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From the monthly archives:

January 2010

Power Savers – Energy Efficiency in the Residential Sector

by Raja TayebJanuary 28, 2010 Home Renovations

According to the U.S. Department of Energy’s 2008 Annual Energy Review, the residential real estate sector accounts for roughly a fifth (22 percent) of all energy consumption in the country. This considerable share of all energy consumption has led lawmakers to propose policies to improve energy efficiency in homes.
At the same time, homeowners and home [...]

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Home Prices May Still Be Too High

by John TayebJanuary 27, 2010 Home Buyer Tax Credit 2009

Adjusted for inflation, housing prices are still 15 percent to 20 percent higher than they were in the mid-1990s, calculates housing economist Dean Baker, co-director of the nonpartisan Center for Economic and Policy Research.
“There’s no plausible fundamental explanation for that,” he says.
Baker believes economic fundamentals translate to a weak recovery at best. “People who say [...]

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Mortgage Applications Fall for the Week

by Raja TayebJanuary 27, 2010 Foreclosures

Mortgage applications declined 10.9 percent last week compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported in its weekly survey.
On an unadjusted basis, applications decreased 10.1 percent compared with the previous week and were down 19.8 percent compared to the same week last year.
Refinances decreased 15.1 percent compared to [...]

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6 Surprising Facts About the Buyer Tax Credit

by John TayebJanuary 23, 2010 Home Buyer Tax Credit 2009

The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years [...]

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Fewer Defaults: Could the Worst Be Over?

by Raja TayebJanuary 23, 2010 Foreclosures

The number of consumer loans that are going bad is leveling off, reports Bank of America, Wells Fargo and other large banks, signaling that the worst could be over.
Bankers reported that credit quality is stabilizing with lending losses expected to peak this year.
But analysts warned that any new hit to the economy could reverse the [...]

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Tax Credit Encourages Buyers to Shop Early

by Raja TayebJanuary 21, 2010 Home Buyer Tax Credit 2009

The homebuying season is starting early this year, thanks to the expanded first-time and move-up homebuyer tax credit.
Typically, the busiest time for home shopping starts in March and continues through May, but this year buyers who want to take advantage of the tax credits have to have a signed contract by April 30 and close [...]

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White Lies Some Sellers Tell

by Raja TayebJanuary 19, 2010 Housing Market News Update

About 30 states have disclosure laws that require sellers to tell prospective buyers about any problems, but in this tough market, some sellers aren’t as forthcoming as they should be.
Here’s a short list of white lies and misrepresentations that real estate practitioners and regulators say are common and that buyers should be wary of as [...]

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Increase Appeal by Adding a Little Green

by John TayebJanuary 19, 2010 Home Renovations

Eco-friendly homes are hot these days, and one way to make a property more saleable is to add a little green.
Real estate Web site HomeGain asked about 1,000 real estate practitioners to recommend low-cost green improvements. Here are some of their suggestions:

Plant native trees and plants
Replace air filters
Weather-strip and caulk doors and windows [...]

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Home Buyers Face Tax-Credit Delays

by John TayebJanuary 19, 2010 Home Buyer Tax Credit 2009

Home buyers who purchased a property after Nov. 6, 2009, when the extension and expansion of the first-time and move-up home buyer tax credit took effect, have reportedly been unable to get their rebates—or even file for them—because paperwork isn’t available.
Robert Dietz, an economist with the National Association of Home Builders, says the delay is [...]

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30-Year Mortgage Rate Dips Slightly

by Raja TayebJanuary 19, 2010 Housing Market News Update

Long-term mortgage interest fell for the second-straight week as the 30-year fixed rate settled at an average of 5.06 percent compared to 5.09 percent a week ago, according to Freddie Mac.
Other rates decreased as well:  Fifteen-year fixed loans dipped from 4.50 to 4.45 percent, and five-year ARMs sank from 4.44 percent to 4.32 percent.  However, [...]

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