We Value Bloomington-Normal

SUMMARY - Since its inception The Department of Housing and Urban Development (HUD) has established minimumproperty standards. While these standards have varied over time the recent changes have been some of the most dramatic in decades. By eliminating many of the "nuisance" repairs and mandatory inspections HUD hopes to make it easier to buy or sell a home with FHA financing.

The most recent changes are highlighted bold on this checklist.

POOR CONDITION -

CONDOMINIUMS -

STRUCTURAL DEFECTS -

TERMITES -

LEAD PAINT -

HEATING -

ROOFS -

WINDOWS/DOORS -

ELECTRIC/UTILITIES/MECHANICAL SYSTEMS -

CRAWL SPACE & ATTIC -

Access to both the attic and the crawl space is required. Both must have adequate ventilation. Crawl spaces must have sufficient clearance for inspection and maintenance.

PLUMBING -

Minor plumbing leaks and defects are acceptable. Major plumbing problems will require inspection and repair. Water heaters must have a pressure relief valve.

SAFETY CONCERNS -

Smoke detectors are not required but if they are present they must work properly. HUD no longer requires repair of the safety device that automatically stops an obstructed electric garage door opener. Trip hazards such as uneven walkways or sidewalks will not require repair. Missing handrails on stairways are acceptable.

HUD DOES NOT REQUIRE

HUD does not require the following:

• Appliances
• Screens
• Driveways
• Lawn sprinkler systems
• Pool repairs (unless they present a safety concern)

For more information -Click here.

Illinois home sales in June up 3.6 percent from previous month while the overall housing market remained strained by low consumer confidence and a troubled economy.

According to IAR's latest report, total home sales were up 3.6 percent in June 2008 to 11,643 sales compared to May 2008 sales of 11,243; year-over-year sales were down 27.0 percent from June 2007 totals of 15,945. The Illinois median price in June reached $200,000.

Said IAR president Kay Wirth: “Our focus in Illinois has to be on jobs and improving local economies so employers stay put and businesses locate in the state so people can keep their homes or take that important step up the economic ladder through homeownership.”

The GSE Regulatory Reform Bill (H.R. 3221: Forclosure Prevention Act of 2008) was previously passed by the House of Representatives on July 23, 2008 and sent to the Senate for their approval. (See prior Appraisal Scoop article).

Today, the Senate also voted to approve the bill:

U.S. Senate Roll Call Votes 110^th Congress - 2^nd Session as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

Vote Summary (source)

Question: On the Motion (Motion to Concur in the House Amendment to Senate Amendment to the House Amendments to the Senate Amendment to HR 3221 )
Vote Number:	186	Vote Date:	July 26, 2008, 11:00 AM
Required For Majority:	1/2	Vote Result:	Motion Agreed to
Measure Number:	H.R. 3221 (Foreclosure Prevention Act of 2008 )
Measure Title:	A bill to provide needed housing reform and for other purposes.

Vote Counts:	YEAs	72
	NAYs	13
	Not Voting	15

Homeowner rescue awaits President Bush's signature (BusinessWeek)
Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.

Housing rescue bill heads to Bush for signature (BusinessWeek)
Congress passed a housing rescue bill Saturday aimed at sparing 400,000 struggling homeowners from foreclosure. President Bush is expected to sign the measure quickly.

“Illinois defied the national trend for the third time in the last six months by adding 4,000 jobs in May, registering a 0.35 percent growth in jobs in the last 12 months,” said Dr. Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, in his June 2008 Illinois Housing Price Forecast (pdf).

"U.S. consumers seem to be cutting consumption of gasoline and also being more careful in shopping for necessities; the longer-term impact of the tax rebates is unclear. The employment declines in the U.S. [in May] generated further concern that the economy was in recession; the Reuters/University of Michigan preliminary index of consumer sentiment fell to 56.7 in June, a reading unseen since 1980, from 59.8 in May."

• For the next three months, the sales forecasts continue to suggest declines in the 17-24% range for Illinois and 23-29% for Chicago for the months of June, July and August compared to the same months one year ago. 
• The month-to-month forecasts indicate gains of 9-14% for Illinois and 11-15% for Chicago but then declines of between 6-10% for Illinois and 7-10% for Chicago in July followed by little or no month-to-month change in August.
• Median prices are expected to continue to inch back upwards in Chicago, although they will still be below levels recorded in the same months in 2007. The declines (compared to the same month last year) will be between 1.8 and 2.4% in Chicago. For the state, the trend for the next three months is down, about 7% through August.