Chitownproperty

HGTV’s Buy Me is sure to make some interesting watching, as “determined real estate agents” and “disenchanted homeowners” face a deadline to sell a home. The show premieres tonight at 8 PM CST.

The boom in buying and selling real estate has also sparked another explosion in home renovation and additions. The most popular features Americans are adding to their homes?

• Home office – 47%
• Game room – 30%
• Mud room – 26%

Federal Reserve chairmman Alan Greenspan predicted that home prices could fall as the housing boom slows. “The housing boom will inevitably simmer down,” Greenspan said. “As part of that process, house turnover will decline from currently historic levels, while home price increases will slow and prices could even decrease.” Sage advice from the nation’s financial wizard, but the New York Times’ Paul Krugman says that when the real estate bubble bursts, it will be partly Greenspan’s fault.

Oh, to have $1.05 million to throw around on real estate. Rabid home investors in overheated markets like Palm Beach, FL aren’t just sticking to condos and townhomes–they’re flipping luxury homes. That home for $1.05 million? It’s back on the market 18 months later for $2.25 million.

What can you get for $350,000 in Chicago? The answer varies wildly, depending on where you look. The same money can get you a one-bedroom condo in a high-rise near the lakefront, or a single-family home on the west side. Buyers should understand the differences in areas, and those willing to consider many neighborhoods will be likely be rewarded.

One sure sign that the real estate market has reached a boil is a corresponding boom in books about real estate. Amazon.com now lists 16,177 publications with the words “real estate” in their titles. Unfortunately, this is also a sign that the bandwagon is full, as amateurs and opportunists pile on and try to make a quick buck.

Investing in real estate can protect you from inflation. According to this article from the Windsor Beacon, there are four other advantages to investing in real estate to complement your other investments:

• Increased cash flow
• Lower tax payments
• Equity buildup
• Capital appreciation

Mortgage rates descreased for the second week in a row, with 30-year fixed rates falling to 5.77%. But the drop is just a blip in an otherwise upward trend, according to Freddie Mac.

Check out this great op-ed column in the New York Times
from Chris Harris on why, bubbles or not, there’s always a reason to
buy a home. Includes this great graphic above (click for a larger
version).

Home sales slowed in July after a record month in June; nonetheless it was the third-highest mark in history.

The web never ceases to amaze, but lately there’s been an explosion of innovation in mapping services. Google’s new mapping service and Amazon’s A9 maps have raised the bar on Map Quest and Yahoo! Maps. One of the most amazing things you can do now comes from A9, with their Block View images, actual street level pictures that let you “walk” the street to find what you want. Check out this view of the North & Damen intersection.

85% of homeowners are safe from the potential risk in a slowdown in housing, because they own their homes outright or have fixed rate mortgages. The remaining 15% who hold interest-only, adjustable rate, or other nontraditional loans are exposed to the possibility that as the market slows, rates will go up and impact their monthly payments.

Want to make sure your house doesn’t sell for $12.8 million less than it’s original asking price? Don’t get caught bilking your company for $11 billion.

As the housing market cools, do we worry about a large-scale implosion, or simply a gradual downturn in the economic cycle? Read more at CNN/Money.

Having Eminem as a nephew is probably a good thing overall. Just don’t cross him over your house payments. From Yahoo Music.