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December 28, 2007
President Signs Home Seller Tax Relief Bill
A bill signed by President Bush last week lets homeowners off the hook for a little-known tax bite that occurs when mortgage debts are forgiven. The reprieve applies to households that use short sales or other mortgage relief efforts during 2007, 2008 and 2009.
The National Association of Realtors is among those saluting the president's action, calling it "an issue of fairness and not kicking people when they are down."
Read more here.
Posted by Jeff at 8:07 AM | TrackBack
December 26, 2007
Home Prices Post Record Decline
According to a report just released by the Associated Press U.S. home prices fell in October for the 10th consecutive month, posting their largest drop since early 1991.
The record 6.7 percent slide in the Standard & Poor’s/Case-Shiller home price index also marked the 23rd consecutive month that prices either fell or grew more slowly than the month prior.
“No matter how you look at these data, it is obvious that the current state of the single-family housing market remains grim,” said Robert Shiller, who helped create the index, in a statement.
To read the entire release click here.
Posted by Jeff at 7:19 PM | TrackBack
December 5, 2007
Americans Say They Want To Buy Homes, But Aren't Actually Doing It
According to the 2007 National Housing Pulse Survey from October, 59 percent of Americans think "now is a good time to buy".
Now reconcile that with these housing-related gems hitting the wires this week:
* Existing Homes Sales dipped to 4.97 million in October, the lowest since 1999
*New Homes Sales counted 728,000, just off its 12-year lows
*The supply of homes on the market is now at 10.8 months
Somewhere, there is a disconnect.
However, you can put me in the camp of "now is a good time to buy". But not for reasons you would expect.
Yes, home values are relatively low and so are mortgage rates. But, with mortgage guidelines getting more airtight with each passing week, I am concerned that even strong credit borrowers will have financing difficulty as soon as six weeks from now.
Now is a good time to buy because getting financing may be too challenging for some people very, very soon.
(Image courtesy: Wall Street Journal Online)
Posted by Jeff at 7:21 PM | TrackBack
White House Pushes To Freeze Rate Adjustments
President Bush Thursday is set to unveil details of a plan to help head off a wave of mortgage foreclosures hitting homeowners whose adjustable-rate loans are resetting to monthly payment they can’t afford.
Under terms of an agreement hammered out between the administration and lenders, interest rates would be frozen for five years on certain subprime mortgages, congressional aides said.
To read the entire article click here.
