RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007. … (0 comments)
RISMEDIA, By Alan J. Heavens, Corey Boles, John D. McKinnon ,October 30, 2009—(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn. While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would … (1 comments)
RISMEDIA, October 20, 2009—The Mortgage Bankers Association (MBA) along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB) sent a letter to senior Obama Administration officials yesterday requesting their support for a 12-month extension of the first-time homebuyer tax credit. The letter, addressed to Treasury Secretary Geithner, HUD Secretary Donovan and National Economic Council Chair Summers, outlines why the three organizations believe that the tax credit has had a stimulative effect on not only the housing market, but on … (1 comments)
RISMEDIA, October 16, 2009—MBA expects economic growth to continue through the rest of 2009 before slowing in the first half of 2010. Unemployment is expected to climb to 10.2% by the middle of 2010 before beginning to moderate as economic growth resumes sustained growth in the second half of the year.
Mortgage originations should reach $1.5 trillion in 2010. Modest increases in home sales should drive purchase originations but refinance originations are expected to decline as mortgage rates rise. “The recession is behind … (1 comments)
RISMEDIA, October 15, 2009—“California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market,” said California Association of Realtors (C.A.R.) President James Liptak. “This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace.” “After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added. “2010 will mark the beginning of the ‘new normal’ for California’s housing … (0 comments)
san diego condos: No change in median home price in San Diego Real Estate
- 10/13/09 03:19 AM
No change in median home price Analyst sees shift in types of properties being sold Union-Tribune Staff By thomas kupper October 13, 2009The median home price in San Diego County stayed at $325,000 last month, unchanged from August, MDA DataQuick reported yesterday. It was the ninth month in a row that the median has either increased or stayed the same, as the real estate market continues to inch its way out of a collapse that cut the median price nearly in half. But DataQuick analyst Andrew LePage said the increase has been driven less by any improvement in individual property … (2 comments)
RISMEDIA, October 10, 2009—The National Association of Home Builders (NAHB) called on Congress to help housing take a lead role in putting America back to work by taking quick action to extend and enhance the $8,000 first-time home buyer tax credit, resolve appraisal problems that have been slowing home sales and urge regulators to restore the full flow of credit needed by both home buyers and home builders alike.
Though existing and new home sales appear to have stabilized in recent months, NAHB Chairman … (0 comments)
RISMEDIA, October 9, 2009—The best available tool for sustaining the still-fragile housing market is the $8,000 home buyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee recently. The tax credit expires November 30. NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel that a major stumbling block for consumers has been the implementation of appraisal processes … (0 comments)
san diego condos: 1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected
- 10/08/09 05:23 AM
1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected RISMEDIA, October 8, 2009—With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.
The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never … (0 comments)
RISMEDIA, By Ken TrepetaOctober 7, 2009—The first-time home buyer’s tax credit cannot be directly used for down payment at the closing table due to federal tax law. In order to claim tax credit, one must meet certain criteria. Since the first-time home buyer tax credit eligibility is contingent upon acquiring the home, it is impossible for one to receive the credit directly before closing on the home. NAR worked with Members of Congress to find a way to “monetize” the credit directly at the closing table. After weeks of work, … (0 comments)
Seventy percent of respondents said homes are more affordable today than in recent months. Further, 69% indicated they believe the economy is improving with 19%- the largest proportion—citing declining home values as a primary reason for this improvement. But Americans are still cautious: only 26% of survey respondents took advantage of these more affordable … (1 comments)
san diego condos: HUD Changes for Condo FHA Buyers
- 10/05/09 01:36 PM
HUD Changes for Condo FHA Did you hear about the upcoming changes from HUD in regards to approval for FHA financing on condos? They were announced this summer, but their effective date is now less than a month away. Here are some of the noteworthy provisions below, as well as a link to the webpage with a link to the official HUD letter – “Mortgage Letter 2009-19”. I hope this info is helpful. At the very least, it’s good to be informed, right?
FYI – the original effective date was 10/1/09, but it was extended to 11/2/09. Effective 11/2/09 … … (2 comments)
“The vast majority of the banks don’t want us to advertise them as ‘bank-owned’ because it comes with a negative connotation,” said Ryan Melvin, co-owner of More Realty Group in Las Vegas. That means no sign on the front lawn indicating the home is anything other than a traditional sale. A buyer probably won’t find a property advertised … (3 comments)
san diego condos: Record Streak Continues for Pending Home Sales
- 10/03/09 03:11 AM
Record Streak Continues for Pending Home Sales RISMEDIA, October 3, 2009—Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August 2009, rose 6.4% to 103.8 from a reading of 97.6 in July, and is 12.4% above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5. Lawrence Yun, NAR chief economist, said not all contracts are turning into closed … (0 comments)
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