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Filed under Most Recent Post by Brant Meadows
Now that a new President has been elected, the question becomes what kind of changes are we likely to see and how will the policies of the new Administration shape the different economic markets.
Will Obama help or hurt the real estate market?
According to a recent article in the Daily Real Estate News, the Obama Administration and the new Congress will quickly focus on regulatory reform of the financial services industry. The main thrust of the focus will be on "proper regulation of mortgage-and other asset-backed securities."
Of course Fannie Mae and Freddie Mac, currently under the long arm of the government, will be scrutinized as well. Are we to trust these same people to regulate these agencies again? Did you know that the securities and investment industry, including Fannie Mae and Freddie Mac, contributed close to $10 million to Obama's campaign?
What do you think? We'd love to hear your opinion, pro or con. Do you think Barrack Obama will be good, or bad, for real estate? Use the comment link below to sound off. And don't worry, even though your email address is required in order to post a comment here, it will never be published with your comments in order to protect your privacy. Hope to hear from you on this question.
Filed under Most Recent Post by Brant Meadows
You may be among the masses of people wondering if they should consider buying real estate now, or wait. There are some strong reasons to act now… namely significant changes in the FHA loan requirements that are scheduled to change in January of 2009.
Statitics show that nearly 80% of the home loans being executed at this time are FHA backed loans. These loans have low down-payment requirements and best serve many buyers in today's market. However, FHA has announced some changes that could make these loans less favorable in 2009. The changes are as follows:
The current down-payment requirement is only 3% of the home's sales price. FHA has indicated this will rise to 3.5% in the coming year.
Borrowers can qualify right now for an FHA loan with a FICO score of 580. In 2009 this is anticipated to rise to 620. (Other qualifications must be met in addition to the FICO scores.)
Through June of 2009 there is a $7500 tax credit for first time home buyers. If you buy before the end of the year this credit will count towards your upcoming taxes.
FHA has proposed changes in closing costs that would require buyers to pay more fees than is currently required. This amount can vary from a few hundred dollars to well over a thousand.
So, there you go. A few good reasons to think about taking action before the end of the year.
Filed under Home Buying Tips, Most Recent Post by Brant Meadows
According to a report released recently by the National Association of Realtors (NAR), national home prices, driven lower by a flood of foreclosures, plummeted in the third quarter by a record 9% year-over-year.
The median price of a single-family home fell in four out of five states. The national median price was $200,500, down 2.9% from the second quarter of 2008.
A flood of foreclosures has driven home prices down. As many as 40% of all sales made during the three months that ended Sept. 30 were short sales or properties repossessed by banks. These are eager sellers. The longer the banks hold the vacant homes, the more it costs them in maintenance, taxes and insurance.
Regionally, single family home prices were the most stable in the South, where they fell just 3.7% to $174,200. They dropped 5.5% in the Midwest to $159,900 and 6.5% in the Northeast to $267,700. In the West, the median price fell 21.4% to $266,300.
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During his campaign for the presidency, Barack Obama explained where he stands on many of the economic issues that matter most to Americans.
On foreclosures, Obama wants the government to step in to help homeowners facing foreclosure.
· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.
· Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."
· Create a 10% tax credit for homeowners who do not itemize their taxes.
· Create a $10 billion fund to help victims of predatory loans.
· Authorize bankruptcy judges to reduce mortgage principal.
"…If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street." — Obama*
What do you think? Can the new President-Elect deliver on these campaign promises? We'd love to hear your opinion. Just use the "Comment" link below to sound off and tell us what you think.
Filed under Most Recent Post by Brant Meadows
