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Home Buying 101 Archive
RISMEDIA, March 5, 2010—Americans remain strongly committed to federal support for home buyers, according to a recent survey of U.S. households.
Roughly 68% of those polled said the government should continue to support housing, and 65% believe the government should be doing more to keep families from losing their homes to foreclosure.
RISMEDIA, March 5, 2010—The National Association of Home Builders (NAHB) wants potential home buyers to be aware that they still have the opportunity to take advantage of the $8,000 first-time home buyer or $6,500 repeat buyer tax credits, as long as they act quickly—the credits expire on April 30, 2010. ...
RISMEDIA, March 4, 2010—Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009.
Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales.
RISMEDIA, February 27, 2010—(MCT)—The good news is, it's a buyers' market. The bad news is, it's a buyers' market. From the rubble of the housing collapse has arisen a seemingly endless supply of houses from which to choose. Good news if you're buyer. Challenging news if you're a seller. Mixed news if you're a Realtor.
The extension of the home buyers' credit is expected to spur an increase in sales during the first quarter of 2010,
RISMEDIA, February 26, 2010—(MCT)—Sales of new U.S. homes plunged 11.2% in January 2010 to a seasonally adjusted annual rate of 309,000, the lowest rate on record dating back to 1963, the Commerce Department recently reported.
The third-straight drop in sales on a month-to-month basis was unexpected. "The housing market remains very, very distressed," wrote Dan Greenhaus, chief economist for Miller Tabak & Co.
"There may have been some weather-related issues playing havoc with the sales data but clearly, these results are extremely unnerving," wrote Jennifer Lee, an economist
RISMEDIA, February 25, 2010—The percentage of households that could afford to buy an entry-level home in California remained at 64% in the fourth quarter of 2009, compared with 61%
RISMEDIA, February 24, 2010—Family reunions are taking on a new meaning in the real estate market. According to a recent survey by Coldwell Banker Real Estate LLC among its network of real estate professionals, in the last 12 months, 37% of sales professionals surveyed noted an increase in home buyers looking to purchase homes to accommodate more than one generation of their family. In addition, almost 70% of Coldwell Banker sales agents believe that economic conditions may cause greater demand for multi-generational homes in their market during the next year.
RISMEDIA, February 22, 2010—Nationwide housing production hit its strongest pace in the last six months this January, posting a 2.8% gain to a seasonally adjusted annual rate of 591,000 units,
RISMEDIA, February 20, 2010—Nationwide housing affordability, bolstered by favorable interest rates and low house prices, closed out the year near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI showed that 70.8% of all new and existing homes sold in the final quarter of 2009 were affordable to families earning the national median income of $64,000, slightly higher
RISMEDIA, February 19, 2010—(MCT)—Rachel Nacion-Ograyensek and her husband are getting nervous. The house that the two apartment dwellers want to buy—the one with the double oven, pool and tiled patio—may slip away from them.
It's on the market as a short sale, so the owner can't act until the mortgage holder approves the discount price. But the Altamonte Springs, Fla. couple insists on buying their first home in time to take advantage of the federal government's home buyer tax credit, which now expires April 30, 2010.
RISMEDIA, February 17, 2010—(Eco Hatchery Real Estate News)—The U.S. Environmental Protection Agency (EPA) recently released its final WaterSense single-family new homes specification, creating the first national, voluntary, water-efficiency specification for an entire new home.
“Home builders can now partner with EPA and earn the WaterSense label for their newly built homes, helping create livable communities and quality homes that are easy to maintain,” said Peter S. Silva, assistant administrator for EPA’s Office of Water.
RISMEDIA, February 17, 2010—Title/Appraisal Vendor Management Association (TAVMA), the trade association that represents one of the nation's largest appraisal management companies (AMCs), said recently that its members are prepared to help lenders comply with the changes in appraisal ordering announced by the Federal Housing Administration (FHA) that went into effect ...
RISMEDIA, February 15, 2010—On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under HAFA, a borrower (the current owner) may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL).
RISMEDIA, February 15, 2010—Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise
RISMEDIA, February 13, 2010—(MCT)-In a move that could speed the sale of massive numbers of distressed properties on the market, Miami-Dade County recently launched online bidding
