Shadow Inventory of Fine Chicago Foreclosed Homes Coming!

Some Folks Just Don't Get It?

Word is in that there is a new wave shadow inventories (Video by trusted CNN Faber Report and Amherst Security Analysts) of Chicago foreclosures coming down the tracks for the 1st and 2nd quarter of 2010. What is a shadow inventory? It is 2 things:

• Rentals that Fannie Mae has had in rental inventory homes in Chicago that Fannie Mae intends to release back into the market this spring.

• Banks are again getting shot in the foot! Loans that were modified 12-24 months ago are now in foreclosure again. The best predictor of consumer behavior is the recent past. Our government is trying to save consumers that don't have a clue how to be responsible. It's responsible folks that are flitting the bill! This is for another blog.

What does this mean for home sellers and home buyers? Good news and Bad News! The Good News for Buyers is that home prices are going to drop another 12% through 2010. By this time analyst's and I agree the Chicago Homes inventory will the hit bottom by March of 2011.

I'm a buyer that needs or wants to buy a home and I have a credit score higher then 620, do I qualify for a Chicago home loan by FHA? Yes you do if you have a job and a qualified income for the price of Chicago homes for sale and low debt ratio qualification.

I hear the market is still dropping! What do I do to not pay to much? You must work with Chicago real estate agents who will act as your trusted advisor that knows the numbers. Have your advisor calculate and estimated Market Evaluation minus at least 15-18% below current market value. Then start with and offer 3% lower then that as a starting bid. You must be willing to walk away from a home. That emotional decision may come back to bite you down the road. Don't plan on selling your home for at least 7 years.

Check back next week for more helpful real estate information from "The Art of Real Estate".

Next weeks topic: How do I buy a home in a turbulent Chicago real estate market.

What home buyers face in the New Reality Market

What can home buyers expect for the up coming Real Estate spring market of 2010? If you have stellar credit, you can look for a lengthy home loan process, long waiting times for home loans, and a ton more of paper work by mortgage companies. If you have a credit score of 620 or higher, you will have less options, however if your qualified, you may be able to purchase more home than you may think, Cook County FHA Loan Limits is currently $410,000. Closing are taking at least 90 to 120 days from the date of contract. 4 out of every 10 listings is a foreclosure. Using an ethical mortgage broker is going to help you shop for the best home loan for you. We can recommend a few ethical mortgage brokers for you. It is imperative that home buyers have a team of advocates that understands the intricacies of foreclosures and short sales.

Today is the hardest Art has seen in nearly 20 years keep up with the daily changes and sometimes minutely changes that are taking place in the real estate market. From day to day Hud makes a change to a Hud-1 rule that may not be communicated until it is to late then a home buying transaction is in jeopardy, and the home buyers dream fades as the watch their dream home fade away.

You can count on the services of professionals that can help you navigate the extremely choppy waters. If your not ready to make that commitment that's OK, we hear you, in the mean time, feel free to help yourself to an entire list of homes for sale in the Chicago area. O by the way, there is no obligation to leave an email unless you sign up for our free home updates. This services emails you homes that you choose what you want sent to you, with several frequency options.

At Ahouse 4 Us Group we believe in giving you choices. You make an informed decision based on your own needs and wants. We are just facilitators of the process. To find out the steps it takes to buying a peace of the American dream, click hear and we will walk you through your first step.