When it comes to something as important as buying or selling a home, the last thing you want to feel is buyer’s (or seller’s) remorse. In a new article for Trulia, personal finance and real estate guru Paula Pant shares five smart strategies for helping buyers and sellers make smart decisions they can live with long after closing the deal. For buyers of fixer-uppers, she stresses the importance of knowing your remodeling tolerance. Instead of getting caught up in the allure of the reduced price … [Read more...]
Former Illinois Congressman Indicted on Tax Charges
July 7, 2015 by
Mel Reynolds, former U.S. Congressman from the 2nd Congressional District in Illinois, failed to appear in federal court Monday for arraignment on charges that he allegedly failed to file required tax returns for four consecutive years. According to his attorney, Reynolds traveled overseas early last month to visit his daughter who recently fell ill, which made it impossible for him to return home in time for court. The rescheduled hearing is July 30th, at which time Reynolds’ attorney says he … [Read more...]
Whirlpool Set to Open Warehouse in Joliet
July 3, 2015 by
Chicago’s industrial real estate market continues to heat up in July as Whirlpool seals the deal on a new lease agreement to open what some speculate will be a finished goods warehouse in Joliet's Clarius Park. The appliance maker’s long-term lease of 752,000 square feet of a 1-million-square-foot building marks the third largest industrial real estate deal closed in the area this year. According to Crain’s Chicago Business, the warehouse’s close proximity to the interchange of interstates 80 … [Read more...]
Top 10 Metro Areas for Home Price Gains
July 1, 2015 by
Although the pace is beginning to slow, several metro areas nationwide experienced home price gains of five percent or greater between April 2014 and April 2015, according to the latest Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index. Denver and San Francisco earned the top spots on the list with year-over-year price growth of 10.3 percent and 10 percent respectively. Dallas (8.8 percent), Miami (8.5 percent) and Tampa (7.6 percent) also made the list of top performers. … [Read more...]
Supreme Court Ruling Upholds Housing Discrimination Law
June 26, 2015 by
A divided Supreme Court upheld a legal standard on Thursday that makes housing discrimination illegal—even in cases where it is not intentional. In a 5-4 decision, the Supreme Court ruled that the Texas Department of Housing and Community Affairs was liable for violating the Fair Housing Act when it incorrectly allocated low-income housing tax credits to neighborhoods that were already heavily populated by minorities. To help combat subtle discriminatory practices, the legal standard known as … [Read more...]
Iconic Gun Manufacturer Files for Chapter 11 Bankruptcy
June 24, 2015 by
Struggling under the weight of up to $500 million in debt, storied gun maker Colt Defense has filed for chapter 11 bankruptcy. The 179-year-old gun manufacturer once thrived with government contracts and a strong consumer following. However, since 2009 the company’s government sales have dropped from 60 percent of total sales to less than 10 percent. On the consumer side, an investment in smart gun technology designed to make guns safer backfired with gun owners, contributing to a decline in … [Read more...]
CFPB Announces 2-Month Delay on Mortgage Disclosure Rule
June 22, 2015 by
Lenders will have two additional months to comply with the Consumer Financial Protection Bureau’s much-anticipated TRID rule. The new mortgage disclosure rule, which requires homebuyers to receive more time and information to understand the terms and cost of their mortgage, will take effect on Oct. 1 instead of Aug. 1. CFPB Director Richard Cordray told the media last week that he believes the additional time “would better accommodate the interests of the many consumers and providers whose … [Read more...]
Rising Interest Rates Prompt Decrease in Mortgage Apps
June 18, 2015 by
Mortgage applications decreased 5.5 percent last week following a spike in interest rates according to the Weekly Mortgage Applications Survey conducted by the Mortgage Bankers Association. The survey’s 30-year fixed rate of 4.22 percent is at its highest level since October 2014. Increasing rates have had an impact on both new mortgage apps and refinance activity. Mike Fratantoni, chief economist for the Mortgage Bankers Association told HousingWire, “Rising rates continue to create volatility … [Read more...]
Chicago’s Rent-to-Income Proportions Exceed 40 Percent
June 16, 2015 by
Despite strong job growth, Chicago is among the nation’s top four metro markets where the median cost of rental living exceeds 40 percent of annual income. According to a report from Mad Valorem’s interactive real estate database, 11 of the 17 metro areas to show the nation’s highest job growth also have the highest rent-to-income ratios. With a median cost of rent around $1,850, rental living in Chicago takes up 47 percent of the average annual income. Boston tops the list with median rent of … [Read more...]
IRS Announces New Initiative to Protect Taxpayer Information
June 12, 2015 by
The IRS took steps this week to keep confidential taxpayer information from getting into the wrong hands. In response to a series of security breaches this tax season, the federal tax authority has reached an agreement with state tax administrators, tax prep software companies, and payroll processing providers. The collaboration between these industry and government groups includes standardized improvements across five key areas: taxpayer authentication, fraud identification, information … [Read more...]
