Washington put up billions to save blighted areas by buying abandoned homes. But states and cities are having trouble getting properties away from banks.
Wednesday, September 30, 2009
Foreclosure blight: The cleanup crawls along
Washington put up billions to save blighted areas by buying abandoned homes. But states and cities are having trouble getting properties away from banks.
Thursday, September 24, 2009
California SB 306 law/Short Sale Law
1) Once a short sale offer is submitted the lender would have 21 days to accept, reject or deny the offer. Understand, this means that the short sale package has to be submitted correctly…and completely.
2) A Short Sale offer is submitted WITH a HUD the lenders/ servicers have 4 days to reply to the offer.
3) The lender will have to submit all responses IN WRITING.
Bottom line, Short Sales (in California) are about to get way easier and close faster and hopefully it spreads to the rest of the U.S.
http://www.sandiegolifestyle.info/2009/09/sb-306-senator-calderons-omnibus-mortgage-legislation-signed/
2) A Short Sale offer is submitted WITH a HUD the lenders/ servicers have 4 days to reply to the offer.
3) The lender will have to submit all responses IN WRITING.
Bottom line, Short Sales (in California) are about to get way easier and close faster and hopefully it spreads to the rest of the U.S.
http://www.sandiegolifestyle.info/2009/09/sb-306-senator-calderons-omnibus-mortgage-legislation-signed/
As the markets slowly burn off the Foreclosures
Interesting points:
1) Up to 7,000,000 homes in ‘Shadow Inventory’
2) Most sales in the U.S. were for homes less than $250,000.
3) This is the ‘new normal’…this market, where Foreclosures and Short Sales dominate the sales.
4) Home price appreciation is a thing of the past for the next 5-10 years as the markets slowly burn off the REOs etc.
1) Up to 7,000,000 homes in ‘Shadow Inventory’
2) Most sales in the U.S. were for homes less than $250,000.
3) This is the ‘new normal’…this market, where Foreclosures and Short Sales dominate the sales.
4) Home price appreciation is a thing of the past for the next 5-10 years as the markets slowly burn off the REOs etc.
Wednesday, September 23, 2009
2009 Flu Prevention PSA Contest
On July 9th of this year, HHS Secretary Kathleen Sebelius announced a video PSA contest on flu prevention. Americans were called to create a 15, 30, or 60 second video promoting good hygienic practices and submit this video over YouTube. This video was to inform people about the flu and motivate them to take steps that help prevent the spread of the flu. The winner received $2500 in cash and is featured on national television. Congratulations to Dr. John Clarke of Baldwin, New York for his video entitled H1N1 Rap by Dr. Clarke.
Urges Congress To Extend TAX Credit
Please call your congress person or write to extended the Tax Credit for firsttime home buyers.
http://link.brightcove.com/services/player/bcpid31763633001?bclid=31792087001&bctid=41665553001
http://link.brightcove.com/services/player/bcpid31763633001?bclid=31792087001&bctid=41665553001
CNBC takes you inside the controversial powerhouse Walmart.
What do you think of Walmart???
See what's next for Walmart, Tonight 9p ET
See what's next for Walmart, Tonight 9p ET
Wednesday, September 16, 2009
National Real Estate Industry Update
Economic indicators including industrial production and manufacturing activity are turning positive, and the housing market is slowly improving. For the first time in five years, existing-home sales have increased for four months in a row, according to the latest survey by the National Association of Realtors®. July sales rose 7.2 percent over the previous month, and, in fact, increased 5 percent over July 2008 sales: The first monthly year-over-year increase since November 2005.
Do I qualify for assistance?
Answer a few questions to determine what programs are available to help you avoid foreclosure and how you may be able to benefit from Program 3648.
Friday, September 11, 2009
The American Recovery and Reinvestment Act of 2009: Information Center
The IRS is implementing the tax-related provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) as quickly as possible. More information on these and other provisions of the recovery program will be available on this Web site as it becomes available.
IRS On Youtube:
http://www.youtube.com/irsvideos
IRS On Youtube:
http://www.youtube.com/irsvideos
Thursday, September 10, 2009
Home Affordability Drives Buyers Into Real Estate Market
Home affordability is driving more than two-thirds (65.2 percent) of potential buyers back into today’s housing market, according to the new national REALTOR.com® Homeownership Survey. Home buyers are taking advantage of price declines and low interest rates in the most affordable market conditions in 28 years, though only one in ten of homeowners are putting off selling their home due to these factors.
Foreclosure bargains would motivate nearly one of five prospective buyers, or 19.6 percent, to purchase a home in their community. This same group also said that foreclosure bargains are the key factor in generating interest in buying in the near future.
A total of 15.5 percent of respondents said they are particularly motivated to buy soon because they think prices aren’t going to drop any lower. Additionally, a separate group of 15.5 percent want to buy now before interest rates rise. The $8,000 first-time home buyer tax credit is also motivating 14.6 percent of first-time buyers to buy a home in the future.
Though affordability is driving sales today, most Americans actually aren’t aware of how affordable homes are right now. A total of 76.4 percent of participants said that a median income family can afford only 50 percent or fewer of the homes for sale in their area. The fact is, a family earning the national median income can afford almost 75 percent of the current homes for sale on Realtor.com.
The survey also found that 87 percent of Americans are paying more (44.7 percent) or the same amount of attention (42.3 percent) to home values compared to a year ago.
The Realtor.com survey is based on 1,004 interviews conducted from June 19-21, 2009 by Omnitel, a weekly national telephone omnibus service of GfK Custom Research North America.
Don’t Miss the $8,000 Home Buyer Tax Credit Deadline
The deadline to qualify for the $8,000 first-time home buyer tax credit is fast approaching. There are only 12 weeks left to beat the clock by finding and closing on a property before the Nov. 30 deadline.
The $8,000 tax credit has proven to be extremely popular. Indeed, a total of 10.8 percent of buyers today say that this and relevant state incentives is the most important reason motivating them to buy, according to REALTOR.com®’s July Homeownership Survey. Already, about 1.14 million buyers have filed for the $8,000 first-time tax credit. A host of additional buyers will likely file paperwork to qualify for the credit come tax time in 2010 as well.
A key driver for first-time home buyers today is the high affordability of properties throughout the country. In July, the National Association of REALTOR®’s (NAR’s) affordability index was 36 percent higher than in July 2008. The typical median-income family can use 15.8 percent of their gross income for mortgage payments, which is significantly less than the traditional allocation of 25 percent. In addition to high affordability, low interest rates are another driver to buy. In July, rates were at 5.22 percent for a 30-year fixed rate loan.
The $8,000 tax credit has proven to be extremely popular. Indeed, a total of 10.8 percent of buyers today say that this and relevant state incentives is the most important reason motivating them to buy, according to REALTOR.com®’s July Homeownership Survey. Already, about 1.14 million buyers have filed for the $8,000 first-time tax credit. A host of additional buyers will likely file paperwork to qualify for the credit come tax time in 2010 as well.
A key driver for first-time home buyers today is the high affordability of properties throughout the country. In July, the National Association of REALTOR®’s (NAR’s) affordability index was 36 percent higher than in July 2008. The typical median-income family can use 15.8 percent of their gross income for mortgage payments, which is significantly less than the traditional allocation of 25 percent. In addition to high affordability, low interest rates are another driver to buy. In July, rates were at 5.22 percent for a 30-year fixed rate loan.
Seven Tax Facts About Selling Your Home
IRS Summertime Tax Tip 2009-10
During summer months, some people sell their home. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.
During summer months, some people sell their home. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.
Five Facts about the Making Work Pay Tax Credit
Working taxpayers may be eligible for the Making Work Pay tax credit, a significant tax provision of the American Recovery and Reinvestment Act of 2009.
Please Stop And Pause To Remember The Day.
This time of year, our thoughts naturally gravitate toward the evil events of eight years ago that claimed the lives of over 2,993 lives. 343 FDNY fire fighters, and paramedics, 23 NYPD, and 37 Port Authority Police. People tend to forget to stop for a moment and pay their respects to those that perished that day.
On Sept. 11, 2001 America had its worst tragedy since the attacks on Pearl Harbor. 19Al Qaeda terrorists hijacked 4 commercial airliners. Two were flown into the World Trade Centers in New York city. One was crashed into the Pentagon. The fourth was crashed into a field near Shanksviile , Pa. The attacks began when the first plane hit the north tower at 8:46 A.M. The second tower was struck at 9:03 A.M. At 9:45 the third plane struck the Pentagon. At 10:10 A.M. the fourth plane crashed in a field near Shanksville, Pa. after passengers over took the terrorists. It seems as the years pass, more and more is forgotten.
On Sept. 11, 2001 America had its worst tragedy since the attacks on Pearl Harbor. 19Al Qaeda terrorists hijacked 4 commercial airliners. Two were flown into the World Trade Centers in New York city. One was crashed into the Pentagon. The fourth was crashed into a field near Shanksviile , Pa. The attacks began when the first plane hit the north tower at 8:46 A.M. The second tower was struck at 9:03 A.M. At 9:45 the third plane struck the Pentagon. At 10:10 A.M. the fourth plane crashed in a field near Shanksville, Pa. after passengers over took the terrorists. It seems as the years pass, more and more is forgotten.