Remember a few years ago, when you bought that house with the confidence that it would only appreciate in value? Read it and weep....
Wednesday, July 1, 2009
Housing prices drop 18.1% in April
Remember a few years ago, when you bought that house with the confidence that it would only appreciate in value? Read it and weep....
Saturday, June 27, 2009
New Craigslist Scam
This item appeared on the website for WSMV-TV, Nashville, TN. It appears non-realtors (posing as realtors) are stealing rental information and pics from the 'net then, when called by potential renters, gathering personal information as well as credit card numbers to "process" application fees.
If you have advertised a rental, beware!!
Thursday, June 18, 2009
Increase and expansion in tax credit?
This report comes courtesy of the National Association of Realtors "The Washington Report":
Senator Johnny Isakson (R-GA) and 9 cosponsors have introduced S. 1230, a bill that would increase the homebuyer tax credit to $15,000 and extend it to all purchasers. It would extend the credit past December 1, 2009 by making the new credit available on the date of enactment (whenever the bill might get signed) and for one year after the date of enactment. Unlike current law, the proposed expanded tax credit would not be refundable. As a result, existing state-level bridge loan downpayment programs would be less available because the purchaser/taxpayer will not know his/her tax liability at the time of purchase.
It is not known when this legislation might be considered, as both tax-writing committees are working solely on health reform. In addition, the proposal has not yet been scored for revenue purposes. Housing and Urban Development Secretary has expressed concern about whether extending the credit to all purchasers would reduce the inventory of houses available for sale. He noted that in most cases a current owner must sell another home before purchasing a new one.
Senator Johnny Isakson (R-GA) and 9 cosponsors have introduced S. 1230, a bill that would increase the homebuyer tax credit to $15,000 and extend it to all purchasers. It would extend the credit past December 1, 2009 by making the new credit available on the date of enactment (whenever the bill might get signed) and for one year after the date of enactment. Unlike current law, the proposed expanded tax credit would not be refundable. As a result, existing state-level bridge loan downpayment programs would be less available because the purchaser/taxpayer will not know his/her tax liability at the time of purchase.
It is not known when this legislation might be considered, as both tax-writing committees are working solely on health reform. In addition, the proposal has not yet been scored for revenue purposes. Housing and Urban Development Secretary has expressed concern about whether extending the credit to all purchasers would reduce the inventory of houses available for sale. He noted that in most cases a current owner must sell another home before purchasing a new one.
Tuesday, June 16, 2009
Interest rates creeping up
"He who waits is lost"--well, if not lost, then at least may have to pay a higher interest rate for a mortgage. According to TAR Digest, the weekly newsletter from the Tennessee Association of Realtors:
Higher interest rates put the brakes on mortgage refinancing last week, according to Freddie Mac. The firm’s weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent — up from 5.29 percent last week and the highest rate since November 2008. Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans; to 5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages; and to 5.04 percent from 4.81 percent for one-year ARMs. Freddie Mac chief economist Frank Nothaft said the gains are not yet affecting home purchase loans.
Waiting can cost you money. If you are considering a buy, it could be in your long-term interest to start your search now. And, if you're a 1st time home buyer, don't forget that you may qualify for an $8000 tax credit.
Higher interest rates put the brakes on mortgage refinancing last week, according to Freddie Mac. The firm’s weekly survey pegged interest on 30-year fixed mortgages at an average of 5.59 percent — up from 5.29 percent last week and the highest rate since November 2008. Interest climbed to 5.06 percent from 4.79 percent for 15-year fixed loans; to 5.17 percent from 4.85 percent for five-year, adjustable-rate mortgages; and to 5.04 percent from 4.81 percent for one-year ARMs. Freddie Mac chief economist Frank Nothaft said the gains are not yet affecting home purchase loans.
Waiting can cost you money. If you are considering a buy, it could be in your long-term interest to start your search now. And, if you're a 1st time home buyer, don't forget that you may qualify for an $8000 tax credit.
Monday, June 15, 2009
Foreclosure information for the Nashville area
This information comes courtesy of the Career Institute:
The Nashville area foreclosure rate climbed in April but was still below the national average, according to First American CoreLogic, a research firm.
The group found the rate of foreclosures rose to .62 percent of outstanding mortgages in April, up from .46 percent in April of 2008.
The national average was 1.8 percent in April of 2009.The percentage of outstanding mortgages at least 90 days behind on payments in the Nashville area also increased in April, going from 2.8 percent a year ago to 3.46 percent in April 2009. The latest national average was 5.1 percent.
California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.
The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing. But supporters acknowledge the California Foreclosure Prevention Act won’t stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
The bill passed in February is similar to the Obama administration’s Making Home Affordable Program that began in March. Both encourages lenders to cut interest rates or rewrite loans to affordable levels.
The Nashville area foreclosure rate climbed in April but was still below the national average, according to First American CoreLogic, a research firm.
The group found the rate of foreclosures rose to .62 percent of outstanding mortgages in April, up from .46 percent in April of 2008.
The national average was 1.8 percent in April of 2009.The percentage of outstanding mortgages at least 90 days behind on payments in the Nashville area also increased in April, going from 2.8 percent a year ago to 3.46 percent in April 2009. The latest national average was 5.1 percent.
California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.
The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing. But supporters acknowledge the California Foreclosure Prevention Act won’t stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
The bill passed in February is similar to the Obama administration’s Making Home Affordable Program that began in March. Both encourages lenders to cut interest rates or rewrite loans to affordable levels.
Saturday, June 13, 2009
First-time home buyer tax credit
Tired of paying rent? The Federal government is still offering an $8000 tax credit for first-time home buyers. Check here to see if you qualify and to have your questions answered.
Now is a fantastic time to buy, if you qualify. Interest rates are still very low, inventory is still very high, and sellers are, in many cases, desperate. DO IT!!!!
Contact me for information on homes in the Middle Tennessee area, and let's get started.
Now is a fantastic time to buy, if you qualify. Interest rates are still very low, inventory is still very high, and sellers are, in many cases, desperate. DO IT!!!!
Contact me for information on homes in the Middle Tennessee area, and let's get started.
Three Cheers for Global Warming!!!
Anyone else notice that with the frigid weather worldwide, the mantra has changed from "global warming" to "climate change"? As in, "We gotta do something about climate change!". Might as well say "We gotta do something about continental drift!"
Way back in 1974 TIME Magazine ran a feature article, complete with the now all-too-familiar Doomsday scenarios, about the "coming ice age". For those of us old enough to remember, this was the cause for concern then, that we were slipping into another ice age.
That kinda went away, didn't it?
So here's a thought: Wouldn't it be ironic if all those nasty ol' greenhouse gasses our SUVs have been pumping out had actually spared mankind the horrors of another ice age? And, further, what if all the restrictions that have been placed on greenhouse gasses are actually allowing a new ice age to begin?
It doesn't pay to fool with Mother Nature........
Way back in 1974 TIME Magazine ran a feature article, complete with the now all-too-familiar Doomsday scenarios, about the "coming ice age". For those of us old enough to remember, this was the cause for concern then, that we were slipping into another ice age.
That kinda went away, didn't it?
So here's a thought: Wouldn't it be ironic if all those nasty ol' greenhouse gasses our SUVs have been pumping out had actually spared mankind the horrors of another ice age? And, further, what if all the restrictions that have been placed on greenhouse gasses are actually allowing a new ice age to begin?
It doesn't pay to fool with Mother Nature........
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