yeah because Dodd Frank totally punished the guys that fucked up the economy last time right? NOPE, all it does is fuck with honest hard working people that try to do things the right way.

Which is, of course, why they halted the cut to FHA insurance premium rates. Makes perfect sense.

“Roughly 5 percent of all Federal Housing Administration-insured loans closed in December had FICO scores below 600; 3.4 percent had FICOs between 550 and 599, and 1.5 percent scored between 500 and 549. FHA, whose role in the marketplace is to provide a doorway to homeownership for applicants who could have difficulties being approved for “conventional” loans — those eligible for sale to giant investors Fannie Mae and Freddie Mac — still pulls in plenty of applicants with solid scores. Thirty seven percent of approved applicants had FICO scores of 700 to 799 in December.

But the majority, 56 percent, had FICOs between 600 and 699″

Read that last line for a second…over half of FHA buyers in Dec. had credit scores between 600 and 699.

A 600 FICO score means you sometimes pay your bills on time. Sometimes, but not all the time.

And a 699 means that more often than not you pay your bill on time, but not always, and some of your bills – like old collections – you don’t bother to pay at all.

It’s not that hard to have an 800 credit score, it just means you pay your bills on time. That’s all. If you buy something on credit, you pay it back.

That’s why the market is “hot”, because unqualified buyer with 601 credit scores are feeding the market at the bottom, and that’s filtering up, almost all the way to the top, except for the $1,000,000+ plus far suburban market, for which there is just too much supply that may never recover given the demand for $1,000,000 SFH in the GZ.

A

I heard one today. 10 offers on a property in Avondale. Not even in the GreenZone. And yes, Avondale has been hot for a while but STILL.

There is simply NO inventory. Looks like many buyers will be getting into bidding wars this spring and it’s another market where you had better see the property the first day it comes on the market or you’re out of luck.

Many of the lofts converted in the 1990s didn’t have any windows in the bedrooms. They made them long and narrow (as this one is.)

The listing says the unit faces north.

I understand that this is a loft…and in chicago we definitely stretch the definition of a second bedroom – but shouldn’t at least one bedroom have a window?