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From the monthly archives:

April 2010

Service Members Get Extra Year for Tax Credit

by John TayebApril 29, 2010 Foreclosures

Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit. Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign [...]

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Fannie Extends Distressed Property Deal

by Tayeb Realty GroupApril 29, 2010 commercial real estate

Fannie Mae is extending through June 30 an incentive program that gives buyers of distressed properties in its inventory a 3.5 percent rebate of the final sales price. The money can be used toward closing costs or for selected appliances. The program began in January and was set to expire April 30. Fannie has more [...]

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Tax Credits Have Been Pricey and Effective

by John TayebApril 29, 2010 Foreclosures

As the home buyer tax credits near their end, analysts are concluding that the program was both expensive and successful. The Treasury Department estimates that the credits helped 1.8 million people buy homes, but critics reply that two-thirds of the $12.6 billion in credits spent through the end of February went to people who would [...]

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Mortgage Volume Rises to Six-Month High

by Tayeb Realty GroupApril 28, 2010 Foreclosures

Mortgage applications to purchase homes increased 7.4 percent last week on a seasonally adjusted basis compared to the previous week. This was the highest level since October 2009, according to the Mortgage Bankers Association’s weekly report. On an unadjusted basis, purchase applications rose 8.5 percent compared with the previous week and were up 2.4 percent [...]

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Economist Says It’s Time to Raise Rates

by John TayebApril 28, 2010 commercial real estate

Some economists are saying that it’s time for the Federal Reserve to raise interest rates. Ken Rosen, chair of the University of California Fisher Center for Real Estate, says the financial crisis is over and short-term rates today should be 2 to 3 percent. By keeping rates so low, “We are encouraging asset bubbles in [...]

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Housing Analyst says ‘Worst Is Over’

by John TayebApril 27, 2010 Housing Market News Update

Housing has slowed to the point where demand is again outstripping supply, says Metrostudy founder Mike Castleman. Metrostudy, which researches the housing industry, says demand is forcing up prices in some markets, including Washington, D.C. and Indianapolis, but it remains stagnant in Houston, Naples, Fla., Charlotte, and Denver. Overall, Metrostudy and Castleman believe the worst [...]

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Vacancy Rates Slip Slightly

by Tayeb Realty GroupApril 27, 2010 Housing Market News Update

The number of vacant homes fell slightly in the first quarter to 2.6 percent from 2.7 percent in the third quarter of 2009, the U.S. Commerce Department reported Monday. Vacancies in the rental market fell to 10.6 percent in the first quarter from 10.7 in the fourth quarter of 2009, according to Commerce. Nicholas Tenev, [...]

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Tips for Beautifying a Staircase

by John TayebApril 26, 2010 Home Renovations

With stairs being one of the first elements home buyers see when they enter the front door of many homes, sprucing up the steps can be a great investment. “People think of stairs and hallways as strictly utilitarian — a place to get somewhere else,” says Genevieve Gorder, host of HGTV’s Dear Genevieve. “But they [...]

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30-Year Rate Just Over 5 Percent

by Tayeb Realty GroupApril 24, 2010 commercial real estate

The 30-year fixed mortgage rate stayed flat this week, averaging 5.07 percent to remain near historically low levels, reported Freddie Mac. Here’s how other rates performed: • 15-year fixed loans fell to 4.39 percent from 4.4 percent last week. • Five-year hybrid adjustable-rate mortgage averaged 4.03 percent, down from 4.08 percent. • One-year ARMs rose [...]

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First-Time Home Buyers, Sellers Optimistic

by John TayebApril 24, 2010 Home Buyer Tax Credit 2009

More than 48 percent of first-time buyers expect home prices to increase by this time next year, according to a survey by Century 21 Real Estate. The survey posed questions to people who had bought or sold a home in the last year. Sixty percent of first-time home buyers say they didn’t understand the process [...]

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