Morning Minute: U.S. pending home sales up slightly in June

The National Association of REALTORS® (NAR) reports today that its Pending Home Sales Index, which tracks contract signings, moved marginally higher in June with a 0.2 percent increase compared to the month before. Tight housing inventory and rising prices are continuing to impact the market and potential homebuyers, said NAR Chief Economist Lawrence Yun.

“Until inventory conditions markedly improve, far too many prospective buyers are likely to run into situations of either being priced out of the market or outbid on the very few properties available for sale,” Yun said. Read more and watch a short video with Yun.

In other headlines:

What Are Americans’ Top Housing Concerns? – Daily Real Estate News (REALTOR® Magazine)

New home sales reach 8-year high – HousingWire

 

Morning Minute: Consumers maintain their confidence

A comparison of what Americans bought and watched thus far in July has nearly stayed the same as last month, reported Housing Wire today. The story, titled “Consumers’ optimism holds steady in July,” quoted the Conference Board’s Consumer Confidence Index as 97.3 this month, compared to 97.4 last month which was considered “high” by “historic standards.”

In other headlines:

Reverse Mortgages Slowly Make a Comeback — Daily Real Estate News (REALTOR® Magazine)

Owning Beats Renting in These High-Priced Areas — Daily Real Estate News (REALTOR® Magazine)

 

Day 2 at the DNC: State delegation meets in Philadelphia

Illinois Attorney General Lisa Madigan speaks at a breakfast for state policymakers attending the Democratic National Convention in Philadelphia on Tuesday, July 26, 2016.

Illinois Attorney General Lisa Madigan speaks at a breakfast for state policymakers attending the Democratic National Convention in Philadelphia on Tuesday, July 26, 2016. Photos by Julie Sullivan, Illinois REALTORS®.

PHILADELPHIA –Illinois REALTORS® delegation to the Democratic National Convention in Philadelphia attended a reception Monday night and the state breakfast this morning.

Delegates and policymakers from Illinois attend a meeting in Philadelphia as part of the Democratic National Convention.

Delegates and policymakers from Illinois attend a meeting in Philadelphia as part of the Democratic National Convention.

The association sends REALTORS® to both conventions as a matter of policy each presidential election cycle. Last week many of the the bi-partisan association’s officers were at the Republican National Convention in Cleveland.

This morning’s breakfast featured Illinois Attorney General Lisa Madigan, and kicks off a day which ends with a keynote at the Wells Fargo Arena by former President Bill Clinton.

Illinois REALTORS® President Mike Drews and President-elect Doug Carpenter have arrived at the Republican National Convention to represent the states real estate industry.

Illinois REALTORS® President Mike Drews and President-elect Doug Carpenter have arrived at the Democratic National Convention to represent the state’s real estate industry.

Illinois REALTORS® President Mike Drews and President-elect Doug Carpenter arrived in Philadelphia Monday after spending a week in Cleveland.

Both said the opportunity last week to meet the state’s policymakers in an informal setting was well worth the effort.

 

Morning Minute: Chicago makes list of top cities for real estate investors

Thinking about investing in real estate? Then Chicago would be a good bet since it ranked as the No. 4 U.S. metro when it comes to first-year home price appreciation for those who will be looking to sell later, according to the real estate investment company, HomeUnion. Realtor.com covers those findings and more in the blog post, “The Best Cities to Invest in Real Estate on a Budget.” The post also looks at cities with the best returns for owners who want to be landlords.

Infographic by realtor.com. Find the infographic and full blog post at http://www.realtor.com/news/trends/invest-in-real-estate-on-budget

Infographic of HomeUnion data by realtor.com. Find the infographic and full blog post at http://www.realtor.com/news/trends/invest-in-real-estate-on-budget

 

In other headlines:

11 modern closing gift ideas for every type of buyer – Inman

Obama administration presents a look at life after HAMP – HousingWire

IHDA to reopen foreclosure prevention program

IHDAStarting Aug. 1, homeowners who have experienced at least a 15 percent drop in income through no fault of their own and need help paying their mortgage can apply for federal assistance from the Hardest Hit Fund Program.

According to information from the Illinois Housing Development Authority (IHDA), qualifying homeowners could receive up to $35,000 in reinstatement assistance and/or monthly mortgage payment assistance.

Reinstatement assistance is a one-time payment of all mortgage arrearage, fees and penalties, while monthly mortgage payment assistance will pay 100 percent of the homeowner’s monthly mortgage payments for up to 12 months. The assistance will be provided as a five-year forgivable loan and funds may have to be repaid to the IHDA if the owner sells the home at a profit or refinances during the five-year loan term.

U.S. Senators Dick Durbin and Mark Kirk of Illinois and Cook County Commissioner Bridget Gainer made an announcement last Friday in Chicago about the program reopening.

For more information, go to: www.illinoishardesthit.org.