Category: Hot Topics
Fannie Mae announced a seller assistance incentive on Fannie Mae-owned properties listed on the company’s REO website, www.HomePath.com, and expands the initiative to offer an incentive to real estate agents and brokers. Qualified homebuyers who will be owner-occupants can receive up to 3.5 percent of the final sales price that can be used toward closing [...]
First Time Homebuyer Tax Credit May Return Shaun Donovan, Secretary of Housing and Urban Development, said Sunday that the housing market’s July woes were “worse than expected” and that the administration may support a new homebuyer tax credit. In an interview on CNN, Donovan said the administration is “concerned” about the path of the industry. [...]
Luxury Homes Languish as Wall Street Pinches Wealthy Looking for a bargain? Actor Eddie Murphy’s 30-room Englewood, N.J., mansion, which went on the market in 2004 for $30 million, can be yours for $12.75 million. And hip-hop entrepreneur Russell Simmons’ 35,000-square-foot mansion in Saddle River, N.J., — offered for $23.9 million in 2007 — is [...]
US Senate: Homebuyers Tax Credit Deadline Extended The US Senate passed an amendment to extend the closing deadline for home buyers who qualified for the tax credit pleases Realtors and Homebuyers. The original deadline date of June 30 has now been extended to September 30. This is an extremely important measure as it will help [...]
Consumers who make a late payment or violate other terms of their credit card agreements will get a break under new Federal Reserve Board rules announced Tuesday.
Fed Chief Cautiously Optimistic about Economy The U.S. economy is in a moderate recovery and should continue growing through next year, but the unemployment rate is expected to remain higher than usual, and it will take “a significant amount of time” to replace the jobs that have been lost in the recession, Federal Reserve Chairman [...]
Real Estate Q&A: How to Help Family Member Buy a Condo QUESTION: My sister wants to own a $50,000 condo in California that is under foreclosure from the U.S. Department of Housing and Urban Development. But she does not have the money. I would like to help by buying this condo outright. I am being [...]
Market Snapshot Monday June 7, 2010 Started a little soft early in the rate market this morning with the stock index futures a little higher after the heavy and deep selling on Friday after the May employment report shook investors. All through last week the estimates were continuing to increase on the number of jobs [...]
10 Important Tips to Successful Real Estate Investing When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know: 1. Compare property values and rents Financial statistics only go so far; the best measure of a property’s market [...]
Fannie Mae “Loan Quality Initiative” How Will This Affect Borrowers? Beginning with applications dated June 1st, Fannie Mae is implementing the “Loan Quality Initiative” (LQI) guidelines. All Fannie Mae lenders must adhere to these guidelines. In a nutshell, the LQI guideline changes are: Credit re-verification just prior to or on the day of funding: Fannie [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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