Are 40-Year Options on the Horizon and Do They Make Sense?

By Douglas Katz – 07/06/2022 Last month, Housingwire reported that FHA was considering adding the 40-year fixed rate mortgage to their modification options.  While not yet a reality, this does bring up the question of whether we will see this product as an option beyond modifications for FHA as well as part of the conventional …

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Differing Predictions for Housing Prices Forecast Between 9.7% and -0.5% Change by May 2023

  By Douglas Katz – 07/05/2022 All current predictions are down from previous years. Predictions are for single digit or negative changes in the coming year. All forecasts show capitulation that we are past the inflection point and correcting. Mortgage rates had large impact on the slow down and correction. Fortune reported yesterday on the …

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Weekly Mortgage Rate Update – Rates Stabilize for Now

By Douglas Katz – 6/30/2022 Per Freddie Mac: The rapid rise in mortgage rates has finally paused, largely due to the countervailing forces of high inflation and the increasing possibility of an economic recession. This pause in rate activity should help the housing market rebalance from the breakneck growth of a seller’s market to a …

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Deconstructing New Construction – The Caveats for Buyers

By Douglas Katz – 06/30/2022 HIGHLIGHTS New construction has many important considerations that add cost and stress to a deal. Buyers have very little control and bear most of the risk for higher costs, higher rates and an extended timeline. Planning and understanding if the important variables will assist you in having a good transaction …

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Ownership, Title and Vesting – More Important Than You Might Think

By Douglas Katz – 06/28/2022 HIGHLIGHTS Title vesting defines ownership and who has claim to the property. Proper vesting is essential to ensuring that ownership passes the way you want after your passing. All vesting types have benefits and drawbacks that you need to consider especially during times of change in your situation like marriage …

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The Homestead Exemption for Veterans with Disabilities – What You Need To Know.

By Douglas Katz – 06/27/2022 Veterans in Illinois can save up to 100% of their real estate taxes. Savings depend on their disability rating and the county. Caps and different policies can drastically change the benefit for different situations. Some veterans either lose it soon after getting it or do not even get it as …

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Weekly Mortgage Rate Update – Mortgage Rates Continue to Move Up

Per Freddie Mac: Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year. The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping …

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Mortgages Explained – The Adjustable Rate Mortgage (ARM)

By Douglas Katz – 06/23/2022 So now that I have your attention, no we are no talking about your appendages.  We are talking about adjustable rate mortgage (ARMs) and their use is on the rise again.  CNBC just published an article titled Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 …

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Where Will Housing Go In 2022?

By Douglas Katz – 06/23/2022 First let me get this out of the way.  I recommend strongly that you delete, throw away and disregard any forecasts more than 30 days old.  Too much has changed in the markets and, more importantly, in the sentiment of real estate and mortgage professionals, buyers and sellers.  Rates have …

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