January 24, 2008 - In a full-page ad in USA Today and letters to the House and Senate leadership, the National Association of Home Builders (NAHB) today called on Congress to make housing incentives a key part of any economic stimulus package being crafted on Capitol Hill.
 
“Any stimulus plan needs to address the housing downturn in order to stabilize financial markets and get the economy moving forward,” said NAHB President Brian Catalde, a home builder from El Segundo, Calif.
 
In addition, Catalde urged Federal Reserve policymakers to enact further interest rates cuts when they meet at the end of the month to restore confidence and increase liquidity in the financial markets.
 
To help stimulate the economy and address the current housing situation, NAHB, in a letter to lawmakers, urged them to consider the following policy options when crafting a stimulus package:
 
- Create a tax credit for the purchase of a home.  This would help to eliminate excess inventory, relieve some of the pressure on falling housing prices and increase housing demand, particularly in a period of tightening mortgage lending requirements. As former Federal Reserve Chairman Alan Greenspan noted in November, 2007, reducing inventory is critical for the health of the economy, and a tax credit would be the easiest and most cost-effective way to achieve this goal.
 
- Expand the net operating loss (NOL) tax deduction. Under present law, a business loss can only be deducted from taxes paid from the previous two years. If the loss cannot be carried back, it must be used in the future. Many home builders are now reporting financial losses when a few years ago they were generating jobs, providing local development and paying taxes. Expanding the NOL carry-back provision to five years would enable builders and other businesses to receive an immediate rebate on taxes paid in previous years and provide a much needed infusion of capital to their businesses. The inability to do so will result in the need to either increase high-cost borrowing or further liquidate land and homes, which would only compound the existing inventory problem.
 
- Expand the mortgage revenue bond program. The mortgage revenue bond program allows state and local governments to issue tax-exempt debt that may be used to finance mortgages at below-market rates. Expanding the reach of the program would be of particular help to communities experiencing the possibility of a wave of foreclosures or an extreme excess of inventory.
 
- Designate housing as an eligible investment for tax-preferred retirement accounts. Congress could increase home purchases by making a downpayment an eligible investment from tax-favored retirement accounts. Housing wealth is the most important source of savings for most families, and the ability to move wealth from a money asset (tax-favored retirement) to another (a home) should be an important part of any stimulus package.
 
- Increase the conforming loan limit for Fannie Mae and Freddie Mac. NAHB believes that Fannie Mae and Freddie Mac offer tremendous potential to relieve liquidity and inventory pressures in the jumbo mortgage markets and bring immediate benefit to the overall economy, particularly to high-cost states such as California. A temporary increase in the conforming loan limit as part of comprehensive regulatory reform of Fannie Mae and Freddie Mac is a key ingredient to restore housing and credit market stability.
 
- Modernize the Federal Housing Administration (FHA).  A revitalized FHA would be well-positioned to provide reasonably priced, low-downpayment mortgage solutions to millions of America’s less affluent home owners and potential home buyers. It would also help in reducing the excess inventory on the housing market. The House and Senate need to move quickly to reconcile their bills and bring legislation to the President’s desk that will increase the availability of affordable FHA mortgages.

—From: NAHB

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February 7, 2008 - Remodeling activity showed pressure from the housing downturn during the fourth quarter of 2007, according to the National Association of Home Builder’s (NAHB) Remodeling Market Index (RMI). The current market conditions indicator decreased to 40.9 from 46.2 in the third quarter. And the future expectations measure declined to 37.9 from 43.3 in the previous quarter.
 
While housing starts have fallen sharply from the peak in early 2006, the remodeling market has shown a much smaller decline. Historical data show smaller fluctuations in the remodeling market as well as a time lag between movements in new housing production and remodeling activity.
 
The RMI measures remodeler perceptions of market demand for current and future residential remodeling projects. Any number over 50 indicates that the majority of remodelers view the market conditions as improving. The RMI has been running slightly below 50 since the final quarter of 2005.
 
“While the housing downturn has impacted the remodeling market to some degree, it is on a much smaller scale than the rest of the market” said NAHB Remodelers Chairman Mike Nagel, CGR, CAPS, a remodeler from Chicago. “Home owners realize the importance of maintaining their property and making necessary repairs to support the value of their homes, so we expect this type of work to start to pick up again.”
 
Nationally, the RMI components for major additions and alterations during the fourth quarter declined to 42.28 (from 46.89). Minor additions and alterations also decreased to 41.76 (from 47.07) except for an increase in the South region to 49.81 (from 43.68). Maintenance and repair remodeling work declined to 38.11 in the fourth quarter (from 44.31).
 
“The decline in the remodeling market is far less than in the new home market and generally consistent with our remodeling forecast,” said NAHB Chief Economist David Seiders.
 
The RMI “special questions” section during the fourth quarter asked remodelers about business conditions during 2007 and their expectations for the entire year of 2008. Forty-three percent of respondents reported an increase in billing in 2007, while 25 percent reported that billing stayed at the same level as in 2006.  With respect to 2008, 51 percent predict a dollar volume increase and 27 percent predict maintaining the same volume for the entire year.  These results suggest that while remodelers see slower conditions in their business during the short term, the long-term prospects look good with a remodeling market recovery by the end of 2008

– Source: NAHB

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Shopping for a mortgage is the first step toward owning a home and perhaps the most daunting, especially if you are not prepared.

Step 1: Examine Your Finances
If you can afford to buy a home, you must then determine how much mortgage you can afford. Lenders are apt to put your loan application in the best light and qualify you for as much as they are willing to lend, which can be more than you can afford.

It’s up to you to take stock of your income and expenses, both current and projected to determine what you can comfortably manage each month. Along with your mortgage payment, don’t forget related insurance, taxes, homeowner association dues and any other costs rolled into the mortgage payment.

Step 2: Shopping For a Loan
When you are ready to shop for a loan you have two basic types of mortgage stores to shop — direct lenders and mortgage brokers.

Direct lenders have money to lend. They make the final decision on your application. Brokers are intermediaries who, like you, have many lenders from which to choose. Lenders have a limited number of in-house loans available. Brokers can shop many lenders for each lenders’ store of loans. If you have special financing needs and can’t find a lender to suit them, an experienced broker may be able to ferret out the loan you need. Mortgage brokers, however, are paid with a slice of the amount you borrow, some more than others some less. Internet brokers today perhaps receive the smallest cut, sometimes none at all, and can prove to be a real bargain.

Along with shopping the source, you’ll also have to shop loan costs, including the interest rate, broker fees, points (each point is one percent of the amount you borrow), prepayment penalties, the loan term, application fees, credit report fee, appraisal and a host of others.

Step 3: Apply For a Loan
The application process is the easy part — provided you’ve gathered documents necessary to prove claims you make on the application.

The application will ask for information about your job tenure, employment stability, income, your assets (property, cars, bank accounts and investments) and your liabilities (auto loans, installment loans, mortgages, credit-card debt, household expenses and others).

The lender will run a credit check on you to take a look at your credit status, but you’ll have to supply additional documentation including paycheck stubs, bank account statements, tax returns, investment earnings reports, rental agreements, divorce decrees, proof of insurance, and other documentation. If the lender deems you creditworthy, it will likely hire a professional appraisal to make sure the value of the home you are about to buy is truly worth your loan amount.

– Source Realtor.com by By Broderick Perkins (Homestore.com)

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WASHINGTON, February 07, 2008 - A continuation of soft market conditions is forecast for existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates.  “Household formation was only half of what it should have been last year given the demographics of a growing population and sustained job growth, so there clearly is a pent-up demand from buyers who are on the sidelines,” he said. 

“Existing-home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices.  If higher limits are enacted very quickly, we’ll see a faster and more meaningful recovery by expanding safe, affordable financing in high-cost areas – that, in turn, would help to stimulate overall economic activity.”

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in December, slipped 1.5 percent to a reading of 85.9 from a downwardly revised index of 87.2 in November, and was 24.2 percent below the December 2006 level of 113.3.  “We’re seeing a pattern that is consistent with skimming along the bottom of the cycle, and sales could ease modestly,” Yun said.

The PHSI in the Midwest rose 3.4 percent in December to 84.9 but is 17.3 percent below a year ago.  In the Northeast, the index slipped 1.7 percent to 68.9 and is 26.0 percent lower than December 2006.  The index in the South fell 3.0 percent in December to 96.4 and is 27.0 percent below a year ago.  In the West, the index declined 3.1 percent in December to 83.9 and is 24.1 percent below December 2006.

Existing-home sales are projected at an annual pace of around 4.9 million in the first half of this year, rising notably to 5.8 million in the second half, and totaling 5.60 million for all of 2009.  The aggregate existing-home price should decline 1.2 percent in 2008 to a median of $216,300, and then rise 3.2 percent to $223,200 in 2009. 

“Areas with a high prevalence of subprime lending will continue to feel downward price pressure.  Where builders have cut construction sharply, and in most areas with improving affordability conditions, we’ll generally see moderately higher home prices,” Yun said.

Current housing conditions vary widely.  Preliminary data shows rising home prices in areas such as Rochester, N.Y.; Charleston, W.V.; Waterloo-Cedar Falls, Iowa; and Albuquerque, N.M.  Fourth quarter metro area median existing-home prices, showing changes in approximately 150 markets, will be released February 14.

New-home sales are likely to decline 17.7 percent to 637,000 in 2008 before rising 7.6 percent to 685,000 in 2009.  “Builders will further lower new home construction throughout this year and into 2009 to bring inventory under control,” Yun said.  Housing starts, including multifamily units, are estimated to fall 20.1 percent to 1.08 million this year, and decline another 1.3 percent to 1.07 million in 2009.  The median new-home price is expected to fall 4.3 percent to $236,300 in 2008, and then increase 5.0 percent in 2009.

The 30-year fixed-rate mortgage is forecast to rise slowly to the 5.9 percent range in the fourth quarter, and then average 6.3 percent in 2009.  “Affordability conditions are anticipated to rise 14.2 percent this year, permitting more people to become homeowners, but buyers should avoid aggressive lenders and not over-stretch to enter the market,” Yun said.  NAR’s housing affordability index is expected to rise from 113.0 in 2007 to 129.0 in 2008.

Growth in the U.S. gross domestic product (GDP) is projected at 2.2 percent in 2008 and 2.7 percent in 2009.  The unemployment rate should rise to 5.4 percent in the second half of 2008 before averaging 5.2 percent in 2009. 

Inflation, as measured by the Consumer Price Index, is seen at 2.7 percent this year and 1.4 percent in 2009.  Inflation-adjusted disposable personal income is likely to grow 1.7 percent in 2008 and 3.5 percent next year.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales.  In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months.  There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for January will be released February 25; the next Forecast / Pending Home Sales Index will be released March 6.  Fourth quarter metropolitan area median existing-home prices will be released February 14.

–Source National Association of Realtors (2/10/2008)

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On January 1st, the Smoke Free Illinois Act (Senate Bill 500, Public Act 95-0017) passed by the State of Illinois became effective. Per the legislation, this act will be enforced by local law enforcement agencies including the Clarendon Hills Police Department.

Smoking will be prohibited in all indoor public places and places of employment as well as within 15 feet of entrances, exits, windows, and ventilation intakes. Public places include, but are not limited to, hospitals, restaurants, bars, taverns, retail stores, offices, commercial establishments, indoor theaters, libraries, museums, concert halls, educational facilities, nursing homes, an enclosed or partially enclosed sports arena, schools, meeting rooms, exhibition halls, conventional polling places, private clubs, gaming facilities, lobbies, bowling alleys, skating rinks, and public student dormitories. Places of employment include, but are not limited to, offices, work areas, restrooms, conference rooms, break rooms, and cafeterias.

Any person who smokes in a prohibited area shall be fined from $100 to $250. Any person who owns, operates, or otherwise controls a public place or place of employment that violates the act shall be fined not less that $250 for the first violation, not less than $500 for the second violation within one year after the fist violation, and not less than $2,500 for each additional violation within one year after the first violation.

– Source: Clarendon Hills Village News Letter (Jan/08)

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Using estimates provided by the Downers Grove Township Assessor, an 8.2% increase in the Village’s current Assessed Valuation is projected; from $478,703,146 to $517,956,804. Last year the Assessor projected a 15% increase, which was later reduced by the County to an 11.2% increase. The 8.2% increase in assessed value may change after being reviewed by the County again this year.

Increases in the assessed valuation are tied to the new construction that has occurred within the Village. Estimates received from the Tax Assessor show the new construction value this year at $14,989,930; a decrease of 1% from the prior year’s value of $15,128,030.

The actual 2007 assessed valuation will not be known until April 2008. At that time, the Board will be given the opportunity to review the levy before it becomes final, although it cannot be increased at that time. If the projections and assumptions made in preparing the 2007 tax levy fall short, the County will reduce the levy to conform to the Tax Limitation Act. Collection of the 2007 property tax will begin in June 2008.

The proposed 2007 tax levy for the Village is 5.63% higher than the 2006 final extended levy. The total dollar increase is $158,133 and the projected tax rate is .5544 per hundred dollars of assessed valuation. Last year’s final rate was .5679. This would mean a rate decrease of 1.35 cents per $100 of assessed valuation. Including the Library levy, the increase is $187,544, with an overall increase of 5.63% and a total rate of .6609. This rate is 1.61 cents per $100 of assessed valuation less than last year.

Based upon the average sale price of a home in Clarendon Hills of $813,796 (October 2006), the taxes paid to the Village next year would be $1,504. This is a decrease from this year’s taxes of $1,541 calculated on the same home value. However, this does not take into account any reassessment that may be applied to the home.

– Source: Clarendon Hills Village News Letter (Jan/08)

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Characterized by tree-lined streets and wide open spaces, Clarendon Hills is only 19 miles from the Chicago Loop and spans a modest 1.7 square miles with a population of over 8,000 residents. Clarendon Hills Real Estate is indicative of its diverse culture and offers a wide variety of housing options as well as business opportunities. Clarendon Hills encourages businesses to grow, especially in its business districts along Ogden Avenue, Prospect Avenue, and 55th Street. Clarendon Hills Real Estate is also active with homes varying in architectural style from modern to stately, although the majority are Cape Cods, split-levels, or ranches. Clarendon Hills Homes (single-family) range in price from approximately $300,000 to well over $1.5 million; while Clarendon Hills Condominiums and Clarendon Hills Townhouses range from as low as $125,000 to just over $500,000. Of the 2836-plus households, the median Clarendon Hills home value is approximately $307,500.

Surrounded by Route 83, Interstate 88, Interstate 55, and Interstate 294, Clarendon Hills is centrally located with a mere 15 minute drive to either of the areas major airports – Midway and O’Hare. And, with both Metra rail and RTA bus services, Clarendon Hills has easy access to all of its nearby communities as well as Chicago itself.

Clarendon Hills offers its own activities and amenities as well. With seven parks that cover 40 acres; a quaint downtown offering a variety of retailers; shopping, dining, grocers, banks, salons, and even a pharmacy; and annual events such as Daisy Days and Dancin’ in the Streets, Clarendon Hills has something for everyone! Prospect Park, which is the largest in the village, boasts tennis courts, basketball courts, a sledding hill, fishing, playground facilities, volleyball, in-line skating, picnic areas, and a community center. Another main attraction is the Lions Park Pool offering a zero-depth pool, a toddler pool, competitive lanes, a water slide, volleyball, concessions, and a picnic area. Clarendon Hills Park District is also a proud member of SEASPAR which provides recreational opportunities for the handicapped or disabled. With all of these activities and its inviting atmosphere, Clarendon Hills certainly has the flavor of home!

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Only 21 miles west of Chicago, Hinsdale is easily accessible via Route 83, Route 34, and Interstate 294. Commuters also have the option of Metra rail service which has three stops in Hinsdale, and provides a mere 20-minute ride into Chicago. The average travel time to work is approximately 32 minutes. Nestled among 4.7 square miles of mature trees and rolling hills, the Village of Hinsdale has a modest population of 17,951. One of the more affluent suburbs, some would call it “tear-down central” because a full 25% of the housing inventory has been torn down to make room for more pricey homes.

The Hinsdale Real Estate market is ever-changing with all of the new construction, but it manages to maintain its small town charm just the same. Hinsdale Homes (single-family) range in price from $240,000 for a 4-bedroom, 2-bath house, to over $6.4 million for a 6-bedroom, 6 ½-bathroom house. Even Hinsdale condominiums and townhouses vary widely with units starting at $112,000 for a 1-bedroom, 1-bath, to $1.3 million-plus for a 4-bedroom, 4 ½-bath unit. Hinsdale boasts one of the higher percentages of residential real estate with over 76% used for single-family homes, and nearly 5.5% for condos and townhomes. The median Hinsdale home value is $489,900.

With a quaint downtown area and unique shops from antiques to boutiques, Hinsdale has a variety of things to do around town. Although relatively small, there are over 115 retail shops in the downtown area alone! In addition to shopping, Hinsdale’s downtown offers diverse dining options that would satisfy even the feistiest of palates. A little farther south of downtown is the Hinsdale Center for the Arts which offers classes, exhibits, and clubs for residents of all ages. And, with 18 parks covering over 122 acres and a public swimming pool, there is no lack of activities at any time of year! From ice skating to tennis, Hinsdale recreation really has it all! Annual events such as the two-day Fine Arts Festival at Father’s Day, and one of the freshest farmer’s markets around, make Hinsdale a community that anyone would be happy to call home!

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View Homes For Sale in Arthur Mcintosh, Clarendon Hills

Search real estate in Arthur Mcintosh of Clarendon Hills and find Arthur Mcintosh house values. Access all homes for sale in Arthur Mcintosh subdivision, including existing, new construction homes and foreclosures. We also serve all Neighborhoods / Subdivisions in Clarendon Hills, Illinois and surrounding communities.

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Give us a call today to find how our services can help you when buying or selling real estate in Arthur Mcintosh. If you are thinking of selling your home or just like to know your Clarendon Hills house value, request for a FREE CMA and we will be in touch with you to provide a free no obligation comparable market analysis of your property.

Looking to buy or sell real estate in Clarendon Hills, Illinois? Our website is one of the top online resources for viewing Clarendon Hills homes, townhomes, condos for sale and for researching Clarendon Hills real estate, community and school information.

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The homes of Clarendon Hills reflect the town’s heritage as well as its diversity. Various sizes and designs sprawl about the suburban landscape, displaying a wide range of architectural styles and homeowner’s tastes. Cape cods, ranches and split levels are predominant, and new housing units have been built in the recent years. Homebuyers can choose from newer single-family residences, elegant condominiums and town homes, and stately older homes in a wide range of values.

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Arthur Mcintosh Blackhawk Blackhawk Heights In Village In-town Mcintosh Stonegate Timberlake Whitenall Barclay Court Blackhawk Heights Burling Court Clarendon Commons Coventry Creekside Village Park Ave Station Park Avenue Station Park Willow The Reserve Woodcreek

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