Real Estate Bailout?

GMAC which is known for financing GM cars and trucks received today a 6 billion cash injection from the federal government. GMAC has also a real estate division - GMAC Home Services which runs a franchise of real estate offices, while GMAC Mortgage is one of country’s largest mortgage lenders.  

While the Government’s decision will have the largest impact on auto loans, both GMAC Home Services and GMAC Mortgage will also benefit from this bailout. Facing the surge of foreclosures, the GM home lending division is facing a very tough times ahead.

GMAC bailout is the latest in the series of federal government’s interventions. Some experts say the list of industries waiting to be rescued might be longer than anyone expected when the first bailout was approved in October.

GMAC and its real estate division - GMAC Home Services, received today a 6 billion cash injection from the federal government.

Wishing to be a kid again. Kids have today off - snow day. Peter doesn't :(

Home Mortgage Rate Cut

Did you know? You can not get a 30-year mortgage at just 5.19%. It has never been so low since 1971. It really makes a difference if you think about buying a home. Especially that the prices have fallen almost 25% in the last 2 years. Please visit my website at www.ArlingtonHeights-RealEstate.info for more details.

Chicago Suburbs Home Sales

November 2008 brought another decline in home sale across Chicagoland. It seems like most of the region was put on a "fire sale" with bank foreclosures leading the way, some priced 30% and 40% below comparable homes in the area. Not every Chicago suburbs suffered losses however. For detailed home sales data from Arlington Heights, please visit my Arlington Heights home sales website.

Low prices the foreclosed homes are sold for, attract savvy real estate investors. Many of them buy now to wait for 2-3 years and cash in when the market is up big time. If you think of investing in a foreclosed property, please visit our website on Northwest Chicago suburbs foreclosures.