Obama signs bill: Homebuyer tax credit extended & expanded- President Obama signed H.R. 3548 enacting into law an extension & adjustment of the $8,000 tax credit for 1st time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.
Most details for 1st time homebuyers mirror the rules currently in…
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Added by Pete Howlett on November 16, 2009 at 12:03pm —
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Bernanke says recession ‘very likely over’ - Fed Chairman Ben Bernanke said on 09/15 that the worst recession since the 1930s is probably over, although he cautioned that pain – especially for the nearly 15 million unemployed Americans – will persist. He said the economy likely is growing now, but he warned that won’t be sufficient to prevent the unemployment rate, now at a 26 yr high of 9.7%, from rising to 10%. The recession, which started in Dec '07, has claimed a net total of 6…
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Added by Pete Howlett on September 17, 2009 at 11:35am —
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Home construction up for fifth month in a row - Construction of single-family homes rose in July for the 5th straight month, edging up almost 2% to the highest level since last October. Building permits climbed nearly 6%. At least the market for new homes isn’t getting worse anymore, and that’s the first step to getting better. Each new home built creates about 3 jobs on average & generates about $90,000 in taxes paid to local and federal authorities. With new construction up 3…
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Added by Pete Howlett on August 21, 2009 at 3:41pm —
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Reports show economy mending Economic indicators keep saying what investors have known for months: Things are getting better. The latest government report to reinforce a more positive view of the economy’s health was the Federal Reserve’s “beige book,” released last Wednesday, which indicated many parts of the nation are seeing economic stability. While the latest pieces of economic data provide some comfort, they by no means signal a return to the boom times.
Frank threaten…
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Added by Pete Howlett on August 3, 2009 at 9:09am —
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HUD: Tax Credit Can Be Used on Closing Costs - FHA-approved lenders received the go-ahead to develop bridge-loan products that enable 1st time buyers to use the benefits of the $8,000 federal tax credit upfront to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can't be used to cover the minimum 3.5 percent down payment on a FHA loan.
The first-time homebuyer tax credit is available to households that haven't o…
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Added by Pete Howlett on June 4, 2009 at 3:29pm —
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HOMEBUYER TAX CREDIT- If first-time homebuyers wait until November to sign a sales contract, it's probably too late to get the $8,000 tax credit. To qualify, buyers must close before Dec. 1 - a signed contract is not enough. New construction should be started by mid-summer to qualify.
MORTGAGE RATES- Rates on 30-year mortgages fell slightly to 4.8 % this week & remained just ahead of record lows posted this month, according to Freddie Mac. "The housing market is…
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Added by Pete Howlett on April 24, 2009 at 4:13pm —
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FHA- The FHA plays a key role in helping bring stability to the housing market, NAR told the Senate Appropriations Subcommittee Friday. NAR also pushed for FHA program improvements, including more staff, technology investment, increased oversight and the ability to use the $8,000 first-time homebuyer tax credit toward a downpayment.
MORTGAGE RATES- Rates on 30-year mortgages inched higher to 4.87 % after 2 straight weeks of record lows, but still remained at attracti…
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Added by Pete Howlett on April 13, 2009 at 4:14pm —
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HOUSING STARTS- The U.S. Commerce Dept. reported that construction of new homes in February jumped 22.2% from January to a seasonally adjusted annual rate of 583,000 units, defying economists' forecasts for a drop in activity. Applications for building permits, considered a reliable sign of future activity, also rose in February by 3%.
ECONOMY- After months of punishing economic news, this week's rally of global stock markets seems to have lifted the mood, if only for…
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Added by Pete Howlett on March 18, 2009 at 4:03pm —
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ECONOMY- The latest forecast from the Federal Reserve predicts an economy that will continue to weaken throughout 2009 with no sign of stabilization yet in the housing market. However, some economists see a silver lining: Scaled-back construction should reduce the number of unsold homes & contribute to an eventual housing recovery.
FORECLOSURES- Some homeowners are stalling foreclosure with a seemingly simple request: asking their lender to produce the original mo…
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Added by Pete Howlett on February 20, 2009 at 2:30pm —
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ECONOMY- The Federal Reserve's best forecast guess is an economic turnaround in mid-2009, however they are concerned about unexpected problems that could still arise & slow a recovery.
FLORIDA LEGISLATURE- State lawmakers neared agreement Wednesday on about $1.2 billion in spending cuts for schools, health care, social services & other programs to help avoid a budget deficit of at least $2.3 billion.
RELOCATION- United Van Lines tracks its moves each year & compa…
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Added by Pete Howlett on January 9, 2009 at 10:30am —
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MORTGAGE RATES - Rates on 30-year-fixed mortgages dropped this week to 5.19%, their lowest level in the 37 years that Freddie Mac has been keeping records.
INTEREST RATES- The Federal Reserve cut its key federal funds rate to between zero and 0.25 percent, down from 1 percent, a level that was already the lowest target rate in a half century.
SIGNS OF A REBOUND?- Sales are picking up in markets where prices are deflated, like Arizona, California, Florida and Nebraska. Analys…
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Added by Pete Howlett on December 23, 2008 at 1:00pm —
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MORTGAGE RATES - As predicted, mortgage rates plunged this week. At 5.53 percent, it's the lowest level since January, and the one-week drop is the largest in 27 years.
ECONOMIC BAILOUT - An effort by NAR to spur home sales through a mortgage-interest rate buydown appears to be gaining traction. "Treasury officials told the Realtors that the buydown plan could be a more effective way to help homeowners than focusing solely on borrowers struggling to meet their monthly payments.
Cut…
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Added by Pete Howlett on December 5, 2008 at 2:00pm —
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HOUSING AFFORDABILITY - There's an upside to everything, and the upside to falling home prices is greater affordability. According to NAHB's Housing Opportunity Index, median-income families could afford 56.1 % of recent home sales, compared to only 40.4 % that could do so at the peak of the housing boom.
HOME SALES - Following higher sales activity in Sept., Florida's existing single-family homes rose 5 % in the 3rd quarter compared to the same period last year, according to FAR's…
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Added by Pete Howlett on November 20, 2008 at 4:00pm —
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HOME SALES - "October was the height of the economic crisis & the shock factor for consumers has not yet been fully reflected in home sales," said NAR Chief Economist Lawrence Yun. But Yun notes that some of the hardest-hit areas of the country, including Florida, show "consistent, solid gains" in pending home sales.
AMENDMENT 3 - which creates property tax exemptions for residential hurricane-proofing and energy efficiency improvements, is going into the Florida Constitution w…
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Added by Pete Howlett on November 11, 2008 at 3:00pm —
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Current updates in the Real Estate Market, 10/27/08, from NAR
* NEW HOME SALES - New home sales recorded an unexpected 2.7 percent increase in September - economists had expected a decline.
* INTEREST RATES -When the Federal Reserve meets this week, policymakers are widely expected to lower interest rates - perhaps to their lowest point in more than four years - with the hope of relieving some of the economic pain felt by many Americans. Any Fed rate cut would be aimed at cushioning the fallou…
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Added by Pete Howlett on October 27, 2008 at 2:30pm —
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Mostly Cloudy, and 55 ° F. For more details? 
