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Illinois REALTOR® Weekly Connection

News and resources for Illinois REALTORS®

Government pushes for greater mortgage relief. The U.S. Treasury Department and the Department of Housing and Urban Development (HUD) on Monday announced guidelines to convert more trial mortgage modifications made under the Making Home Affordable Program into permanent modifications to help homeowners at risk of foreclosure.

New short sale program guidelines. The Treasury also released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which provides financial incentives to servicers and borrowers who utilize a short sale and deed-in-lieu to avoid foreclosure.

Pending home sales rise for ninth month in a row. NAR’s Pending Home Sales Index rose to 114.1 in October, a 3.7 percent increase over September. It also marked the first time since the inception of NAR’s index in 2001 that pending home sales increased for nine consecutive months.

Loan limit appeals process announced. FHA will permit appeals for the 2010 loan limits for those who can demonstrate that sales prices are higher than the current limits. Appeals must be made by December 21, 2009 and will be handled by FHA’s Santa Ana Homeownership Center. Read the details in HUD’s Mortgagee Letter 2009-50.

U.S. Senate to take up debate of health reform this week. The Senate is expected to begin the formal debate and consideration of the health care reform bill, known as the “Patient Protection and Affordable Care Act of 2009.” Debate on a final bill could extend through December. Read a summary of the provisions and how they will affect the real estate industry at www.realtor.org/healthreform.

Distinguished Service Award nominations due Jan. 31. The deadline is fast approaching to nominate someone for the Distinguished Service Award, which honors individuals who have provided outstanding contributions and service to IAR and the community. The deadline for submission is Jan. 31, 2010.

Tax credit flyer available in REALTOR® Store. You can now order IAR's consumer flyer on the extended and expanded homebuyer tax credit in packets of 50 (just shipping charges apply). A new Spanish translation of the flyer can also be downloaded from the IAR Web site.

Commercial podcast: Commercial practitioners meet with members of Congress. 2010 NAR Treasurer and commercial practitioner Jim Helsel discusses NAR’s new legislative efforts to jumpstart the commercial sector in this November 24 podcast.

Participate in HUD meeting on RESPA and FHA fee cap. On December 3 at 1 p.m. (CST) HUD will review upcoming RESPA changes and the elimination of the FHA cap on origination fees. Persons wishing to participate in this “live meeting” may dial in at 866/757-6799 (Conference ID #44110568)

New easier login procedure for IAR Web site coming soon! IAR has developed a new login procedure where YOU pick your username and password to log into the Member’s Only areas. That means you will only need to enter your 9-digits NRDS number the first time in order to set up your account. Subsequent logins will be with the username and password of your choice. Watch for these changes to take place later this month and contact IARaccess@iar.org if you experience difficulties logging in.

Are you reading IARbuzz.com? IAR’s blog keeps you up-to-date on the latest news and issues swirling around in the Illinois real estate industry. Watch videos, read about new laws and legal changes and find out what people are talking about with IARbuzz.com.

Did you know that young, first-time buyers ages 18 to 29 used a REALTOR® at the same rate as other buyers? Learn more about Illinois buyers with the IAR New Homebuyer Research Toolbox.

Register for FREE upcoming webinars in December:
• “Identity Theft: Protecting You and Your Clients,” on December 3 will offer ideas to keep your information and property secure and what to do if you are a victim of identity theft.
• “Today's Changing Short-Sales Environment,” on December 10 features real estate instructor Lynn Madison who will share tips and updates about the short sale process.
• “Cost Vs. Value: Trends and Tips” on December 17 analyzes findings in the Cost Vs. Value Report and the values of various home projects.

Right Tools, Right Now. Get real estate resources like, “The NAR Guide to Home Buying” and “The Facebook Manual for Real Estate” for at-cost prices.

Did you miss it? Hot topics Weekly Connection readers viewed most last week:
• IARlicenselaw.org and President’s video
• IHDA Home Start flyer
• IAR New Homebuyer Toolbox