28.2.09

The Housing Bailout: Do You Qualify?

It's been a busy week in the housing market "stabilization" business. If you're finding it hard to keep up, it's no surprise. The latest proposals have only been sketched out in broad strokes: More details are coming on March 4.

But here are broad points that you should know about:
1. To find out whether you qualify for the bailout, check your financial statements and do the math. Under the current proposal, you'll only qualify if your monthly payments are at least 38% of your income. Some people may have an incentive to quit their jobs, or at least dump their second job, to hit this threshold, because this bailout can be valuable.

2. If you are a responsible homeowner but are locked out of the refi market because the housing collapse wiped out your equity, you may benefit from the new refi assistance.

3. Anyone who hopes to qualify for either program should start gathering their paperwork now.

4. Many renters have been kicked out of their homes because deadbeat landlords walked away from their loans, leaving the banks to foreclose. If you're in that boat, good news: The administration is about to offer $1.5 billion in relocation and other forms of assistance.

5. Middle class taxpayers should take a look at one $8,000 freebie. Anyone who hasn't owned a home for at least three years is entitled to a helpful tax credit, for up to 10% of the cost, up to $8,000, if they buy a home this year.

6. Living in an expensive home in San Francisco or New York and missing out on the refi boom? Good news. The government just raised the "conforming loan" limits to $729,750 from $625,500,

7. This is a good time to get some double glazing, insulation, and other energy-efficient home improvements. The stimulus package gives a tax credit of up to $1,500, covering 30% of the costs.

8. And if grandma is looking for a reverse mortgage, the limits for reverse mortgages backed by the Federal Housing Administration have been raised to $625,000 from $417,000.
source: wsj.com

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13.2.09

Housing Stimulus and Stabilization Will Help Economic Recovery

The following is a statement by National Association of Realtors® President Charles McMillan:

“The American Recovery and Reinvestment Act is important for the U.S. economy and contains some important housing provisions. Eliminating the repayment provision in the $7,500 first-time home buyer tax credit will help bring buyers to the market and reduce housing inventory. NAR has been advocating that this provision be improved – the change will stimulate more than 200,000 additional home sales, which will help stabilize home values.

“Reinstating the higher loan limits for FHA, Fannie Mae and Freddie Mac for mortgages in high-cost areas is also important and will help reduce inventory and improve liquidity in the overall mortgage market. The allocation of resources for neighborhood stabilization efforts to help communities purchase and rehabilitate foreclosed and vacant properties is also very promising for the housing market. This funding will help protect communities across the country and preserve home values from further decline.

“As the leading advocate for homeowners and the real estate industry, NAR will continue to address issues facing Americans who are trying to purchase a home, protect their current home or preserve investment opportunities in residential and commercial properties. NAR recognizes the efforts of the members of Congress who understand that without a housing recovery, an overall economic recovery is impossible.

“NAR believes that positive steps are being taken to improve the housing market and will continue to work with President Obama, Congress and regulators to make housing stabilization a key component of any federal recovery plans.”
Source: Realtor.org
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For Some, It's Finally Time to Dive Into Housing Market

The housing bust is creating a new group of winners: first-time home buyers. People who sat on the sidelines -- often watching wistfully as their friends became homeowners -- are suddenly in a position to grab some great deals. Indeed, first-time home buyers made up 41% of all buyers at the end of 2008, up from 36% in 2006, according to a recent survey from the National Association of Realtors.

The new buyers are being lured in by home prices that are down about 25% from their peak levels in mid-2006, according to the S&P/Case-Schiller Index. In some markets, prices have dropped even further -- slumping around 40% in Phoenix, Miami and Las Vegas. Lower mortgage rates have also helped make real estate more affordable, and as houses languish on the market longer, more homeowners are willing to negotiate. With Congress considering plans to sweeten a tax credit for first-time home buyers, the picture could get even brighter.

"Buyers are now coming back into those hard-hit markets to take advantage," says Lawrence Yun, chief economist for the Realtors' association. "It's a buyer's market."
Source: wsj.com

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6.2.09

Vasari Country Club - January Closed Sales