Positive News About the Real Estate Market
It has been over a year since we’ve heard anything positive about the real estate industry, and, with the recent turmoil of the stock market, it seemed like any positive news related to the economy was a long way off. Well, I am happy to report that yesterday, October 14th, USA Today published an article about the Denver housing market making a turn around and coming out of the dip that has been affecting so many markets throughout the nation. The number of inventory homes in Denver is decreasing, there are more buyers in the market and the interest rates are fairly low. Considering that Denver’s foreclosure rate was one of the highest in the nation at one point, it is very reassuring to see the city has recovered and is showing these positive signs that represent a strong and stable housing market.
While the Denver real estate industry isn’t entirely related to the Chicago real estate industry, I wanted to share this article with you so that you could see for yourself that not everything related to real estate is negative. While Denver was highlighted in USA Today, it is not the only housing market to experience these positive signs. (Continued…)
Fire Sprinkler Systems are now a Mandated Feature
At the final action hearing of the International Code Council in September, fire sprinkler systems became a mandated standard for residential building codes. The International Code Council final action hearings are very similar to how a bill gets passed through congress, only it doesn’t have near as many checks and balances. It is up to the ICC to propose, debate and adopt different Residential Building Codes. And, not only do they make the law for the adequate construction of new homes, but they also implement these standards in municipalities, counties and states that enforce building code regulations. The ICC Codes are rapidly becoming the “code of choice” for government units who choose to adopt and enforce building code standards. Thus, requiring fire sprinkler systems in all new homes is going to impact the home building industry in most cities and states, including Chicago home builders.
However, the fire sprinkle systems mandate will not take effect until 2011. (Continued…)
Tax Credit Info Available in Spanish
Thanks to the National Association of Home Builders (NAHB) information is now available in Spanish for those looking for information on the $7,500 first-time home buyer tax credit.
To access the Spanish-language version of NAHB’s tax credit site, go to www.FederalHousingTaxCredit.com.
“The tax credit provides a once in a lifetime opportunity for first-time home buyers,” said NAHB’s 2008 Chairman of the Board Sandy Dunn, a home builder from Point Pleasant, W.Va. “However, the tax credit is temporary, and only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. That makes it imperative that we get the word out to as many people as possible so they can take advantage of this outstanding (Continued…)
