Our December 2008 Newsletter is now up…
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What will it take to get consumers off the sidelines to buy more houses and help stimulate the economy?
How about a mortgage at a 2.99 percent fixed rate for 30 years for anyone who purchases a home before July 1? Or how about a non-repayable federal tax credit of 10 percent of the home price up to $22,000?
Would enticements like these be sufficient to shift you into buying mode? Alternatively, if you preferred a plan that cost the Treasury less, would you go for a mortgage in the 4 percent to 5 percent range, fixed for 30 years, along with a $7,500 tax credit?
Though these may sound like wish-upon-a-star daydreams, some major housing groups are asking the incoming Obama administration to put hefty home buying incentives like these at the center of any national economic stimulus plan.
We'd love to get your feedback on this. Would any of these "real estate stimulus plans" entice you into the home buying mode of thinking? Sound off and tell us by clicking the comment link below. Your privacy is 100% protected, as no email addresses ever get published here by anyone commenting, even though it is needed to post your comment. We look forward to hearing from you on this…
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According to a report released recently by the National Association of Realtors (NAR), national home prices, driven lower by a flood of foreclosures, plummeted in the third quarter by a record 9% year-over-year.
The median price of a single-family home fell in four out of five states. The national median price was $200,500, down 2.9% from the second quarter of 2008.
A flood of foreclosures has driven home prices down. As many as 40% of all sales made during the three months that ended Sept. 30 were short sales or properties repossessed by banks. These are eager sellers. The longer the banks hold the vacant homes, the more it costs them in maintenance, taxes and insurance.
Regionally, single family home prices were the most stable in the South, where they fell just 3.7% to $174,200. They dropped 5.5% in the Midwest to $159,900 and 6.5% in the Northeast to $267,700. In the West, the median price fell 21.4% to $266,300.
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Get the healthy, organic food you want, without breaking your budget. Our Money Editor, Stacy Johnson, explains… (video runs 1:31)
Any comments on the video? Just click the comment link below and tell us. We'd love to hear from you.
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HOPE NOW is a private sector alliance of mortgage servicers, non-profits, counselors, and investors that have assisted many homeowners avoid foreclosure. They have developed a new program in conjunction with the U.S. Treasury, the Federal Housing Finance Authority, Fannie Mae, Freddie Mac and other mortgage loan servicers for “at-risk” homeowners.
The plan, which goes into effect on December 15, 2008, helps modify existing mortgages in an effort to keep homeowners in their home. The homeowner must be in arrears 90 days or more. The mortgages must be held by Freddie Mac, FNMA or other participating lenders/servicers.
Upon obtaining homeowners detailed information, the plan will reduces the homeowner’s monthly payment to 38% of the borrower’s monthly income. The process could include all or some of the following to accomplish the reduction:
The HOPE NOW alliance has proven success this year in contacting distressed home owners to encourage them to work things out. They offer a toll-free hot line at NO COST to callers in need of advice. To learn more about HOPE NOW visit their website.
Filed under Mortgage Info, Most Recent Post by Buyer's Broker
