective materials have been found to emit "volatile sulfur compounds," and contain traces of strontium sulfide, which can produce a rotten-egg odor, along with organic compounds not found in American-made drywall.

Homeowners complain the fumes are corroding copper pipes, destroying TVs and air conditioners, and blackening jewelry and silverware. Some believe the wallboard is also making them ill.

The federal government is studying the problem and considering some sort of relief for homeowners.

Homeowners have little recourse since neither the Chinese manufacturers nor the Chinese government are likely to respond to any lawsuits or reimburse them for the defective drywall.

Insurers learn of the drywall through a claim filed by the homeowner seeking financial help with its removal.

Insurance companies consider the drywall a pre-existing condition that could lead to future damage, which is why the company won't renew the policy unless the problem is fixed.

Even if a homeowner does not file a claim over the drywall and remains covered, they could later be denied a claim for a fire or another calamity if insurance investigators determine the home contained undisclosed Chinese drywall.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

The Move-up Market and Luxury Market are The Ones Needing Stimulus

Fri, 18 Sep 2009 12:41:51 -0500

If there is to be another stimulus (i personally say - just let market forces be market forces... prices adjust..) -- the move-up and luxury markets are the ones needing the most help.

See this article for more information.

The sponsor of the original Senate bill, Johnny Isakson, Republican of Georgia, is back with a new bill that would give a maximum $15,000 credit to any buyer who stays in a home for at least two years.

The Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute.

It labeled the original credit as one of the worst provisions of the stimulus package, on the grounds that the money is a bonus for people who would buy a house anyway.

The center has an even dimmer view of extending the credit to all buyers.“Is this the best way to spend money we don’t have?” asked senior fellow Roberton Williams.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

The Luxury Home Buyers In the Chicago Illinois area and on the Coasts are Few & Far Between..

Fri, 18 Sep 2009 09:09:09 -0500

According to NAR, the national share of home sales above $750,000 has fallen from 4.4 percent in 2007 to approximately 2.3 percent in 2009, and the months' supply of inventory has risen from 18.7 months to 41.1 months during the same period.

Here in Chicago's Northwest Suburbs - Luxury Homes are sitting on the market - despite frequent price drops.

NAR looked at inventory in the higher price ranges ($750,000 and above) in May, comparing that month's supply with a year earlier. In May 2008 the month's supply was 17.6 months; in May 2009 it was 24.9 months.

In Hawthorn Woods Illinois - just three homes above 700k have sold in the past six months - though there have been 32 closings in the past six months (all below 700k).   There are 37 homes on the market in Hawthorn Woods - 700k and above out of 115 currently active.

In Barrington Illinois - there are 176 homes currently active at 700k and above - while just 27 have closed during the past 6 months.

The high end on the East Coast & West Coast is also suffering..though reportedly people are coming back into the market looking for bargains..

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area - covering both downtown and many Chicago suburbs. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you should ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. We show more types of properties. Besides all MLS listed properties by any company - we show for-sale-by-owner, short-sale and foreclosure properties, properties that aren't advertised, and much more.
If You Become our Client - You Can Be Assured That We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....(Not a "Salesperson")
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home between $250,000 to $2 million in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Home Buyer Tax Credit Might Be Extended and Increased to $15,000....

Thu, 17 Sep 2009 19:23:24 -0500

I haven't posted here in awhile - since I've been swamped all summer with a large amount of home buyer clients (that are smart enough to seek out the best representation for buyers (we are unique in that we never represent sellers) and best RE negotiator in the Chicago area w/no dual agency conflicts of interest.)

Interestingly - most of our clients are very analytical. Why? Thay analyzed what the best form of representation for buyers is in Real Estate - Exclusive Buyer Agency (meaning the agent and their company never represents sellers - ever)   They read about it in Consumer Reports, Money Magazine, Suze Orman, Kiplinger's Personal Finance, the WSJ, etc.

So now - legislators are talking about extending the home buyer tax credit. More than 1.4 million Americans have already claimed the new tax credit for first-time home buyers, according to a report from the Internal Revenue Service. So - the uptick in housing was entirely artificially created....

While a new credit may continue to artificially boost sales - I see it as a bad idea and a waste of the taxpayers money. Just let the market be the market.   Things adjust - an equilibrium is established - and then things turn.

This goverment rebate to buyers - ironically - just delays a housing recovery...

Senator Isakson, a former real estate broker - has become a leading voice on housing market issues, had introduced his own bill several weeks ago. That would extend the credit for a year - and would allow all homebuyers, not just first-timers, to claim it, as long as the property is for a principle residence. The bill would also increase the tax refund to as much as $15,000.

The house bills all extend the deadline through at least the end of December 2009 and two of the bills, introduced by Howard Coble, R-NC and by Dan Burton, R-Ind., would have it run through 2010. They would also open it up to all homebuyers.

There has already been $14 billion allocated to the program -- and any extension would surely cost billions more. Finding that money may be very difficult.

The current credit applies to sales as of January 2009, is good for 10% of the price of a home, up to $8,000, and supporters assert it has helped stabilize the housing market (which it has). It's available to anyone who has not owned a home for three consecutive years prior to purchase, and to qualify for the full credit buyers must be purchasing a primary residence, and couples can earn no more than $150,000, while individuals must make less than $75,000.

The credit has been an important stimulus tool for two reasons. It's fully refundable, meaning that even if buyers owe no taxes whatsoever, they'll get an $8,000 check from the IRS. And this refund will put money in consumers' pockets for good, as opposed to the $7,500 first-time homebuyer tax credit that could be applied to sales made between April 2008 and July 1 2009.

Buyers must close on their homes before Dec.1. But because much of the recent uptick in home sales has been attributed to this tax credit, housing industry advocates worry that the market could quickly turn down again after the credit expire.

I disagree. The market will adjust fairly quickly. Price fixes everything. Ultimately - it is the market that must adjust. Rates seem to be headed down a bit again - which can only help pricing... Rates are the key - not artificial props.

___________________________________________________________________________________________________________________________________

As Exclusive Buyer Agents - we provide expert research and negotiation for home buyers and investors in the Chicago area. Unlike "buyer agents" - we are specialists -- always 100% on the buyer's side.... NEVER EVER REPRESENTING SELLERS!
If you are thinking about buying / purchasing a home in the Chicago Illinois area, you will want to ensure that you have an agent that is on YOUR side – looking out for your best interests.
Relocation Advisors Group, Inc. represents BUYERS ONLY in the Chicago metropolitan area so that you have 100% representation - 100% of the time. SEE MORE TYPES OF PROPERTIES - including for-sale-by-owner, short-sale and foreclosure etc. We show ALL listings suiting your needs - from ANY Real Estate company.
If You Become our Client - We Tell You About the Negatives of a Home - Not Just the Positives. You Have an Unbiased Consultant and Advocate and "Personal Real Estate Coach" on Your Side....
Best of All - You are Nothing Out of Pocket to Us For Our Services...

If you have excellent credit and are thinking about buying a home in the Chicago Illinois area during the next 60-90 days:

Please Call 847-566-7558 or Toll Free at 866-493-2842 or e-mail us at info@relocationadvisorsgroup.com to schedule a complimentary initial consultation.

Chicago Suburban Fireworks Information and Relocation Advisors Group Inc Fireworks Display for July 3rd

Tue, 30 Jun 2009 11:08:36 -0500

Fireworks expenditures this year in the Chicago area...

For an entire list of events - you can click here

Happily - some fireworks are also on the 4th - if you don't get your dose on the 3rd...

My company fireworks party is a higher budget this year than last year (as we've had a very good year - with many home buyer clients choosing to use our services - because we are always on their side - without the conflicts of interest that the traditional buyer agents can have... & better negotiation and home buyer service and expertise in general....) - and includes mortars & roman candles.

We spend more than Elburn / Island Lake/

Gurnee and Elgin Illinois combined! (which is zero this year in those towns!)

Guests see 6 different cities fireworks displays from our office overlooking the lake - with fireworks reflections across the lake...

Home Sale Figures Were Lower Than Expected.. But I'm Flooded W/First Time Buyer Clients

Tue, 23 Jun 2009 10:07:49 -0500

Sales of previously occupied homes rose modestly from April to May, the third monthly increase this year, but signs of any housing recovery are fragile at best.

The National Association of Realtors said Tuesday that home sales rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million last month, from a downwardly revised pace of 4.66 million in April.

Prices, meanwhile, dropped by 16.8 percent from a year ago.

The results missed economists' expectations.

Sales had been expected to rise to an annual pace of 4.81 million units, according to Thomson Reuters.

The median sales price plunged to $173,000 from $207,900 in the same month last year, but up from $166,600 in April.

Hey - and that was when rates were in the 4's.... I imagine the figures will be worse in the future - since rates rose in the past month - but helping keep the momentum going is the 8k tax credit.

Once that goes away in December - there had better be something else helping housing..

I'm crazy busy now though - with first time homebuyer clients.... They come to me when they want someone who guarantees that I'll always be

on their side.   There are only about 700 of us (Exclusive Buyer Agents) in the USA...... We never rep. sellers.   We are specialists - not generalists - so very good at what we do (home finding, negotiation, getting folks to closing smoothly...)   Buyers come to us - when they want the best....

Off to write up three contracts for purchase..... including a deep discounted (as of yesterday) bank owned one... :-)

Proposed 15k Tax Credit to all Buyers

Mon, 22 Jun 2009 12:47:31 -0500

On June 10th, Johnny Isakson, a Senator for the State of Georgia, introduced legislation that would give ALL buyers a $15k tax credit with NO income limitations. Senator Isakson was cited as follows:

“The first-time homebuyer tax credit has made a difference. First-time home buyers used it and the market stabilized, but we don't have a recession in first-time home buyers. We have a recession in the move-up market,” Isakson said. “One of the biggest problems facing the American people today is an illiquid housing market, a decline in their equity, a decline in their net worth and a depression in the housing market that we are obligated to correct if we possibly can.” --Sen. Isakson--

Information Source:

http://isakson.senate.gov/press/2009/061009housing.htm

I hope this one passes. Feel free to write your congressmen about it...

Bidding Wars in Real Estate Here in Chicago and Elsewhere

Fri, 29 May 2009 15:54:21 -0500

Here in the Chicago area - many of my past home buyer clients during the past four months - got into multiple bid situations.   The reason was that I was monitoring bank owned properties that they were interested in - and the bank got sick of holding the property - and all of a sudden - deep discounted the property. They wanted it of their books. So - we jumped on it. In one case - since we were the first one to jump on it - they just accepted our bid.

For example a property that was 220k got discounted to 180k - a 40k drop. Then - four contracts swarmped in.

I used my background in corporate competitive intelligence (sophisticated interview techniques) to find out where the other bidders wer at - and then my buyer client out-bid the highest of the four by $2,000. The bank took our bid - and we won the property. The appraislal came in way over what the buyer paid. As part of the deal - I negotiated in to have all of the buyer's closing costs paid.

Roight now - all my clients are first time home buyer clients. That is where the market is at the moment. Very few high-end buyers here in Chicago. Most of the buying is in the 200's-300's...

In other markets, even with foreclosures still looming, bidding wars are occurring.

In Phoenix for example, a large supply of foreclosed families who can no longer qualify for a loan has spurred investor interest to turn as many of these families as possible into rent-paying tenants in the very homes they used to own.

The bidding war is generally from absentee buyers (investor or vacation properties), which currently represents 4 out of 10 homes sold in the Phoenix metropolitan area as of April. This is about double the level experienced for 2007.

Homes that sold originally for $225,000, now have been sold for $80,000-110,000. Great news for the investor, unless the population contracts.

Similar antidotal data appears to be occurring in the California markets of such as Carlsbad, Oceanside and Vista, but only at much higher prices in the $350,000-400,000 range.

While Homes Sales Were Up Month to Month - Higher Inventory and Higher Rates Don't Bode Well for Pricing. And High-end Taking a Bath

Wed, 27 May 2009 12:20:08 -0500

Sales of previously occupied homes rose modestly from March to April - as buyers took advantage of prices that were 15.4 percent below year-ago levels.   Comment -- (I know our business has been up - as we are serving many first time homebuyers in the 200-300k range....)

Home sales rose 2.9 percent to an annual rate of 4.68 million last month, from a downwardly revised pace of 4.55 million in March.

The results slightly beat economists' forecasts.

The median sales price plunged to $170,200, down from $201,300 in the same month last year. That was the second-largest price drop on record after January, when prices fell 17.5 percent.

Comment -- Interestingly - that was in the face of rates getting down to 4.75%. They have trended up during the past week to about the 5% range - and may move higher - suggesting that there may be more pricing pressure to come..

The number of unsold homes on the market at the end of April rose almost 9 percent from a month earlier to nearly 4 million. That's a 10-month supply at the current sales pace.

Comment - That also means future pricing pressure.

"We still need a continuing and consistent rise in home sales to get the inventory down," said Lawrence Yun, NAR's chief economist. Only then, will prices stabilize and eventually recover.

Another big problem, Yun noted, is the lack of activity at the higher-end of the housing market, among properties priced at $750,000 or higher.

Interest rates are much higher for loans above $730,000 that cannot be purchased by Fannie Mae or Freddie Mac. And that's sapping demand for expensive properties.

"It's just stalled. completely stalled," Yun said.

The Realtors group is pushing for the Federal Reserve to start buying up those loans, even if they are not backed by Fannie and Freddie.

It also wants the higher loan limits to apply to the whole country, not just expensive areas like California and New York.

Comment - something needs to be done about the high end being stalled....Not sure what - but those homeowners are taking a bath - with many just walking away from the property...

How Obama Killed the Travel Industry

Wed, 20 May 2009 08:16:11 -0500

http://online.wsj.com/article/SB123620554538133281.html

Travel executives say high-end business meetings and incentive trips, some of which have been maligned by Congress and Mr. Obama as ill-advised and wasteful, are the lifeblood of the $740 billion industry, creating more than $100 billion in spending and one million jobs.

In February, Mr. Obama rebuked financial institutions, saying, "You can't take a trip to Las Vegas or down to the Super Bowl on the taxpayers' dime.'' Industry executives say there has been a wave of trip cancellations by corporations worried about "bailout backlash." Among them: Wells Fargo & Co., which got $25 billion in government money, recently cancelled plans to send 40 employees to a Las Vegas conference.

Geoff Freeman, the travel association's senior vice president for public affairs, said the group is soliciting 60-second video auditions from industry employees, seeking a "face of the industry."

To top it off - it didn't help that Joe Biden stated that he and his family didn't want to travel on airplanes due to Swine flu!

104,366 dead arrogant men & women that gave their lives to free Europe

Wed, 20 May 2009 08:08:46 -0500

http://www.freerepublic.com/focus/bloggers/2224355/posts

1. The American Cemetery at Aisne-Marne , France . A total of 2289 of our military dead.

We Apologize?

2. The American Cemetery at Ardennes , Belgium . A total of 5329 of our dead.

We are arrogant?

3. The American Cemetery at Brittany, France . A total of 4410 of our military dead.

    We are dismissive?

4. Brookwood , England American Cemetery. A total of 468 of our dead.

    Apologize?

5. Cambridge , England . 3812 of our military dead.

6. Epinal , France American Cemetery. A total of 5525 of our Military dead.



7. Flanders Field , Belgium . A total of 368 of our military.

8. Florence , Italy . A total of 4402 of our military dead.

9. Henri-Chapelle , Belgium . A total of 7992 of our military dead.

10. Lorraine , France . A total of 10,489 of our military dead.

11. Luxembourg , Luxembourg . A total of 5076 of our military dead.

12. Meuse-Argonne. A total of 14246 of our military dead.

13. Netherlands , Netherlands . A total of 8301 of our military dead.

14. Normandy , France . A total of 9387 of our military dead.

15. Oise-Aisne , France . A total of 6012 of our military dead.

16. Rhone , France . A total of 861 of our military dead.

17. Sicily , Italy . A total of 7861 of our military dead.

18. Somme , France . A total of 1844 of our military dead.

19. St. Mihiel , France . A total of 4153 of our military dead.

20. Suresnes , France . a total of 1541 of our military dead.

Apologize to no one!

Remind them of our sacrifice and don't confuse "Arrogance with leadership."

            IF I ADDED CORRECTLY!

            THE COUNT IS 104,366 dead arrogant, dismissive men & women that gave their lives to free Europe !

Obama to Establish Regulatory Commission to "Protect" Consumers from Credit Cards, Mortgages and other products

Wed, 20 May 2009 08:00:19 -0500


The Obama administration, trying to crack down on abuses exposed by the financial crisis, is considering creation of a regulatory commission to protect consumers of financial products such as credit cards and mortgages, according to administration and industry officials.

These officials said the administration has been exploring such an approach in meetings over the past few days with executives of the financial services industry.

The proposal could set off a turf war among federal agencies such as the Securities and Exchange Commission and the various bank regulatory agencies.

"Changes are needed to make sure that the current financial crisis, the worst in seven decades, is never repeated."

The proposal the administration was considering would centralize the enforcement of laws that protect consumers of financial products, such as credit cards, mortgages and mutual funds. That effort currently is spread across a number of federal and state agencies, including the Federal Reserve, the SEC and the Federal Trade Commission.

The Financial Services Roundtable, which represents some of the biggest institutions in the country, has argued that it would be a mistake to separate the regulation of financial products from the regulators who oversee the institutions selling those products.

It was unclear whether the administration will propose creating a new federal agency to house the commission or placing the commission under an existing agency.

The administration already has put forward some broad principles for financial regulatory overhaul, including creation of new powers to allow authorities to "Take over major financial institutions that represent a threat to the system."

Comment -- That's all we need is another incompetent federal agency -- and government takeover of private business.....Altlas Shrugged

Builder confidence up - but construction down - to lowest level in half a century

Tue, 19 May 2009 10:37:21 -0500

Yesterday - an index that gauges builder confidence for single-family homes jumped two points in May, to its highest level since September 2008, according to the National Association of Home Builders.   That followed a five-point rise in April.   The index is based on a survey of builders, who rate current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." They also rate traffic by prospective buyers to new homes.

Two out of three components of the index rose in May. The index component gauging current sales conditions rose two points to 14, while the component gauging sales expectations for the next six months rose three points to 27. The index gauging traffic of prospective buyers remained steady, at 13.

Yet today - the Commerce Department reported that construction of homes and apartments fell 12.8 percent last month to the lowest pace on records going back a half-century. Analysts had expected housing starts to rise. The report did contain some positive signs including a rebound in single-family construction, which partly offset a drop in apartment building.

Lenders Need to Accept More Short Sales - and Create a Process For Quicker Answers...

Sun, 10 May 2009 11:49:07 -0500

Due to lack of lender cooperation or delays in approving short sales- the US housing market has lost billions of dollars in property values,caused additional unemployment, strain on local tax revenues and more homes going into foreclosure.

There are billions of dollars' worth of short-sale contracts sitting in lender offices, for properties they end up foreclosing on. Lenders turn down short-sale contracts and sell properties eight months later for 40 percent to 50 percent less. It is the definition of insanity.

Rather than giving money to lending institutions / banks without stipulation - perhaps taxpayer money should be tied to how many short sale offers are accepted.   Then perhaps the institutions would spool up personnel in those departments.   Perhaps the TARP (Troubled Asset Relief Program) money should be used to hire out-of-work mortgage and financial people to get the short sales ramped up and cleaned up?

Bank owned (REO) properties are killing property values. Good for our buyer clients of course -- (we've been involved in several multiple offer situations lately on deep-discounted bank owned property - with my clients getting the properties at tens of thousands less than the appraisal came in at....

But - we the taxpayers, are handing (banks) money so they can perpetuate the problem. They are taking billions of dollars on one side, and on the other side they are throwing billions of dollars out the window, ruining home prices by not accepting short sale ofers due to understaffing and poor standards.

When the alternative is a bank owned property - where you can get an answer back within 24-48 hours versus 3 months or more - and the price is much less than any lender would accept for the short sale properties nearby - the bank owned properties become preferable to home buyers.

Home Buyers Coming Out of the Woodwork Here in Chicago Illinois

Fri, 17 Apr 2009 09:54:34 -0500

When the dust settles on the Spring Chicago area market - median home prices in most places will be down compared to the previous year, but single-family home sales may be up (though inventory is still high.) Chicago area home buyers are coming out of the woodwork. I haven't been this busy since 2005....

I am seeing a lot of first-time home buyers who have been on the sidelines for a while ready to make a move. 95% of my business is first time home buyers.

Yesterday - I talked to an agent-friend in Florida who said the same thing. During the past few weeks - buyers are coming out of the woodwork...

The Chicago area buyers that study the market are ready to jump at a good deal. Homes that are well kept in nice locations are selling quickly, if priced appropriately. In other cases - banks are dropping their prices quite a bit on their bank-owned properties -- sometimes 30k in one day on homes priced in the 200's. Then - buyers swoop in and multiple offers ensue.

The buyer with the best offer get the deal.   In some cases - Chicago area buyers are bidding above the newly dropped list - in order to ensure that they get the place - but they still get a good price on the property.

During the past week - I've been swamped with buyer prospects knocking at our door. We interview them to determine if we'd like to work with them - and it also gives them an opportunity to ask questions of us.

We only work with buyers who are ready to purchase in the next 60 days - who have good credit - and who have enough for at least an FHA Downpayment.    It's a great spring market here in the Chicago area!    I haven't posted as frequently on Active Rain - since I've been so darn busy!

Have a great spring! Beautiful day outside today and - another closing for a Chicago suburb buyer client who got a great deal on a bank owned property.

Rates on prime mortgages eligible for purchase or guarantee by Freddie Mac hit another new low this week.

Sun, 05 Apr 2009 13:30:10 -0500

Rates on prime mortgages eligible for purchase or guarantee by Freddie Mac hit another new low this week.

For borrowers making 20 percent down payments, the 30-year fixed-rate mortgage averaged 4.78 percent with an average of 0.7 point for the week ending April 2, down from 4.85 percent a week ago and 5.88 percent at the same time last year. The rate has never been lower since Freddie Mac began the survey in 1971.

Rates on 15-year fixed-rate mortgages were also at lows not seen in records dating back to 1991, averaging 4.52 percent with an average 0.7 point, down from 4.58 percent last week and 5.42 percent a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.92 percent this week, with an average 0.7 point, down from 4.96 percent last week and 5.59 percent a year ago. The 5-year ARM has not been lower since the survey began tracking that product in 2005.

One-year Treasury-indexed ARMs averaged 4.75 percent this week with an average 0.6 point, down from 4.85 percent last week and 5.19 percent a year ago. The 1-year ARM has not been lower since the week ending Sept. 29, 2005, when it averaged 4.68 percent.

Low rates have spurred a boom in applications to refinance, but more modest increases in applications for purchase loans. According to the Mortgage Bankers Association, applications for refinance loans were up 141 percent last week from a year ago. Applications for purchase loans have picked up in recent weeks, but were still off 32 percent from a year ago

Purchase-loan applications were essentially flat, but applications for refinance loans were up 3.7 percent for the week ending March 27. That's not as dramatic as the 41.5 percent increase in refinancing applications seen during the week ending March 20, following the Federal Reserve's announcement that it would expand its balance sheet by $1.15 trillion to keep interest rates down and stimulate borrowing.

Know Someone Who Can't Sell Their Home?

Fri, 06 Mar 2009 00:16:16 -0600

Know Someone Who Can't Sell Their Home? Tell them to get a job with the postal service and relocate! - http://tinyurl.com/axzvqd

Must be one heck of a postal worker to own that McMansion!