H.R. 430 Bill to End Failed HAMP Program
Today, Republican Congressman…Representatives Jim Jordan (R-OH), Darrell Issa (R-CA), and Patrick T. McHenry (R-NC), announced the introduction of H.R. 430, a bill to repeal the Home Affordable Modification Program (HAMP). Why? because it’s a colossal flop! According to the Treasury Department: “Despite record levels of new foreclosures, 2.9 million in 2010 and a projected 3 million in 2011, as of December 21, 2010, there were only 522,000 homes still in the program undergoing permanent modification. More than 792,000 trial modifications have been cancelled, and 152,000...
Read MoreConsumer Spending Up…Paying Mortgages Down…Strategic Short Sales
The numbers are telling us some crazy things… It seems that Americans are placing themselves in a unique conundrum. With housing prices continuing to drop, many Americans are turning to loan mods and short sales to reduce their liabilities. As many are aware, during these processes the homeowner can stop paying their monthly mortgage payments without real concerns of foreclosure activity. Well, that means is more “discretionary” income to spend on the items that would not have been purchased if the mortgage was being paid. There are obvious concerns for this type of...
Read MoreHousing Market…Robert J. Shiller; Case/Shiller Index
2010….real estate recovery or more of the same? This week we will be sharing with you what a few on the nations most influential leaders think will happen this year with housing. First up, Mr. Robert J. Shiller…co-creator of the respected S&P/ Case Shiller Home Price Index. Homeowners with the best credit are the next big risk for the U.S. housing market. An increase in mortgage defaults among prime borrowers in 2009 is likely to accelerate this year, slowing the real estate recovery even as Americans become more optimistic about the economy, said Robert Shiller and Karl Case, the...
Read MoreTax Credit Bill Passed for New Home Buyers…and Move Ups
As promised….here are the details for the home buyer tax credit. It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009. In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time. So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on...
Read MoreSenate Overwhelmingly Approves Homebuyer Tax Credit Extension
As predicted, the Senate approved the extension of the Home Buyers Tax Credit until April 2010. The approval is as follows: $8,000.00 for 1st time buyers added $6,500.00 for “Move-up” buyers An increase in qualified incomes were doubled from $75,000.00 to $125,000.00 for a Single purchaser and from $150,000.00 to $225,000.00 for Couples. The extension passed the Senate 98 to 0…a true bipartisan message. The extension is expected to pass through the House with haste and be “rubber stamped” by President Obama by this weekend. Bravo to the Dems and Elephants for...
Read MoreShort Sell and Buy Another Home At the Same time! It's Here!
The proceeding story is copy write protected: Breaking News*********Kim and I will be talking about this program this week on our coaching calls with Harris Real Estate University Sign up and Log in to the Thursday Call 10:00AM PST As our subscribers know…Kim and I are always looking for the latest and greatest news on Short Sales. I liken this news to the Sounds extreme I know but this is just the beginning. A lender from California is offering an FHA 3.5% purchase program for current homeowners that are selling their property on short sale. The program works like this… The...
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