A bill that would halt the controversial collection of private real estate transfer fees in all 50 states has been proposed to outlaw the action. Maxine Waters (D-CA) offered the legislation in Congress as part of an amendment to revise a law approved nearly four decades ago. The bill was proposed after a coalition of… Continue reading Bill Proposed to Outlaw Real Estate Transfer Fees
Category: News
Rentals Winning Out
In the face of the financial crisis, attitudes over renting versus buying a home are changing, according to numerous public opinion polls, including a survey of more than 2,700 website visitors by Apartments.com. “We are seeing vacancy rates drop, which means the rental market is improving,” said Chris Brown, Apartments.com vice president of product management.… Continue reading Rentals Winning Out
Initiative Would Keep Real Estate Tax Free
Only 13 states are without a tax on real estate sales and transfers. In these troubled economic times two of the remaining states have consumer driven campaigns to keep it that way, Missouri and Montana. An initiative outlawing such fees will appear on ballots in both states later this year. Consumers usually vote against tax… Continue reading Initiative Would Keep Real Estate Tax Free
Refinances and New Home Mortgages Stall
By Mike Colpitts Demonstrating there is a tipping point for home sales to decline, applications for refinancing and home mortgages declined for the third straight week, according to the Mortgage Bankers Association. The four week moving average also showed a decline, indicating that home sales are stalling further after the expiration of the federal buyer… Continue reading Refinances and New Home Mortgages Stall
Fewer Think Housing is Safe Investment
More Americans think it’s a better idea to put money into a savings or money market account than to buy a home, according to a government backed opinion poll. The finding was determined as part of Fannie Mae’s latest national housing survey, which also found the exact opposite of what a Housing Predictor poll recently… Continue reading Fewer Think Housing is Safe Investment
4 Ways to Buy Without Much Cash
So you figure it’s time to pinch pennies and put as much cash into buying an investment home as possible. With homes and condos selling for less than half of what they were a few years back, now just might be the time to invest. But taking advantage of current market conditions might be harder… Continue reading 4 Ways to Buy Without Much Cash
Mortgage Rates Tick Higher
By Mike Colpitts For the second week in a row mortgage rates climbed higher as bank foreclosures hit a new milestone, according to Freddie Mac. The average interest rate for a 30 year fixed rate mortgage ticked higher by two-one-hundredths of a percent to 4.37% for the week. The rise in rates may signal an… Continue reading Mortgage Rates Tick Higher
Unemployment Triggers Foreclosure Rise
Bankers foreclosed on 95,364 residential properties in August, the highest monthly total since Realty Trac has been following foreclosures, and about 2% higher than the previous peak of 93,777 bank repossessions in May 2010 as growing unemployment triggered the increase. August formal foreclosures were up 25% from year ago levels, the ninth straight month where… Continue reading Unemployment Triggers Foreclosure Rise
Freddie Mac Launches Owner Occupant Buyer Program
Freddie Mac, one of the nation’s troubled mortgage giants is expanding its program for owner occupants to buy a home before investors. The program is set to launch Friday, giving buyers preferential treatment over investors. The program “supports Freddie Mac’s mission to stabilize communities and foster affordable home ownership opportunities by giving home buyers 15… Continue reading Freddie Mac Launches Owner Occupant Buyer Program
Disturbing Failures Five Years after Hurricane Katrina
By Kevin Chiu There is more federally assisted housing in New Orleans five years after Hurricane Katrina struck than before the storm, yet the population of the Greater New Orleans area has been cut in half, according to a new report. Some 38,000 households still have no place to call home. The New Orleans metropolitan… Continue reading Disturbing Failures Five Years after Hurricane Katrina