Housing recovery

More Positive News for Chicago New Homes Construction

Construction spending in August dropped by more than it has in over a year, but that doesn’t mean the national and Chicago new homes markets aren’t improving. According to the Commerce Department, construction spending in the U.S. fell for the second straight month in August to a seasonally adjusted annual rate of $837.1 billion. The …

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New Home Construction Spending Up 40 Percent Since Recession

After the housing market hit bottom, less U.S. and Chicago new homes were built as homeowners instead began improving the ones they already had. It seems that trend may have ended. U.S. construction spending from June to July fell by 0.9 percent, the Commerce Department said Tuesday. After three straight months of gains, the decrease …

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Mortgage Fees Going Up to Lower Government Involvement

The Federal Housing Finance Agency (FHFA) announced on Friday that it has ordered the two government-controlled mortgage houses to raise fees in an effort to bring more private lenders into the mix. Fannie Mae and Freddie Mac will raise the guarantee fees, or g-fees, they charge lenders to guarantee new loans on single-family homes by …

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National and Chicago Real Estate Prices Improving

For the first time in almost two years, home prices across the country finished the second quarter on the plus side. According to the latest Standard & Poor’s/Case-Shiller Home Price Index, all three headline composites ended the second quarter of 2012 with positive annual growth. That hasn’t happened since the summer of 2010. *The national …

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