Archive for December, 2008
Home Buyer Tax Credit: How It Works
I previously wrote about the First Time Homebuyer Tax Credit, but this subject is worth repeating.
First-time homebuyers in 2008 can take an income-tax credit on their purchase, thanks to passage in Congress earlier this year of the first-time home buyer tax credit.
The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot […]
Housing in 2009: Up as Well as Down
Overall housing news in 2009 could continue to be grim if – as predicted – a flood of Alt-A and option adjustable-rate mortgages reset and push homeowners with previously strong financial situations into foreclosure.
“We’re in the middle of the game here,” said Joseph Seneca, professor of economics at Rutgers University in New Jersey. “There’s significant […]
10 Real Estate Predictions for 2009
2009 is likely to be a year of continuing adjustment to a changing real estate marketplace. Prepare yourself and your business with these predictions from HGTV’s FrontDoor.com Web site.
Sellers will continue to face falling home values in the new year because they’ll be competing with banks and builders who are slashing prices to sell […]
NAR Approves of Obama’s HUD Nominee
President-Elect Barack Obama has picked Shaun Donovan to lead the U.S. Department of Housing and Urban Development, a decision that the NATIONAL ASSOCIATION OF REALTORS® applauds.
Donovan is currently commissioner of New York City’s Department of Housing Preservation and Development. In that role, Donovan has been widely recognized for his efforts to provide reasonably priced […]
Fed Expected to Cut Key Interest Rate Tuesday
The Federal Reserve begins a two-day meeting today where it is expected to cut it’s key interest rate, perhaps to an all-time low.
The Fed will likely announce Tuesday that it is cutting its key rate in half to just 0.50 percent. However, a few economists predict the Fed will go even further and cut […]
Money-Saving Energy Tips for Winter’s Cold Days
The average U.S. household will pay $2,300 this year on residential energy costs, with heating accounting for almost 45 percent of that total, according to the Alliance to Save Energy, a nonprofit public policy group based in Washington, D.C.Gas and electric costs are up from last year, the group says. Data from the U.S. Department […]
Investors Lured to Apartment Buildings
One of the leading drivers for the apartment market is job growth, which has been declining for the past nine months. An estimated 2.7 million jobs could be lost in the downturn, similar to the 2001 recession, reported Hessam Nadji, managing director of research services for Marcus & Millichap Real Estate Investment Services, in a […]
Ithaca, N.Y. Is Tops for Middle-Class Housing
While much of the housing market is struggling, mid-priced, middle-class housing in some cities is on the rise. Affordability has kept these communities strong, say analysts from Forbes magazine, who examined data from Zillow.com to identify these healthy markets.
Most of these markets never experienced a boom. That in conjunction with rising wages and employment has […]
Housing Prices Fall Below Replacement Costs
Housing consultancy Global Insight reports that nationwide, housing prices are now 3.8 percent undervalued, based on total market value. It says values fell at a faster pace in the third quarter after stabilizing earlier in the year.
According to Global Insight’s calculations, prices are now 6.5 percent below their 2007 peak. They fell at a 6.9 […]
Mortgage Applications Surge After Fed Action
Mortgage applications skyrocketed last week in response to the Federal Reserve’s announcement that it would buy debt from Fannie Mae and Freddie Mac.Even with the shortened Thanksgiving week, the mortgage applications index increased 112.1 percent to 857.7 compared to 404.4 the previous week on a seasonally adjusted basis. On an unadjusted basis, the index increased […]
