The Federal Reserve is gearing up with more consumer protection on the home loan front, as it continues its overhaul Regulation Z. Regulation Z is the wide-reaching Consumer Protection provision of Truth In Lending law enforced by the Federal Deposit Insurance Corporation. The ever-evolving regulation mandates certain detailed disclosures by financial institutions in the realm of home loans and regulates certain credit card practices and credit billing disputes. Disclosures help consumers determine if a given borrowing transaction is right for them. The greatest collapse in the housing and mortgage market in 70 years was due, in part, to consumer ignorance that caused them to buy homes they couldn't afford. "Consumers need the proper tools to determine whether a particular mortgage loan... 09/03/2009

We're up to our sixth tip already, which means there are five others you may want to go back and read: Remodeling the Bathroom, Updating the Landscaping, Updating the Kitchen, Updating the Exterior, and Adding Another Room. Today's tip is for planning an addition where the family can relax and enjoy the great outdoors in Northbrook.  I was going to call this Tip "Adding a Deck, Patio or Porch" but the more I got into it, the more I realized that that title might not be what those planning on selling their homes are interested in reading about. While adding a deck can be a beautiful step towards improving the sale of your home and making it attractive to buyers, a simple 16 x20 foot deck of pressure-treated wood can easily cost at least $11,000. This may be more than some sellers want to... 09/03/2009

Under new rules adopted by the Federal Reserve Board, beginning July 30, 2009, mortgage lending will be subject to expanded disclosure requirements. This may well be a good thing. However, until everyone gets used to it, it also may cause occasional delays in closings. First, some background. More than a few times home purchasers have been shocked at the time of closing to discover that they will have to pay more for their mortgage than they had anticipated. This doesn't necessarily meant that the interest rate on the loan is higher than expected. What is more likely is an increase in the costs associated with obtaining the loan. They may be charged an additional ½ point on the origination fee. Or perhaps a new fee has been added for an "underwriting review" or some such thing. When tha... 09/02/2009

With Congress due back on Capitol Hill after Labor Day, the legislative fight over Fannie Mae's and Freddie Mac's controversial appraisal rules is heating up. Bipartisan legislation that would put the “Home Valuation Code of Conduct” (or HVCC) on hold for 18 months has steadily gathered support in the past month, and now has 54 co-sponsors. Meanwhile, the National Association of Realtors continued its grass-roots lobbying push for the HVCC moratorium bill in key congressmen's home districts during the August recess. The association has been an outspoken critic of the HVCC rules, arguing that they produce deal-killing lowball appraisals, encourge the use of low-paid appraisers unfamiliar with local conditions, and have raised the cost of valuations for consumers. Home builders, appraiser... 09/01/2009

Yes, dinosaurs have come to the Brookfield Zoo and would like everyone from Wilmette, Glenview, Northbrook and the North Shore to come for a visit.  Now through October, 2009, Dinosaurs Alive! is open in its outdoor forest setting at the Brookfield Zoo, adjacent to the Children's Zoo. Featuring a life-size Stegosaurus, Pteranodon, Triceratops and Tyrannosaurus Rex, complete with a natural fleshy feeling, there are 18 prehistoric creatures in all. They even make sounds, from roars to chirps, for all to hear.  Four of these dinosaurs, a baby Apatosaurus, a Baryonyx, a Dilophosaurus, and a Parasaurolophus, can even be manipulated by visitors from remote control consoles. There is also a model of Zigong, China's Danshanpa Quarry, complete with a replica of a portion of a Mamenchisaurus skel... 09/01/2009

The housing crash brought with it many changes including government programs to aid homeowners facing foreclosures, a closer look at lending practices, and new loan products for consumers. The last item is what concerns many Americans who are interested in taking advantage of falling housing prices. A study called, A Financial Analysis of Consumer Mortgage Decisions written by Andrew J. Kalotay and Qi Fu and released by the Research Housing Institute for America (RIHA) and the Mortgage Bankers Association (MBA) details information on getting a mortgage loan. Getting as much information and education about the best options before taking a mortgage loan has never been more vital—it can help ensure that your borrowing strategy is successful. Fu says their study focuses on three main areas ... 08/31/2009

The housing crash brought with it many changes including government programs to aid homeowners facing foreclosures, a closer look at lending practices, and new loan products for consumers. The last item is what concerns many Americans who are interested in taking advantage of falling housing prices. A study called, A Financial Analysis of Consumer Mortgage Decisions written by Andrew J. Kalotay and Qi Fu and released by the Research Housing Institute for America (RIHA) and the Mortgage Bankers Association (MBA) details information on getting a mortgage loan. Getting as much information and education about the best options before taking a mortgage loan has never been more vital—it can help ensure that your borrowing strategy is successful. Fu says their study focuses on three main areas ... 08/28/2009

As energy costs rise and resources become scarcer, more homeowner associations are finding ways to reduce energy consumption and "go green." With state legislation placing limits on the authority of HOAs to prohibit or regulate certain energy generation devices and energy efficient measures,the issue has come to the forefront of the attention of both HOAs and owners. Given all of this, what are some ways homeowner associations can be proactive in creating or encouraging green practices?Recycling. If your HOA has centralized trash collection, contract with your trash removal contractor to also provide for recycling. If your community has curbside pickup, recycling may be included in the cost of that pickup. Encourage all residents to recycle.Reduce Water Consumption. Many HOAs have overl... 08/27/2009

Is your little Yorkie feeling low because he or she is inside all week long while other family members are at work? Does your poodle need a new place to poo? Too many bagels making your beagle a bit fluffy and in need of a good run?  Then it's time to put Poochie in the car and head on over to Marine Drive and Lawrence, near Margate Park, to one of the best dog parks on Chicago's north side. Many pups even leave their toys in the grass for others to use so if you forget to bring your doggy's toys, no problem!  Since this park is fenced and has a double-gate system so pups and parents can feel secure, Poochie can even be off-leash if Mom and Dad agree. Your dog can play and run and romp and let the wind blow through his flapping ears. And when he needs a drink, there's water ready and wa... 08/27/2009

A recent headline in the business section of the Orange County (Calif.) Register noted that the median price of home sales had risen, but that the statistic was misleading. Most of my Realtor® colleagues would complain that the paper was going negative again. Okay, point conceded; but the paper was correct. The Register had noted that the rise in the median price was explained by the fact that more sales of higher priced properties had occurred in the present period than had in the preceding period. This didn't mean that the prices or values of any particular properties had risen; only that the middle point of the sales had risen. This phenomenon deserves elaboration. I suspect that it is not a uniquely Orange County phenomenon. Moreover, not understanding it can cause serious mispercep... 08/26/2009

Our previous four tips on projects to help sell your home are Remodeling the Bathroom, Updating the Landscaping, Updating the Kitchen, and Updating the Exterior. But what if your home just doesn't have quite enough rooms? Let's talk about that today.  Sometimes an existing home just needs another room to make it complete. Using the space in the attic may be the perfect solution. By refurbishing existing space, you'll save money over adding a completely new addition from the ground up. Plus, if there's really not enough room on your lot, building "up" may be the only option. To redo the attic and make it into a liveable room complete with a bath and shower, a closet, and a dormer for extra headroom and light, you'll probably spend at least $40,000. Returns on attic redo's often depend on... 08/26/2009

The House and Senate may still be on summer break, but the battle lines are growing sharper every day in Washington on one key real estate and mortgage issue that will be front and center in September: Should Congress create a new federal agency that does nothing but protect consumers from high-risk mortgages, bad lenders and real estate settlement rip-offs? Last week, in an unusual move tied to possible congressional action next month, half of the country's state attorneys general weighed into the debate and said, "yes," we need more muscle from the feds. Before heading back to their districts, congressmen and senators got an earful from opponents of the idea. Most banking and mortgage industry lobbyists argued that creating a new agency would just gum up the works, add a new layer of ... 08/25/2009

Our first three tips in this series included Remodeling the Bathroom, Updating the Landscaping, and Updating the Kitchen. Today, we're moving outside of the house and working on an exterior redo.  First, let's look at the home's siding as it is one of the most noticeable things about the outside of your home. Vinyl siding, especially the older type, can fade with age, or become cracked, warped or loose, so having new vinyl siding installed can dramatically improve the looks of the outside of your home. This might even be a good time to change the color. White is always a good choice in Northbrook as it can go with any color of shutters, brick, or painted trim.  The national average cost for installing 1,250 square feet of vinyl siding is $7,239, while four to five gallons of paint can c... 08/24/2009

McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.12 percent with an average 0.7 point for the week ending August 20, 2009, down from last week when it averaged 5.29 percent. Last year at this time, the 30-year FRM averaged 6.47 percent. The 15-year FRM this week averaged 4.56 percent with an average 0.7 point, down from last week when it averaged 4.68 percent. A year ago at this time, the 15-year FRM averaged 6.00 percent. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.57 percent this week, with an average 0.6 point, down from last week when it averaged 4.75 percent. A year ago, the 5-year ARM averaged 5.99 percent. One-year Treasury-indexe... 08/24/2009

Our first post in this series was on Remodeling the Bathroom, and last week's post concerned Updating the Landscaping.  This time around, we've moved on and the kitchen is getting the makeover.  Now is probably not the time to spend enough money on your Wilmette home to create a whole new floor plan in the kitchen. Even refacing the cabinets, adding a new wall oven and cooktop, putting in a new sink and fixtures, and installing laminate countertops and resilient flooring can cost around $15,000. If you're planning on staying in the home for a while, this might be necessary to get the place the way you want it.  What if you are upgrading with the idea of selling within the next year or two? Statistics show you'll probably recoup about 98.5% of what you spend on this remodel, but $15,000 ... 08/22/2009

Before you start a company, the first thing you should do is market research to determine your target market. This important step will help determine how successful you ultimately will be. The same is true when it comes to selling your home. Understanding the buyer market and who might be a good fit for your home will help ensure that you highlight the most vital features. “Just like the business of television advertising commercials, you need to know who your target audience is,” writes Michael Corbet in his book Ready, Set, Sold! Before putting your home on the market, you should take time to search for the best agent to handle your transaction. The agent can help you better understand which buyers are most likely going to be interested in your home. Even though you may have lived in ... 08/21/2009

We started this series of posts last week so if you happened to miss the first one, Remodeling the Bathroom, you can still see it. This week we're going to discuss your landscaping and how you can perk it up to help your home sell quickly.  Did you know that according to the American Nursery & Landscape Association, the "average homeowner" spends around $3,500 on their landscaping and another $1,465 on a designer to plan what they need?  When your home sells, the average return on the money you spent to upgrade your landscaping will probably be about 100%. However, if you don't want to put out thousands of dollars to get it up to par, here are a few less expensive tips you might want to consider.  Go to your local garden center and talk to the workers there. Many times, they own the pla... 08/20/2009

It is no mystery that the economy, and the real estate market in particular, have not been kind to working-class people. While most of us have been touched in one way or another by the economic slowdown, some folks have strung together a particularly bad streak of luck. Take John and Jennifer from Huntington Beach, CA. John is an auto salesman and Jennifer worked as an administrative assistant at a local manufacturing company. Like many Americans, John and Jennifer were both laid off months ago and lost their home to foreclosure. After getting themselves together, they found an affordable rental condo with a very attractive monthly rental price and a landlord willing to overlook their bad credit. This is where things went from bad to worse. Three months into their tenancy, John and Jenn... 08/20/2009

Sales of existing homes and condos continue to power the real estate market, in some areas they're up by double digits, and despite all the negative headlines about foreclosures, even prices are rising in many places as well. Sales in the second quarter ending June 30 jumped by nearly 4 percent countrywide, according to the National Association of Realtors. Second quarter sales in 39 states were higher than the first quarter, as they were in 129 out of the 155 largest markets. New York saw an impressive 22 percent increase for the quarter, as did Wisconsin. California, Michigan and Minnesota all registered double-digit sales gains compared with the second quarter of 2008. Prices were still flat or down in markets where large percentages of sales are bank-owned REO. But in relatively hea... 08/19/2009

Abraham Lincoln, one of Illinois' most famous favorite sons, was born on February, 12, 1809, making this year the 200th anniversary of his birth. Although Abe was born in Kentucky and grew up in Indiana, he spent most of his adult life in Illinois. He was especially fond of Springfield, of which he said. "To this place, and the kindness of these people, I owe every thing. Here I have lived for a quarter of a century, and have passed from a young to an old man."  Both because of his personal contributions to the nation and the continual relevance of the battles he waged for race and civil rights, Lincoln's bicentennial has been observed all around the country. Right here on the North Shore, gala celebrations of his life have been underway all summer.  To join in the Lincoln celebrations ... 08/18/2009