Bloomington, IL commercial and residential real estate news and analysis for Bloomington, Normal, and McLean Co. – Brian J. Davis & Associates

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New VA law helps veterans buy and keep their homes.

October 23rd, 2008 10:07 PM

Three provisions in the Veterans’ Benefits Improvement Act of 2008, signed by President Bush on October 10, will help veterans during the current housing turmoil: 1) refinance subprime loans into safe and more affordable government-backed loans; 1) extends the VA loan limit increases through 2011; 3) an adjustable-rate mortgage option. Also read a VA Home Loan Guide for Homebuyers and Real Estate Professionals

Posted by Brian Davis on October 23rd, 2008 10:07 PMPost a Comment (0)

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FHA only accepts state-certified appraisers starting Oct. 1.

October 14th, 2008 6:09 PM

FHA/HUD Per the Housing and Economic Recovery Act of 2008, the Federal Housing Administration can only accept appraisers that are certified by a state or a nationally recognized organization. Appraisers must also demonstrate verifiable education in appraisal requirements as established by FHA.

Brian J. Davis, RAA is FHA Approved - Learn more

See our FHA Newsletter

Posted by Brian Davis on October 14th, 2008 6:09 PMPost a Comment (0)

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University of Illinois Housing Market Forecast

October 2nd, 2008 4:30 PM

In IAR's latest Housing Forecast from the Regional Economics Applications Laboratory, University of Illinois economist Geoff Hewings reports:"Given the economy’s troubles, it is not surprising to find an impact on the housing market. While the interventions by the federal government in the financial sector will help stem a more precipitous slide in the housing market, the longer-term recovery of this market will now be increasingly dependent on the economy’s recovery. Continued job declines both nationally and in Illinois have generated a need to address economic development issues more forcefully."

Illinois Housing

Forecasts for September, October and November suggest continuing declines in home sales compared to the same months last year ranging from 20-30% in Illinois and the Chicago PMSA.
Price declines in Chicago for the same three months will move from 5% to less than 3% over the three months while the declines will be from 7% to 5% statewide.
In August the unemployment rate increased in the U.S. from 5.7% to 6.1% while Illinois’ rate was virtually unchanged at 7.3%.
Illinois’ recovery of its prior peak employment (November 2000) is more than three years away at current levels and may be extended if job declines

Posted by Brian Davis on October 2nd, 2008 4:30 PMPost a Comment (0)

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