Events

Interest Rates:
Rates have risen from their all-time lows, making for relatively increased reward for floating at the expense of greater risks of loss. Rates could easily move higher or lower, and unscheduled, unexpected events can ultimately have the most say in the direction. The Federal Reserve’s aggressive moves to combat inflation have put upward pressure on mortgage rates. In November, the Fed issued its sixth consecutive rate hike of three-quarters of a percentage point. While the Fed doesn’t directly set mortgage rates, the mortgage market’s interpretations of the central bank’s moves influence how much you pay for your home loan. The long period of low mortgage rates following the Great Recession came to an end earlier this year. This June, rates topped 6 percent for the first time since 2008. The upward trend continued in October, when rates topped rates topped 7 percent. As of late November, the 30-year mortgage rate averaged 6.81 percent. 

What Does this mean for you?

Both buyers and sellers will need to go with the flow in the current market. Sellers need to be flexible on sales prices given the challenges created by the sharp increase in mortgage rates. Buyers should be prepared for the sticker shock associated with the increased expense of financing the purchase. Buyers may want to consider a possible downgrade of size or quality of a home, along with the neighborhood, in order to achieve an affordable purchase. As home prices continue to adjust the average time active listings stay on the market is getting longer, resulting in a slightly less competitive market, but this is good news for homebuyers who are still in the game.  

Rentals:
Tenants in rental buildings that are in foreclosure now have more protection. The law requires that banks, receivers, and other entities that take control of a foreclosed residential property cannot terminate a valid lease until the end of the lease term. Then, whoever is in control of the property must provide at least ninety days written notice to the tenant. However, a person who acquires property and intends to make it his or her primary residence can terminate an existing lease with ninety days notice. 

Interest Rates:
Rates have risen from their all-time lows, making for relatively increased reward for floating at the expense of greater risks of loss. Rates could easily move higher or lower, and unscheduled, unexpected events can ultimately have the most say in the direction. The Federal Reserve’s aggressive moves to combat inflation have put upward pressure on mortgage rates. In November, the Fed issued its sixth consecutive rate hike of three-quarters of a percentage point. While the Fed doesn’t directly set mortgage rates, the mortgage market’s interpretations of the central bank’s moves influence how much you pay for your home loan. The long period of low mortgage rates following the Great Recession came to an end earlier this year. This June, rates topped 6 percent for the first time since 2008. The upward trend continued in October, when rates topped rates topped 7 percent. As of late November, the 30-year mortgage rate averaged 6.81 percent.

Home Prices Drop
Could housing prices finally be coming back down to earth? Home-price growth continued to decelerate for the sixth straight month in September 2022. S&P CoreLogic’s latest Case-Shiller U.S. National Home Price NSA Index, released November 29, reports that price growth dropped by 2.3 percent from August to September — from 12.9 percent to 10.6 percent. .

www.va.gov/ 

This is the official VA site.

www.idfpr.com
This is the official site that regulates Illinois professionals and industries, including mortgage brokers, banks and real estate agents. You can also receive local county information, 

 Obtain Your Property Tax Information:

• www.cookcountytreasurer.com  for Cook County
• www.dupageco.org/treasurer/lookup.cfm  for DuPage County
• www.co.kane.il.us/  for Kane County
• www.lakecountyil.gov/treasurer  for Lake County
• www.co.mchenry.il.us/  for McHenry County

DISCLAIMER:
​​This website is intended to supply general information to the public. Although the information is generally accurate, it cannot be guaranteed. The nature of Legislation is that the law can change quickly and visitors should always insure that legal information is accurate before acting. Nothing in this Section should be construed as legal advice, representative of the opinions, beliefs or position of Gene S. Bobroff upon which a reader can rely. The law and customs in your jurisdiction may be different. This information is necessarily brief and may or may not apply to your situation. In all cases, PLEASE, consult a lawyer before acting.

This information herein is intended to be advertising, and not solicitation, or legal advice. Thus, the reader should not consider this information to be an invitation for an attorney-client relationship, should not rely on information provided herein, and should always seek the advice of competent counsel in the reader's state.