Construction of new homes leapt back in May after dropping sharply a month earlier, the government reported on Tuesday, signaling that the housing and construction markets may be hitting a bottom. Housing starts in the United States rose 17.2 percent from April — far exceeding economists’ expectations — as construction of single-family homes increased for […]
June 10 (Bloomberg) — Lawmakers are pushing to revive legislation in the Senate that would almost double an $8,000 tax credit for first-time homebuyers and expand the program to all borrowers. Senator Johnny Isakson, a Georgia Republican, introduced a bill today that would increase the tax credit to $15,000 and remove income and other restrictions […]
WASHINGTON – The number of U.S. homebuyers who agreed to purchase a previously occupied home in April posted the largest monthly jump in more than seven years, a sign that sales are finally coming to life after a long and painful slump. The National Association of Realtors said Tuesday its seasonally adjusted index of sales […]
Ok what happened on Wednesday that created the largest increase in rates since October of last year? Several things, but most related to the treasury auctions taking place. While both Tuesday and Wednesday’s auctions performed fairly well, the additional short term debt put too much selling pressure on the longer term bonds such as the […]
As you know HUD made an announcement on May 12 that they were going to allow homeowners to use the $8000 tax credit as down payment monies by empowering state agencies, non profits and HUD approved Mortgagees to lend the monies to home buyers. HUD drafted HUD Mortgage Letter (2009-15), however, the letter was never […]
The Gallup Organization released a report this week summarizing the results of a survey they conducted in early April (video report).One of the survey questions asked of the American public was “For people in general, do you think now is a GOOD time or a BAD time to buy a house?” Seventy-one percent (71%) of […]
This transaction is in the final stages and the seller is Freddie Mac (bank owned single family detached house). All inspections have been completed, appraised value is in, and by all appearances, we were good to go ~ until we received a letter from the buyer’s lender. Here are the key parts of the letter: […]
This transaction is in the final stages and the seller is Freddie Mac (bank owned single family detached house). All inspections have been completed, appraised value is in, and by all appearances, we were good to go ~ until we received a letter from the buyer’s lender. Here are the key parts of the letter: […]
If you have not owned a home in the last 3 years you are considered a first time homebuyer. If you have a credit score of at least 625 you are eligible for an $8000 tax credit….and today we found out that it gets even better! The tax credit can be used for the down […]
Changes to the home appraisal process haven been long awaited and are finally here. As of May 1, 2009 the following points have been implemented to protect homebuyers, mortgage investors, and the housing market. 1) The code prohibits lenders and third parties from influencing the development, result, or review of an appraisal report. 2) It […]
