Posted by Bradford Miller Law, P.C.
Real Estate Law, Landlord Tenant Law, Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
December home sales climb 11.1 percent from November. Illinois ended 2010 with a December boost in home sales compared to the prior two months and declines in prices and sales also appeared to be moderating, according to IAR's (Illinois Association of Realtors) report. Statewide home sales in December totaled 7,682 up 11.1 percent from 6,915 sales in November; year-over-year sales were down 7.3 percent from 8,288 sales in December 2009. The statewide median price was $140,000 down 7.9 percent from $152,000 in December 2009. Nationally, existing-home sales also jumped in December.
For the forecast, click here http://www.illinoisrealtor.org/files/2010marketstats/U%20of%20I%20Reports/REAL%20Report%20Jan%202011.pdf
Saturday, January 29, 2011
Thursday, December 30, 2010
5 Reasons to Buy a Home in 2011
Posted by Bradford Miller Law, P.C.
Real Estate Law | Landlord Tenant Law | Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
5 Reasons to Buy a Home in 2011
Michele Lerner, author of Homebuying: Tough Times, First Time, Any Time, offers reasons why real estate is likely to improve in 2011. Here are five reasons she thinks consumers should consider a home purchase next year:
▪ Mortgage rates will stay low. Even with rates climbing — maybe to as high as 6 percent by 2012 — they are still well below where they have been historically.
▪ Tax cuts could help. Extending the tax cuts could encourage a more rapid recovery for the economy.
▪ Americans want to be home owners. A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
▪ Builders are about to begin building. Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
▪ Homes are shrinking. Homes are getting smaller, which has made them more affordable.
Source: Investopedia, Michele Lerner (12/24/2010)
Real Estate Law | Landlord Tenant Law | Estate Planning
321 N. Clark Street, Suite 500
Chicago, IL 60654
312-238-9298
5 Reasons to Buy a Home in 2011
Michele Lerner, author of Homebuying: Tough Times, First Time, Any Time, offers reasons why real estate is likely to improve in 2011. Here are five reasons she thinks consumers should consider a home purchase next year:
▪ Mortgage rates will stay low. Even with rates climbing — maybe to as high as 6 percent by 2012 — they are still well below where they have been historically.
▪ Tax cuts could help. Extending the tax cuts could encourage a more rapid recovery for the economy.
▪ Americans want to be home owners. A recent Fannie Mae survey showed that Americans still believe a home is a safe and desirable investment.
▪ Builders are about to begin building. Home builders have been sitting on the sidelines. This year, they think pent-up demand will create an appetite for new homes.
▪ Homes are shrinking. Homes are getting smaller, which has made them more affordable.
Source: Investopedia, Michele Lerner (12/24/2010)
Saturday, December 11, 2010
No foreclosures over the holidays
Posted by Bradford Miller Law
No Foreclosures Over the Holidays
Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.
Source: CNNMoney, Les Christie (12/03/2010)
Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
Experienced in real estate law, landlord-tenant law, and estate planning
Call us at 312-238-9298 for a free consultation
No Foreclosures Over the Holidays
Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.
"If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays," says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.
Source: CNNMoney, Les Christie (12/03/2010)
Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
Experienced in real estate law, landlord-tenant law, and estate planning
Call us at 312-238-9298 for a free consultation
Friday, October 29, 2010
Wells Fargo Says It Will Refile 55,000 Cases
Posted by Bradford Miller Law, P.C.
Wells Fargo said Wednesday that it had made paperwork mistakes and it plans to refile foreclosure documents in 55,000 cases by mid-November, but the company said the mistakes were technical and it doesn’t plan to halt foreclosures.
Unlike other major lenders, Wells Fargo had previously refused to suspend foreclosures. It continued to maintain that the errors were inconsequential. "We don't believe that there are instances in which the foreclosures would not have occurred otherwise," said Teri Schrettenbrunner, a Wells Fargo spokeswoman.
In depositions, two Wells Fargo employees have said they signed large numbers of documents daily without verifying their accuracy.
Source; The Associated Press, Alan Zibel (10/27/2010)
Bradford Miller Law, P.C. is a law firm based in Chicago, IL. Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning. For a free consultation, call the office at 312-238-9298.
Wells Fargo said Wednesday that it had made paperwork mistakes and it plans to refile foreclosure documents in 55,000 cases by mid-November, but the company said the mistakes were technical and it doesn’t plan to halt foreclosures.
Unlike other major lenders, Wells Fargo had previously refused to suspend foreclosures. It continued to maintain that the errors were inconsequential. "We don't believe that there are instances in which the foreclosures would not have occurred otherwise," said Teri Schrettenbrunner, a Wells Fargo spokeswoman.
In depositions, two Wells Fargo employees have said they signed large numbers of documents daily without verifying their accuracy.
Source; The Associated Press, Alan Zibel (10/27/2010)
Bradford Miller Law, P.C. is a law firm based in Chicago, IL. Bradford Miller Law, P.C. regularly handles matters in the areas of Real Estate, Landlord/Tenant law, and Estate Planning. For a free consultation, call the office at 312-238-9298.
Monday, August 16, 2010
Closing costs on the rise
Posted by Bradford Miller Law, P.C.
Experienced in real estate law, landlord tenant law and estate planning
Located in Chicago, IL
Mortgage closing costs jump 40% in Illinois
From: http://chicagobreakingbusiness.com/2010/08/mortgage-closing-costs-jump-40-in-illinois.html
Average mortgage closing costs have jumped 40 percent in Illinois this year, according to an online survey by personal finance company Bankrate Inc. The origination and third-party fees on a $200,000 mortgage added up to $3,505 in the the 2010 survey, up from $2,486 a year ago.
Illinois was not alone in the dramatic rise. Nationally average closing costs increased 36 percent to $3,741. Bankrate said one of the reasons for the increase has to do with new regulations implemented in January. Lenders are now required to provide an estimate of title and closing fees within 10 percent of what the final cost will bd, or they’ll risk penalties. The regulations require more labor in getting a loan together.
Even with the increase, Illinois ranked 31st out of 50 states surveyed (plus Washington, D.C.) The most expensive state was New York with an average fee of $5,623. Last year, Illinois ranked 43rd.
Bankrate’s survey counts origination fees charged by the lender, as well as fees charged by third parties. The survey excludes property taxes, recording fees, homeowners insurance and prepaid items such as a partial month’s mortgage interest. It doesn’t include any discount points.
Comment: Illinois is still ranked as one of the lowest states for closing costs. I believe one of the main reasons behind that is the involvement of attorneys. A good attorney will look over all of the costs to make sure there are no mistakes and no frivilous fees. Buyers and Sellers need to hire a good attorney to look out for their interests.
Experienced in real estate law, landlord tenant law and estate planning
Located in Chicago, IL
Mortgage closing costs jump 40% in Illinois
From: http://chicagobreakingbusiness.com/2010/08/mortgage-closing-costs-jump-40-in-illinois.html
Average mortgage closing costs have jumped 40 percent in Illinois this year, according to an online survey by personal finance company Bankrate Inc. The origination and third-party fees on a $200,000 mortgage added up to $3,505 in the the 2010 survey, up from $2,486 a year ago.
Illinois was not alone in the dramatic rise. Nationally average closing costs increased 36 percent to $3,741. Bankrate said one of the reasons for the increase has to do with new regulations implemented in January. Lenders are now required to provide an estimate of title and closing fees within 10 percent of what the final cost will bd, or they’ll risk penalties. The regulations require more labor in getting a loan together.
Even with the increase, Illinois ranked 31st out of 50 states surveyed (plus Washington, D.C.) The most expensive state was New York with an average fee of $5,623. Last year, Illinois ranked 43rd.
Bankrate’s survey counts origination fees charged by the lender, as well as fees charged by third parties. The survey excludes property taxes, recording fees, homeowners insurance and prepaid items such as a partial month’s mortgage interest. It doesn’t include any discount points.
Comment: Illinois is still ranked as one of the lowest states for closing costs. I believe one of the main reasons behind that is the involvement of attorneys. A good attorney will look over all of the costs to make sure there are no mistakes and no frivilous fees. Buyers and Sellers need to hire a good attorney to look out for their interests.
Thursday, August 12, 2010
Recent legislation relating to real estate
Posted by Bradford Miller Law, P.C.
Experienced in real estate law, located in Chicago, IL
The Save Our Neighborhoods Act of 2010 (Senate Bill 3739) creates a foreclosure prevention program and an abandoned housing funding program within the Illinois Housing Development Authority (IHDA). The law also extends the deadline to July 1, 2013 for an existing program that pauses the foreclosure process so individuals can receive counseling. Effective Oct. 1, 2010.
The Common Interest Community Association Act (Senate Bill 3180) regulates non-condominium homeowner associations and includes an initiative allowing persons who enter the military service during the term of their residential lease, or soldiers who are deployed or transferred, to break their lease without penalty (similar to the federal Service Members Civil Relief Act). Effective July 29, 2010.
House Bill 6038 extends the Illinois Affordable Housing Tax Credit through 2016. The program has been used successfully by IHDA, local governments and non-profit housing groups. Effective July 26, 2010.
Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
Main: 312-238-9298
Fax: 312-379-3163
Web: http://www.bradfordmillerlaw.com/
Experienced in real estate law, located in Chicago, IL
The Save Our Neighborhoods Act of 2010 (Senate Bill 3739) creates a foreclosure prevention program and an abandoned housing funding program within the Illinois Housing Development Authority (IHDA). The law also extends the deadline to July 1, 2013 for an existing program that pauses the foreclosure process so individuals can receive counseling. Effective Oct. 1, 2010.
The Common Interest Community Association Act (Senate Bill 3180) regulates non-condominium homeowner associations and includes an initiative allowing persons who enter the military service during the term of their residential lease, or soldiers who are deployed or transferred, to break their lease without penalty (similar to the federal Service Members Civil Relief Act). Effective July 29, 2010.
House Bill 6038 extends the Illinois Affordable Housing Tax Credit through 2016. The program has been used successfully by IHDA, local governments and non-profit housing groups. Effective July 26, 2010.
Bradford Miller Law, P.C.
321 N. Clark, Suite 500
Chicago, IL 60654
Main: 312-238-9298
Fax: 312-379-3163
Web: http://www.bradfordmillerlaw.com/
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