BUSINESS
Page D4 • Thursday, March 28, 2013
8CALENDAR Today, March 28 • 7:45 a.m.: Power Partners of Cary Grove, Century 21/Sketchbook 20 Northwest Hwy., Cary. Information: Ryan Fain, 815-3538600.
Monday, April 1 • 7 to 8 p.m.: SOHO meeting, Goodwill Industries of Northern Illinois, 2006 N. Richmond Road, McHenry.
Tuesday, April 2 • 7:30 a.m.: Crystal Lake Business Network, Algonquin Bank & Trust, 4049 W. Algonquin Road, Algonquin. • 7:30 a.m.: Crystal Lake chamber’s Referral Exchange Network, Exemplar Financial Network, 413 E. Terra Cotta Ave., Crystal Lake. • 7:30 a.m.: Crystal Lake chamber’s Business 2 Business Network, Benedict’s La Strata, 40 N. Williams St., Crystal Lake. • 5 to 7 p.m.: Dreiske Local Moving/TH Rogers chamber mixer, 3203 Lakeside Court, McCullom Lake.
Northwest Herald / NWHerald.com
Expo connects homebuyers to lenders NORTHWEST HERALD CHICAGO – Approximately 130 families who attended the first-ever state of Illinois Homebuyer Expo recently and are now on the path to homeownership. After pre-qualifying for safe and affordable mortgage products featuring thousands of dollars in down payment and closing cost assistance, the next step for these families is to find their dream home. Sponsored as part of Gov. Pat Quinn’s proclamation of the Year of Homeownership, the expo connected families to lenders who pre-qualified them for a fixed-rate 30-year mortgage and up to $10,000 in financial assistance available through the Illinois Housing Development Authority. An additional 130 families were connected to counseling to prepare for homeownership. Families unable to attend the event hosted by the state’s housing finance agency at the Illinois Institute of Technology in Chicago can still take advantage of these mortgage products by visiting www.ihda.org. “Gov. Quinn proclaimed 2013 as the ‘Year of Homeownership,’ and we are opening the door to homeownership for more hard-working Illinois families by increasing safe and afford-
able opportunities,” IHDA Executive Director Mary R. Kenney said. “Providing families with the support they need to buy a home has strong economic benefits for our state and local communities.” The housing market shows signs of recovery with January 2013 home sales in Illinois up 31 percent over last year, according to the Illinois Association of Realtors. Still, far too many families remain sidelined due to lenders tightening credit and the inability to have enough money for down payment. Nearly half of expo attendees cited saving money for down payment as the greatest challenge to buying a home, and IHDA’s programs provide this critical financial assistance. IHDA has responded to these challenges to make homeownership possible for more low- to moderate-income families by expanding its mortgage products introducing the new SmartMove Trio, which offers an additional federal tax credit, and tripling the number of communities where the Illinois Building Blocks program is available. To apply for any of IHDA’s programs, buyers must go through an approved lender listed at www.ihda. org/lender. Income and purchase limits apply.
With increased home sales, communities reap the economic rewards. For example, the sale of 500 homes supports an estimated 250 full-time jobs and generates nearly $20 million in economic activity. Featuring interest rates as low as 3.5 percent, the following IHDA loan programs are now available: • SmartMove (first-time buyers only). SmartMove features affordable 30-year fixed-rate mortgage and up to $6,000 for down payment and closing costs. SmartMove is the perfect solution for borrowers who have limited funds for down payment, yet have the financial means to maintain monthly mortgage payments. • SmartMove Trio (first-time buyers only). SmartMove Trio is IHDA’s latest offering and is one of the best packages ever offered in the agency’s history. Available for a limited time, SmartMove Trio offers firsttime homebuyers that meet certain requirements an affordable 30-year fixed-rate mortgage, up to $6,000 cash for down payment and closing costs, and a federal income tax credit worth up to $18,000 over the life of the loan (based on a 30-year $128,000 loan at 4 percent interest). • SmartMove Plus. For buyers who
currently own a home and want to refinance or buy a new home. • Welcome Home Heroes. Tailored to help military personnel, Welcome Home Heroes offers an affordable 30year fixed-rate mortgage, $10,000 in down payment assistance and a federal income tax credit. It’s available for all qualified Illinois veterans, active military personnel, reservists and Illinois National Guard members. • Illinois Building Blocks Program. Features affordable, 30-year fixed-rate mortgage and $10,000 down payment assistance to buyers who purchase vacant homes in 15 communities. The program is a coordinated effort to help stabilize neighborhoods and provide affordable homeownership opportunities. The communities are: Belleville, Berwyn, Blue Island, Champaign, Chicago Heights, Cicero, Crest Hill, Joliet, Lockport, Lynwood, Maywood, Melrose Park, Park Forest, Peoria and South Holland. IHDA is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Since its creation in 1967, IHDA has allocated more than $11.6 billion and financed approximately 225,000 affordable units across the state.
Wednesday, April 3
• 7:45 a.m.: Power Partners of Cary Grove, Century 21/Sketchbook 20 Northwest Hwy., Cary. Information: Ryan Fain, 815-3538600. • 11 a.m. to 7 p.m.: McHenry chamber “Shop In” at Reeses Barkery & Pawtique, 1313 Riverside Drive, McHenry. • 5:30 to 6:30 p.m.: McHenry chamber Young Professionals meeting, Firewood Grille, 2314 W. Route 120, McHenry.
Friday, April 5 * 7;30 to 8:45 a.m.: Discover the McHenry Area Chamber orientation, chamber office, 1257 N. Green St., McHenry.
Tuesday, April 9 • 7:30 a.m.: Crystal Lake Business Network, Algonquin Bank & Trust, 4049 West Algonquin Road, Algonquin. Information: Laura Sinnaeve, 847-204-4899. • 7:30 a.m.: Crystal Lake chamber’s Referral Exchange Network, Exemplar Financial Network, 413 E. Terra Cotta Ave., Crystal Lake. Information: Kevin Bruning, 815-455-3000. • 7:30 a.m.: Crystal Lake chamber’s Business 2 Business Network, Benedict’s La Strata, 40 N. Williams St., Crystal Lake. Information: Mike Daniele, 815356-2126. • 5 to 7 p.m.: Multi-Chamber Mixer at Sustainable Solutions LED, 345 Memorial Drive, Unit A, Crystal Lake. • 5 to 7 p.m.: Huntley chamber April Mixer, Re/Max Unlimited Northwest, 12376 Princeton Drive, Huntley. Information: 847-802-4000.
The Associated Press WASHINGTON – Fewer Americans signed contracts to buy homes in February, but the level stayed close to a nearly three-year high. The report suggests sales of previously occupied homes will keep rising in the coming months. The National Association of Realtors said Wednesday that its seasonally adjusted index for pending home sales dipped to 104.8 in February. That’s down from January’s reading of 105.2 — the highest since April 2010, when a homebuyer’s tax credit was boosting sales. Signed contracts are 8.4 percent higher than a year ago.
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Thursday, April 4
Signed contracts to buy homes dips slightly in February There is generally a one- to twomonth lag between a signed contract and a completed sale. In February, completed sales of previously occupied homes rose to a seasonally adjusted pace of 4.98 million, the fastest in more than three years. The gains in both signed contracts and completed sales point to a housing recovery that is strengthening, although re-sales remain below the 5.5 million that are consistent with healthy markets. Steady hiring and near record-low mortgage rates have encouraged more Americans to buy homes more than six years after the housing market started to collapse. More people are also mov-
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ing out on their own after living with friends and relatives in the recession. That’s driving a big gain in apartment construction and also pushing up rents. Pending home sales rose 0.4 percent in the Midwest and 0.1 percent in the West last month. They fell 2.5 percent in the Northeast and 0.3 percent in the South. One concern is that a shortage of available homes is limiting sales in many markets. More people are also starting to put their homes on the market, which could help sales in the coming months. The Realtors’ group last week said that the number of available homes for sale rose 10 percent last month, the first
monthly gain since April. Even with the gain, the inventory of homes for sale was still 19 percent below a year ago. A limited supply of homes for sale has helped drive prices higher. U.S. home prices rose 8.1 percent for the 12 months that ended in January, according to the Standard & Poor’s/ Case-Shiller 20-city index. That’s the fastest annual pace since June 2006. Prices rose in all 20 cities surveyed and eight markets posted double digit gains. Stable price gains should encourage more people to buy and put their homes on the market, keeping the housing recovery going.
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• 7 to 8:30 a.m.: Woodstock LeTip, Vaughan’s Restaurant, 790 S. Eastwood Drive, Woodstock. Information: Richard Toepper, 815-338-9900. • 7 a.m.: McHenry County LeTip, Brunch Café, 414 S. Route 31, McHenry. Information: matthew.wruck@countryfinancial. com. • 7:30 a.m.: Crystal Lake Referral Network, Colonial Café, 5689 Northwest Hwy., Crystal Lake. Information: Holly Emrich, 815-382-1899. • 8 a.m.: Huntley chamber April General Membership Meeting, Pinecrest Restaurant, 11220 Algonquin Road, Huntley. $10 for meeting and breakfast. Information: 847-669-0166. • 8 a.m.: Cary Grove Referral Network, Cary Bank & Trust, 60 E. Main St., Cary. Information: Shirley Rochford, 847-341-4104. • 8 a.m.: Lighthouse Business Networking, St. Barnabas Lutheran Church, 8901 Cary-Algonquin Road, Cary. Information: Richard Sansone, 847-516-0433. • Noon to 1 p.m.: “Using Organization to Achieve Your Business Financial Goals,” Bring Your Lunch N’ Learn, McHenry chamber office., 1257 N. Green St., McHenry. Free.