Home Builders Association of the Greater Rockford Area

Home Builders Association of the Greater Rockford Area | Serving Northwest Illinois

Finding The Right Contractor

 

Following the tragedy of natural disasters, all too often is the exploitation of the disaster victims by unscrupulous people. In the urgency of the moment, trying to protect their property from further damage and to begin the clean up and rebuilding process as quickly as possible, bad decisions get made under pressure, on the spur of the moment, that result in fraud, and/or subpar work for the money paid.

The Ogle County Sheriff has posted the following statement to alert recent storm victims to some basic steps to avoid being scammed by these unscrupulous people.

            Victims of storm damage should never sign a contract or pay cash to a repairman who shows up uninvited on their doorstep. Check to make sure a      contractor is bonded and insured, verify their address, website, etc. Check to see if they are a member of a reputable home builders association and review their BBB record.

            The BBB advises obtaining three bids for any job and make payments to the company, not an individual.

            Get all bids in writing detailing the work to be completed. Don’t forget job site clean up of the old building materials being replaced. Pay in thirds and use a credit card to reverse charges if fraud is suspected. Never pay cash for repair services.

The State of Illinois, Attorney General, has prepared a pamphlet on how to avoid home repair fraud called Home Repair: Know Your Consumer Rights.  Copies of this pamphlet are available from the HBA of the Greater Rockford Area.

If you think you have been defrauded by a contractor of have any questions, please bring it to the attention of the State’s Attorney in the county where you live or the Illinois Attorney General’s Office.

Builder Bookstore

 

Check out the new BuilderBooks website which features:

 

 ·         Easy navigation

 

    ·         Mobile capability

 

    ·         Compare products

 

    ·         Social media tools like "Share with a Friend"

 

    ·         Wish lists

 

    ·         And More

Below is the unique HBA of the greater Rockford Area link to the NAHB Builder Bookstore.

https://builderbooks.com?acc=HOMEBU28

NAHB BUILDERBOOKS.COM "BOOKS THAT BUILD YOUR BUSINESS"

Housing Affordability June

Affordability Slips as Home Values Strengthen

Nationwide housing affordability slipped several notches as recovering markets witnessed significant firming of home prices in the second quarter, according to the NAHB/Wells Fargo Housing Opportunity Index (HOI), released on Aug. 13. In all, 69.3% of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $64,400. This is down from the 73.7% of homes sold that were affordable to median-income earners in the first quarter, and the first time that the measure has fallen below 70% since late 2008. Rising home prices signal the improving health in housing markets, and the median price of all new and existing U.S. homes sold in this year’s second quarter, at $202,000, was well ahead of the second quarter 2012 median price of $185,000. “Together with rising mortgage rates, this contributed to affordability slipping to the lowest level in more than four years,” said NAHB Chief Economist David Crowe. 

Rockford, IL is the 23rd most affordable housing market in the nation where 90.4% of the houses sold with a median value of $100,000 could have been bought by a family with the local median family income of $61,100.          

2014 Mid Year Permit Update

NEW CONSTRUCTION UPDATE: JUNE, 2014
ROCKFORD, WINN. CO.,  SAME MONTH YEAR TO DATE
LOVES PARK, MACH. PARK JUNE LAST MONTH YEAR TO DATE YEAR AGO YEAR AGO
SINGLE FAMILY PERMITS 5 4 33 3 26
total value $553,668 $626,945 $3,844,524 $389,760 $3,147,590
REMODELING PERMITS 130 102 419 84 403
total value $1,244,101 $892,584 $3,917,548 $681,408 $5,656,152
RAAR NEW HOMES SOLD REPORT N/A N/A N/A NA NA
avg. days on market N/A n/a N/A NA NA
median value N/A n/a N/A NA NA
mean value N/A n/a N/A NA NA
RAAR ALL HOMES SOLD REPORT 400 399 1,841
mean value $102,721 $96,935 *
NAT'L NEW SNGL FAM. HOME SALES 406,000 504,000 * 497,000 *
median value $273,500 $282,000 * $249,700 *
mean value $331,400 $319,200 * $161,000 *
ATTACHED UNITS 0 2 2 0 0
BELVIDERE, BOONE COUNTY
SINGLE FAMILY PERMITS 2 2 5 5 10
total value $184,000 $750,000 $1,118,800 $1,762,500 $3,168,874
REMODELING PERMITS 7 3 15 6 30
total value $345,866 $282,300 $873,799 $71,170 $575,015
ATTACHED UNITS 0 0 0 0 0

Homeownership Rate

Homeownership Rate Continues to Decline

 

The seasonally adjusted national homeownership rate fell to 64.8% during the second quarter of 2014. This marks a drop of 4.6 percentage points since the peak rate of 69.4% during the second quarter of 2004, according to the Census Bureau’s quarterly survey.

 

The homeownership rate declined by 0.3 percentage points year-over-year. The current rate is also below the 20-year historical average of 66.9%.

The data continue to show declines in homeownership across all age groups, with the largest declines being experienced for younger households. For example, the homeownership rate for those under age 35 currently (second quarter of 2014) stands at 35.9%, which is 7.7 percentage points lower than the peak rate of 43.6% (second quarter of 2004). For those 35 to 44, the homeownership rate is currently 60.2%, 9.9 percentage points lower than the peak rate of 70.1% (first quarter of 2005).

The homeownership rate will continue to decline as pent-up housing demand is unlocked, as such new households are more likely to be renters than homeowners.

 

Vacancy rates for owned and rental housing continued along the declining trend that has been in place since 2010. The rental vacancy rate declined to 7.5% during the second quarter, the lowest rate since 1997. The homeowner vacancy rate fell to 1.9%, matching the lowest rate since 2005.

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Get in touch

HBAGRA Contact:
Dennis J. Sweeney
Executive Vice President
Phone: 815.962.1148
Fax: 815.962.1151
Email:

Mission Statement

The HBAGRA provides building industry knowledge and information to members and the community

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HBAGRA General Membership Meeting

  • November 20, 2014 
  • General Membership Meeting at Lino's. Social hour begins at 6pm. Dinner served at 7pm. Entree slelections are: baked chicken a la Lino or lasagna, $25.00; NY strip steak, $40.00.
  • Email  before 3:00 PM on November 18th to register.