In its latest monthly outlook, mortgage-finance company Fannie Mae says the housing market is off to a promising start and improving consumer sentiment will help with a gradual recovery in 2012, Dow Jones Newswires reports.

Among its findings, Fannie Mae noted that more consumers are reporting they believe it is a good time to sell their homes, a segment of the market that has long been depressed, according to Dow Jones Newswires.

In other news:

Slow foreclosure process in Illinois. A new report from the Mortgage Bankers Association finds that “7.5 percent of mortgage loans on one- to four-unit residential properties in Illinois were in foreclosure at the end of March, compared with a national average of 4.39 percent,” due in part to the state’s court-supervised foreclosure process, the Chicago Tribune reports.

Protesters in Chicago call for foreclosure freeze. CBS2-TV in Chicago reports that as the city readies for the upcoming NATO Summit, protesters are calling for a moratorium on foreclosures and evictions.

NSBAR President and CEO Terry Penza

The Illinois Association of REALTORS® congratulates Terry Penza, president and CEO of the North Shore-Barrington Association of REALTORS®, on being chosen the 2012 recipient of the William R. Magel Award of Excellence today at the National Association of REALTORS® (NAR) Midyear in Washington, D.C.

The NAR award honors an individual who has truly excelled in his or her role as an association executive of a local or state REALTOR® association. NAR’s Midyear Live Blog offers more detail about the award.

Penza, RCE, CAE, has led the North Shore-Barrington Association of REALTORS® (NSBAR) for more than 25 years. Prior to that she was affiliated with REALTOR® associations in central and southern Illinois.

Congratulations Terry!

New home construction rose to 717,000 homes in April, a 2.6 percent increase from March, the U.S. Commerce Department announced today. Construction of both single-family homes and apartments increased, reports the Belleville News-Democrat (via AP).

In other news:

Foreclosed owners back on the path to homeownership
An article in today’s Chicago Tribune reports on a small but growing number of people who lost their homes to foreclosure or sold through short sale and are already returning to homeownership.

Chicago Agent Magazine reports that housing affordability is at its highest level in four decades, according to an analysis of Federal Housing Finance Agency data by the analytics firm Fiserv.

Illinois REALTOR® Jack Persin, the president/managing broker at Ryan Hill Realty and co-president of the Mainstreet Organization of REALTORS® told Chicago Agent that local markets in the DuPage County area have responded well to the historic levels of affordability.

“Absorption rates continue to drop,” Persin said. “In DuPage, where once absorption rates were running 10 to 14 month, we now find them nine months and under.

At the same time, Crain’s Chicago Business reports that downtown apartment rents hit another high in the first quarter of 2012. Read the full story.

In today’s Peoria Journal Star, Laura Martin, president of the Peoria Area Association of REALTOR®, tells why she and many of her REALTOR® colleagues from Illinois and thousands more from around the country are headed to Washington, D.C., this week to fight for homeownership and the real estate industry.

REALTORS® will be talking to federal lawmakers about issues such as preserving the mortgage interest deduction, liquidity in the mortgage lending markets, FHA, flood insurance, Internet sales tax and other key issues.

“Congress addresses myriad real estate issues every year. What makes this year unique is that, for the first time, the American Dream as we know it is under attack. We believe that everyone should have the opportunity to pursue the American Dream of home ownership, and we will fight against obstacles that make it more difficult for people to buy, own and invest in real estate,” Martin said.

Have you fallen behind on your mortgage payments? Are you or someone you know at risk of losing your home to foreclosure? The Illinois Attorney General’s Office may be able to help.

The office is hosting a Help for Homeowners Mortgage Resource Fair on May 19 in Springfield at 500 S. Second Street. The event is free and runs from 9:00 a.m. – 1:00 p.m.

Advocates and counselors from the Illinois Attorney General’s Office will provide homeowners with information on homeowner rights, foreclosure prevention, and obtaining no-cost assistance locally and throughout the state. Several lenders will also be on site to assist.

Download a flyer on the event, including a checklist of documents to bring with you. You can also learn more about the event by contacting the Homeowners Helpline at 1-866-544-7151.

Illinois REALTORS® will be joining thousands of REALTORS® from around the country on May 17 to rally for homeownership and the real estate industry in Washington, D.C., Chicago Agent Magazine reports.

Jon Broadbooks, director of communications for the Illinois Association of REALTORS® (IAR), said a strong showing of  Illinois REALTORS® and IAR leadership will be among the crowd, with more watching the event online.

The present real estate market, Broadbooks said, will be a huge focus of the rally, and REALTORS® are hoping to draw attention to the interdependent relationship between housing and lending.

“This is about helping [prospective buyers] realize the American Dream,” Broadbooks said.

How low can they go?
Freddie Mac reports that mortgage rates fell to yet another record low with the average rate for a 30-year fixed loan falling to 3.83 percent while the average 15-year rate dropped to 3.05 percent for the week ending today, according to Bloomberg.com.

In other news:

April home sales rose 27 percent in the Bloomington-Normal housing market, the Pantagraph reports.

The median home price climbed 15.3 percent in the Springfield area market during the first quarter of 2012, the State Journal-Register reports.

The Chicago Tribune reports on a new smartphone app, HomeSnap, that allows you to snap a photo of a house and pull up the estimated value, what it last sold for and more information.

Fannie Mae turned a profit in the first quarter of 2012 and will repay the U.S. Treasury Department $2.8 billion, according to the Associated Press (via Daily Gazette).

Chicago Agent Magazine spotlights the outreach efforts of the Illinois Association of REALTORS® (IAR) and the Chicago Association of REALTORS® to prepare their members for the Illinois real estate license transition period that ended on April 30.  Now that the deadline has passed and the informational blitz has ended, the associations are looking ahead to help members working under the new requirements.

IAR Director of Communications Jon Broadbooks said he has been very encouraged by Illinois’ markets since the April 30 deadline, and going forward, he said he is very confident for the real estate market. With the economy improving steadily with each month, he said the increased opportunities for agents will more than make up for any possible reductions in numbers because of the new licensing requirements.

In other news:

Borrowers seeing refinancing delays: More homeowners looking to refinance their mortgages are finding themselves waiting due to delays. (Wall Street Journal)

Freddie Mac to drop fee: The mortgage giant announced that it will drop a refinancing fee on deeply underwater loans.  (Wall Street Journal)

April home sales/prices climb in Rock River Valley: Year-over-year homes sales rose for the 11th straight month in April while prices topped $100,000 for the first time since November. (Rockford Register Star)

Members of the Bloomington-Normal Association of REALTORS® presented a $10,000 check to help fund efforts to create jobs in the area.

The Bloomington-Normal Association of REALTORS® has committed $10,000 toward an initiative that will create a five-year job-creation plan. The money was collected from all the association’s 430 members, and is to be used for the “Forging Ahead” effort which is being spearheaded by the Economic Development Council of Bloomington-Normal.

Members gathered last week to present the check. The Bloomington Pantagraph article on the donation can be found here.