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Home Buying 101 Archive


New RESPA Regulations Make It Easier to Shop for Closing Services

RISMEDIA, January 11, 2010—Consumers will no longer be left in the dark about the closing costs involved to complete the sale or purchase of a home- costs that account for an average of 5% of the purchase price. Changes in the Real Estate Settlement Procedures Act (RESPA) that took effect on January 1, 2010 require lenders to fully disclose all closing costs including the costs of obtaining a loan


Housing Market Ripe for Fixer-Uppers

RISMEDIA, January 9, 2010—(MCT)—If you look at the trends among home buyers in the Philadelphia market, the Dolans appear to be a bit out of step: Daniel Dolan, a chemical engineer and wife Shaliz, an ob-gyn physician at Temple University Hospital, have just remodeled the kitchen in the townhouse they bought last summer.


Expanded Home Buyer Tax Credit: Small Window, Big Opportunity

RISMEDIA, January 8, 2010—The countdown is under way. As of January 1, you have four months to promote the expanded U.S. Homebuyer Tax Credit and get your qualified buyers under contract by the April 30 deadline. Fueled by the original November 30, 2009 deadline, sales of existing homes had increased steadily since April, with the exception of a slight dip in August. NAR surveys show that about 30% of all closed transactions during that period involved first-time buyers.


The Expanded Home Buyer Tax Credit Could Chase Away the Winter Blues

RISMEDIA, January 7, 2010—As we begin 2010, both real estate professionals and home buyers have something to look forward to and more importantly, take advantage of—the extended and expanded home buyer tax credit. Originally created in 2008, the home-buyer tax credit has evolved from a $7,500 credit, which had to be repaid by the home buyer over the course of 15 years, to an $8,000 tax credit with no repayment required in 2009.


Pending Home Sales Down from Surge but Higher than a Year Ago

RISMEDIA, January 7, 2010—Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit


Home Prices Still Improving, but at a Moderating Pace

RISMEDIA, December 31, 2009—Data through October 2009, recently released by Standard & Poor's for its S&P/Case-Shiller Home Price Indices, one of the leading measures of U.S. home prices, show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month's reading. This marks approximately ...


Regional Spotlight: Florida’s Existing Home, Condo Sales Up in November 2009

RISMEDIA, December 29, 2009—Florida's existing home sales rose in November 2009, marking 15 months that sales activity has increased in the year-to-year comparison,


Regional Spotlight: New York’s November 2009 Home Sales up 34% Compared to Last Year

RISMEDIA, December 24, 2009—Statewide sales of existing single-family homes in New York State jumped 34% in November 2009, compared to November 2008,


As Buyers Respond to Tax Credit, U.S. Existing Home Sales Jump 7.4% in November 2009

RISMEDIA, December 23, 2009—Existing home sales rose again in November 2009 as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®. Existing home sales–including single-family, townhomes, condominiums and co-ops– rose 7.4% to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1% higher


First-Time Home Buyers Active in New Jersey Real Estate Market

RISMEDIA, December 23, 2009—According to the 2009 Profile of New Jersey Home Buyers and Sellers, first-time buyers account for a larger portion of the housing market


39 Percent of Recent Buyers Relied on FHA Loans to Purchase Home

RISMEDIA, December 22, 2009—According to the most recent Realtors® Confidence Index (RCI), 39% of recent buyers purchased a home with a Federal Housing Administration-insured loan. Realtors who took part in the November 2009 survey also reported that the number of first-time home buyers continued to climb to 51%. "FHA helps provide affordable mortgage financing to homeowners, particularly first-time home buyers who are so important in drawing down inventory


Tips for Homeowners: How to Budget for Home Maintenance

RISMEDIA, December 22, 2009—While buying a home is a huge financial expenditure, homeowners need to keep in mind that the spending doesn’t stop once the home is purchased.


10 Trouble Spots to Consider When Purchasing a Foreclosed Home

RISMEDIA, December 21, 2009—It's easy pickings out there for many potential homebuyers. Housing prices are at their lowest in more than a decade, inventories are high, analysts are predicting a new wave of foreclosures and the government is offering two substantial tax credits for which many homebuyers qualify. But bargain buyers beware, warns Vince Mastronardi, whose property preservation business has been busy preparing foreclosed homes for sale.


Housing Starts Regain Ground in November 2009

RISMEDIA, December 18, 2009—Nationwide housing production rose 8.9% to a seasonally adjusted annual rate of 574,000 units in November 2009, according to figures released by the U.S. Commerce Department. The gain represented a partial bounce-back from an exceptionally slow month for housing activity in October, and was largely attributed to a big increase on the multifamily side. “The fact that both starts and permits for new housing production rose last month is a good sign that we’re headed in the right direction,


Consumers’ Anticipated ‘Smart Spending’ of Home Buyer Tax Credit Will Aid Recovery

RISMEDIA, December 17, 2009—Coldwell Banker Real Estate LLC announced the findings from a new survey that looked at how the recently expanded federal homebuyer tax credit, which opened up the credit to existing homeowners, might impact the economy. Of the more than 1,000 homeowners surveyed, 83% responded that if they were to purchase a home and qualify for the tax credit, they would engage in “smart spending” or put the money toward paying off existing debts,


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