From our friends at Realtor.com
As the housing downturn wears on, some cities are stabilizing and some
aren’t.

In Las Vegas, the weakest market in the country, prices continue to drop.

“I don’t know what those guys were drinking when they thought all this building made sense. If it does work out soon, then there’s some force out there in the universe that I’m not aware of,” Steve Cesinger, chief financial officer at Dewberry Capital, an Atlanta-based real estate investment firm. (more…)

Tags: Real Estate

From our friends at Realtor.com
Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.

The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week’s 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week: (more…)

Tags: Real Estate News

From our good friend Tammy Cote at Coldwell Banker Mortgage.
No one ever wants to pay more taxes than necessary, but this year it’s even more important to save every penny you can. Here are some tips that can help you get a larger refund:

Property Tax Deduction for Non-Itemizers: Before 2008, only people who itemized their deductions could deduct property taxes. For 2008, individuals who do not itemize can deduct up to $1,000 of property tax on a joint return or $500 on a single return. (more…)

Tags: Taxes

Sources say the Obama administration’s housing plan, to be unveiled Feb. 18, will allow bankruptcy judges to modify mortgages and will use Fannie Mae and Freddie Mac to refinance borrowers who owe more than their homes are worth but are current on their payments.

It also will reduce loan payments for struggling home owners through lower interest rates or longer loan terms, with the government possibly giving lenders a subsidy of $800 to $1,000 per loan to minimize losses. (more…)

Tags: Real Estate, Real Estate News

From our friends at REAL Trends, Inc.

The $790 billion stimulus package hammered out by House and Senate conferees increases the homebuyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.

The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds. The credit remains open only to first-time buyers (those who haven’t owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program. (more…)

Tags: Real Estate, Real Estate News

The NATIONAL ASSOCIATION OF REALTORS® praised the Senate for passing its stimulus bill that expands the homebuyer tax credit, an important housing component that will help shrink housing inventories, bring stability to home values, and move the country closer to an economic recovery.

The bill now heads to conference committee to reconcile differences between the Senate and House versions. Congressional leaders hope to have the bill ready for President Obama’s signature by the weekend. NAR will continue to press the need for housing stabilization measures with Congress and the Obama administration to make housing a primary component of the government’s economic recovery plans. (more…)

Tags: Real Estate, Real Estate News

From our friends at REALTOR.COM
In the last decade, there have been hundreds of communities in every state that have seen significant growth in new homes. Many of them are outside the urban core and often far from established centers of employment. In a new report, BusinessWeek poses the question: Will the current economic slowdown put an end to these communities?

“The boomtowns of this decade are not booming so much in the last couple years,” said William H. Frey, a demographer at the Brookings Institution in Washington, D.C., tells the magazine. “It’s possible those places will come back again. A lot depends on where the economy grows and where the new knowledge centers are.” (more…)

Tags: Real Estate News

From our friends at Realtor.com
The National Association of Home Builders (NAHB) has won a stamp of approval from the American National Standards Institute for its new construction standard backed by principles of energy efficiency and environmental sustainability.

The “National Green Building Standard” includes benchmarks that apply to new or renovated home projects, ranging from sprawling McMansions to compact modular homes.

The NAHB label offers an alternative to the U.S. Green Building Council’s widely accepted “LEED for Homes” standard, but USGBC’s Nate Kredich says it would be a mistake to think the certifications are about competition.
“Less than 1 percent of [U.S.] housing stock is certified under any standard,” he notes, “so we’re focused on market transformation.”
Source: E&ENews PM, Michael Burnham (02/05/09)

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Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.

Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers. (more…)

From our friends at Realtor.com
February 4, 2009
The volume of loan applications rebounded last week, rising 8.6 percent on a seasonally adjusted basis to 795.4 from 732.1 the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index rose 28.1 percent compared with the previous week and decreased 26.9 percent compared with the same week a year ago.

Refinances continued to drive the market. The refinance share of mortgage activity increased to 73.2 percent of total applications, up slightly from 72.8 the previous week.

Mortgage rates rose slightly last week:
30-year fixed-rate mortgages increased to 5.28 percent from 5.22 percent;
15-year fixed-rate mortgages increased to 5.15 percent from 4.98 percent;
1-year ARMs increased to 6.09 percent from 5.96 percent.

Source: Mortgage Bankers Association

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Tags: Real Estate, Real Estate News