Real Estate Headline News
:: Week-to-week mortgage applications rise 14.3%: MBA (Marketwatch.com)
:: More homeowners get long-term help (CNNMoney.com)
:: New York City property values edge higher to $797 billion (Reuters)
:: Five Key Housing Issues to Watch in 2010 (WSJ.com)
:: Will bonuses save the day for Manhattan real estate? (CNNMoney.com)
FHA To Toughen Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, agency announced Tuesday.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency’s finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet been announced.
Source: Reuters News, Corbett B. Daly
Tax Credit Ends April 30th; 6 Key Facts You Need To Know
In order to qualify for the tax credit which applies to a principal residence, you have little time left. The deadline is set for April 30th, and to qualify you have to buy your new home by that date and you must close on the deal by June 30th of 2010.
1. For the most part, homebuyers can’t use the tax credit as an automatic down payment on a new property. Sometimes, in some cases, it can be used for a down payment or to pay for closing costs provided that the loan is handled through the FHA.
2. You receive the tax credit when you file your taxes, you don’t get a check when closing, as is assumed by many homebuyers.
3. The reality is that the top tax credit for homes purchases is $8,000 and you don’t always get the full credit. If you Read more
Real Estate Headline News
:: News Hub: Bonuses Fuel Apartment Sales (MarketWatch.com)
:: Rates on fixed-rate mortgages drop (MarketWatch.com)
:: Where Americans Pay Most In Property Taxes (Forbes)
:: Skinny House Goes For Fat Wad (AOL Housing Watch)
:: HUD acts to speed foreclosed properties resales (Reuters)
New Times for Manhattan Real Estate, New Promises for 2010
As we continue through the winter months, and look forward to better spring and summer days, the real estate climate appears to be very favorable for 2010. New York City real estate seems to show strong sings of recovery for the rest of year. Prudential Douglas Elliman’ 4th Qtr. report (prepared by Miller Samuel) shows strong signs of stabilization. The fourth quarter showed increases in sales activity, inventory declined, fewer price cuts, and prices seemed to be more stable.
Several factors contributed to this effect including the improvement of the overall economy, slow but Read more
The Wall Street Journal- The New York Times
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