It's true, C.P. Morgan is going out of business! C.P. Morgan was Indiana's leading builder for decades and even they cannot survive this economic downturn.
Calling it one of the most "difficult decisions I've ever had to make," Chuck Morgan, the company's founder and chairman, said in a statement that the collapse of the real estate industry "makes it impossible for us to serve our customers effectively and remain viable."
"This is a sad day for thousands of people across Indiana and the Carolina's. All of the people that were so dedicated to the success of C.P. Morgan have just lost a little more hope that a recovery will happen anytime soon," a contractor from Indiana said, "C.P. Morgan is a company with great people... people of faith. Something good will come from this. We have faith"
"The hardest part of this decision for me has been our associates who have worked tirelessly over the last several months to prevent this from happening," said Morgan. "I'm extremely grateful for their exceptional commitment to our company, which only adds to the sadness I feel about closing our doors."
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As new home sales hit record lows not seen since 1963, we must all wonder what is next? What is over the horizon for us? As the recent stimulus package has yet to stimulate everyday Americans spending habits. Where is the leadership that we as Americans yurn for, to lead us to recovery? Is an $8000 tax credit for first-time home buyers enough to stimulate home sales? I believe a more aggresive approach is what we need to jump-start the economy, like the proposed $15,000 tax credit for all home buyers that was taken out of the stimulus package in Commitee after it was passed by the Senate. I think they missed the boat on this one.
http://www.wilsonworksforyou.com/
Thursday, February 26, 2009
Saturday, February 21, 2009
30-Year Rates Drop to Near 5%
Mortgage rates across the board fell this week, a welcoming sign to potential buyers and home owners looking to refinance.
The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week's 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week:
15-year mortgage rates: averaged 4.68 percent, down from last week's 4.81 percent. Last year at this time: 5.64 percent.
5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week's 5.23 percent. Last year at this time: 5.37 percent
1-year ARMs: averaged 4.8 percent, down from last week's 4.94 percent. Last year at this time: 4.98 percent
"Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," says Frank Nothaft, Freddie Mac's chief economist.
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or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
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The 30-year fixed-rate mortgage averaged 5.04 percent this week, a drop from last week's 5.16 percent. Last year at this time, the 30-year rate averaged 6.04 percent, Freddie Mac reports.
Freddie Mac reported the following for other rates for the week:
15-year mortgage rates: averaged 4.68 percent, down from last week's 4.81 percent. Last year at this time: 5.64 percent.
5-year hybrid adjustable-rate mortgages: averaged 5.04 percent this week, a drop from last week's 5.23 percent. Last year at this time: 5.37 percent
1-year ARMs: averaged 4.8 percent, down from last week's 4.94 percent. Last year at this time: 4.98 percent
"Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," says Frank Nothaft, Freddie Mac's chief economist.
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Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Saturday, February 14, 2009
Stimulus Advances With Tax Credit Changes
The $790 billion stimulus package hammered out by House and Senate conferees late yesterday increases the home buyer tax credit to $8,000, from $7,500, and drops the repayment feature for buyers who hold on to their property for at least three years.
The NATIONAL ASSOCIATION OF REALTORS ® has sought removal of the repayment requirement because it discourages buyers from taking advantage of the tax credit. The three-year minimum holding period is a safeguard against speculators' use of the credit.
The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.
The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.
Other provisions reportedly in the bill that could help housing markets and communities include:
FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.
Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.
Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis.
Transportation infrastructure. Up to $29 billion for highway construction projects, $8 billion for rail projects, and $5 billion to weatherize low-income homes.
Rural housing development. Increased funding for the Rural Housing Service direct and guaranteed loan programs.
Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
The NATIONAL ASSOCIATION OF REALTORS ® has sought removal of the repayment requirement because it discourages buyers from taking advantage of the tax credit. The three-year minimum holding period is a safeguard against speculators' use of the credit.
The legislation also extends the effective date of the credit to December 1 from June 30, and extends eligibility to borrowers who buy their home with the help of state or local financial assistance that comes from the proceeds of tax-exempt mortgage revenue bonds.
The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.
Other provisions reportedly in the bill that could help housing markets and communities include:
FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.
Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.
Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis.
Transportation infrastructure. Up to $29 billion for highway construction projects, $8 billion for rail projects, and $5 billion to weatherize low-income homes.
Rural housing development. Increased funding for the Rural Housing Service direct and guaranteed loan programs.
Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Thursday, February 12, 2009
Stimulus Advances With Tax Credit Changes
The $790 billion stimulus package hammered out by House and Senate conferees late yesterday afternoon drops the repayment feature on the home buyer tax credit.
The NATIONAL ASSOCIATION OF REALTORS ® has sought removal of the repayment requirement because it discourages buyers from taking advantage of the tax credit.
The legislation also extends the effective date of the tax credit, which is for up to $7,500, to September 1 from June 30.
Households that purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit as well.
Other provisions reportedly in the bill that could help housing markets and communities include:
*FHA and conforming loan limits. Specifics have not been released but reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the secretary of the U.S. Department of Housing and Urban Development.
*Foreclosure mitigation and neighborhood stabilization. Funding for states and localities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized. Some news reports put the funding level at $2 billion.
* Rental assistance. Up to $1.5 billion to provide short-term rental assistance and other aid for families during the economic crisis. * Transportation infrastructure. Up to $29 billion for highway construction projects, $8 billion for rail projects, and $5 billion to weatherize low-income homes.
* Rural housing development. Increased funding for the Rural Housing Service direct and guaranteed loan programs. (This is a 0% Down Payment Loan.)
* Low-income housing grants. Allow states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing, including those with or without tax credit allocations.
* Tax-exempt housing bonds. Tax-exempt interest earned on specified state and local bonds issued during 2009 and 2010 will not be subject to the Alternative Minimum Tax (AMT). In addition, financial institutions will have greater capacity to purchase tax-exempt state and local bonds.
* Energy efficient housing. Grants for energy retrofits for federally assisted housing (Section 8), funding for energy efficiency and conservation block grants to states, and Increases in the residential tax credit through 2010 for certain energy efficient upgrades.
Thursday, February 5, 2009
House Overhauls Hope Program
The U.S. House will vote on a bill next week to overhaul the Hope for Homeowners program, which by many accounts, has been a flop so far.
Congress approved the program in July with the hope that it would aid 400,000 home owners. So far the program has attracted only 451 applicants and just 25 loans have closed.
“HOPE for Homeowners, was designed to help families refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure,” says NAR President Charles McMillan. “Despite being well-intentioned, the HOPE for Homeowners program has had limited success.
Lenders have found the program difficult to participate in because of many of the program’s constraints."The proposed revision to the program, which NAR supports, will lower participation standards, cut costs for consumers and reduce the cost of implementation for lenders.
The proposed reform will also provide a safe harbor for mortgage servicers that modify loans and make permanent the increase in deposit insurance to 250,000.(Read NAR Backs HOPE for Homeowners.)
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Congress approved the program in July with the hope that it would aid 400,000 home owners. So far the program has attracted only 451 applicants and just 25 loans have closed.
“HOPE for Homeowners, was designed to help families refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure,” says NAR President Charles McMillan. “Despite being well-intentioned, the HOPE for Homeowners program has had limited success.
Lenders have found the program difficult to participate in because of many of the program’s constraints."The proposed revision to the program, which NAR supports, will lower participation standards, cut costs for consumers and reduce the cost of implementation for lenders.
The proposed reform will also provide a safe harbor for mortgage servicers that modify loans and make permanent the increase in deposit insurance to 250,000.(Read NAR Backs HOPE for Homeowners.)
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit www.WilsonRealtors.Net
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Senate OKs $15,000 Bonus for Home Buyers
Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
"It is time to fix housing first," said Sen. Johnny Isakson, R-G.Isakson's office said the proposal would cost the government an estimated $19 billion.
In all, the stimulus is now topping an estimated $920 billion.
In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill. "This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit http://www.wilsonrealtors.net/
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
"It is time to fix housing first," said Sen. Johnny Isakson, R-G.Isakson's office said the proposal would cost the government an estimated $19 billion.
In all, the stimulus is now topping an estimated $920 billion.
In an op-ed that appears in Thursday’s Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill. "This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."
Stay Informed! Subscribe!
Free No-Obligation Consultations Available Anytime!
Call, Text or E-mail us at:
Tony Wilson (317)354-7410 tonywilson@callcarpenter.com
Valerie Wilson (317)441-3921 vwilson@callcarpenter.com
or visit http://www.wilsonrealtors.net/
Thinking about selling and not sure if the time is right?
Visit www.WilsonWorksForYou.com to see what we can do for you!
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