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www.IARlicenselaw.org is your source for license law information. Watch this video from IAR President Mike Onorato about the new Web site that IAR has created to bring you answers and information about the Illinois real estate license law rewrite.
Illinois home sales see double-digit jump in October. Total home sales rose 24.2 percent statewide and 33.3 percent in the Chicago region in October compared to a year ago. Nationally, NAR reported that home sales surged 10.1 percent. Low interest rates and the homebuyer tax credit were cited as factors in the increase.
Do you know who is buying homes in your region and why? The IAR New Homebuyer Research Toolbox is a new resource aimed at helping you better understand the homebuyers in your area. For example, women accounted for 55.6 percent of recent homebuyers in northern Illinois while they made up 57.4 percent of buyers in the south central region of Illinois.
IRS updates homebuyer tax credit information. The Internal Revenue Service (IRS) has updated its Web page on the first-time homebuyer tax credit, including benefits for military personnel. You can also find a downloadable consumer flyer and more on the homebuyer tax credit at www.illinoisrealtor.org/taxcredit.
Broker Involvement Program plays a role in tax credit success. With more than 2,300 brokers representing more than 220,000 sales associates nationally, the program’s success helped contribute to the record response for the recent tax credit Call for Action. Watch this video, Advocacy for a New Era, to learn more about the Broker Involvement Program.
IHDA Home Start flyer now available. The Illinois Housing Development Authority (IHDA) has created a flyer – available in both English and Spanish – highlighting the Home Start Loan Program that you can download and give to your clients.
U.S. Senate OKs debate on health care bill. Over the weekend, the Senate voted to allow formal debate on federal legislation that would reform health care. Learn more about how the reform bill will affect REALTORS® and read a recent letter from NAR highlighting some of the issues that still need addressed by any health care legislation.
HUD announces 120-day period of restraint on enforcing new RESPA rule. The Real Estate Settlement Procedures Act (RESPA) rule goes into effect Jan. 1, 2010, but the U.S. Department of Housing and Urban Development (HUD) will give FHA approved lenders more time before enforcement begins in earnest. Read HUD’s news release.
FHA to remove second appraisal requirement on some loans. Read Mortgagee Letter 2009-48, which eliminates the need for second appraisals on loans that exceed $417,000, have a LTV equal or greater than 95 percent and are secured by properties located in declining markets.
A New Tool for Economic Development. Read this IARbuzz.com post from IAR’s Mike Scobey about a new Illinois law, Public Act 96-0755, that could help spur the redevelopment and re-occupancy of vacant commercial properties around the state.
Right Tools, Right Now. Download the 2009 NAR Profile of Home Buyers and Sellers for free. You can also learn more about the demographics and characteristics of NAR’s commercial members by downloading the 2009 NAR Commercial Member Profile.
Still time to register for December 10 short sales webinar featuring Lynn Madison. In the NAR webinar, "Today's Changing Short-Sales Environment," real estate instructor Lynn Madison will share tips and updates about the short sale process.
Did you miss it? Hot topics Weekly Connection readers viewed most last week:
- New www.IARlicenselaw.org site
- IAR New Homebuyer Research Toolbox
- Chris Bird’s tax deduction worksheets
IAR wants to wish everyone a wonderful Thanksgiving holiday! IAR’s office in Springfield will be closed Thursday, November 26 and Friday, November 27 in observance of the holiday.
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