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WINTER 2009/2010
Back, Home Builders Cut Prices, Work Faster
Home builders have lost half their share of the U.S. housing market in the past two years, largely because of competition from cheap foreclosed houses. In 2009, only 7.6 percent of the homes sold were newly constructed, down from the average of about 16 percent. But now home builders are fighting back, cutting prices, promising to complete homes faster, and warning about the risks of buying foreclosed property.
http://online.wsj.com/article/SB1000142405274870
3422904575039691675728982.html?mod=WSJ_Real+Estate_LeftTopNews
Charlotte Ranks Second Among Best Places to Buy Now
Forbes magazine recently named Charlotte one of the best places to buy a home, second only to Boston, Massachusetts. To determine which cities had the best buys, Forbes computed the premium and identified locales where economists predict home prices will go up the most over the next five years.
http://www.forbes.com/2010/01/21/buying-versus-renting-lifestyle-real-estate-homes_slide.ht
For the New Year... A Look Back at the Housing Market Over the Last Decade
In an effort to track the U.S. housing market's rise, fall and rebound over the last 10 years, Moody's Economy.com supplied data for five charts showing the housing industry's boom and bust this decade and the possible course of its recovery over the next three years, as reflected in home sales, home prices, housing starts, the supply of homes available for sale and mortgage defaults. Follow the link below for more information.
http://www.usatoday.com/money/economy/housing/2009-12-11-housing-market-charts_N.htm
Key Housing Issues to Watch in 2010
The housing market, which brought the economy to its knees in 2008, struggled to recover in 2009. The modest gains of the past year can be credited in many ways to federal support that will be removed at some point in 2010, leaving the year ahead filled with questions about what policymakers will choose to do and how markets will react to those decisions.
http://tinyurl.com/ydula4b
Banks pursuing payback from walkaways
Increasingly aggressive mortgage lenders seek money from former owners who had a short sale or walked away. Read more: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231315
In a Sign of Confidence, Downpayment Standards Eased
In what’s sure to be good news for many potential homebuyers, some mortgage insurers and lenders are beginning to relax their downpayment requirements. The changes, which are being done on a market-by-market basis, mean buyers in some parts of the country can now borrow 95 percent instead of 90 percent of a property's value.
http://www.ncrealtors.org/news_display.cfm?nid=1158
Questions Surround Fannie, Freddie
When the Treasury Department took over Fannie and Freddie last year, one of the requirements set for the companies required them to begin shrinking their portfolios of mortgages and related investments, in an effort to rein in the companies' size and growth. But recently, the Treasury eased that requirement, igniting a debate among analysts about what the companies will now do with their longer leash.
http://online.wsj.com/article/SB10001424052748
704234304574626630520798314.html
2010 Ushers In New and Improved Mortgage Forms
On Jan. 1, new rules went into effect that simplify and clarify exactly what mortgage lenders will charge for a loan. The initiative from the Department of Housing and Urban Development (HUD) requires that a new "Good Faith Estimate" form be given to all applicants, one that makes it easier to compare true costs of loans from different lenders.
http://money.cnn.com/2009/12/31/real_estate/
new_mortgage_rules/index.htm
Nine Consecutive Gains for Pending Home Sales (12/01/2009)
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of REALTORS®. Sales in the South increased 5.4 percent to an index of 115.4, which is 31.6 percent above a year ago.
http://www.realtor.org/RMODaily.nsf/pages/News2009120101?OpenDocument
HUD chief defends FHA proposed changes (12/02/2009)
Testifying before a House committee, he said buyers would soon need more cash, better credit and less seller help. Read more.
HUD announces restraint in RESPA enforcement for first four months of new rule (11/30/2009)
The Department of Housing and Urban Development (HUD)
announced a period of "restraint" in enforcing the new Real Estate Settlement Procedures Act (RESPA) rule, which will go into effect on January 1, 2010. The period of restraint will last for 120 days.
HUD Secretary Shaun Donovan stated: "While we will not delay implementation of RESPA's new requirements, we are sensitive to the concerns of the industry as it integrates the new rules into their day-today
business practices." -- Read More HUD FAQ on RESPA
Obama Signs Homebuyer Tax Credit Extension
President Barack Obama last week approved the first-time homebuyer tax credit extension that will extend the tax credit until April 30, 2010. The extension is part of a $24 billion economic stimulus bill that will extend the $8,000 tax credit for first-time homebuyers and expand the program to offer a credit of $6,500 to homeowners who have lived in their current home for at least five years. For details on the extension and expansion, follow the link below.
http://tinyurl.com/ycyslj2 |
