What Do the Numbers Really Mean To You?

On Monday, the Illinois Association of REALTORS® released its data showing that Illinois home sales are down 21 percent in the third quarter from the same time last year. The city of Chicago median price was also down 4.5 percent in the third quarter compared to this time in 2007. So, what does this all mean?

Well, as C.A.R. President David Hanna put it, “The housing market is still unsettled. It is only natural at this time for all the participants to be looking to the new Administration to provide some direction for resolving the overriding economic issues we face.” The fact of the matter is, time and a significant boost from our federal government are really the only ways our marketplace, locally and nationally, will see the correction it needs.

The National Association of REALTORS ® has released its proposed Four-Point Housing Stimulus Plan, urging Congress to take specific measures to remedy the national housing crisis. Among the items it outlines are:

• Making the $7500 first-time homebuyer tax credit available to all buyers and eliminate the repayment requirements
•  Making the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent as the 2009 rules will reduce them
• Getting the Treasury relief program back on track and targeting more funds for mortgage relief.
• Permanently bar banks from engaging in real estate brokerage and management.

REALTORS® and consumers are encouraged to contact their US Representatives (writerep.house.gov) and Senators (senate.gov/contacting/index.cfm) and ACT NOW TO FIGHT FOR OUR INDUSTRY!

In the interim, it is imperative that REALTORS® also continue to work with homebuyers on taking advantage of the many extraordinary buying opportunities in our market. The homebuyer tax credit incentive and affordable home prices have helped prompt many first-time homebuyers to jump into the market now, as interest rates are low and appealing to many.

The role of the REALTOR® has evolved into more than a catalyst helping a buyer or seller with their transaction; REALTORS® really bring both parties to the table, and work with other real estate professionals to help make it all possible, while understanding all the constraints of the current market. The dream of homeownership is still relevant to Americans today – it’s up to us continue to make it a reality for all.

Comments

[Payday Loan]

Nowadays, people find it hard to earn money. Thankfully, it is easy to obtain a payday loan when we are short on resources. Unfortunately, it appears the Federal Housing Authority is short on resources to help regulate predatory lending. I think if the FHA is unable to distinguish shady lenders from legitimate ones, we’ll be back in the ring, fighting with another blow of predatory lenders and home foreclosures. The Obama administration should definitely put some of the TARP fund that is still left toward fixing the mortgage crisis, hire more employees and have new and experienced FHA appraisers. In states like California, where home values are down,yet home prices and property taxes are still outrageous, having strong HUD enforcement is absolutely necessary to repair the housing crisis that is significantly increasing throughout the entire country.