Friday, February 22, 2008
Captiol Conference Update
For those of you attending the the Capitol Conference Bus Trip the morning meeting location as changed. You will now meet at 7:20am at Our Saviours Church north of the RANWC office building at the corner of Arlington Heights Rd. & Olive. You will leave your cars at that location and board the bus there.
More on Chicago Transfer Tax
Incomplete real estate deals may qualify for Chicago transfer tax
Associated Press
Published: 2/19/2008 7:15 AM
Chicago officials are looking to increase the number of people who pay a real estate transfer tax and to require others to pay it more quickly.
The Chicago City Council earlier this month approved a 40 percent increase in the transfer tax as part of a Chicago Transit Authority rescue package.
Under one proposal now in draft form, the city would require the transfer tax to be paid even when the buyer forfeits the down payment, which happens when a buyer backs out of a deal. Another proposal would require immediate payment when there is a contract in which the buyer make installment payments and don't receive title to the property until the last payment.
The transfer tax rises April 1. It generated $206.8 million last year. The new revenue is earmarked for CTA employee pension and health-care costs.
Associated Press
Published: 2/19/2008 7:15 AM
Chicago officials are looking to increase the number of people who pay a real estate transfer tax and to require others to pay it more quickly.
The Chicago City Council earlier this month approved a 40 percent increase in the transfer tax as part of a Chicago Transit Authority rescue package.
Under one proposal now in draft form, the city would require the transfer tax to be paid even when the buyer forfeits the down payment, which happens when a buyer backs out of a deal. Another proposal would require immediate payment when there is a contract in which the buyer make installment payments and don't receive title to the property until the last payment.
The transfer tax rises April 1. It generated $206.8 million last year. The new revenue is earmarked for CTA employee pension and health-care costs.
Friday, February 15, 2008
State offers help with housing debt woes
From the Chicago Sun Times
February 15, 2008
By Sun-Times staff
Homeowners at risk of losing their homes due to the tightening credit market may find assistance in a new statewide Housing Assistance Initiative.
Gov. Blagojevich Thursday unveiled the program that features three key elements:
• Access to a new $200 million fund -- financed by four mortgage lenders -- to help homeowners refinance existing high-cost debt into more affordable, stable loans.
• Access to a statewide financial counseling network that is affiliated with the National Homeownership Foundation hotline (888-995-4673).
• Access to a mortgage-fraud service also connected to the hotline.
February 15, 2008
By Sun-Times staff
Homeowners at risk of losing their homes due to the tightening credit market may find assistance in a new statewide Housing Assistance Initiative.
Gov. Blagojevich Thursday unveiled the program that features three key elements:
• Access to a new $200 million fund -- financed by four mortgage lenders -- to help homeowners refinance existing high-cost debt into more affordable, stable loans.
• Access to a statewide financial counseling network that is affiliated with the National Homeownership Foundation hotline (888-995-4673).
• Access to a mortgage-fraud service also connected to the hotline.
Thursday, February 14, 2008
President Bush Signs Economic Stimulus Act of 2008
President Bush signed the Economic Stimulus package into law. Last week, Congress gave overwhelming final approval to the Economic Stimulus Package supported by NAR and REALTORS® across the country. As a result, the government will be sending payments to most American households and grant tax incentives for business investment.
The legislation includes the requested GSE and FHA limit increases strongly backed and lobbied by NAR. The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.
Thank you for your efforts. Over 85,000 REALTORS® contacted the Senate on this issue, and together you made a significant difference.
The legislation includes the requested GSE and FHA limit increases strongly backed and lobbied by NAR. The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.
Thank you for your efforts. Over 85,000 REALTORS® contacted the Senate on this issue, and together you made a significant difference.
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Members meet with Senator Murphy after Legislative Breakfast
