No more affordable housing?

As developers revitalize the Chicago building development, the city wants developers to create plans for affordable housing. The commissioner on planning and housing wants developers to contribute funds, building housing or set aside 10% of units in a new development toward affordable housing. This created quite the buzz as developers not only battling city hall over while keeping the banks happy as well. Recent housing numbers deflated some of the steam created by buyers. There is an uncertainty again in the Chicago housing market.

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Housing Market Slowing Down?

The housing numbers ie the case-schiller index pointing to a housing slow down….before summer? New Home Sales and housing starts, 2 of the biggest numbers followed are down over 10% from Feb and March of 2013. Existing home sales are down as well, usually these numbers are tied to rising mortgage rates, not the case this time, foreclosures continue to decline. Is our sluggish labor market to blame..have we peaked? Experts are expecting a down turn in the market.

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Broker Price Opinions

Also known as BPOs in the  distressed or real estate owned world. Most servers will order a bpo, typically preformed by a local realtor to give a hard and fast opinion on value. A BPO is ordered to give the investor an idea of what his investment is worth in real time. The investor through their servicer will order an appraisal if the value on the BPO is too low or if there is a significant variance between 2 values.

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What is a short sale?

Short sales occur when a bank is agreeing to take less than what is owed on the original mortgage. Typically a bank will accept and issue a short payoff if the borrower can show hardship, an inability to continue paying the monthly mortgage mortgage payment due to illness, loss of job or decline in income. In most cases, the lender will not consider a short sale if the borrower is not delinquent. This could take up to 90 days of reporting to the credit bureau that you are late. The process is lengthy as the bank’s underwriters will review your […]

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Are you a fustrated buyer?

Limited inventory, real estate agents not returning phone calls, property not in move in ready condition?  Join the long list of buyers facing these very same issues. Limited inventory concerns coupled with appreciated property values are giving banks the luxury of pricing their own distressed asset over market value. The number of muliple bids allows the banks to reap back losses from years ago. They only hope it will continue.

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