Ouch!..well... apparently the troubled real estate and lending industries problems were so troubling to Fannie and Freddie that they had to take out their frustrations some how.....

"Fannie Mae now has an across-the-board three-quarters of a point mandatory fee on all condominium loans, no matter how high the applicant's credit score. For an interest-only condo loan with a 20 percent down payment and a borrower credit score of 690, Fannie imposes the following ratcheted sequence of add-ons: One-quarter of 1 percent as an "adverse market" fee; another 1.5 percent for the below-optimal credit score; three-quarters of a percent for the interest-only payment feature; and three-quarters of a percent because the property is a condo. The total comes to 3.25 percent extra, which can be paid upfront or rolled into the rate" (source Chicago Tribune and Washington Post stories and FannieMae.com)

They've also added a new bottom line to 'minimum credit scores' making the minimum FICO score now 720 (up from 620)...and don't get me started on the new appraisal guidelines......

Speaking of getting "hot"..... Let’s review the local April housing market.....

By The Numbers...

For April 2009 Single Family Detached Homes (Information courtesy of MLSNI)

Naperville

Active Listings:1024 (as of 05/01/09)

Sold(04/01/09-04/30/09): 74

Months Supply(Act/Sold): 13.84 Months

High Sold Price: $1,650,000

Average Sale: $425,671

Average Market Time: 190

April 09 Top Subdivision (sales): White Eagle(4),Old Farm (4)

www.NapervilleHomeSeller.com

Aurora

Active Listings: 965 (as of 5/01/09)

Sold (4/01/09-04/30/09): 76

Months Supply(Act/Sold):12.7 Months

High Sold Price: $490,000

Average Sale: $170,498

Average Market Time: 144

April 09 Top Subdivision (sales): Wheatlands (4), Cambridge Chase (3)

www.AuroraHomeSeller.com

Plainfield

Active Listings: 789 (as of 5/01/09)

Sold (04/01/09-04/30/09): 68

Months Supply(Act/Sold): 11.60 Months

High Sold Price: $430,000

Average Sale: $233,145

Average Market Time: 165 Days

April 09 Top Subdivision (sales): Lakewood Falls (5), Caton Falls (4)

www.PlainfieldHomeSeller.com

Oswego

Active Listings: 288 (as of 5/01/09)

Sold (4/01/09-04/30/09): 24

Months Supply(Act/Sold): 12 Months

High Sold Price: $304,000

Average Sale: $238,276

Average Market Time: 155 Days

April 09 Top Subdivision (sales): Lakeview Estates(4) Deer Path Creek (3)

www.OswegoHomeSeller.com

Let's end this month's rant (am I ranting? It's the medication talking ... honest...) by reminding you to look into www.MakingHomeAffordable.gov which will ask you a series of questions to determine if you are eligible for a mortgage loan reduction or modification. I've looked into it (Hey I'm a Realtor....I need to make ends meet!) and found out that because I'm one of the blessed that has not fallen behind on my mortgage I'm not eligible for the 2% mortgage rate (which goes up to 1% each year for 5 years locking at a cap of 1% above prime on the day you sign up) ...yes because I'm responsible and have done what it took to stay current on my mortgage and only borrowed what I could afford to pay back....I'm only eligible for the modification...which won't do much for me...but I'll let you all know what they are willing to do for me when I report in next month.....

Tell me what you’re thinking...

- DAWG-