More than 90 percent of economists think the recession is nearing its end, but they don't expect the economy to soar anytime soon.
Nearly 75 percent of economists, surveyed by the National Association for Business Economics, say that the recession will end in the third quarter. Another 19 percent think the turnaround will come in the fourth quarter. The rest are betting on the first quarter of 2010.
Americans seem to believe that things are getting better too. The Conference Board's Consumer Confidence Index rose 14.1 points in May to 54.9, the second month in a row in which there have been an increase.
Forecasters say that home sales will bottom out in the second quarter, an important stabilizing factor.
Source: The Associated Press, Jeannine Aversa (05/27/2009)
Friday, May 29, 2009
HUD: $8000 Tax Credit Can Be Used on Closing Costs
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
For more information contact Tony Wilson at: tonywilson@callcarpenter.com
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today.
The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.
Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.
Source: Robert Freedman, REALTOR® Magazine Online
For more information contact Tony Wilson at: tonywilson@callcarpenter.com
Monday, May 25, 2009
More Buyers Lured to Foreclosed Properties
Many households say that foreclosures are a bargain and are increasingly eager to buy them, according to a Harris Interactive survey conducted for Trulia.com and RealtyTrac.
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008.
But buyers aren’t naïve about the hassles involved with purchasing foreclosed property. About 85 percent said that they could identify negative aspects, up from 80 percent who felt the same way last November.
71 percent were concerned about hidden costs;
46 percent believe the process is risky;
31 percent fear the property will lose value.Buyers of foreclosures also expect hefty discounts – at least 25 percent.
Source: RealtyTrac.com and Trulia.com (05/20/2009)
For information about the Neighborhood Stabilization Program click here: http://carpenterrealtors.blogspot.com/search?q=neigborhood+stabilization+program
The survey found that 55 percent of U.S. adults are at least somewhat likely to consider purchasing a foreclosed home, up from 47 percent who answered the same question in November 2008.
But buyers aren’t naïve about the hassles involved with purchasing foreclosed property. About 85 percent said that they could identify negative aspects, up from 80 percent who felt the same way last November.
71 percent were concerned about hidden costs;
46 percent believe the process is risky;
31 percent fear the property will lose value.Buyers of foreclosures also expect hefty discounts – at least 25 percent.
Source: RealtyTrac.com and Trulia.com (05/20/2009)
For information about the Neighborhood Stabilization Program click here: http://carpenterrealtors.blogspot.com/search?q=neigborhood+stabilization+program
Home Affordability Hits 18-Year High
Housing affordability is reaching record levels with nearly 73 percent of all homes sold in the first three months of 2009 considered affordable.
That’s the highest percentage ever reported by the 18-year-old, quarterly Housing Opportunity Index, compiled by the National Association of Home Builders and Wells Fargo Bank.
To be considered affordable, a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.
The most affordable major metropolitan areas and their median home prices are:
1. Indianapolis: $98,000
2. Youngstown, Ohio: $67,000
3. Akron, Ohio: $78,000
4. Grand Rapids, Mich.: $97,000
5. Syracuse, N.Y.: $85,000
6. Warren, Mich.: $119,000
7. Cleveland: $86,000
8. Buffalo, N.Y.: $90,000
9. Toledo, Ohio: $78,000
10. Dayton, Ohio: $85,000
The 10 least affordable metropolitan areas are:
1. New York City: $418,000
2. San Francisco: $525,000
3. Los Angeles: $288,000
4. Nassau-Suffolk, N.Y.: $375,000
5. Honolulu: $360,000
6. Santa Ana: Calif., $360,000
7. Newark, N.J.: $315,000
8. Miami: $185,000
9. McAllen, Tex.: $106,000
10. El Paso, Tex.: $127,000
Source: CNNMoney, Les Christie (05/19/2009)
Contact Tony Wilson at tonywilson@callcarpenter.com for a FREE Indianapolis Area Buying Guide!
That’s the highest percentage ever reported by the 18-year-old, quarterly Housing Opportunity Index, compiled by the National Association of Home Builders and Wells Fargo Bank.
To be considered affordable, a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.
The most affordable major metropolitan areas and their median home prices are:
1. Indianapolis: $98,000
2. Youngstown, Ohio: $67,000
3. Akron, Ohio: $78,000
4. Grand Rapids, Mich.: $97,000
5. Syracuse, N.Y.: $85,000
6. Warren, Mich.: $119,000
7. Cleveland: $86,000
8. Buffalo, N.Y.: $90,000
9. Toledo, Ohio: $78,000
10. Dayton, Ohio: $85,000
The 10 least affordable metropolitan areas are:
1. New York City: $418,000
2. San Francisco: $525,000
3. Los Angeles: $288,000
4. Nassau-Suffolk, N.Y.: $375,000
5. Honolulu: $360,000
6. Santa Ana: Calif., $360,000
7. Newark, N.J.: $315,000
8. Miami: $185,000
9. McAllen, Tex.: $106,000
10. El Paso, Tex.: $127,000
Source: CNNMoney, Les Christie (05/19/2009)
Contact Tony Wilson at tonywilson@callcarpenter.com for a FREE Indianapolis Area Buying Guide!
Saturday, May 23, 2009
Mortgage Rates Continue to Fall
Freddie Mac reports a drop in the 30-year fixed mortgage rate to 4.82 percent during the week ended May 21 from 4.86 percent the prior week.
Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent.
The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries.
Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed.
Source: Investor's Business Daily (05/22/09)
For current interest rates visit: www.BestRateToday.info
Meanwhile, the 15-year fixed mortgage rate dipped to 4.5 percent.
The Federal Reserve is working to hold down rates by purchasing upwards of $1.25 trillion in mortgage-backed securities and $300 billion in Treasuries.
Mortgage rate premiums have declined substantially over the last couple of months even as Treasury yields climbed.
Source: Investor's Business Daily (05/22/09)
For current interest rates visit: www.BestRateToday.info
HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.
"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.
The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.
When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Source: REALTOR® Magazine Online
Contact Tony Wilson at tonywilson@callcarpenter.com About the $8,000 Tax Credit, the $15,000 Foreclosure Program, and the $25,000 Foreclosure Program. It Pays To Stay Informed!
"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.
The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.
When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Source: REALTOR® Magazine Online
Contact Tony Wilson at tonywilson@callcarpenter.com About the $8,000 Tax Credit, the $15,000 Foreclosure Program, and the $25,000 Foreclosure Program. It Pays To Stay Informed!
Monday, May 18, 2009
Thursday, May 7, 2009
Buying/Selling Heritage Lake Property
Click here for links to Realtors and Real Estate Companies
Buying Heritage Lake Property
If looking for property to purchase you can call any Realtor. The POA Office has a book (black three ring binder) in which owners can offer property for sale.
Selling Heritage Lake Property
When you sell a Heritage Lake property, you have the same basic options you would with most real estate. You may sell "by owner" or may employ a broker. There are, however, certain restrictions as to how lots and homes may be physically marked for sale. They are as follows:
(If you place a "for sale" sign on your property you must follow this policy.)
* Orange markers at the property corners are encouraged so long as they are no more than three feet tall with six (6) by six (6) inch placard with the subdivision initials and lot number on them.
*ONLY ONE "FOR SALE SIGN SHALL BE ALLOWED ON ANY LOT AT ONE TIME with only the following exceptions.
*Waterfront homes (as designated by the list on file at the POA Office) shall be allowed one additional sign at the water side of the property if the sign is mounted on the home, attached porch or garage. Signs are not allowed on docks or steps.
*Lots combined by deed shall be counted as one lot.
*ONLY "Open House" directional signs shall be allowed between sunrise and sunset the day of the open house. (Saturday and Sunday only). No other directional signs shall be allowed.
The sign shall not be located closer to the pavement than the right-of way (approximately) twenty feet (20').
*The sign frame shall measure no more than two and one half feet by two and one half feet2 1/2' X 2 1/2') and no taller than five feet (5') from the ground. (This will include most Realtor signs.)
* All property for sale must be mowed and maintained to a height not to exceed eight (8) inches, from the street to the entire depth of the property or as decided by the POA Manager.
*All signs shall have the appearance of being professionally made.
*No sign shall be allowed to fall into disrepair.
*Realtors/owners/agents must notify the POA Office of the location of new signs.
*Signs in violation of this policy as determined by the POA Manager, will be removed and not returned.
* If you use only the orange markers, there is no criteria for mowing the lot and no notification is necessary.
For a Free Heritage Lake Home Buying Guide:
E-mail Tony Wilson at tonywilson@callcarpenter.com
Buying Heritage Lake Property
If looking for property to purchase you can call any Realtor. The POA Office has a book (black three ring binder) in which owners can offer property for sale.
Selling Heritage Lake Property
When you sell a Heritage Lake property, you have the same basic options you would with most real estate. You may sell "by owner" or may employ a broker. There are, however, certain restrictions as to how lots and homes may be physically marked for sale. They are as follows:
(If you place a "for sale" sign on your property you must follow this policy.)
* Orange markers at the property corners are encouraged so long as they are no more than three feet tall with six (6) by six (6) inch placard with the subdivision initials and lot number on them.
*ONLY ONE "FOR SALE SIGN SHALL BE ALLOWED ON ANY LOT AT ONE TIME with only the following exceptions.
*Waterfront homes (as designated by the list on file at the POA Office) shall be allowed one additional sign at the water side of the property if the sign is mounted on the home, attached porch or garage. Signs are not allowed on docks or steps.
*Lots combined by deed shall be counted as one lot.
*ONLY "Open House" directional signs shall be allowed between sunrise and sunset the day of the open house. (Saturday and Sunday only). No other directional signs shall be allowed.
The sign shall not be located closer to the pavement than the right-of way (approximately) twenty feet (20').
*The sign frame shall measure no more than two and one half feet by two and one half feet2 1/2' X 2 1/2') and no taller than five feet (5') from the ground. (This will include most Realtor signs.)
* All property for sale must be mowed and maintained to a height not to exceed eight (8) inches, from the street to the entire depth of the property or as decided by the POA Manager.
*All signs shall have the appearance of being professionally made.
*No sign shall be allowed to fall into disrepair.
*Realtors/owners/agents must notify the POA Office of the location of new signs.
*Signs in violation of this policy as determined by the POA Manager, will be removed and not returned.
* If you use only the orange markers, there is no criteria for mowing the lot and no notification is necessary.
For a Free Heritage Lake Home Buying Guide:
E-mail Tony Wilson at tonywilson@callcarpenter.com
Heritage Lake, Coatesville, Indiana
Heritage Lake is comprised of six subdivisions including over 1,200 homes. As members, you may enjoy the beaches, picnic areas, swimming pool, activities center, campground, softball field, tennis & basketball courts. Several small lakes (ponds) as well as the main lake are within the Heritage Lake boundaries. All offer excellent fishing provided, of course, you’re using the right bait at the right place at the right time. Each season offers its own beauty and wildlife as well as diversified activities.
Within this site you will find additional information regarding Heritage Lake plus a description of the various groups and organizations that meet regularly. Joining one of these organizations is an easy way to become involved in the community and to meet many new neighbors.
Heritage Lake is located approximately 22 miles West of Indianapolis, Indiana, (27 miles west of I-465 exit 13) and just a mile south of US36 in Putnam, County.
There are six subdivisions at Heritage Lake. Subdivisions are identified by letters as follows:
GB = Gettysburg
JV = Jefferson Valley
LH = Lincoln Hills
MS = Mill Springs
PL = Patriots Landing
VH = Victory Hill
Within this site you will find additional information regarding Heritage Lake plus a description of the various groups and organizations that meet regularly. Joining one of these organizations is an easy way to become involved in the community and to meet many new neighbors.
Heritage Lake is located approximately 22 miles West of Indianapolis, Indiana, (27 miles west of I-465 exit 13) and just a mile south of US36 in Putnam, County.
There are six subdivisions at Heritage Lake. Subdivisions are identified by letters as follows:
GB = Gettysburg
JV = Jefferson Valley
LH = Lincoln Hills
MS = Mill Springs
PL = Patriots Landing
VH = Victory Hill
The lots within each subdivision are numbered. There are 2,986 legally platted lots within the six subdivisions.
These Lot Numbers are the mailing address of the property and are utilized for the 911 emergency system. There is also approximately 30 miles of County roads within the subdivisions. The Drives and Courts are all names you may be familiar with from the Revolutionary War.
For Covenants and Restrictions for Heritage Lake - Click Here!
For Heritage Lake By-Laws - Click Here!
For a FREE Heritage Lake Buyers Guide: E-mail tonywilson@callcarpenter.com
Visit http://www.heritagelake.net/ for a printable map.
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