Although horizontal hydraulic fracturing (fracking) is not yet allowed in Illinois as a means of obtaining natural gas and oil from thousands of feet underground, a permit process could be approved as early as today and as late as Nov. 15. In the meantime, stay abreast of the issue and the concerns surrounding it because of the potential effects they can have on you and your customers.
- Today the Illinois legislature’s Joint Committee on Administrative Rules (JCAR) will meet in Chicago to discuss fracking rules developed by the Illinois Department of Natural Resources. Since January, the IDNR has considered more than 30,000 public comments on the subject.
- Some members of the public favor a ban – and still others limits – on fracking because of environmental concerns (ex. groundwater pollution) about the process, the chemicals used and the waste byproducts.
- Others want fracking companies to publicly disclose where they will drill.
- Representatives of the Illinois Oil and Gas Association don’t like the proposed rules and speculate that unless those rules change, no companies will apply for drilling permits. If companies do not request permits, then communities hoping for an economic boost will not see the job opportunities that fracking could provide.
Consumers are feeling a renewed sense of optimism about the economy, according to the latest consumer confidence index. Economists for the National Association of REALTORS® take a closer look at what the trend means for the housing market in the blog post, “Consumer Confidence: Highest in Nearly Seven Years.”
In other headlines:
Report: Credit card debt nearing “tipping point” – HousingWire
Downtown Peoria panel lists housing strategies – Journal Star
These Analysts Are Still Bullish on Housing – Daily Real Estate News
Freddie Mac reports that fixed mortgage rates saw some slight upward movement this week, but remained generally low averaging 4.12 percent for a 30-year, fixed and 3.26 percent for a 15-year fixed rate mortgage. Read more.
“Mortgage rates were up slightly this week, following the increase in 10-year Treasury yields, despite last week’s disappointing employment report [PDF]. The U.S. economy added only 142,000 jobs in August, after a 212,000 gain in July and a 267,000 increase in June. The unemployment rate fell to 6.1 percent in August from 6.2 percent the previous month,” said Frank Nothaft, vice president and chief economist for Freddie Mac.
In other headlines:
Rockford Area Realtors release August statistics – Rockford Register Star
Inland Real Estate first member of Chicago Realtors Corporate Hall of Fame – Chicago Sun-Times
Buyers Facing Less Competition From Cash Buyers -Daily Real Estate News
The number of buyers purchasing a home with cash in June fell to the lowest level since September 2008, according to the latest report from CoreLogic. Cash sales accounted for 33 percent of all U.S. homes sold in June, far below the peak in early 2011 when cash purchases accounted for 46.2 percent of the housing market. In Illinois, as the CoreLogic map shows below, cash sales were below the national average at 31 percent in June.
September is REALTOR® Safety Month and while agents are reviewing ways to stay safe in the office and at showings, it is also important to share safety tips with sellers who will have people in their homes while it is on the market.
REALTOR® Magazine has some good safety tips that sellers should heed. Here are a few but you can click here to read the full article, “The Safety Talk You Need to Have with Clients.”
- Remove or lock up any prescription drugs before a showing.
- Don’t leave valuables out where people can easily snatch them.
- Put away family photos.
- A listed house will attract attention. Keep the doors locked.
In other headlines:
FHA Ends Post-Payment Penalties – Daily Real Estate News
You won’t believe the 10 markets where price gains were strongest – HousingWire