As of February 2009
This just in from CNN
Existing home sales lowest since '97
Realtors say sales fell 5.3% in January, believing would-be buyers delayed purchases due to stimulus talk.
* Existing home sales lowest since '97
Mortgage Rates
Type Overnight avgs
30 yr fixed mtg 5.22%
15 yr fixed mtg 4.84%
30 yr fixed jumbo mtg 6.89%
5/1 ARM 5.07%
5/1 jumbo ARM 5.84%
Find personalized rates:
NEW YORK (CNNMoney.com) -- Sales of existing homes fell in January to their lowest levels in nearly 12 years, with a real estate group saying buyers delayed purchases in anticipation of government programs to boost the housing market.
The National Association of Realtors said Wednesday that existing home sales dropped 5.3% last month, to a seasonally adjusted annual rate of 4.49 million units from a rate of 4.74 million in December.
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Wednesday, February 25, 2009
Saturday, February 21, 2009
the Obamarama Housing Market
Let's see, what's in it for me?
Homebuyer Tax Credit
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits
The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply.
In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
Neighborhood Stabilization
Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP).
The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.
The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.
So, pick one of the above and maybe, just maybe, you will be back in black
Homebuyer Tax Credit
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FHA, Fannie Mae and Freddie Mac Loan Limits
The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For the few areas where the 2009 limits were higher, the higher limits will apply.
In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted, to increase the loan limit for any "sub-area", i.e.an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009.
Neighborhood Stabilization
Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP).
The NSP was created by the Housing and Economic Recovery Act of 2089 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures.
The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income.
So, pick one of the above and maybe, just maybe, you will be back in black
Wednesday, February 18, 2009
Lower your payment?
$75 Billion to reach 9 million homeowners with restructured, refinanced loans expanding the role of the Mac's, Freddie and Fannie.
We'll see. For one thing, foreclosure usually begins after three to four months of non payment of the mortgage, or DEFAULT, and while many banks have done LOAN MODIFICATIONS, my boots-on-the-ground householders say it varied by a whopping $50 bucks or so. And, there is no shortage of willing land sharks trying to help these poor people who obviously didn't understand the terms of their mortgage loans in the first place. I understand - I remember when I bought my first car and they actually let me walk off the lot with it. Suckers!
Now for my ritual zen saying of the day:
"Do you own the house or does the house own you?"
After giving banks, billions of dollars, now will homeowners get relief from default?
Will their loans be modified to reflect the actual value of the house? I think not.
The only ones who will benefit are the banks, just like the last time the country crashed and burned in the 1980s. The country formed the Resolution Trust corporation and bought up all their assets and then auctioned those off.
I will wait and see...
We'll see. For one thing, foreclosure usually begins after three to four months of non payment of the mortgage, or DEFAULT, and while many banks have done LOAN MODIFICATIONS, my boots-on-the-ground householders say it varied by a whopping $50 bucks or so. And, there is no shortage of willing land sharks trying to help these poor people who obviously didn't understand the terms of their mortgage loans in the first place. I understand - I remember when I bought my first car and they actually let me walk off the lot with it. Suckers!
Now for my ritual zen saying of the day:
"Do you own the house or does the house own you?"
After giving banks, billions of dollars, now will homeowners get relief from default?
Will their loans be modified to reflect the actual value of the house? I think not.
The only ones who will benefit are the banks, just like the last time the country crashed and burned in the 1980s. The country formed the Resolution Trust corporation and bought up all their assets and then auctioned those off.
I will wait and see...
Tuesday, February 17, 2009
Trulia.com and forclosures
http://www.trulia.com/blog/rudy_bachraty/2009/02/trulia_foreclosure_gloss
it never ceases to amaze me how the internet has increased the power of slave labor...
but here you go. If you want to be a foreclosure expert, sign on - for free!
it never ceases to amaze me how the internet has increased the power of slave labor...
but here you go. If you want to be a foreclosure expert, sign on - for free!
Monday, February 16, 2009
Buy a WRECK of a House NOW!
http://www.thisoldhouse.com/toh/photos/0,,20256816,00.html
Jeanne Baron of This Old House online reports:
"The next stage of the national housing crisis is well underway, especially in communities that have been in the center of the implosion of the subprime housing market. From California to New York, there are houses for sale for pennies on the dollar, and in a scattering of hard-hit neighborhoods some houses are going for a few thousand dollars each. These houses present intriguing opportunities to buyers willing to put some care into their rehabilitation. In many cases, they sell quickly. Here's a sample of what we found still on the market or recently sold."
Also: read 9 tips for buying a foreclosure, also by Jeanne Barron:
http://www.thisoldhouse.com/toh/article/0,,20259084,00.html
Jeanne Baron of This Old House online reports:
"The next stage of the national housing crisis is well underway, especially in communities that have been in the center of the implosion of the subprime housing market. From California to New York, there are houses for sale for pennies on the dollar, and in a scattering of hard-hit neighborhoods some houses are going for a few thousand dollars each. These houses present intriguing opportunities to buyers willing to put some care into their rehabilitation. In many cases, they sell quickly. Here's a sample of what we found still on the market or recently sold."
Also: read 9 tips for buying a foreclosure, also by Jeanne Barron:
http://www.thisoldhouse.com/toh/article/0,,20259084,00.html
Thursday, February 5, 2009
HOW do you get to be Brangelina's Real Estate Agent!
Okay,
I wonder about these two....three or four kids are in diapers, right?
They must have access to the Star Trek transporter since one day they are in NY and the next they are in Europe and the day after, they are in L.A. and not only that - they buy and rent houses and castles all over the globe and don't seem to stay very long. So, they must have their very own real estate people, don't you think?
From the Realestalker-
Sassafras, the 40-some acre estate in staid Lloyd Neck, NY
where the perpetually peripatetic pair reportedly leased for a few months while Miss Jolie, who keeps threatening that she's going to take a break from working in order to spend some time with all her 47 kids, is scheduled to film her next movie.
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