Don't forget to set you clocks back on Sunday morning, 8 March 2009
Saturday, February 28, 2009
Thursday, February 26, 2009
The Best and The Worst in housing...
Friday, February 20, 2009
Caution on HUD closings...
ALERT: Some HUD Transactions Held UpWe are following reports that several U.S. Department of Housing and Urban Development (HUD) Real Estate Owned (REO) property transactions in Washington and Idaho are being held up due to contract negotiations between HUD and their contracted escrow services. It seems the escrow services are waiting for the new contract to become effective (possibly as early as March 1st). We have contacted the National Association of REALTORS® (NAR) and HUD representatives to reach a speedy conclusion to this issue so that transactions are not further log-jammed. We will keep you up to date on the matter
Wednesday, February 18, 2009
Homeowners Plan update...
Homeowner Affordability and Stability Plan
February 18,2009 5pm
On Wednesday, February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
February 18,2009 5pm
On Wednesday, February 18, 2009, President Obama announced his Homeowner Affordability and Stability Plan, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.
Tuesday, February 17, 2009
Stimulus Housing update!!!
The $790 billion stimulus package signed by President Obama today increases the home buyer tax credit to $8,000, drops the repayment feature, reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans, and provides $2 billion in additional funding for states and localities to be used to purchase, manage, repair and resell foreclosed and abandoned properties. Many elements (listed below) included in HR 1 "American Recovery and Reinvestment Act of 2009," were supported by the National Association of REALTORS® (NAR) as well as the many REALTORS® who sent call to action messages to Congress urging their support! Homebuyer Tax Credit. The bill provides for a $8,000 tax credit that would be available to first-time home buyers (those who haven't owned in at least three years) for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment for buyers who hold onto their property for at least three years. 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.
NAR has sought removal of the repayment requirement because it discourages buyers from taking advantage of the tax credit. The three-year minimum holding period is a safeguard against speculators' use of the credit. 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 start date for the first time homebuyer credit is January 1, 2009 through and before December 1, 2009.
FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.
Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.
Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis.
Transportation infrastructure. Up to $29 billion for highway construction projects, $8 billion for rail projects.
Rural housing development. Increased funding for the Rural Housing Service direct and guaranteed loan programs.
Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, increases in the residential tax credit through 2010 for certain energy efficient upgrades and $5 billion to weatherize low-income homes.
NAR has sought removal of the repayment requirement because it discourages buyers from taking advantage of the tax credit. The three-year minimum holding period is a safeguard against speculators' use of the credit. 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 start date for the first time homebuyer credit is January 1, 2009 through and before December 1, 2009.
FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.
Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.
Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis.
Transportation infrastructure. Up to $29 billion for highway construction projects, $8 billion for rail projects.
Rural housing development. Increased funding for the Rural Housing Service direct and guaranteed loan programs.
Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, increases in the residential tax credit through 2010 for certain energy efficient upgrades and $5 billion to weatherize low-income homes.
Stimulus Bill.....
Well, the wait is over...the news for home buyers and sellers isn't what we were hoping to see....
The bill is offering $50 Billion to help stem foreclosures...I am not sure what this means today....I guess that we will find out down the road a bit.
Treasury Secretary Timothy Geithner will be getting back to us on the details of this plan..
I guess that Wall Street doesn't understand this either...at the close of business today, all Markets are down....
On the bright side...housing prices are down as are interest rates...time to buy, especially if you are a first time home buyer...
The bill is offering $50 Billion to help stem foreclosures...I am not sure what this means today....I guess that we will find out down the road a bit.
Treasury Secretary Timothy Geithner will be getting back to us on the details of this plan..
I guess that Wall Street doesn't understand this either...at the close of business today, all Markets are down....
On the bright side...housing prices are down as are interest rates...time to buy, especially if you are a first time home buyer...
Sunday, February 15, 2009
Vancouver/SW Washington Real Estate
Home Values...do you know what the current value of your home is today? If you are not sure, I would be happy to give you a free value report.
Home sales and prices are declining in our market, especially the high end homes. 5,133 homes were sold in 2008 compared to 7,613 in 2007. The sales in 2008 were the lowest in 15 years, with the median price in December, 2008 of $234,450. Remember, you would not go to the Gas Station that was still asking $4.00 per gallon...so price your home with the market...
One in 400 homes in Clark County Washington is in forclosure, this is a significant contributer to the declining market.
Looking for a Loan, well the rates are great, if you can get one...you need a credit score of 740 or above, stated income and assets. You will need to provide the last two pay stubs, income tax records and recent retirement, savings and stock market asset account statements.
First time homebuyers should apply for pre-approval before you start the search for a new home. This will get the biggest obstacle out of the way.
Don't sit on the fence, because the prices are great and the rates cannot be better...go for it!!!
Home sales and prices are declining in our market, especially the high end homes. 5,133 homes were sold in 2008 compared to 7,613 in 2007. The sales in 2008 were the lowest in 15 years, with the median price in December, 2008 of $234,450. Remember, you would not go to the Gas Station that was still asking $4.00 per gallon...so price your home with the market...
One in 400 homes in Clark County Washington is in forclosure, this is a significant contributer to the declining market.
Looking for a Loan, well the rates are great, if you can get one...you need a credit score of 740 or above, stated income and assets. You will need to provide the last two pay stubs, income tax records and recent retirement, savings and stock market asset account statements.
First time homebuyers should apply for pre-approval before you start the search for a new home. This will get the biggest obstacle out of the way.
Don't sit on the fence, because the prices are great and the rates cannot be better...go for it!!!
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