Yearly Archives: 2010

SPRINGFIELD, IL - April 6, 2010 - (RealEstateRama) -- The popular homebuyer tax credit, which has benefited millions of first-time and move-up buyers purchasing a new home, will soon come to an end. Potential homebuyers need to move quickly if they want to take advantage of the federal tax credit before it expires April 30, 2010

SPRINGFIELD, IL - March 22, 2010 - (RealEstateRama) -- The Illinois housing market posted its sixth consecutive month of year-over-year home sales increases in February as tax credit and buyer market conditions continue to move the market toward stability. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in February 2010 were up 15.7 percent, totaling 6,068 homes sold compared to February 2009 sales of 5,243 homes. The median price in February 2010 was $135,000, down 3.6 percent from $140,000 in February 2009. The median is a typical market price where half the homes sold for more, half sold for less

March 19, 2010 - (RealEstateRama) -- Working to bring affordable housing options and needed jobs to Kankakee, Rep. Debbie Halvorson (IL-11) joined State Senator Toi Hutchinson, State Representative Lisa Dugan, Mayor Samuel Payton, and other local officials and community members at the ground breaking of Sandstone Hills, a single-family rent-to-own community of 29 homes made possible by federal Recovery Act funding."A critical part of the American Dream is the opportunity to have a home our families can call their own," said Halvorson. "The funding provided by the Recovery Act I voted for will offer an opportunity for families to purchase homes they can afford, at a time when they need help the most."

WASHINGTON, D.C. - March 18, 2010 - (RealEstateRama) -- United States Senator Roland W. Burris today announced that American Recovery and Reinvestment Act funds from the Department of Agriculture are being allocated to Illinois rural communities for water system projects to enhance water quality and improve sanitation services. These projects will provide construction jobs and improve water systems infrastructure in rural areas

Washington, D.C. - March 16, 2010 - (RealEstateRama) -- On March 12, 2010 Congressman Danny K. Davis (D-IL), along with Representatives Peter Roskam (R-IL) and Patrick Tiberi (R-OH) introduced, H.R. 4839, a bill that will enhance economic development in underserved areas. The bill will modify Section 118(a) of the federal tax code to reflect the increased use of partnerships or Limited Liability Corporations (LLCs), an exemption already provided to corporations

Foreclosures not limited to predatory lending as more homeowners are “underwater”. CHICAGO, IL - March 15, 2010 - (RealEstateRama) -- More homeowners across Chicago find themselves at risk of foreclosure as property values drop and families struggle with unemployment, U.S. Senator Dick Durbin (D-IL) said today at a news conference to release National People’s Action’s 2009 Chicago Foreclosure Report.

Chicago, IL - March 15, 2010 - (RealEstateRama) -- Mayor Richard M. Daley today introduced six ordinances supporting programs that ensure families have access to safe and secure housing and help growing businesses expand their operations. “Chicago’s strength relies on the health and stability of its neighborhoods,” Daley said. “These ordinances will help upgrade housing, enhance commercial growth and bring about positive change to the lives of local residents,

West Chicago, IL - March 15, 2010 - (RealEstateRama) -- The 2010 Census will document the changes in our nation since the last decennial census in 2000, and tell us how we've evolved as a country. Because census data affect how more than $400 billion per year in federal funding is distributed to tribal, state and local governments, the census also will frame the future of our country for the next 10 years. It is vital that everyone in the United States be counted in 2010.

Washington, DC - March 12, 2010 - (RealEstateRama) -- Yesterday, Congressman Bill Foster (IL-14) introduced legislation that will promote neighborhood stabilization by incentivizing short sales as a preferable alternative to foreclosure

SPRINGFIELD, IL - March 1, 2010 - (RealEstateRama) -- Buyer market conditions remain in most Illinois housing markets as January marked the fifth consecutive month of year-over-year home sales increases while the statewide median price logged its first uptick since September 2007. According to the Illinois Association of REALTORS® latest report, statewide total home sales (which include single-family and condominiums) in January 2010 were up 14.0 percent, totaling 5,483 homes sold compared to January 2009 sales of 4,809 homes. The median price in January 2010 was $145,300, up 0.2 percent from $145,000 in January 2009. The median is a typical market price where half the homes sold for more, half sold for less.

CHICAGO, IL - February 19, 2010 - (RealEstateRama) -- The final report of the Nursing Home Safety Task Force was presented to Governor Pat Quinn today. The report details recommendations to ensure the safety of nursing home residents and build a better system of treatment for people in need of care for physical or mental illnesses, disorders or disabilities. Governor Quinn formed the Task Force in October of 2009 in response to reports of violence and unsafe, inadequate care for vulnerable nursing home residents. To read the full report, please click on the link below

SPRINGFIELD, IL - February 11, 2010 - (RealEstateRama) -- Fueled by the tax credit incentive, home sales rebounded in the latter half of the year with Illinois buyers gaining some long-awaited confidence bolstered by low mortgage interest rates and moderating home prices. According to the Illinois Association of REALTORS® (IAR) fourth quarter 2009 report, Illinois home sales (which include single-family homes and condominiums) totaled 29,822 in the fourth quarter, up 35.6 percent from 21,986 home sales in the same period a year ago. For the year 2009, total sales were down 1.4 percent with 107,613 homes sold compared to 109,195 sales in 2008

Two programs serve low-income residents, create jobs. CHICAGO, IL - February 11, 2010 - (RealEstateRama) -- A new round of $15.4 million in federal affordable housing funds will help low-income residents, including seniors and persons with disabilities, and landlords rehabilitate more than 420 homes across the state, the Illinois Housing Development Authority (IHDA) announced today.

CHICAGO, IL - February 10, 2010 - (RealEstateRama) -- The Illinois Department of Healthcare and Family Services (HFS) today announced the approval of 18 new Supportive Living Facilities (SLFs) in Illinois. The state’s Supportive Living Program offers an alternative to nursing home care for low income seniors, and people with physical disabilities

More than half of home buyers in the 2009 Profile of Illinois Home Buyers and Sellers were first-time buyers, due in large part to the first-time homebuyer tax credit stimulus and increased affordability in home prices in the last year. The survey results released by the Illinois Association of REALTORS® (IAR) found 51% of buyers were first-time buyers, compared to 47% nationwide (a figure which has averaged closer to 40% nationwide since 2001). When asked about the primary reason for timing of the home purchase, 46% of first-time buyers said it was just the right time.