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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

More Home Owners Spruce Up Their Homes

The National Association of Home Builders’ Remodeling Market Index shows remodeling activity at its highest reading since the first quarter of 2004. The index was at 57 in the fourth quarter of 2013. Any reading above 50 indicates more remodelers report market activity is higher than those who report lower. The index’s future market conditions rose to 58, the highest reading since recording of that measure began in 2005.

"Steady existing home sales, historically favorable interest rates for home buyers and rising home equity have combined to release some of the pent-up demand for home remodeling from the past few years," says NAHB Chief Economist David Crowe. "This quarter's RMI reading shows that the slow but steady improvement in the remodeling market will continue in 2014."

The National Association of the Remodeling Industry’s fourth quarter Remodeling Business Pulse data also showed an uptick in remodeling activity. The biggest reasons cited for an increase in home remodeling were home owners needing to do projects they had postponed and improving home prices.

“The fourth quarter of this year was very strong for many remodelers, as reflected in the Remodeling Business Pulse Survey,” says Tom O’Grady, chairman of NARI’s Strategic Planning & Research Committee. “Average sale prices continue to rise, and consumers are more comfortable spending money on projects that will increase the value of their homes.”

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New Mortgage Rules Take Effect Friday

The rules that go into effect include the “ability to repay” rule, in which borrowers must have the financial means to be able to repay the loan amount. 

The Qualified Mortgage standard will also take effect. Qualified mortgages cannot be made to a borrower with a debt-to-income ratio of greater than 43 percent, Cordray explained. Qualified mortgages also cannot have certain risky features, “such as paying interest only or even negatively amortizing so that each month the consumer owes more than they did before and loans must have relatively reasonable points and fees,”  Cordr

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As Home Prices Rebound, Lenders Rush to Unload REOs

As Home Prices Rebound, Lenders Rush to Unload REOs