Department of Treasury Releases new Details on “Making Your Home Affordable”

Among the details released, this plan will allow home owners the ability to either apply for a loan modification due to economic hardships and a resulting decrease in salary or if you have experienced a rate adjustment which is causing your payment to be more than you can afford.  The second point is the ability to reapply for an FHA refinance when you’re home may not have previously had enough value to support a traditional re-fi.  The one point that must be taken into consideration here though, is that you must be current on your monthly payments.  Click here to see the press release in its entirety. 

The dept. is also offering a website where you can check your eligibility to see if you too can qualify for one of the loan assistance/modification programs.  These new programs are aiming to offer assistance to 7-9 million more homeowners, allowing more troubled Americans to stay in their homes, thus helping to deplete some of the surplus of housing inventory in much of the United States.  This will give another shot in the arm to the housing inventory as we go full steam into the Spring market.  To see if you qualify for one of these programs, click here.

For more questions on how to make your home more affordable or with help in finding a new one, contact us today at kjpremier@atproperties.com.

Weekly Mortgage Report

Rates for the Week Ending April 24th, 2009*

30 Yr Fixed Conforming: 5.000% APR 5.089%

5 Yr ARM Conforming: 4.250% APR 4.320%

30 Yr Fixed Jumbo: 6.250% APR 6.320%

5 Yr ARM Jumbo: 4.875% APR 4.945%

Prime Rate is at 3.250%

Mortgage News Last week, like the 3 weeks prior, mortgage markets were all over the place from day-to-day. But, also like the 3 weeks prior, when the week ended Friday, rates were right back where they started from Monday. For the 4th straight week, mortgage rates started and ended the week essentially unchanged. Whether or not this is good news depends on your perspective. For active home buyers who have yet to find the “right home”, long-term flatness like this is terrific. While interest rates stay even, buyer purchasing power holds flat and pre-approval letters stay valid. For buyers under contract or homeowners looking to refinance, though, the market’s pattern is a little more rough. Although rates are holding steady week-to-week, the day-to-day action is quite different. Bond markets are volatile and rate swings of a quarter-percent in a day have been common. How good of a rate you get depends on day on which you shop. This complicates the process of “locking a rate” and makes it very hard for people trying to time a market bottom. This week, though, the market may finally make a run and break its range. Aside from it being an unusually data-heavy week, the Federal Reserve meets Tuesday and Wednesday to discuss monetary policy. The data combined with the Fedspeak may push the markets one way or the other towards economic optimism or pessimism for the latter half of 2009. Lately, it’s been a combination of the two — a “cautious optimism” — and that’s a big reason why mortgage rates have held in a tight range for so long. Understand, though, that when mortgage rates finally do move, they’re going to move in a big way. So, if you’re among the crowd looking for lower rates, the best possible outcomes you can hope for this week are: Weak consumer confidence data (Tuesday, Friday) Weak consumer spending data (Thursday) Falling “cost of living” calculations (Thursday) Fed concerns about deflation and/or recession (Wednesday) Any of these four events would likely temper hope for a quick economic revival, sending mortgage rates lower. On the other hand, if confidence or spending is strong, or the Fed has no regard for deflation or recession, expect mortgage rates to rise.

Information Courtesy of Guaranteed Rate

A Spring Thaw Indeed!

Traditionally, Chicagoans could count on two springtime occurrences: an early April snowstorm and a ramp-up in real estate sales. The former came right on schedule this year, socking the Windy City with up to 5 inches of the fluffy white stuff. But the latter? Well, many Chicagoans weren’t so sure. However a number of recent data points, including @properties’ own sales figures, do indeed point to a spring thaw in the real estate market. And the news is as welcome as the season’s first tulips peeking through the soil in Grant Park.

First comes word from the National Association of Realtors® that pending home sales rose 2.1 percent between January and February. The leading indicator is a sign that sales activity is due to pick up in the coming months. Contributing to this theory is another NAR report from late March that shows housing affordability at its highest level EVER. According to NAR, “The Housing Affordability Index shows that the relationship between home prices, mortgage interest rates and family income is the most favorable since tracking began in 1970.”

Yes, it is literally the best time to buy a home in 40 years.

At least that’s the view from 30,000 feet. But what’s happening on the ground? At @properties, we’ve been experiencing a steady increase in web traffic, showings and most importantly sales. In fact, sales have increased week by week throughout the spring, climbing from $14.8 million for the last week of February to $29.8 million for the last week of March.

In addition, first-time buyers seem to be warming up to the $8,000 federal tax credit, which requires that a home purchase be made within the next seven and a half months — by Nov. 30. According to the National Association of Home Builders, 1.5 million visitors logged onto the government web site (http://www.federalhousingtaxcredit.com/) between February and March.

Yes, it’s springtime in Chicago, and after a long, long winter, things are finally beginning to heat up. For more information about today’s real estate market or any other questions on buying or selling a home, please contact us today at kjpremier@atproperties.com.

Street Fest Time in Chicago Is Almost Upon Us!

Venetian Night

Here’s a quick list of some of the city’s most popular street festivals for 2009!  Some are free and some require a “donation!”  Hope to see you on Street this summer!

MAY 

15-17: Chicago Mayfest  

23-Sept. 27: Randolph Street Market Festival

24: Bike the Drive  

27-30: Chicago Turkish Festival

28-31: Free! Mayfest in Lincoln Square

30-31: Belmont-Sheffield Music Festival

30-31: Do-Division Street Fest and Sidewalk Sale 

JUNE 

5-6: Free! 57th Street Art Fair

5-6: Community Art Fair

5-7: The Raven: Experience the Magic of Ravenswood

6-7: Free! Chicago Gospel Music Festival

6-7: Free! Chicago Tribune Printers Row Lit Fest

6-7: New! Metronome Celebration

11-Aug. 23: Free! Chicago SummerDance Festival   

12-14: Free! Chicago Blues Festival    |

12-Aug. 30: Free! Movies in the Parks

12-14: Party at St. Mike’s

12-14: Ribfest Chicago

13-14: Andersonville Midsommarfest  

13-14: Old Town Art Fair

13-14: Wells Street Art Festival   

14: Q101 Block Party

15-21: Free! Fiesta Puertorriquenas

19-21: Free! Chicago Peace Fest

19-21: Close Up 2 Smooth Jazz Festival

19-21: Festa Pasta Vino

19-21: Taste of Greece on LaSalle Street Festival

19-21: Taste of Randolph Street

20: Free! Puerto Rican Day Parade

20-21: BAM! Belmont Arts and Music Fest

20-21: Chicago Summerfest   

24-27: Free! Chicago Arabesque

26-28: Chicago Soul Music Festival

26-July 5: Free! Taste of Chicago   

27: Chicago Pride Fest

28: Free! Pride Parade

JULY 

3-5: African-Caribbean International Festival of Life   

9: Bastille Day 5K Run, Walk and Block Party

10-12: Irish American Heritage Festival

10-11: Jeff Fest

10-11: Old St. Pat’s World’s Largest Block Party  

10-12: Free! Chicago Tribune Magnificent Mile Art Festival

11: Free! ‘I Have a Vision’ Community Gospel Festival

11-12: Chicago Folk and Roots Festival

11-12: Rock Around the Block  

11-12: St. Andrew’s Greek Festival

11-12: West Fest 2009

12-14: Ribfest Chicago

14-Aug. 25: Free! Outdoor Film Festival in Grant Park

17-19: Pitchfork Music Festival  

18-19: Sheffield Garden Walk and Festival

19: Free! Chinatown Summer Fair

25: Free! Dragon Boat Race for Literacy

25: Free! Venetian Night

25-26: Taste of Lincoln Avenue  

25-26: Wicker Park Fest

Retro On Roscoe

26: Free! An Arts Adventure

30-Aug. 2: Fiesta del Sol

31: Aug. 2: Gold Coast Art Fair

 

AUGUST

1-2: Northalsted Market Days   

1-2: Retro on Roscoe   

2: Free! Belize Day in the Park

7-9: Ginza Holiday

7-9: Lollapalooza   

8: Free! Bud Billiken Parade and Picnic

8-9: Free! Korean Street Festival

8-9: New! Lincoln Park Arts and Music Festival

8-9: Wrigleyville SummerFest

14-15: Free! Armenian Fest

14-16: Free! Edison Park Fest

14-16: North Side Summerfest

14-16: New! Chicago Ribs ‘n’ Soul Festival

15: Free! Croatian Fest

15-16: Free! Chicago Air & Water Show   

15-16: Free! Chicago Carifete

15-16: New! Green Music Fest

21-23: 60th Annual Greek Festival

21-23: Free! Glenwood Avenue Arts Fest

22-23: Lake View Music Fest

29-30: Free! Bucktown Arts Fest

29-30: Free! Taste of Greece 2009

29-30: Free! !Viva! Chicago Latin Music Festival

SEPTEMBER 

4-6: Free! Chicago Jazz Festival

4-7: African Festival of the Arts

4-7: Taste of Polonia

5-6: Bash on Wabash

11-13: Free! 89th Annual German-American Festival

12-13: Free! Celtic Fest Chicago

12-13: Groovin’ on the Grove Festival

12-13: Free! Renegade Craft Fair   

13: Free! 26th Street Mexican Independence Day Parade

13-14: Wells Street Crush, Music and Comedy Fest

RIBFEST!

19: Guinness Oyster Fest    19: Musky Fest

25-27: Oktoberfest  

 

For more information about Chicagoland and the amazing things our city has to offer, please contact us today at kjpremier@atproperties.com.

 

Stretch your dollar on the Web with these 10 frequent shopper programs

Times are tough for everyone but, let me tell you worrying does not help!  If I had to find one good thing about this recession is it has made my family extremely thrifty and we waste a whole lot less of everything!  I hope these frequent shopper programs help stretch your dollar.  ShopSmart, from the publisher of Consumer Reports, shares 10 frequent-shopper programs in its May 2009 issue that can save you money: AMC Theatres – AMC MovieWatcher  Perks: Earn two points for every movie ticket you buy; redeem 10 points for a small popcorn or 30 points for a free movie ticket.  How To Sign Up: Go to www.moviewatcher.com. BORDERS – Borders Rewards Perks: For every $150 you spend, you get $5 toward another purchase within a month; you also get special discounts and offers. How To Sign Up: Sign up in the store or at www.borders.com. CVS Pharmacy – ExtraCare  Perks: 2% rebate on every in-store and online purchase; $1 “Extra Buck” for every two prescriptions filled; discounts on items featured in weekly circulars. How To Sign Up: Go to www.cvs.com or ask for an application in any CVS store. Office Depot – Worklife Rewards  Perks: 10% back on ink, toner, paper, design, print, and shipping services; 1% back on all other items; rebate is redeemable for future purchases.  How To Sign Up: Ask at Office Depot or go to www.myworkliferewards.com. PETCO – PALS (Petco Animal Lovers Save)  Perks: One free bag of food for every 10 bags of natural or premium food you buy within a 12-month period; one free grooming, bath, or wash for every eight you buy within a 12-month period. How To Sign Up: Sign up at your local store. PetSmart – PetPerks  Perks: Coupons; monthly exclusive online offers; discounts on some in-store items. How To Sign Up: Go to www.petsmart.com. Regal Cinemas – Regal Crown Club Perks: Get one point for every dollar spent on tickets and extra credit for concessions; redeem 50 points for a small popcorn or 150 points for one free admission. How To Sign Up: Ask at the theater or go to www.regmovies.com. Staples – Staples Rewards  Perks: 10% back on ink, toner, paper, and copy and print services; rebate is redeemable for future purchases. How To Sign Up: Ask at Staples or go to www.staples.com. Toys “R” Us – Rewards “R” Us Perks: $5 gift certificate for every $150 spent during select promotional periods, plus discounts on diapers and other items. How To Sign Up: Go to www.toysrus.com. Walgreens – EasySaver   Perks: Rebates on featured items; you must save receipts and submit them by mail or online. How To Sign Up: Go to www.walgreens.com.

Forbes Report of Most Liveable Cities

Does your city make the list?  Cities were determined based on the following criteria:

To form our list, we looked at quality of life measures in the nation’s largest continental U.S. metropolitan statistical areas–geographic entities defined by the U.S. Office of Management and Budget for use by federal agencies in collecting, tabulating and publishing federal statistics. We eliminated areas with populations smaller than 500,000 and assigned points to the remaining metro regions across five data sets: five-year income growth per household and cost of living from Moody’s Economy.com; crime data and leisure index from Sperling’s Best Places; and annual unemployment statistics from the Bureau of Labor Statistics.

15. Lounge with the Clinton’s–Little Rock, Arkansas.

14.  Peabody, Massachusettes

13.  There’s more than just cheese in–Madison, Wisconsin

Madison, WI

12.  Harrisburg-Pennsylvania

11.  If you’re in to the outdoors, then you’ll want to check out–Denver, Colorado

10.  Pittsburgh, Pennsylvania

9.  Just a short drive from Bean Town–Worchester, Massachusettes

8.  Baltimore, Maryland

7.  Where the intellects abound-Cambridge, Massachusettes

6.  Oklahoma City, Oklahoma

Cambridge, MA

5.  Tulsa, Oklahoma

4.  On the water’s edge–Stamford, Connecticut

3.  Des Moines, Iowa–Go Hawkeyes!

2.   Bethesda, Maryland

1.  Laid back living in–Portland, Maine

Several points considered in this were the cities’ cultural draw, affordability of living, income growth, low crime stats, and low unemployment rates.  To read more about these cities, feel free to check out the full story here.

To find out more on the cities near you that you should be investing in, contact us today at kjpremier@atproperties.com.

More Positive Press for the $8000 Stimulus Package!

What could you do with an extra $8000?  If you’ve never bought before or have had no home ownership interest in the previous three years, you could make an easy $8000 if you buy before December 1st, 2009.  This article below from the Chicago Tribune talks about the decision to buy now, while loans are cheap and the government is giving you a great rebate.

Call or email us today to see if now is a great time for you to get into the Real Estate market, while there is great inventory with low prices, and low rates!  kjpremier@atproperties.com.

 

Stimulus plan’s $8,000 housing credit can be sweet in the right circumstances

Chicago Tribune

April 13th, 2009

Receiving $8,000 to buy a house is a tempting deal.

And Uncle Sam is willing to offer it to you, under certain conditions.

Under the economic stimulus plan that became law last week, if you are buying a home for the first time, you can get your hands on up to $8,000. In fact, if you are one of the savvy people who saw the housing bubble threat in 2005, sold your home and have been renting since then, this could be an especially sweet deal if you go bargain-hunting this year.

Under the rules for the new $8,000 tax credit, you have to buy your first home between Jan. 1 and Nov. 30, or have had no ownership interest in a home for the last three years, said James Seidel, director of federal taxes for Thomson Reuters.

This could be a way to help come up with a down payment, or to receive $8,000 to save for emergencies. Keep in mind, however, that Uncle Sam doesn’t put the money directly into your hands when you need it most—at the point when you close, or complete the legal formalities, on the purchase of your home. You must come up with your down payment, then file your tax return and seek the $8,000 as a tax credit.

As a credit, you receive money the way you would a tax refund. The good part: This is a refundable credit, which means that even if you do not owe much in taxes, the government will give you the money, Seidel said. That makes it better than a normal credit or a deduction.

There are some caveats: You would receive less than $8,000 if the house you buy costs less than $80,000, or if you owe the government taxes that weren’t taken out of your paychecks. The $8,000 is a maximum. If the house you buy costs less than $80,000, you will receive 10 percent of the price.

For people desperate for a down payment, the waiting period might not work. But for those who can turn to a relative for $8,000, the home buyer could use the cash at the closing on their new home, move into the house, apply for the credit on their 2008 tax return, obtain the money from the government and repay the relative if necessary.

The $8,000 credit that just went into effect is a much better deal than the one aimed at luring home buyers last year. In 2008, first-time home buyers could receive a $7,500 tax credit, but important strings were attached: The home buyer has to repay the sum to the government over 15 years.

In contrast, home buyers this year can receive $8,000 without any obligation to repay the money, provided they live in the home for three years.

And if people buy a home soon, they can capture the new $8,000 credit quickly, on their tax return for 2008.

Even if you filed your 2008 tax return already, a first-time buyer can still claim the credit on a home purchased early this year. Seidel suggests filing an amended return with Form 1040X. If you plan to buy a home later this year, you can request an extension of your 2008 taxes and claim the credit as you complete your tax return by Oct. 15, Seidel noted. The other option is to claim the credit on your 2009 tax return.

Despite the attractive credit, buying a home is not a simple decision.

Home prices are still dropping, and unemployment is rising, so think carefully about whether your job is secure and how you will pay for your home if you lose income.

As a rule of thumb, people should not buy homes if the monthly payments will consume more than 28 percent of their income and if they are carrying balances on their credit cards from month to month.

Before buying, run through your income and expenses to make sure a house is affordable now and will continue to be if you face a layoff. For a new homeowner, keep in mind that you must calculate mortgage payments; condo fees, if applicable; property taxes; homeowner’s insurance; utilities; and maintenance. As a rule of thumb, it’s wise to put aside $150 a month for repairs in case you must call in the plumber or face some other unbudgeted expense. Try working a budget with www.kiplinger.com/tools/budget/index .html.

To compare the cost of renting versus owning, try www.dinkytown.net/java/MortgageRentvsBuy.html.

Lending to continue to loosen up

If you’re like me and you pay your mortgage on time every month but still can’t seem to get a break with your lender on your rate, things may begin to get better in the coming months according a report out of Washington today.  Rates are still at a historic low which make it an unbelievable time to either refinance or purchase.  However, some homeowners are finding that with the decline in home values in some areas, banks aren’t so willing to hand out better rates if your equity isn’t what it used to be.  Although they have yet to alter any mortgages because of the new plan, institutions like Citigroup and Bank of America may begin approving these lower rates.  To understand more about the new refinancing plans, check the article below from today’s Chicago Tribune.  Be sure to continue to check back here for future updates regarding the latest in the Mortgage and Real Estate industry or contact us today at kjpremier@@atproperties.com.

Government ignites surge in home mortgage refinancing

As refinancings rise, hardest-hit still await relief

By Mike Dorning | Washington Bureau

April 10, 2009

Courtesy of the Chicago Tribune

WASHINGTON — In an economic round table with homeowners, President Barack Obama said Thursday that the government’s efforts to drive down interest rates have fueled a surge in mortgage refinancing—putting money into many homeowners’ pockets during the current crisis.

But almost all the refinancing so far involves homeowners with conventional mortgages who are not in serious financial trouble. The president’s own programs for helping troubled homeowners are just beginning to get off the ground.

Fannie Mae, the larger of the two government-sponsored entities that process refinancing requests under Obama’s mortgage-relief plan, just began accepting automated applications from mortgage lenders on Monday, a spokeswoman said. As of Thursday, fewer than 1,000 loans had been refinanced under the program, said a Treasury official, though the official noted that the pace is expected to pick up dramatically in the weeks ahead.

Turning his focus to the economy on his first day back from a lengthy foreign trip, Obama used the White House event to laud the surge in mortgage refinancing as “good news” for American families in the midst of the gloom of the recession.

He credited “some extraordinary actions by the Federal Reserve”—which in March began to aggressively buy mortgage-backed securities in order to lower mortgage rates—as well as his own housing relief plan, announced in February.

Mortgage rates are near historic lows, with the average rate on a 30-year mortgage at 4.87 percent this week, according to Freddie Mac.

Though economists mostly have credited the Federal Reserve’s actions for the lower interest rates, Obama economics adviser Austan Goolsbee also pointed to a $200 billion credit line the Obama administration announced in February for Fannie Mae and Freddie Mac, which guarantee mortgage securities. Goolsbee argued that the credit line helped improve confidence in mortgage-backed securities.

Mortgage refinancing applications are up 15 percent since the beginning of the year, according to a weekly survey conducted by the Mortgage Bankers Association. Obama noted that the same survey shows an even bigger jump in refinancing applications—88 percent—since he announced his mortgage relief plan in mid-February.

But Orawin Velz, an economist with the Mortgage Bankers Association, said lenders are insisting on high credit standards for borrowers, good mortgage payment histories and equity left over in their homes.

“Right now it’s become a lot more stringent,” Velz said.

Velz said the Obama administration’s relief programs for struggling homeowners are not likely to have a significant impact for several more months.

Still, with Obama’s mortgage relief program announced less than two months ago, federal officials have moved unusually rapidly to begin approving loans under the plan.

Obama administration officials pointed to signs of strong interest among homeowners. Bank of America  reported that 200,000 people have checked a bank Web site with information on the mortgage relief plan.

Since the Treasury Department released guidelines for eligibility on March 4, more than 1 million borrowers have visited Web sites operated by Fannie Mae and Freddie Mac that allow people to check whether they are eligible for refinancing under the Obama program.

The Obama administration’s $75 billion mortgage relief plan allows homeowners paying high interest rates but with little or no home equity to refinance their mortgages. Because of the drop in home values in recent years, low equity has become a common obstacle to refinancing.

The mortgage relief plan also provides a separate avenue for struggling homeowners at risk of losing their homes. The plan provides incentives for banks to renegotiate mortgages to make them more affordable.

Spokesmen for Bank of America and Citigroup, two of the nation’s largest mortgage servicers, said they have imposed moratoriums on foreclosures against borrowers who they believe will be eligible for the Obama administration’s loan-modification plan but have not yet altered any mortgages under it.

Citigroup has begun putting borrowers in a three-month trial period required by the plan to see whether they can meet a modified payment schedule, a spokesman said.

Bellerive Terrace – Luxury Townhome Development in Westmont, IL.

Superior Luxury Living…

our standards are other developments’ upgrades.

Bellerive Terrace of Westmont a 36-unit townhome development by Brompton Homes, designed by Caprio Prisby, offers exquisite 2-story and spacious ranch units.  There are 5 versitale floorplans available and prices start in the low 500′s.   We are located off of 63rd Street just East of Fairview and West of Cass Avenue in the thriving community of Westmont, IL.  @properties is pleased to be marketing Bellerive Terrace as Brompton Homes exceeds the standard level of features and amenities in each townhome.  Custom kitchens with granite countertops and stainless steel appliances, fireplaces with wood and granite surrounds, genuine hardwood floors, and attached 2-car garages are among the high quality features offered as standards.  

For more information please check out Bellerive Terrace’s Website at www.belleriveterrace.com or contact KJ Premier directly at kjpremier@atproperties.com. 

Look for our model to be open early Spring.  Delivery for this project is set for July of 2009.

Great new listing in the heart of Printers Row!

Printers Row is located in the South Loop of the city’s hustle and bustle.  A quaint little community covering only a few blocks, this fabulous neighborhood has become so popular, due to its proximity to the lake, transportation of all kinds, the El, various Metra lines, and several of Chicago’s major highways, as well as Lake Shore drive.  Resturants, Bars, Blues clubs, and other fun city amenities dot this vibrant community.  Once the center for printing and book production, this lovely community is now home to thousands that desire city life, convenience, and ease of lifestyle.  Whether you’re looking for in “in-town spot to spend the weekend watching broadway shows and the Chicago Bears, a student attending one of the several local colleges located in the South Loop, or a young professional with the desire to walk to work in the the city’s financial center, the S. Loop is a fabulous choice!

Please check out our new listing located at 740 S. Federal unit #1001.  This spacious 3 bedroom, 2 bath unit boasts 1260 Sq. feet.  A great corner unit facing East and North, oversized windows provide peeks of the lake, while north views offer the Sears Tower.  With a large eat-in kitchen and abundant closet space, you must check it out for yourself!  Parking is available in the building for a monthly fee.  There is an addtional storage unit, a workout facility, on-site management and maintenence, and a dry-cleaner which will also recieve your packages if you are away.  Only $309,900!

We invite you to take a tour of the property here: http://tours5.vht.com/Viewer/VHTTour.aspx?ListingID=1189552&Style=API.

This is a great value for the price, and what a better time than now to move in and enjoy all the neighborhood festivals and fairs, as well as the local farmers market starting up next month!

Call or email us today for a showing!  kjpremier@atproperties.com, or 312-656-7521.