Lenders may limit the use of the
3.5% incentive, so buyers should consult their lenders for guidance.
More Information
November 9 2009
CONGRESS APPROVES EXTENSION of the first time homebuyer
TAX CREDIT
The Senate and the House has approved
extending the $8,000 first-time homebuyer tax credit and more; the new deadline
will be April 30 2010 and additionally, homebuyers who have lived in
their homes for at least five consecutive years would also be eligible
to receive a $6,500 credit.
The plan would allow couples earning up to
$225,000 a year and individuals earning up to $125,000 a year to
qualify, increasing the current credit limit form $75,000 for
individuals and $150,000 for couples.
This plan is available to anyone buying a
house for less than $800,000.
Credit recipients would have to repay the
amount received if they sold their home or stopped using the property as
a main residence within five years of receiving the credit.
More Information
November 5 2009
WHERE WILL INTEREST RATES GO FROM HERE?
As the Federal Reserve finishes its planned purchases of
nearly $1.5 trillion in mortgage-related bonds, some bond investors are
expecting mortgage interest rates to increase.
Mortgage rates fell to 5% and below since the central
bank said nearly a year ago it planned to buy up privately held
mortgage-related bonds thus become the largest buyer of mortgage-backed
securities, but economist fear that with the exit of the Fed’s buying
power, mortgage interest rates may begin to spike up once again putting
pressure on the housing market.
If other buyers do not replace the Fed in the mortgage
markets, keeping rates at their current level may not be possible.
To further the economic and housing recovery, it is the
Fed’s desire to keep interest rate down to an attractive level for
homeowners, but if investors are not willing to buy the mortgage backed
bonds at the their current rate of return, mortgage rates will
inevitably have to rise in order to attract investors.
September 16 2009
TEXAS CITIES RANK HIGH when it comes to HOUSING PRICES
AND ECONOMY
According to a recent
report released by the Brookings Institution – Texas metro areas support
the strongest economies.
Austin was the first in rank with a
second-quarter comparison of 100 U.S. cities. Dallas–Fort Worth came in
fourth, El Paso pulled sixth and Houston's economy slid in at ninth
place.
First among cities with the biggest
increases in home prices was the Bayou City. Local home prices rose at a
rate of 4.9 percent over the past year.
DFW ranked third with a 3.8 percent
increase in home prices, while San Antonio came in at tenth with a 3.1
percent increase.
September 12 2009
10 Housing Markets
Most Likely To Rebound In 2010
The
Real Estate Forecasting Service Local Market Monitor, which predicts
housing market trends for investors and banks, forecasts that national
housing prices may decline by 5% through 2010, however the following
markets home values are expected to remain level through 2009 and
increase in value in 2010:
-
Baton Rouge, La.
-
Buffalo-Niagara Falls, N.Y.
-
Dallas-Plano-Irving, Texas
-
Fort Worth-Arlington, Texas
-
Houston-Sugar Land-Baytown, Texas
-
Little Rock-North Little Rock-Conway, Ark.
-
Omaha-Council Bluffs, Neb.-Iowa
-
Pittsburgh, Pa.
-
San Antonio, Texas
-
Syracuse, N.Y.
Here are the 10 largest markets
where prices are expected to continue to decline through 2010:
-
Fresno, Calif.
-
Las Vegas-Paradise, Nev.
-
Miami-Miami Beach-Kendall, Fla.
-
Orlando-Kissimmee, Fla.
-
Phoenix-Mesa-Scottsdale, Ariz.
-
Portland-Vancouver-Beaverton,
Ore.-Wash.
-
San Jose-Sunnyvale-Santa Clara, Calif.
-
Stockton, Calif.
-
Tacoma, Wash.
-
Tucson, Ariz.
This prediction includes double-digit
decreases in Phoenix, Miami, and Las Vegas.
As the recession eases, “We’ll see good
price increases in many markets,” he reports.
