More buyers pick up gold in uncertain economy

Gold has been trading in recent days just below $950 an ounce after topping $1,000 a year ago.The demand for gold is climbing globally, said Jeffrey Christian, managing director of CPM Group, a precious metal research firm based in New York

U.S. housing market bottom within sight

NEW YORK (Reuters) -
U.S. housing markets from Florida to California have suffered price drops of 50 percent or more from their peak, but now, at long last, a bottom is within sight, likely in the fourth quarter nationally, according to a report from Moody's Economy.com.

IRS Provides Filing Guidance on First Time Homebuyer Tax Credit

The IRS released additional information to help homebuyers understand the ways they can file to receive the homebuyer credit. It is important for taxpayers to know that they must complete the purchase and close or take up residence in the case of new construction in order to be eligible to file for the credit. Here are the four main options listed by the IRS:

1) File an extension. Taxpayers who haven't yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15. This step would be faster than waiting until next year to claim it on the 2009 tax return. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.

2) File now, amend later. Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.

3) Amend the 2008 tax return. Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.

4) Claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.

There are a number of entities working on ways to advance money to be used for downpayment in anticipation of receiving the credit. NAR is working to provide guidance on these options and how they might work. However, there is no legal way to receive the credit itself from the IRS prior to closing since closing on the purchase is a prerequisite to eligibility for the credit.

Federal Reserve Board Takes Strong Action to Keep Rates Low

On March 18, 2009, the Federal Reserve Board announced it would purchase up to an additional $750 billion of mortgage backed securities guaranteed by Fannie Mae or Freddie Mac. This new commitment is in addition to the existing $500 billion program, raising the initiative to $1.25 trillion. The Fed also announced it would increase its purchase of Fannie and Freddie debt from $100 billion to $200 billion. This very significant additional commitment to support Fannie and Freddie will translate into lower mortgage interest rates and will keep rates low. NAR has urged the Fed and Treasury Secretary Geithner to take action to reduce rates and to continue their mortgage backed securities purchase programs.

Obama Administration Unveils New Website: Making Home Affordable Program

On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program. As reported in recent Washington Reports, the program has two main components: (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and (2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances up to $729,750. The new website is designed to make information about eligibility, free counselors, and other program details readily available. It also includes links that let borrowers learn whether they have a Fannie Mae or Freddie Mac loan. These programs are key elements in the effort to turn around the housing market by preventing foreclosures and avoiding unnecessary increases in the inventory of unsold homes.

Visit www.MakingHomeAffordable.gov

Fed Accepts Securities Backed by Mortgage Servicing Advances as Collateral under TALF

On March 19, 2009, the Federal Reserve Board announced that it would accept asset-backed securities backed by mortgage servicing advances under the Term Asset-Backed Securities Loan Facility (TALF). Under TALF, the Fed makes loans secured by various categories of collateral. Mortgage servicing advances are loans made by servicers to cover mortgage payments by homeowners. Allowing securities backed by these advances to be used as security for a TALF loan will give servicers capital to cover these advances which will give them more time to work with homeowners on ways to avoid foreclosure.

Congress Introduces New Bill Barring Cellular Phone Taxes

On March 16, Rep. Zoe Lofgren (D-CA) reintroduced legislation (H.R. 1521) that imposes a five year moratorium on enacting new cellular taxes and fees on cell phone consumers. It is expected that Sen. Ron Wyden (D-OR) will introduce a similar bill in the Senate in the next few weeks.Cellular phone services are subject to 15.2 percent in federal, state and local taxes, while the tax rate for most other taxable goods and services is 7.1 percent. NAR's Business Issues Committe will discuss the legislation and determine next steps.

Real Estate In Chicago Land Area: Homeowner Affordability and Stability Plan Executive Summary

Real Estate In Chicago Land Area: Homeowner Affordability and Stability Plan Executive Summary

Defaulting on the Dream: States of IL. Respond to America’s Foreclosure Crisis

ONE IN 38 ILLINOIS HOMEOWNERS is likely to
experience foreclosure, primarily in the next two years,
as a result of high-cost loans—just slightly better than
the U.S. average of one in 33 homeowners.

Great Condo For Sale in Skokie, IL.

End Unit Condo For Sale In Park Ridge, IL.

4 Bedroom Home For Sale In Libertyville, IL.

The 2009 First-Time Homebuyer Tax Credit Powerpoint

In 2008 Congress created a $7,500 First-Time Homebuyer Tax Credit. •It went into effect April 8, 2008 and was set to expire July 1, 2009.•The big problem: It had to be repaid over 15 years. People viewed it as a debt and not a benefit.

the housing provisions in the new economic stimulus law and their impact on the housing market and the overall economy.

Getting ready for house prices to bottom, the end is in site.

How to Automate Your Home

from wikiHow - The How to Manual That You Can Edit

Automating your home is an excellent way to increase security, cut energy costs, and gain increased control over your surroundings. Home automation can be an inexpensive project, and some even find it to be an interesting hobby.

Steps

1. Choose a home automation standard. The two dominant standards are X10 and Insteon. X10 was created by the X10 company, and Insteon was created by Smarthome. Both are similar; X10 tends to be cheaper, while Insteon provides more data for your home automation system to work with.
   
2. Choose software. X10's Activehome is an easy to use, inexpensive option, but it has limited functionality. For more advanced systems, Powerhome is a good option, but it has a shallow learning curve.
   
3. Set up a home automation computer. If you're using software other than Activehome, you'll likely have to run the computer 24/7. Install the software, then attach an X10 or Insteon controller (available for purchase through either X10 or Smarthome)
   
4. Install home automation modules. In order to automate lights, use a Lamp Module or Wall Switch. For appliances or large loads, choose an Appliance Module. If you are using X10, you can automate things like garage door openers using a Universal Module. Most modules simply plug into the wall and act like a normal electrical outlet. For wall switches, follow the basic procedure in Replace a Defective Electrical Switch or Outlet.
   
5. Write macros and add functions. Depending on your software, you can gather all sorts of data for use with you home automation system. Some software even allows you to control your home using voice commands, or to access your home automation system from a remote location.
   

Tips

• Whenever possible, use wired modules (like wall switches) in place of plug-in modules. This will insure that you can still operate your lights and appliances without having to use your home automation system
  
• Once you have your system up and running, consider writing code that allows it to connect to the Internet and gather data from websites. This sort of code allows your system to access all kinds of information, and with good programming, it can then make choices based on that information (i.e. flashing lights to warn you when a storm watch is issued).
  
• To conserve electricity, consider adding sensors to your system. These will allow your system to automatically turn off lights when you leave a room.
  

Warnings

• Whenever dealing with electricity, ask yourself whether you understand exactly what you're doing. If you're unsure, hire a professional.
  
• There are some home appliances that should not be automated (heaters, fireplaces, etc.), as undesired operation of these appliances could pose a safety hazard.
  

Sources and Citations

• X10--The company which originally created the X10 home automation standard. Sells modules, controllers, software etc.
  
• Smarthome-- Creators of the Insteon standard. Sells home automation hardware.
  
• Reviews of Insteon and X10--Home automation technology reviews including Insteon, X10 and consumer robotics
  
• Do It Yourself Home Automation--Home automation guides for beginners, including details on connecting your system to the internet
  
• Home Automation Directory--A list of home automation related websites
  

Article provided by wikiHow, a wiki how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Automate Your Home. All content on wikiHow can be shared under a Creative Commons license.

Landing on the Hudson

Do you have questions about the Illinois Route 53 Advisory Referendum?

The Lake County Board approved placing an advisory referendum on the April 7, 2009 ballot on whether Route 53 should be extended from Lake Cook Road north to Illinois Route 120.This is an advisory referendum that will be used to determine the level of public support for the extension of Illinois Route 53 through Lake County.

When: April 7 General Election (Early Voting March 16 – April 2)

ALERT: National Fake Email Ticket Alert Scam

Fake airline email ticket alert drops virus nationwide.
Full advisory and sample email...details....

Don't let yourself become the victim of a foreclosure scam.

Federal Reserve Districts Seventh District--Chicago

Economic activity in the Seventh District remained weak in January and February.

The expectation of most contacts was for economic activity to remain weak into late 2009 before slowly beginning to recover in 2010. Consumer spending, construction, and manufacturing activity continued to decline, and labor market conditions deteriorated further. Credit conditions remained tight. Price and wage pressures tilted toward the downside. Most key agricultural prices decreased during the reporting period.

The Federal Reserve Bank's 'Beige Book' Good News For Chicago & Philadelphia

"Reports from the twelve Federal Reserve Districts suggest that national economic conditions deteriorated further during the reporting period of January through late February. Ten of the twelve reports indicated weaker conditions or declines in economic activity; the exceptions were Philadelphia and Chicago, which reported that their regional economies "remained weak." The deterioration was broad based, with only a few sectors such as basic food production and pharmaceuticals appearing to be exceptions. Looking ahead, contacts from various Districts rate the prospects for near-term improvement in economic conditions as poor, with a significant pickup not expected before late 2009 or early 2010."

Making Home Affordable Summary of Guidelines

On Tuesday, February 10th, Treasury Secretary Timothy Geithner outlined a comprehensive plan to restore stability to our financial system. In the address, Secretary Geithner discussed the Obama Administration’s strategy to strengthen our economy by getting credit flowing again to families and businesses, while imposing new measures and conditions to strengthen accountability, oversight and transparency in how taxpayer dollars are spent. And Secretary Geithner explained how the financial stability plan will be critical in supporting an effective and lasting economic recovery.


Summary of Guidelines: http://www.treas.gov/press/releases/reports/guidelines_summary.pdf


Updated Detailed Program Description: http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf


Home Affordable Modification Program Guidelines: http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf


HOUSING COUNSELOR Q&AS: http://www.financialstability.gov/docs/counselor_qa.pdf

Happy Birthday Chicago

On Wednesday, March 4th, WXRT takes listeners on an on-air exploration of the city on Chicago’s official birthday! Some of Chicago’s favorite musicians, actors, athletes, politicians, and fellow citizens will be heard speaking from the heart on what Chicago means to them. Chicago Day will also showcase a wide range of music from Chicago artists past and present, primarily from the rock, blues, and folk genres. Chicago Day celebrates all that makes Chicago the greatest city on the planet!

Word Of Month

Economic Update On The House Market - Realtor TV

http://link.brightcove.com/services/link/bcpid4946214001/bctid14100116001

Making an Offer on a Short Sale? What You Need to Know

Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? Before you make an offer, it pays to know a little about the seller's situation.

If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.

A short sale is different from a foreclosure, which is when the seller's lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase.

You're a good candidate for a short-sale purchase if:

You're very patient. Even after you come to agreement with the seller to buy a short-sale property, the seller’s lender (or lenders, if there is more than one mortgage) has to approve the sale before you can close. When there is only one mortgage, short-sale experts say lender approval typically takes about two months. If there is more than one mortgage with different lenders, it can take four months or longer for the lenders to approve the sale.

Your financing is in order. Lenders like cash offers. But even if you can’t pay all cash for a short-sale property, it’s important to show you are well qualified and your financing is set. If you're preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of a buyer whose financing is less secure.

You don’t have any contingencies. If you have a home to sell before you can close on the purchase of the short-sale property—or you need to be in your new home by a certain time—a short sale may not be for you. Lenders like no-contingency offers and flexible closing terms.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable.

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence.

Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.

"Airline considers charging passengers for using toilet"

Restroom ransom? Airline mulls toilet toll Ireland's low-cost carrier considers pay-to-use toilets, CEO admits Reuters

Ryanair's chief executive said Europe's largest budget carrier might start charging passengers for using the toilet while flying, but his spokesman cautioned Michael O'Leary often just made things up at will.
"One thing we have looked at in the past and are looking at again is the possibility of maybe putting a coin slot on the toilet door so that people might actually have to spend a pound ($1.43) to spend a penny in future,"
O'Leary told BBC television.
He said this would not inconvenience passengers traveling without cash. "I don't think there is anybody in history that has got on board a Ryanair aircraft with less than a pound."
A spokesman said the airline had considered the fee as a possible source of extra revenue since passengers had the option of not using the toilet on board, but added that "maybe O'Leary was just taking the p-ss this morning."
"Michael makes a lot of this stuff up as he goes along and while this has been discussed internally there are no immediate plans to introduce it,"
Stephen McNamara said in a statement.
O'Leary has a reputation as a cost-cutter, expanding Ryanair by offering low headline fares and charging extra for items such as additional luggage.
Last week, Ryanair announced it was to shut all check-in desks at airports and have passengers check in online instead.
"We're all about finding ways of raising discretionary revenue so we can keep lowering the cost of air travel," he said.

Illinois state board wants fee to appeal property taxes.

So you think your property taxes are too high and want to appeal? Doing so will cost you at least 25 bucks if a state agency that handles appeals gets its way. In a formal legal notice filed Friday, the state Property Tax Appeals Board, known as PTAB, said it intends to begin charging from $25 for fairly small appeals filed by homeowners to as much as $450 for multi-million-dollar cases filed by factory and office-tower owners.

Housing Market Facts

The current housing market and industry issues.

http://www.housingmarketfacts.com/