RECENT BLOG POSTS
For certain members of the military, and for certain federal employees, there's just 2 months remaining to get use the federal home buyer tax credit. Eligible persons include members of the uniformed services, members of the Foreign Service, and intelligence community employees who served at leas...
03/07/2011
For the third time in 12 months, the FHA is changing its mortgage insurance costs. Effective for all FHA case numbers assigned on, or after, April 18, 2011, annual mortgage insurance premiums (MIP) will increase 25 basis points. The change will add $250 to an FHA-insured homeowner's annual loan ...
03/04/2011
Mortgage rates could move higher beginning tomorrow morning. The Bureau of Labor Statistics releases its February jobs report at 8:30 AM ET. Home buyers and rate shoppers in Oak Lawn would be wise to take note. The jobs report is almost always a market-mover. Consider last month. Although net job...
03/03/2011
Last week, Standard & Poor's released its Case-Shiller Index for December 2010. The index is a home valuation tracker, meant to meausure the change in home prices from one period to the next. December's Case-Shiller Index showed major devaluations nationwide. As compared to December 2009, on a y...
03/02/2011
After a strong run to close out 2010, the market for home resales softened a bit in January. On a seasonally-adjusted basis, the Pending Home Sales Index dropped 3 percent last month, and December's figures were revised downward for a loss, too, according to the National Association of REALTORS®....
03/01/2011
Mortgage markets improved last week as Wall Street's concerns about the Middle East trumped its fears of inflation. Conforming and FHA mortgage rates in Illinois fell to a 3-week low. Last week marked the second straight week in which mortgage rates fell, a streak that follows four straight weeks...
02/28/2011
Not all housing reports are sunny, it seems. In its monthly New Home Sales release, the U.S. Department of Commerce showed a 13 percent drop-off in annualized new construction sales between the months of December and January. It's the biggest one-month drop in New Home Sales since May 2010. In a...
02/25/2011
Home resales rose another 2.7 percent last month, according to the National Association of REALTORS® monthly Existing Home Sales report. An "existing home" is a home that's been previously occupied and is not considered new construction. The number of existing homes sold on a rolling 12-month bas...
02/24/2011
Mortgage rates are up 0.875% since mid-November, causing home buyer purchasing power across Oak Lawn to fall more than 10 percent since. Persistent concerns over inflation are a major reason why and this week's Consumer Price Index did little to quell fears. CPI rose for the third straight month ...
02/23/2011
Mortgage markets improved slightly last week, rebounding from the worst 1-week loss in recent history. The gains were geopolitical, however; the result of instability in the Middle East region. Economic data was overlooked as investors made a broad-based flight-to-quality. For just the second tim...
02/22/2011
Rainmaker
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Kevin Lanham
Chicagoland FHA Expert
Do you know what causes mortgage to rise and fall each day? Everyday I post relevant articles and stats that directly influence the direction of mortgage rates. I also will feature relevant real estate news that can educate you about the market. Have a question or a topic you would like me to cover? Feel free to comment!