New Programs Target Low-Income Buyers, an article from Realtor Magazine Online, reports that many new state and local initiatives are expected to roll out over the next few weeks. Under the federal Neighborhood Stabilization Program, these initiatives will help middle- and low-income families buy foreclosed homes in hard-hit neighborhoods. Only households earning no more than 120% of the median income will be eligible. The money must be used for primary residences in neighborhoods with the highest incidences of foreclosures and subprime loans. A lease-to-own program will be part of the offerings. Altogether, $5 billion has been available for these initiatives. http://www.realtor.org/RMODaily.nsf/pages/News2009062902
Home Prices Drop at Slower Pace, an article from The Wall Street Journal, reports that Denver posted a 1.5% gain in home prices in April from the previous month, according to data from the S&P Case-Shiller home-price indexes. "While one month's data cannot determine if a turnaround has begun, it seems that some stabilization may be appearing in some of the regions," said David M. Blitzer, chairman of S&P's index committee. http://online.wsj.com/article/SB124636417721572777.html
Mortgage rates hit record low, may fall further, an article from msnbc.com, reports that rates on 30-year mortgages plunged to a record low on Thursday following the launch of the Fed's new effort to revive the housing market. Yesterday, the national average rate on 30-year, fixed-rate mortgages was 4.94%, according to financial publisher HSH Associates. This is down nearly a quarter point from the day before - the lowest on HSH's records, which date back to 1979. Lenders have not pushed down rates as dramatically as some would have hoped. Many lenders have laid off workers in droves, leaving them with a limited capacity to keep up with the refinancing boom. "They're already swimming in applications," said Greg McBride, senior financial analyst with Bankrate.com. http://www.msnbc.msn.com/id/7148582/
Apartment vacancies rise in Denver; rents remain flat, an article from The Denver Post, reports that apartment vacancy rates in metro Denver increased to 7.9% during Q4 2008., according to a report released Wednesday by the Apartment Association of Metro Denver. During the third quarter of 2008, the vacancy rate was 6.5%. More young people are electing to live with their parents or find roommates. Compared to the fourth quarter of 2007, average rents were up $28 to $888.22. Gaining in popularity are one-bedrooms and efficiencies. http://www.denverpost.com/headlines/ci_11576970
Homebuyers get a bonus in the stimulus bill, an article from CNNMoney.com, reports that first-time buyers could receive a $7,500 tax credit if they purchase soon - no repayment required. The economic stimulus bill that's now before Congress includes a provision for a $7,500 tax credit for first-time home buyers. The $819 billion stimulus plan was passed by the House late Wednesday. The Senate is expected to vote on its version of the bill sometime next week. Technically, the stimulus bill would change of terms of the $7,500 tax credit that was part of the Housing Recovery Act passed last summer, which was basically a no-interest loan that had to be repaid over 15 years. The measure had little impact. Under the stimulus bill now under consideration, the tax credit would be a true credit that doesn't have to be repaid. "Our economists have studied the effect [of the credit] and they say there could be a 10% increase in home sales if it's implemented," said Mary Trupo, a spokesperson for the National Association of Realtors. http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012907
Washington Report: Expectations for Housing, an article from Realty Times, examines what we can expect in terms of housing and mortgage-related moves with a new president and Congress running Washington. At the top of the list is foreclosure relief. Barney Frank, the House Financial Services committee chairman, expects Congress and President Obama to devote as much as $100 billion of the bailout money to help homeowners facing foreclosure. Second on the priority list is legislation allowing bankruptcy judges to prevent foreclosures by reducing monthly payments, interest rates and principal balance for owners who file bankruptcy. The third item on the list involves a return to last year's higher mortgage limits for high-cost areas around the country. During the early months of the new Congress, you can also expect to see passage of long-stalled anti-predatory lending legislation. Later on, the Obama administration is expected to address reforms for the federal financial regulatory agencies and decide what to do with Fannie Mae and Freddie Mac. http://realtytimes.com/rtpages/20090126_washingtonreport.htm
Banks, lenders face Aurora rule, an article from Rocky Mountain News, reports that a measure was passed yesterday in Aurora requiring banks and lenders to maintain foreclosed and abandoned properties. A yet-to-be-determined fee will be charges in cases where there is failure to comply with the city's property standards. Foreclosed and abandoned properties must now be placed on a monthly inspection list. http://www.rockymountainnews.com/news/2009/jan/27/banks-lenders-face-aurora-rule/
For Your Clients: 4 Tips to Getting a Loan, an article from Realtor Magazine Online, examines four tips to help a buyer get a loan. First, consider what the government has to offer. The Federal Housing Administration (FHA) and the Veterans Administration (VA) are the biggest source of loans these days. Next, get those documents in order - bank statements, brokerage statements, W-2 forms and tax returns. Also, borrowers should consider ways to boost their credit scores. It's important not to have more than one-third of their maximum borrowing capacity outstanding on any one credit card. And finally, work your connections. Borrowers may want to begin by talking to a local bank where they have an established relationship. http://www.realtor.org/rmodaily.nsf/pages/News2009012604
Simplify and Focus, an article from Realty Times, examines how to simplify your business planning process and stay focused in 2009. Choose one word that will be the star you are aiming for this year (e.g., focus, consistency). Then ask yourself: 1) What is one thing that would make the most difference in my business if I did it consistently? 2) What is the one thing that would make the most difference in your personal quality of life in you did it consistently? Post your answers where you can see them every day and incorporate them into your daily planning. http://realtytimes.com/rtpages/20090128_simplify.htm
Denver-area home values show strength, an article from Rocky Mountain News, reports that the Denver-area housing market outperformed all but one market in the 12 months ended in November. According to a national housing report released Tuesday, Denver-area homes lost only 1.1%. This makes Denver the best performing city in the S&P/Case-Shiller Home Price Indices. In the 12 months ended in November, home prices in Denver fell by only 4.3% - only Dallas fared better than Denver. http://www.rockymountainnews.com/news/2009/jan/27/denver-area-home-values-show-strength/
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