Illinois REALTOR® Magazine | January 2013
Of the 76 million family households in the U.S. about 5.6 percent (4.3 million) are multigenerational, an increase from 3.7 percent in 2000, according to the U.S. Census Bureau. In Illinois, multigenerational households also accounted for 5.6 percent.
In November, the Federal Housing Finance Agency streamlined the short sale process for Fannie Mae and Freddie Mac borrowers. Here are some of the key changes and objectives:
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Get a clearer picture of the buyers and sellers shaping the market with NAR’s 2012 Profile of Home Buyers and Sellers, www.realtor.org/topics/profile-of-home-buyers-and-sellers. Here are some of the highlights:
Illinois has invested an additional $5 million in Welcome Home Heroes, a state financing program aimed at helping veterans and active military personnel become homeowners. In the last year, 550 military families received financing through the program and the additional funding could assist 500 more families in buying a home, according to the Illinois Housing Development Authority (IHDA). Learn more about Welcome Home Heroes at www.ihda.org/homeowner/heroes.
Household formations are on the rise again after falling in recent years, data from the U.S. Census Bureau shows. In the last year, 1.15 million new households were formed, marking the fastest increase in more than six years, according to an analysis by the Wall Street Journal. In the last four years, the rate averaged closer to 650,000 new households annually.