Written by Joseph Perry on September 24, 2011.
Michael Castleman has an idea that could do wonders for anyone who owns a house. It could also do wonders for our economy by boosting home sales, and boosting employment related to homebuilding, homebuying and the furnishing of homes. Basically, this is an idea that would have a positive impact on three big factors in our economy: jobs, home values and consumer confidence.
Castleman, as you may recall from last week, is the founder and CEO of Metrostudy Inc., the firm that does a lot-by-lot review of the new homes market every quarter. The research his firm does shows that the new homes market is now thoroughly compressed, wound tight. Any increase in consumer demand would probably result in a major recovery in the new homes market and rising home prices. His data make a strong argument.
If his projections of recovery have an Achilles’ heel, it is this: The new homes market, currently at record low sales of 300,000 a year, may be experiencing a disconnect from the much larger existing homes market, where sales now run at a rate of about 4.8 million a year.
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Written by Joseph Perry on July 27, 2011.
While the real estate market continues to struggle toward recovery in Illinois and throughout the country, the most recent Standard & Poor’s/Case-Shiller Home Price Index had some good news for Chicago homeowners.
According to the report, home prices in the Chicago metropolitan area in May increased 1.7 percent over the previous month, but when compared to the same month last year, home prices are still down 8.1 percent.
The data, which also marked a just better than 1 percent improvement among all 20 of the metropolitan areas included in the index, “support a continuation of the bounce-along-the-bottom scenario we have witnessed in the housing market over the past two years,” David Blitzer of S&Ps Index Committee said in a statement.
“[W]e might have a long way to go before we see a real recovery,” Blitzer said. “
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Written by Joseph Perry on February 3, 2011.
An attorney who focuses his practice on real estate transactions is selling his home in Lake Forest’s Campbells subdivision.
Robert and Lora Bull are selling the five-bedroom, 4.5-bath home at 325 Glenwood Ave. for $1.595 million. They bought the property for $600,000 in 2005, then built a new home there in 2007.
Jean Anderson of Prudential Rubloff is the listing agent for the home.
Bull is a shareholder for the Greenberg Traurig law firm, which has locations across the United States and around the world.
He earned his law degree from the Chicago-Kent College of Law and his bachelor’s degree from the University of Wisconsin.
Written by Joseph Perry on January 20, 2011.
James B. Fadim and Melissa Fadim, have listed for sale a four-bedroom, 3.2-bath home at 1518 Braeburn Ave. in Flossmoor for $950,000.
Fadim paid $655,000 for the property in May 1997. The 4,090-square-foot home in East Flossmoor was built in 1932. It is located in the Flossmoor Estates subdivision.
Fadim, a real estate lawyer, is senior vice president and general counsel at Conlon Public Strategies, a Chicago-based provider of strategic consultancy services to companies, organizations, and government entities.
He earned his undergraduate and law degrees from the University of Michigan.
According to BlockShopper.com, there have been 162 home sales in Flossmoor during the past 12 months, with a median sales price of $200,000.
Written by Admin on January 6, 2010.
Summary: Lis Pendens May Prevent Sale Of Your Home A lis pendens, or a document that is recorded against the title to the home, may stop you from selling your home. The lis pendens tells potential buyers that there is a lawsuit against the property and they might not want to buy your house. If a lis pendens is filed against your house, you should work with a real estate attorney to work out the case and be able to proceed with the sale of your home.
Lis Pendens May Prevent Sale Of Your Home
Q: My ex-stepfather has filed a lis pendens against my deceased mother’s home. He has claim to 45 percent of the equity of the property. We have a buyer for the home and have agreed to pay him when the house closes.
He would get his check directly from the title company that is handling the transaction.
We just found out about the lis pendens through the escrow settlement company.
Can this prevent the sale of the home? M
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Written by Admin on December 6, 2009.
Buying a Home with a Low Credit Score
When a lender considers approving your mortgage application, it goes something like this: What is your credit score? What is your credit history? What is your income? How much debt do you have? How much will your down payment be?
The negative effects of a less than stellar credit history may be minimized by a large down payment; however, you will still likely pay more in fees and end up with a high mortgage interest rate. The fact is that in the past 12-18 months the minimum score necessary to buy a home has increased.
There is no way to distance yourself from having a low credit score. A good credit history is necessary to purchase a home, even if you do have a large down payment handy. According to CNN.com, a prospective homeowner’s credit score goal should be an average of 758 in order to obtain the lowest interest rates.
Find Out How to Raise Your Credit Score and Improve Your Chances of Purchasing a Home
It is helpful and easy to request a copy of your credit report and read it over for negative entries. M
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Written by Admin on December 4, 2009.
Homeowners insurance is one of those things that we often buy because we have to. When purchasing a home, the mortgage lender requires that the buyer purchase insurance to protect their interest in the property. But even if you own your home free and clear, homeowners insurance is something you need.
A good insurance policy will protect your home from a variety of hazards. These generally include, but are not limited to, fire, storm damage and vandalism. Your standard policy does not cover flooding, but those that are in danger due to proximity to a body of water or geological concerns may purchase a separate flood policy. Check with your insurance agent to find out what coverage you have or need.
Another important aspect of a homeowners policy is protection of your personal property. It is protected against the same things that your dwelling itself is protected against. Your property is also protected against theft, and in some cases may even be covered if it is lost.
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Written by Admin on October 8, 2009.
Summary: Gift Tax Limits And The Purchase Of A Home
If you are a parent and want to assist you child in the purchase of a home, you may want to give your kid a gift. But if that gift consists in the entire value of the home, you may have gift tax limits and federal gift tax consequences to deal with.
While you should still be able to give the gift and will have gift tax consequences, you child will still be able to purchase a home with your gift.
Gift Tax Limits And The Purchase Of A Home
Q: I am in the process of purchasing a town house and paying cash. I am using funds from a certificate of deposit (CD) that is payable on death (POD) to my daughter. She is currently renting an apartment and I feel it would be better for her to own rather than rent. The home will be in her name. Are there tax implications in this transaction for me or for my daughter?
A: You can give anyone a gift of up to $13,000 per year without triggering a taxable event.
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