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home affordability: Property Values and Property Rights at Stake - Mortgage Interest Tax Deduction Should be Retained - 12/02/10 03:33 PM
President Obama's fiscal commission group recent proposal to reduce the federal budget deficit by reducing or eliminating tax credits, deductions and incentives, is misguided. The primary financial CHALLENGE OF U.S. GOVERNMENT IS about GOVERNMENT DEBT AND DEFICIT SPENDING, size and scope of the government itself.
This Commission report proposed that Congress change eliminate in part the MORTGAGE INTEREST TAX DEDUCTION.
Say What? The MORTGAGE INTEREST TAX DEDUCTION is valuable for the economy, the American people and should be retained. The MORTGAGE INTEREST TAX DEDUCTION was introduced along with the income tax in 1913 and has since then been important for U.S. home buyers and owners.
Any reducing … (4 comments)
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home affordability: California Housing Markets and Home Affordability - 10/16/10 02:14 PM
Leslie Appleton-Young, chief economist for the California Association of REALTORs®, has said that California home prices will rise by 13.5% by 2012, and sales will drop 10% this year 2010 and rise 2% in 2011.
What about current economy momentum in California?
Impact of federal stimulus and homebuyer tax credits is down, and it's up to private sector to provide momentum for economic recovery. Weak consumer demand, uncertainty about future government policy, economy now in holding pattern waiting for clearer signs of economy recovery What about current Orange County housing markets?
Depends upon price category. Median price of existing single family homes in … (0 comments)
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home affordability: US House Today Approved Homebuyer Tax Credit Extension and Expansion - 11/05/09 04:32 PM
U.S. House of Representatives today voted by overwhelming positive vote of 403-12 to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit.
This bill with bipartisan support already passed in the U.S. Senate so now will advance from Congress to the White House for President Obama's signature.
The Administration already has signaled its support of the Homebuyer Tax Credit amendment and the President's intention to sign the bill into law.
So extension and expansion of the US Homebuyer Tax Credit will soon be a reality.
Voices by REALTORS and National Association of Realtors … (2 comments)
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home affordability: Governor Schwarzenegger Signs New CA Law Today With Focus to Curb Irresponsible Subprime Lending Practices - 10/12/09 08:26 PM
New California law with focus to Limit Predatory Lending Practices was signed today, October 12, 2009, by our Governator (Assembly Bill 260 - Lieu).
This new law covers CA state-regulated independent mortgage brokers.
The policy stated and purpose of this law was to restrict California mortgage brokers by requiring them to act in a borrower's best interest. This law would prohibit them from steering borrowers to loans worse than those they qualify for and limits subprime prepayment penalties (fees for paying off or refinancing a loan early).
This new law (AB 260) grants power to state agencies, the Attorney General, and injured borrowers to enforce violations of the law and pursue relief. What … (2 comments)
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home affordability: Expect Monday After Thanksgiving Weekend To Be a Busy Real Estate Day ~ November 30, 2009 - 10/10/09 11:39 AM
Monday after this year's Thanksgiving Weekend, November 30, 2009, will be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit - Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit.
New FED "TRUTH IN LENDING" requirements for lenders went into effect on October 1. FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009.
Will lenders be able to close transactions on a timely basis, or could this TRUTH IN LENDING regulations gum up the works with anticipated and planned closings for November 30, 2009, … (2 comments)
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home affordability: Getting Prepared to Buy Your Home ~ What You Need to Know and Do - 08/10/09 06:15 PM
Here is at least part of what you need to know and do to get prepared for buying your home.
Do this at first and before you begin house hunting. Contact a lender or experienced mortgage broker and get a letter of loan prequalfication.
Fill out lender's requested paperwork for preapproval that will determine how much home you can afford to purchase. This preparation will increase your bargaining position with the sellers. Getting preapproved sets you apart and signals to the agents and the seller that you are dedicated and serious and that you can afford the home you want.
_______________________________________________ … (0 comments)
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home affordability: Home Affordability is Up ~ Now Is a Great Time to be a California First Time Homebuyer - 08/03/09 11:47 AM
We see ...
Drop in home asking prices good low 30 year fixed mortgage rates government offered homebuyer tax credits and believe that now is a great time for first time homebuyers in California.
Economist Leslie Appleton-Young at California Assoc. of Realtors predicted again on July 31, 2009, that median price of a California sold house will drop 28.4% this year to $248,000.
Homebuyer affordability is up. Appleton-Young said that the typical monthly house payment today in California is about half of what it was in 2007 ... when typical homebuyers paid $3,300 a month in principal, interest, taxes and insurance.
What this means ~ Now remains to … (0 comments)
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home affordability: Now is Indeed an Excellent Time to Buy a Home - 07/24/09 04:06 PM
Now is an excellent time to buy a home.
See Marc Roth article at BusinessWeek.com ~ "Now's the Time to Buy Your Dream House" ~ click here for article.
Why is now an excellent time?
If you have a down payment and can qualify for the loan, now is a great time for you. Mortgage rates remain incredibly low. Home prices are very low. Selection of homes is high for buyers. This makes sense and is encouraging news for homebuyers, especially first timers (or those who have not owned a home for the past three years) who can take advantage of the $8,000 income tax credit.
The … (0 comments)
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home affordability: More US Tax Incentives Are Needed For Home & Property Buyers ~ Less Focus on Spending Taxpayer Money on Loan Mods - 07/02/09 06:12 PM
We need more US government tax incentives for home and property buyers in the United States, and less focus of time and money on loan modifications.
BloombergNews.com reported that "U.S. mortgage applications fell last week by the most since February, defying efforts by President Obama's administration to revive the housing market." See article ~ Mortgage Applications Are Down ~ Bloomberg News, July 1, 2009. The government's focus on loan mods is not working to stimulate the economy, and it's not tax encouragement for home and property buyers.
Obama's new Home Affordability Refinance Program (HARP) raises its maximum Loan-To-Value (LTV) limit from 105% to … (4 comments)
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home affordability: CA Home Resales and Sold Prices Up in May 2009 ~ News - 06/26/09 12:05 PM
It's good news that CA homes median sold prices were up in May 2009, as compared to April and March 2009.
Sold prices are still down May 2009, as compared to same time last year, May 2008. This is because of buyer market rush to pick up the REO bank owned and distressed homes at lower price level.
Realtors report 10% jump in O.C. house prices (click here) ~ OCRegister.com, June 26, 2009. This is report that home sale prices were up form the month of May as compared to April, 2009.
CA Home Sale Prices Climb 3rd Consecutive Month (click here) ~ … (4 comments)
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home affordability: Top 5 Reasons ~ Buyers of Expensive Homes Should Get Low US Govt. Loan Rates Too - 06/23/09 02:41 PM
It's popular these days to support the concept that our US government provides help for homebuyers who want good loan rates on conforming limits of under $417K and for those needing jumbo rates on loans up to $729K.
Last year's mortgage meltdown put an end to Wall Street securitizing jumbo loans where the street bought large mortgages and resold them to investors. Investment banks like Bear Stearns and Lehman Brothers were caught in that and collapsed, carrying the super jumbo lending market down with them.
Conforming Loans ~ US government agencies Fannie and Freddie now have conforming loan limit at $417K, which are insured by the FED.
Jumbo Loans ~ Jumbo … (4 comments)
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home affordability: 7 Questions About the First Time Homeowner Income Tax Credit ~ Why It's So Important Now - 06/11/09 04:01 PM
Questions about the US Homeowner Income Tax Credit and importance now are answered at the National Association of Realtors featured article ~ The Basics: 2009 First-Time Home Buyer Tax Credit.
Who Qualifies For This Tax Credit?
Which Properties are Eligible?
How Much Money Will The Tax Credit Be?
If the Buyer(s)' Income Exceeds These Limits, Can He/She Still Get a Credit?
Will the Income Tax Credit Need to Be Repaid?
Can This Income Tax Credit Be Used As Closing Costs?
~ see article HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase … (0 comments)
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home affordability: Ignite Serious Homebuyer Activity ~ Lower Prices~ Orange County, CA - 06/11/09 01:46 PM
Reduced home asking and sold prices here in Orange County, CA, have inspired significant buyer ativity ~ especially for those under $400K.
Here's a SNAPSHOT OF HOMEBUYER ACTIVITY IN ORANGE COUNTY ~ during the past thirty days ending June 10, 2009.
ALISO VIEJO ~
66 homes sold 32 of homes sold were under $400k (49% of market) Average time on market for sold homes was 57 days ANAHEIM ~
193 homes sold 173 of those sold were under $400k (90% of market) Average time on market for solds was 52 days. COSTA MESA ~
60 homes sold. 18 of those sold were under $400k (30% of market) Average time on market for sold homes was 56 days. … (0 comments)
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home affordability: HUD Will Now Allow First Time Homebuyers to Apply $8K Income Tax Credit Toward Purchase Costs - 06/03/09 10:21 AM
Our US Housing and Urban Development Secretary Donovan Announced on May 29, 2009 ~
that the Federal Housing Administration (FHA) will allow homebuyers to apply the $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
Their stated idea for this change is to help stabilize the nation's housing market by stimulating home sales across the country.
Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for … (4 comments)
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home affordability: Southern California Homebuyers Fair - April 18 & 19 - Los Angeles Convention Center - 04/18/09 10:38 AM
Southern California Homebuyers Fair this weekend, Saturday, April 18, and Sunday, April 19 .. at the Los Angeles Convention Center.
The event is sponsored by the California Asociation of Realtors and the Los Angeles Times.
WHAT TO FIND THERE?
Realtors and other professionals will be there to help with process of home buying, finding and buying foreclosures, monitoring and fixing credit, mortgage protection program, finding and qualifying for home loans and other topics in many seminars and exhibits. Admission is free.
The second annual conference is sponsored by the California Assn. of Realtors and the Los Angeles Times and will be held at the Los … (0 comments)
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home affordability: Housing Market Update ~ Irvine, CA ~ April 15, 2009 - 04/15/09 04:08 PM
With some of the best residential neighborhoods and homes at South Orange County, Irvine is located next to Newport Beach, Laguna Beach, Newport Coast, and within a 10 minute drive of the Pacific Ocean at Crystal Cove.
Irvine is famous for its pleasant weather, lots of sunshine, excellent and award winning public schools, healthy business climate with good job opportunities, the University of California Irvine, encouragement for business and development, diverse backgrounds of residents, celebration of freedoms, places for worship, and one of the safest cities in the United States.
As of today, April 15, 2009 ~ there are 743 homes listed for sale at Irvine ... with average list price of homes is $690,375 ... with average time on the market of 87 days. … (1 comments)
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home affordability: Improved Home Affordability ~ at The OC, California - 04/15/09 10:28 AM
Some people say that HOME AFFORDABILITY is the crucial factor on whether and when we will have a rebound in the Southern California housing market.
Jon Lansner reported on April 14, 2009 ~ OC home affordability back at 2001 level ~ citing experts of local experts who said that the monthly cost of homeownership has fallen signficantly from the peak in this cycle, and that's because of decline in home prices, the decline in mortgage rates and increase in incomes.
Better home affordability is possibly also because of income tax credits offered for first time homebuyers.
This improved home affordability during recent months has inspired some buyer and consumer confidence in real estate having true value.
Our recent experience while … (1 comments)
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home affordability: US Making Home Affordable Refinance Plan ~ Started This Week ~ April 5, 2009 - 04/08/09 12:26 PM
US Govt. Making Home Affordable Refinance Program ~ has been started by the US Treasury.
See US Govt and Treasury Department press realease at http://www.ustreas.gov/press/releases/reports/guidelines_summary.pdf.Treasury says say that this Making Home Affordable Program is an attempt to help about 5 million homeowners, considering falling home values, approving mortgage applications based on borrower payment history and benefit to the homeowner.
ELIGIBILITY FOR PROGRAM ~
First ~ your existing home loan must be backed by either Fannie Mae or Freddie Mac. Both companies are US Govt. owned provide online lookup services.
Fannie Mae ~ check out this site
Freddie Mac ~ check out this site Second … (0 comments)
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home affordability: Increased Homebuyer Shopping Activity ~ Irvine, CA ~ March 2009 - 04/03/09 02:59 PM
Are We Moving From a Buyers To Sellers Market? ~ Irvine, CA ~ Market Report ~ March 2009
Irvine is one of the most beautiful and sought after residential communities in the OC and Southern California.
We saw and experienced increased Irvine buyer shopping activity during March 2009 as compared to last month, Feb. 2009, and with the past six months.
Lots of first time Irvine homebuyers expressed interest in some of the best home loan rates in years, their credit opportunities in the US Spending Bill 2009, and lowered asking prices from the peak of two years ago.
115 … (0 comments)
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home affordability: Foreclosure Alert For Renters ~ by RealtyTrac.com ~ Help For Tenants - 04/01/09 03:23 PM
RealtyTrac (www.realtytrac.com) announced today its launch of a new service called RealtyTrac Renter Alerts (www.renters.realtytrac.com). RT says that this fee based service ... will provide tenants and renters ... with advance notice when the property they are renting enters into default ... or is about to be foreclosed by a lender.See the article ~ "Foreclosure Alert for Renters" ~ at OCRegister.com.
Let's encourage our friends and clients who are renters of homes to be aware of this RealtyTrac.com service ... and some possibility that a renter can lose his home, place of rental living, and perhaps security deposit .. in a foreclosure situation.
If you want information about Orange County, … (2 comments)
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Harrison K. Long, business, REALTOR®, GRI, Broker
Irvine,
CA
More about me…
Explore Group, Coldwell Banker Previews, Irvine, South OC
Address: 6833 Quail Hill Parkway, Irvine, CA, 92603
Office Phone: (949) 854-7747
Cell Phone: (949) 701-2515
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