home: Condominiums Face Lack of Affordable Financing Due to Changes in FHA Rules - 12/01/09 09:00 AM
We all know that condominium developers built more condominiums than the market could absorb from 2006 - 2009. They built from scratch, developing small and large projects from duplexes to hundreds of units, and they bought apartments, renovated and replatted them so they could be sold as condominiums. While the going … (1 comments)
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home: Banning HOA Rentals - 11/27/09 09:51 AM
In some homeowner associations, the number of owners who rent their units is extraordinarily high, sometimes even outnumbering resident owners. With absentee owners and just a few irresponsible renters, there may be a move by the board to limit or eliminate rentals altogether. What things should be considered?When it comes to … (0 comments)
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home: Real Estate Outlook: Fed Chair Discusses Housing - 11/25/09 10:51 AM
Federal Reserve chairman Ben Bernanke put out a forecast last week that included some important observations on housing, but it got nowhere near the attention it deserves.Speaking to the Economic Club of New York, Bernanke described some of the well-known problems standing in the way of economic growth -- especially double … (1 comments)
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home: Short Sale Sellers Need To Guard Against "Double Whammy" By Bank and I.R.S. - 11/24/09 08:54 AM
Short-sale sellers and their agents have plenty to think about, and it is understandable if they are annoyed by the reams of paperwork that may come their way. Nonetheless, it really is important not only to pay attention to what is in the paperwork but also to be sure to retain … (1 comments)
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home: Mortgage Refinancings: Tax Rules Are Tricky - 11/18/09 09:20 AM
The recent drop in interest rates has prompted millions of households to refinance their mortgages. Borrowers who refinance need to familiarize themselves with tricky tax rules on what is or is not deductible for interest payments. Here are some reminders on how the rules work.Question: I own a personal residence. It … (2 comments)
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home: Investor Report: Commercial Investing 2010 - 11/17/09 08:55 AM
If you're a commercial property investor looking toward 2010, where are the most promising real estate markets in the U.S.? The Urban Land Institute teamed with consulting firm Pricewaterhouse Coopers and asked more than 900 investors, developers and lenders that question recently, and came up with some intriguing answers. The top … (0 comments)
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home: Long-Term Rates Fall to Lowest Level in Five Weeks - 11/16/09 10:04 AM
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending November 12, 2009, down from last week when it averaged 4.98 percent. Last year at … (0 comments)
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home: Fire Sprinklers Set to Become Standard in New Homes; Group Warns of Inferior Cabling - 11/13/09 10:05 AM
Members of the International Code Council's Residential Building Code Committee (RBCC) have made it clear that fire sprinklers are destined to become a standard feature in all new homes. The fire sprinkler requirement was added to the International Residential Code (IRC) last year, and it is scheduled to become effective January … (0 comments)
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home: Washington Report: Expansion of Tax Credit - 11/12/09 10:10 AM
Congress's extension and expansion of the $8,000 tax credit through next June 30 should take the pressure off first time home buyers who've been rushing to close deals before the November 30 deadline. That deadline is now gone. Everybody's got until next June 30 to settle on their purchases. But here's … (1 comments)
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home: 30-Year Fixed Rate Falls Below 5 Percent - 11/10/09 08:48 AM
McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.7 point for the week ending November 5, 2009, down from last week when it averaged 5.03 percent. Last year at … (4 comments)
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home: Non-Judicial States Let Mortgage Lenders Off The Hook - 11/09/09 11:27 AM
There is a lot of talk about foreclosures in the news today. One aspect of foreclosures that has received little attention is difference between a judicial state and a non-judicial state. A judicial state requires that a lender file a foreclosure action in the court system and get an order from … (0 comments)
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home: Tax break for buying a home - 11/06/09 08:39 AM
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The Senate's bill also created a $6,500 credit for those … (0 comments)
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home: Real Estate Outlook: Case-Shiller Index - 11/04/09 10:16 AM
If you look at the latest Case-Shiller home price index numbers, which showed prices up in seventeen of the twenty markets it tracks and the fourth straight month of gains, you'd have to say: wow, how things have changed! Even the gloomiest of the major indexes is now documenting month after … (1 comments)
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home: Washington Report: Extending the Credit - 11/03/09 09:13 AM
Don't bet all your money on it quite yet, but it looks more and more likely that Congress will extend the housing tax credit beyond its scheduled termination date - and maybe even open it up to people who already own homes. Late last week a bipartisan plan emerged in the … (0 comments)
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home: Washington Report: Extending the Credit - 11/03/09 09:12 AM
Don't bet all your money on it quite yet, but it looks more and more likely that Congress will extend the housing tax credit beyond its scheduled termination date - and maybe even open it up to people who already own homes. Late last week a bipartisan plan emerged in the … (0 comments)
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home: Media Dropping Ball on Housing-Market Trends - 11/02/09 01:39 PM
I clicked a link to the Wall Street Journal's market data chart, called the Hagerty's Quarterly Housing Report and was really taken aback by what they are reporting in the Washington, D.C. area (my home base). Again, they have labeled our market as a "buyers" market and reported that more foreclosures … (0 comments)
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home: Ask the HOA Expert - 10/29/09 09:06 AM
Question: Our homeowner association has 30 single family detached homes. Our governing documents were basically written for townhomes. One of the bothersome issues is that the governing documents state that the HOA is responsible for replacing roofs, painting, gutters and other things that are commonly done with condominiums. Many owners object … (0 comments)
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home: Real Estate Outlook: Just Right Housing - 10/28/09 09:56 AM
You probably remember the line about porridge from Goldilocks: It wasn't too hot, it wasn't too cold, it was ... just right. Well, you could make that point about some of the latest housing and real estate numbers. Last week's new housing starts were reported by the media as further evidence … (0 comments)
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home: Time is Running Out for First-Time Home Buyer Tax Credit - 10/27/09 10:20 AM
The clock is ticking. Time is running out. To be exact, time runs out midnight, November 30, 2009. Many readers will know what I am referring to. Under the American Recovery and Reinvestment Act of 2009, November 30 is the last day for a home purchased by a first-time home buyer … (1 comments)
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home: Investor Report: Investment Buying Tips - 10/26/09 09:15 AM
Foreclosures and bank REOs are pulling a new wave of novice investors into the market, some of whom "are just plain clueless, to put it bluntly," says Robert Cain, a long-time rental market and real estate management specialist based near Tucson, Arizona."They see the price and they way, wow! I can … (0 comments)
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