Article: Improvement Coming to Buyer Tax Credit?

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is working on a plan that will permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered May 12 at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..

He says FHA’s approved lenders would be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table. The plan isn't final; more details are expected in coming weeks.

Other Solutions for Today's Market

During his address, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”

He and other speakers examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort.

“Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.
“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.” [Click here to view article]

Foreclosure Factoids

I was doing some research for my June e-newsletter on foreclosure statistics in Illinois and the rest of the U.S. As the data accumulated, however, I decided this somber subject matter was perhaps a bit too "Debbie Downer" for my optimistic e-blast. Still, I did find the relevant information to be quite interesting. Did you know.....

• Foreclosure filings surpassed 3 million in 2008, setting a record that has Washington, D.C., policymakers calling for more aggressive efforts this year to aid troubled homeowners.
• Foreclosures last year were up 81% from 2007 and 225% from 2006, according to a report out today from RealtyTrac.
• One in 54 homes received at least one foreclosure filing during the year, RealtyTrac reported.
• Banks repossessed 861,664 properties in 2008 compared to about 404,000 in 2007.
• Houses in some stage of foreclosure totaled 303,410 in December [2008], up 17% from the previous month and up nearly 41% from December 2007.
• As foreclosures mount, other homeowners are jumping on falling interest rates to lower their monthly mortgage payments. Refinancing applications, now about 85% of all mortgage applications, have surged to levels not seen since 2003.
• The average foreclosure process costs lenders $58,000, which is why in cities across the country, there has been a growing trend of banks quietly declining to take possession of properties at the end of the foreclosure process...[more]
• Illinois saw 99,488 homes with foreclosure filings in 2008, a foreclosure rate of 1.8%, ranking it #9 in the country.
• Some 13,647 Illinois homes received a foreclosure filing in April 2009, a drop of more than 11 percent since March 2009, but filings still were 54 percent higher than they were a year ago, according to RealtyTrac. During April, one in every 384 homes in Illinois received a foreclosure filing, which can include initial default notices, auction sale notices and bank repossessions.

More information about foreclosure:

• Foreclosure Laws by State
• About Foreclosure: A Homeowner's Guide To What It Is, How It Works, And Options You May Have

Farmers Markets in Chicago!

Take note of the scheduled fresh yumminess near you every week!

Tuesdays
Federal Plaza
Adams & Dearborn
May 12 - Oct 27, 7am - 3pm
Prudential Plaza
Lake & Beaubien
June 9 - Oct 27, 7am - 3pm
Museum of Contemporary Art / Streeterville
Chicago & Mies Van der Rohe Way
June 9 - Oct 27, 9am - 4pm

Wednesdays
Chicago’s Green City Market
Lincoln Park, 1799 N. Clark
May 6 - Oct 28, 7am - 1pm

Thursdays
Daley Plaza
Washington & Dearborn
May 14 - October 15, 7am - 3pm
Sears Tower
233 S. Wacker
June 18 - Oct 29, 7am - 3pm

Saturdays
Division Street
Between State & Clark
May 16 - Oct 31, 7am - 2pm
Lincoln Park
Armitage & Orchard
May 16 - Oct 31, 7am - 2pm
Printer’s Row
Dearborn & Polk
June 13 - Oct 31, 7am - 2pm
Southport Green Market
Blaine School, 1420 W. Grace
June 13 - Oct 10, 8am - Noon
Chicago’s Green City Market
Lincoln Park, 1799 N. Clark
May 16 - Oct 31, 7am - 1pm

Sundays
Erie Street
500 W. Erie
June 21 - Oct 25, 7am - 2pm
Wicker Park & Bucktown
1500 N. Damen
June 7 - Oct 25, 7am - 2pm

For more Farmers Markets in Chicago, visit http://www.chicagofarmersmarkets.us/!

Gazpacho... it's that time again!

Oh sunshine! It's finally getting warm in Chicago! What does Springtime in the city mean to me? Eager home buyers, spring cleaning, getting back to the gym (I had my first personal training session this morning actually... yowza!), sport leagues, beer gardens & and restaurant patios, bleacher seats, art fairs, calling up California friends for a visit (warm weather natives never call their friends for a visit in the cold winter months because the perma-tan posse already lacks comprehension for how you could have left such a place of perfection in the first place, and the additional scrutiny and judgment would likely place you in the hopelessly crazed category. I prefer to label myself "hardcore," but I can see how they might consider us "crazy" after this past winter!).

So, having survived my sixth Chicago winter, the first sign of warm weather always activates my cravings for Gazpacho. Judging by the number of strange looks I receive when discussing, eating, or preparing said Gazpacho, I deduce that not many are accustomed to the delights of this cold, tomato-based veggie soup of Andalucian decent. Well, my friends, it is time to familiarize yourselves.

Traditionally, a mortar and pestle were used to pound the gazpacho ingredients. However, if these tools do not exist in your collection of culinary equipment, a food processor would be an acceptable – and presumably less messy – substitute. Enjoy your Gazpacho… and the nice weather!

Babs' Gazpacho Recipe

The first five veggies listed below should be diced in the Cuisinart to a size no bigger than what you would find in a chunky salsa. Process all veggies in Cuisinart separately.

• 1 large tomato, peeled and seeded (To remove peel, put tomato in boiling water for 1 minute and then ice cold water for 1 minute)
• ½ small onion
• ½ cucumber (peel skin off, slice lengthwise and remove seeds)
• ½ green pepper
• 1 large celery stalk
• 2 tsp finely chopped parsley
• 1 tsp finely chopped chives
• 1 small garlic clove
• 2 cups tomato vegetable juice (V8)
• 2-3 Tbsp red wine vinegar
• 2 Tbsp olive oil
• 1 Tbsp lemon juice
• 1 tsp sugar
• ¼ tsp white pepper
• ½ tsp Worcestershire sauce
• ½ tsp Tabasco sauce

COMBINE all ingredients at the end in a large punch bowl. Cover and refrigerate until very cold!

Restaurant Card: Volo

Search Words: VOLO Restaurant & Wine Bar, 2008 W Roscoe St, Chicago, Chef Stephen Dunne, American Contemporary Cuisine, Seasonal Menu, Best Wine Bar 2006, Best Wine List 2006, Best Wine List 2007, Chicago's Best Date Spot 2007, Chicago's Best Outdoor Dining 2007

May 2009 Newsletter

re savvy
May 2009 E-Newsletter

EVENTS IN MAY
-Cinco de Mayo Parade 5/3 12pm ~ Cermak Road from Wood to Zedzie
-30th Anniversary of the Chicago Farmers Markets ~ chicagofarmersmarkets.us
-Mother’s Day 5/10
-Third Annual Chicagoland Great American Mutt Show 5/16 10am-5pm ~ Promoting no-kill animal shelters; Morton West High School, 2400 Home Ave, Berwyn
-Memorial Day Parade 5/23 noon ~ State Street from Lake to Van Buren
-8th Annual Bike the Drive 5/24 5:30am-10:30am ~ Starting in Grant Park; sign up at www.bikethedrive.org
-Mayfest Chicago 5/28-31 ~ Lincoln & Leland; visit mayfestchicago.com for live entertainment and times
-Do-Division: Street Fest & Sidewalk Sale 5/30-31 12pm-10pm ~ 10 city blocks from Ashland to Leavitt featuring food, art, and spirits vendors; visit www.do-divisionstreetfest.com
-Belmont-Sheffield Music Festival 5/30-31 noon-9pm ~ The hottest national, regional, and local musical entertainment
-First Fridays 6pm-10pm ~ Every 1st Friday of the month, have your happy hour at the Museum of Contemporary Art; admission ticket includes cash bar and free Wolfgang Puck apps! 220 E Chicago Ave, www.mcachicago.org
-‘Wait Wait… Don’t Tell Me!’ Thursdays 7:30pm-9:30pm ~ Attend a living taping of NPR’s humorous news quiz show with host Peter Sagal; Chase Auditorium, 10 S Dearborn

ARTICLE: BAIT IS ENOUGH
Seller sweeten real-estate deals with cash, cars… even canoes
By Jake Malooley, TimeOut Chicago

As pressure to sell! sell! sell! mounts in this paralyzed housing market, Chicago Realtors and by-owner sellers are offering creative incentives to entice home shoppers to open their padlocked wallets. A quick glance at local real-estate ads shows property baited with everything from a two-year buy-back guarantee to plasma-screen TVs. “Everyone is looking for some bonus to buy right now,” says Jaime Smith, a sales agent with the Kopley Group, which is advertising $20,000 toward furniture or a new four-door Suzuki car for those who sign a contract before April 30 on loft units in North Center. Smith says Kopley’s summer 2008 promotion at the lame location – a free Vespa with purchase – was an effective attention getter, but most buyers took the purchase-price discount instead of the scooter. According to Realtor Eric Rojas – a Rubloff Residential Properties agent who’s listing a Rogers Park condo that includes a free canoe at closing – sellers often overrate incentives. However, “in an apples-to-apples situation,” he allows, a pot-sweetener can be the deciding factor. Rojas recalls a recent example when the seller of a townhome extended $40,000 toward the purchase of a compact car to an interested shopper who complained the garage was too small. “Talk about sign of the times,” Rojas chuckles.

SCRUMPTIOUS SELECTION: SUNDA
Outlet for my Opinionated Tatste Bud

Sushi… my nemesis, my weakness, my obsession. Given this blunt confession, you can imagine my response when I was recently invited to sample some taste bud ticklers at the newest Asian comfort food hot spot. The founding fathers of Rockit Bar & Grill and The Underground opened their latest brainchild eatery in March, which has already inspired write-ups in CS Magazine and Michigan Avenue Magazine. The restaurant is a large open expanse with plenty of seating option—tables for two, picnic style tables with stools for your group, sushi bar seating, cocktail lounge, a private party room, and patio seating for 30. And the food? Definitely something to boast about. We’re not talking just another sushi bar. No, Executive Chef Rodelio Aglibot creates contemporary interpretations of dishes from Japan, China, Vietnam, Cambodia, Indonesia, the Phillippines, Thailand and beyond. A bit more on the experimental side, I sampled the Adobo Braised Black Pork Belly, the Food Buddha’s Classic Crispy Rise with Kobe Beef Tartare, Crab Cake Crusted Ahi Tuna Sashimi, and the Sunda Rainbow Roll. For the diverse selection, the ambiance and the location, I felt the whole meal was worth the escalated River North prices. Check it out!
Where: 110 W. Illinois (LaSalle & Illinois)
Call for Rezzies: 312-644-0500

If you would like to be added to my e-newsletter list, please send your email address to Lindsey.Grebitus@reSavvy.com!