![]()
It may pay to settle for less when purchasing your first home.
By Michele Lerner of Investopedia
Since 2000, homeownership rates in the U.S. have hovered around 66% to 67% of the population. In 1900, fewer than half of Americans owned their own home. The biggest surge in homebuying came after World War II, when many young families were encouraged to buy a "starter home."
Attitudes ...
Posted by
Paul Chavez
on 11/12/2010
![]()
RISMEDIA, September 3, 2010—(MCT)—For anyone under the age of 57, mortgage rates are now the lowest they’ve been during your life. This fact isn’t lost on a growing number of homeowners who have started a new wave of refinancings.
The Mortgage Bankers Association reported this month that refinancing applications are up 26% during the past four weeks and account for about 82% ...
Posted by
Paul Chavez
on 09/05/2010
![]()
Mortgage rates again edged lower the past week, with the average rate on fixed-rate mortgages extending their record lows, according to Freddie Mac's (FMCC) weekly survey of mortgage rates. Rates have fallen in recent months with the prolonged rally in the Treasury market that's been prompted by volatility in stocks. Higher Treasury prices mean lower yields on the debt, and mortgage rates tend to track ...
Posted by
Paul Chavez
on 08/31/2010
![]()
Last November, the government expanded and extended the new Homebuyers Tax Credit. According to the program, first-time homebuyers are eligible for a tax credit of 10% of the purchase price of the home, with a maximum credit of $8,000. And some current homeowners looking to purchase a home can receive a credit up to $6,500.
Although military personnel may qualify for a special extension, the vast ...
Posted by
Paul Chavez
on 03/30/2010
![]()
THEY SAY THAT MARCH COMES IN LIKE A LION AND GOES OUT LIKE A LAMB... But this year, the exact reverse is true when it comes to home loan rates - for quite a few reasons, including the end of the Federal Reserve acting as a large buyer of Mortgage Backed Securities (MBS). The "demand" created by their fifteen-month program has helped Bond prices stay high and home loan rates stay low.
But the Fed's ...
Posted by
Paul Chavez
on 03/30/2010
![]()
Well, 2009 is over.
What does that mean? For the Albuquerque residential real estate market, there are some very positive signs that we have hit bottom. There are some who are suggesting that there may be a “double bottom” but that remains to be seen.
The last five years.
Here are some numbers that might be encouraging. Let’s go back to ...
Posted by
Paul Chavez
on 01/21/2010
![]()
Washington, December 22, 2009 from NAR
Existing-home sales rose again in November as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.4 percent to a seasonally ...
Posted by
Paul Chavez
on 12/22/2009
![]()
The Federal Housing Administration has a loan product that does two jobs, both providing your mortgage (or refinancing) and allowing qualifying home buyers to include up to an additional $35,000 in the mortgage. This addition to the mortgage provides funds for owners to improve or upgrade their home before moving in. The loan product is called the FHA Streamlined 203(k) loan.
This approach eliminates ...
Posted by
Paul Chavez
on 11/24/2009
The Basics: Extended Home Buyer Tax Credit 2009/2010
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed and President Obama has signed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April ...
Posted by
Paul Chavez
on 11/06/2009
![]()
Tax break for buying a home
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.
The Senate's bill also created a $6,500 credit for those who buy a home after owning one for the last five years. That measure would apply ...
Posted by
Paul Chavez
on 11/04/2009
