Housing

As the Housing Market Deteriorates for Sellers, Divorcing Couples Need to Take Heed

By Douglas Katz – 08/10/2022 Realtor.com reported this week that listings have grown at a rate of 30.7% from the same time in 2021.  This is great news for the market in general as we move toward a more balanced market, but makes things complex for divorcing couples. When analyzed with other indicators such as …

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Mortgage Market and Rate Update – Upward Mortgage Rate Trend Continues

By Douglas Katz – 07/22/2022 Per Freddie Mac: The housing market remains sluggish as mortgage rates inch up for a second consecutive week. Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably. Other Key Points …

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Single Family Housing Starts Drop by 8.1% in June – How Will it Impact Buyers?

By Douglas Katz – 07/19/2022 The government released data this week pointing to a discernable drop in housing starts, i.e. new construction.  The overall reported drop was around 2%.  Single family housing starts were more pronounced with a drop of 8.1%.  This drop is likely ties to builders waning confidence in the housing market and …

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Some Surprising Drops Could Occur in Previously Hot Market Per Axios/Home.LLC Report

by Douglas Katz – 06/12/2022 Axios and Home.LLC just released the results of a study that they did in recently in 100 of the biggest markets. Key points to remember: This is not surprising as many of the cities mentioned were the most high flying during the housing boom. These markets were the most overpriced …

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CNBC: “Homebuyers are canceling deals at the highest rate since the start of the pandemic.”

By Douglas Katz – 07/11/2022   CNBC recently reported that deal cancellations have risen to 15%.  This is applicable to new and existing homes and, while not a harbinger of doom, it does reflect a sea change for the market.  Killing deals was unheard of just a few months ago when homebuyers were willing to …

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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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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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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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