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Winter '08/'09
We're Through the Worst First-Time Homebuyers Drive February Sales
Existing-home sales increased in February, reversing losses in January, according to the latest report by the National Association of REALTORS®. Lawrence Yun, NAR chief economist, says first-time buyers accounted for half of all home sales last month, with activity concentrated in lower price ranges.
http://www.ncrealtors.org/news_display.cfm?nid=891
Survey: Americans Still Eager to Buy
Nearly 25 percent of adults say they plan to purchase a home in the next five years and half of those will be first-time homebuyers, according to a survey commissioned by Move Inc., operator of Realtor.com.
http://www.realtor.org/RMODaily.nsf/pages/News2009032302?OpenDocument
BofA Out to Make Jumbo Loans
Bank of America has cut interest rates on jumbo mortgage loans in the hopes of expanding its share of what the bank sees as an underserved market for loans too big for purchase or guarantee by Fannie Mae and Freddie Mac. Jumbo loans have become more expensive and harder to come by since September 2007, when rising delinquencies gave many investors cold feet.
http://www.ncrealtors.org/news_display.cfm?nid=892
of It,' Says N.C. Economist
The N.C. economy could start to recover this summer if banks begin making more loans and the federal stimulus package puts more people to work, a UNC Charlotte economist said yesterday.
http://www.charlotteobserver.com/597/story/604525.html
Three N.C. cities made national news this week, each being praised for something different. Follow the links below to read more.
Raleigh Ranks No.2 in the Ranking ‘Where to Live on Less Than $500,000’
http://www.realtor.org/RMODaily.nsf/pages/News2009021803?OpenDocument
Charlotte Ranks No.3 as the ‘Best Market in the Country’
http://realestate.msn.com/article.aspx?cp-documentid=18080758
Rocky Mount Ranks No.7 Amongst Cities that had the Highest Price Appreciations
http://www.realtrends.com/go/view_media.php?mp_id=7821&cat_id=1276 (Provided by the President of the SC Assoc of Realtors, 02/18/2009)
N.C. Foreclosures Down 50 Percent in February
While the rest of the country is reeling from an unexpected rise in foreclosure filings, the number of foreclosures in North Carolina fell 49.7 percent in February.
http://www.bizjournals.com/charlotte/stories/2009/03/09/daily36.html
PROVISIONS IN STIMULUS PACKAGE SHOULD BOOST HOUSING MARKET
Provisions encourage first-time homebuyers to enter the market;
Supports funding for neighborhood stabilization programs
President Obama signed the American Recovery and Reinvestment Act of 2009 (H.R. 1) yesterday. The bill includes a number of important housing provisions, including remedies for the housing crisis long supported by the National Association of REALTORS® (NAR).
"This hopefully will get buyers off the fence and into the marketplace. First-time home buyers not only stimulate the housing economy and therefore the economy as a whole, but since first-time buyers don't have to wait for their home to sell, it moves the stabilization and revitalization of the housing economy along quicker," said Herb Koger, legislative chairman of the Charleston Trident Association of REALTORS®.
Homebuyer Tax Credit
An $8000 tax credit will be available for qualified purchases of a principal residence by first-time home buyers between January 1, 2009 and December 1, 2009. The credit does not require repayment. Individuals who use financing assistance from state and local mortgage bonds throughout 2009 will also be permitted to use the credit.
NAR estimates that the home buyer tax provisions could stimulate up to 300,000 additional home sales, helping stabilize home values and potentially preventing some homeowners from falling into foreclosure.
FHA, Fannie and Freddie Loan Limits
Revised loan limits for FHA, Freddie Mac, and Fannie Mae to 2008 levels.
Foreclosure Mitigation & Neighborhood Stabilization
Funding for states and local communities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized.
For More Information:
NAR Bill Summary: American Recovery and Reinvestment Act
NAR Podcast: American Recovery and Reinvestment Act of 2009
ECONOMIC BAILOUT
Economic bailout legislation sent to President Obama contains two important housing provisions advocated by NAR. The bill increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation. In addition, the credit availability has been extended until Dec. 1, 2009.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-021609.cfm
Senate Leader: ‘We Need to Go Right at the Housing Problem’
The Senate floor debate was set to begin today on the economic stimulus bill and many Senators are pushing for cures that go straight to the original ailment – housing. Some ideas you’re likely to hear in the coming days include the creation of a 4 percent mortgage and a 90-day moratorium on foreclosures. Read on for more details. http://money.cnn.com/2009/02/01/news/economy/
Senate_stimulus_housing/index.htm?postversion=2009020209
RESPA Reform Finalized, Finally
The federal government has finalized sweeping reforms to settlement rules for residential transactions, but it will be nearly a year before you'll see any big changes at the closing table. Follow the link below for details on the RESPA reform and how it will impact you.
http://www.realtor.org/rmolaw_and_ethics/articles/2009/0902_respa?id=ecd01a804ca762d3a94ee98e2c9a76da&wcm_page.resetall=
true&cache=none&contentcache=none&
connectorcache=none&srv=page
Top Ten Fastest Growing States 2007-2008 http://www.therealestatebloggers.com/2008/12/22/top-10-fastest-growing-states-in-the-united-states-2007-2008/
MONTHLY REPORTS (check side bar)
Charlotte Group Petitions Lawmakers
The Home Builders Association of Charlotte plans to hand out more than 1,000 petitions to Congress members protesting provisions in the $819 billion economic-stimulus bill. The group, which represents 40,000 members employed in the industry, says the bill doesn’t sufficiently help homebuyers and the housing sector because it fails to expand the $7,500 tax credit to all homebuyers.
http://www.bizjournals.com/charlotte/stories/2009/02/02/daily18.html
House Bill Aims to Stabilize Housing, Has NAR Support
A bill that embraces the need for righting the housing market was introduced Friday in the U.S. House of Representatives. H.R. 384, the TARP Reform and Accountability Act, would require the Treasury Department to develop a program, outside the Troubled Asset Relief Program, to stimulate demand for home purchases and lower property inventories, by making affordable mortgages available for qualified buyers through interest rate buydowns, a priority of NAR.
http://www.realtor.org/press_room/news_releases/2009/01/house_bill_housing_frank?lid=ronav0019
More Than Ever, Homeowners ‘Clicking’ to Ballpark Value
Nearly 6 million people logged on last month to home valuation site Zillow, up more than 60 percent from a year ago. “It's useful to get a ballpark idea,” said Walter Molony, spokesman for the National Association of Realtors, which started a valuation site last year. However, he cautioned, “It's no substitute for having a property appraised.” Gauging the sites' accuracy is difficult, and that's one of the biggest criticisms.” Added Lauren O’Connor Farlow, who is with Coldwell Banker United in Charlotte: “My experience is they can be anywhere from slightly inaccurate to grossly inaccurate.” Http://www.charlotteobserver.com/business/story/463493.html
Here’s Further Evidence That ‘It’s a Bad Idea’
After 23 one-sided losses at the polls, local governments are frustrated that the public refuses to grant them authority to impose a transfer tax on residents selling their property. Now, local governments are attempting to pass legislation that would allow them to impose these taxes without voter approval. NC REALTORS® have waged an ongoing battle against their efforts, and now others are taking notice.
http://www.capitol-monitor.org/its-your-money/taxpayer-funded-advocacy-gover.php
The Buyers are Returning’ Sales are picking up in markets where prices are deflated, but the business is different than it was before the bubble burst, observers say.The housing market in deflated markets--like Arizona, California, Florida, and Nebraska--are beginning to show signs of a rebound. Lawrence Yun, National Association of REALTORS® chief economist, said the rebound is an indicator that buyers are returning to the market.
http://www.realtor.org/RMODaily.nsf/pages/News2008121602?OpenDocument
Countrywide to Refund 4,800 N.C. Homeowners
Mortgage lender Countrywide Financial Corp. will refund $11.5 million to 4,800 N.C. homeowners under a settlement with the state banking commissioner, the commissioner's office announced late last week. The bank commissioner's office says that Countrywide levied “illegal charges” on those homeowners, most of whom were borrowing for a first mortgage.
http://www.charlotteobserver.com/597/story/393654.html
FORECLOSURES [Florida]
Florida received nearly $11.5 million to continue providing statewide foreclosure prevention counseling and legal assistance to homeowners in foreclosure, according to Gov. Charlie Crist. The money will enable 77 counseling agencies and organizations across the state to provide foreclosure counseling.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-120908.cfm
Know the Details of the Mortgage Forgiveness Debt Relief Act
RISMEDIA, Dec. 2, 2008—No matter the circumstances, there’s a lot of stress a homeowner goes through in a foreclosure or a short sale. Continued >
Historic Low Mortgage Rates Continue; Many States' 30-year Fixed Mortgage
Rates Fall Below 5.00 Percent
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 RISMEDIA, Dec. 29, 2008—Mortgage rates remained low last week and
many statessaw sub-5.00 percent rates for the first time in recent history. The
weekly average rates for 30-year fixed mortgages declined to 4.96 percent,
down from 5.15 percent the week prior Continued  |
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Buyers Increasingly Suspicious of Foreclosures
Fewer buyers are willing to consider purchasing foreclosed property than they were seven months ago, according to a study commissioned by Trulia.com and RealtyTrac. The chief turnoff cited is the perceived risk involved in purchasing such a property.
http://www.realtor.org/RMODaily.nsf/pages/News2008121802?OpenDocument |
