Tax credit fuels skyrocketing Dallas-area preowned home sales
12:08 PM CST on Monday, December 7, 2009
By STEVE BROWN/ The Dallas Morning News
The North Texas housing market came roaring back in November. Preowned home sales rose by 31 percent last month from a year ago – one of the biggest such increases on record. Also Online
Interactive map: Dallas-area home sales and prices
And median home sales prices were up 5 percent.
The big jump in residential transactions came as large numbers of homebuyers rushed to take advantage of the federal home buying tax credit, which has been extended.
Real estate agents in October sold almost 5,500 preowned homes through their multiple listing service, according to statistics released Monday by the North Texas Residential Information Systems and the Real Estate Center at Texas A&M University.
And condo and townhouse sales were up more than 60 percent from a year ago.
November’s robust sales activity is the latest in a string of recent indicators, which show that the North Texas home market has bottomed out and is turning the corner.
Through the first 11 months of 2009, North Texas home sales are down 12 percent from the same period of last year. And median home sales prices are unchanged year to day from 2008.
November was the second consecutive month that Dallas-Fort Worth area home sales rose from the previous year – ending more than a year of consecutive declines.
Some neighborhoods that weren’t impacted by the federal homebuying incentives saw dramatic spikes in home sales last month.
In the Park Cities, preowned home sales soared 81 percent in November from a year ago.
Sales in close in North Dallas neighborhoods rose 48 percent.
And at the end of November, the inventory of unsold homes on the market fell below 6 months which is considered a balanced market.
Wednesday, December 9, 2009
Tuesday, November 10, 2009
Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify
Expanded Version of Tax Credit Will Allow More Homebuyers to Qualify
RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others
-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).
-The credit applies even if you have co-signers on your mortgage loan
For more information, visit www.CMPSInstitute.org.
Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WTkr6IKw
RISMEDIA, November 9, 2009—President Obama recently signed an expanded version of the $8,000 first-time homebuyer tax credit that was set to expire on November 30. “The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “Although the tax credit remains at $8,000 for homebuyers that have not owned a primary residence in the last three years, it has been expanded to include a $6,500 tax credit for homebuyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up homebuyers did not qualify.” Consider these three examples:
Example 1:
Jane purchased a home in 2002, lived there for 5 years as her primary home, moved out in 2007, and turned that home into a rental property. If Jane decides to buy a new primary residence today, she would qualify for the $6,500 tax credit based on the fact that she lived in the same residence as her primary home for at least five consecutive years out of the past eight.
Example 2:
Harry purchased a home in 2004, and lived there for the past 5 years as his primary home. If Harry decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the past eight.
Example 3:
Nicole purchased a home in 2006, and lived there for the past 3 years as her primary home. If Nicole decides to buy a new primary residence today, she would not qualify for the $6,500 tax credit based on the fact that she did not live in the same residence as her primary home for at least five consecutive years out of the past eight.
The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. “If you sign a binding contract to purchase a home before May 1st, you would need to close on the transaction before July 1, 2010,” Nicholas said. “It works kind of like a gift certificate that can be redeemed for cash. You simply file a form with the IRS right after you buy your home, and the IRS will send you a check for the full amount of your credit.”
The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. “This means that more people will qualify for the credit – especially in parts of the country with higher costs of living,” Nicholas said. “This should help stimulate parts of the housing market that may not have been impacted by the old version of the credit.”
There are many creative ways of structuring your home purchase transaction in ways that maximize the benefits of the credit. Here are a few examples:
-The credit applies to 1-4 unit homes as long as you live in one of the units as your primary residence – you could live in one unit and rent out the others
-If two unmarried individuals buy a home, and only one of the individuals qualifies for the credit based on their income or past home ownership status, the individual who qualifies for the credit can claim the full credit. (Note: In the case of married couples, both spouses must qualify for the credit).
-The credit applies even if you have co-signers on your mortgage loan
For more information, visit www.CMPSInstitute.org.
Read more: http://rismedia.com/2009-11-08/expanded-version-of-tax-credit-will-allow-more-homebuyers-to-qualify/#ixzz0WTkr6IKw
Friday, November 6, 2009
TAX CREDIT HAS BEEN EXTENDED
TAX CREDIT HAS BEEN EXTENDED
The $8000 tax credit for first time homebuyer's has been extended. The program was expanded to include a $6500 tax credit on the purchase of a new home to apply to people who have owned a home for at least five years.
Income restrictions will be relaxed, meaning more people could take advantage of the program.
The bill would extend it to apply to home purchases under contract before May 1, 2010
Great news! Watch for more details.
Give us a call for all of your Real Estate needs.You can reach us directly at 817-337-5169 or on the web at www.soldteam.net
Texas Sold Team Realty, LLC
CRS, e-Pro, ABR, Luxury Real Estate Expert
Information provided by Pam Taylor with WR Starkey Mortgage
The $8000 tax credit for first time homebuyer's has been extended. The program was expanded to include a $6500 tax credit on the purchase of a new home to apply to people who have owned a home for at least five years.
Income restrictions will be relaxed, meaning more people could take advantage of the program.
The bill would extend it to apply to home purchases under contract before May 1, 2010
Great news! Watch for more details.
Give us a call for all of your Real Estate needs.You can reach us directly at 817-337-5169 or on the web at www.soldteam.net
Texas Sold Team Realty, LLC
CRS, e-Pro, ABR, Luxury Real Estate Expert
Information provided by Pam Taylor with WR Starkey Mortgage
Wednesday, November 4, 2009
Why Live in Texas - Great Video Had to Share
Visit www.soldteam.net and find your dream home in Texas today!
Tuesday, September 29, 2009
WE ARE LAUNCHING OUR NEW TECHY TALK VIDEO SERIES. THIS FIRST SERIES IS TWITTER ME THIS, TWITTER ME THAT
We have been working hard on getting you new information about all the new and cool stuff out there so we are doing it in a video series. The first video series is Twitter Me This, Twitter Me That.
Here are the first two vidoes of our Twitter series. Cool features about posting to Twitter.
Video #1 - Show me the Video! Twiddeo - easy application to load to twitter - Very Cool
Video #2 - Say what you Want! Twitsay - easy interface to call a number and have your voice message posted to Twitter!
Here are the first two vidoes of our Twitter series. Cool features about posting to Twitter.
Video #1 - Show me the Video! Twiddeo - easy application to load to twitter - Very Cool
Twitter Me This, Twitter Me That Series - Twiddeo.com - Easy way to load video and post it to your Twitter Account from rosannahudson on Vimeo.
Video #2 - Say what you Want! Twitsay - easy interface to call a number and have your voice message posted to Twitter!
Twitter Me This, Twitter Me That - Twitsay - Easy interface to leave a voice message and post it to Twitter from rosannahudson on Vimeo.
Monday, September 28, 2009
NAR/San Diego CA 2010
If you want the chance to win yourself a free pass to this year Annual Conference and Expo just follow these steps.
Make a blog post about this blog post and include the Expo widget OR
Tweet about this blog post and the CRT session agenda at least 5 days apart. Then
Join the CRT Facebook Page
Post links to the blog(s) and/or tweets in the comments here or in the Facebook note
Sit back and wait to see if you win the challenge.
One (maybe two) lucky people that complete those steps and are a CRT Facebook Page by the end of September will win the Full Conference Pass courtesy of NAR. If this spreads enough, maybe there will be some other goodies thrown in the mix as well.
So what do you think? Want to get in on the Super CRT Cross Promotion Giveaway Madness Challenge? Two tweets or a blog post — how simple can we make it?
Make a blog post about this blog post and include the Expo widget OR
Tweet about this blog post and the CRT session agenda at least 5 days apart. Then
Join the CRT Facebook Page
Post links to the blog(s) and/or tweets in the comments here or in the Facebook note
Sit back and wait to see if you win the challenge.
One (maybe two) lucky people that complete those steps and are a CRT Facebook Page by the end of September will win the Full Conference Pass courtesy of NAR. If this spreads enough, maybe there will be some other goodies thrown in the mix as well.
So what do you think? Want to get in on the Super CRT Cross Promotion Giveaway Madness Challenge? Two tweets or a blog post — how simple can we make it?
Thursday, August 6, 2009
Tuesday, August 4, 2009
Pending Home Sales up for Fifth Consecutive Month
Pending Home Sales up for Fifth Consecutive Month
RISMEDIA, August 5, 2009-Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.
NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”
A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.
Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”
For more information, visit www.realtor.org.
Read more: http://rismedia.com/2009-08-04/pending-home-sales-up-for-fifth-consecutive-month/#ixzz0NFTbnzEY
RISMEDIA, August 5, 2009-Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6% to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7% above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.
Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. “Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who’ve been on the sidelines. Activity has been consistently much stronger for lower priced homes,” he said. ”Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.”
The Pending Home Sales Index in the Northeast rose 0.4% to 81.2 in June and is 5.8% above a year ago. In the Midwest the index increased 0.8% to 89.9 and is 11.6% above June 2008. The index in the South jumped 7.1% to 100.7 in June and is 8.9% higher than a year ago. In the West the index rose 2.9% to 100.4 but is 0.2% below June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, is hopeful that a recently elevated level of contract cancellations will ease. “Last month, Freddie Mac and Fannie Mae clarified that appraisals should be done by professionals with clear local expertise,” he said. “This should mitigate the situation of many valuations done by out-of-area appraisers coming in below the price negotiated between buyers and sellers. Hopefully, in the months ahead, we’ll see an even closer relationship between contract activity and closed transactions.” McMillan said NAR is continuing to press the appraisal issue. “We have asked Congress and the Federal Housing Finance Agency to immediately implement an 18-month moratorium on the new appraisal rules to further address unintended consequences of the new guidelines,” he said.
NAR’s Housing Affordability Index (HAI) remains very favorable. The affordability index stood at 159.2 in July, down from record peaks in recent months but it remains 36.6 percentage points above a year ago. Under these conditions the typical family would devote 15.7% of gross income to mortgage principal and interest, well below the standard allowance of 25%. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.
“A monthly rise in home prices and somewhat higher mortgage interest rates led to a modest decline in affordability in June, but it was still the sixth highest index on record dating back to 1970,” Yun said. “Because housing is so affordable in today’s market, job security and the first-time buyer tax credit are bigger factors in influencing home sales.”
A median-income family, earning $60,700, could afford a home costing $289,100 in June with a 20% downpayment, assuming 25% of gross income is devoted to mortgage principal and interest. Affordability conditions for first-time buyers with the same income and small downpayments are roughly 80% of what a median-income family can afford. The affordable price was much higher than the median existing single-family home price in June, which was $181,600.
Yun expects existing-home sales to gradually rise over the balance of the year, with conditions varying around the country. “It appears home sales are on a sounder footing and inventory is gradually being absorbed.”
For more information, visit www.realtor.org.
Read more: http://rismedia.com/2009-08-04/pending-home-sales-up-for-fifth-consecutive-month/#ixzz0NFTbnzEY
Tuesday, July 28, 2009
Techy Talk Tuesdays - Intro to 1800 555 TELL - Mobile Tricks
Learn how your can save yourself while not texting to find something... call the number and it sends it to you via your voice command. Watch the video to find out how.
Intro to 1800 555 TELL - Techy Talk Tuesdays Mobile Tricks Series from rosannahudson on Vimeo.
Tuesday, July 21, 2009
Monday, July 20, 2009
Texas Sold Team Realty CARES Blood Drive
Texas Sold Team Realty CARES Blood Drive
That is right! Cindie Stewart and the Texas Sold Team Realty, LLC Team heads to the Carter BloodCare Mobile Bus in Keller to give blood. We wanted to find a way to help our community and what way is better than giving your own blood to help our those in need.
She wasn't scared one bit! Way to go Cindie!
That is right! Cindie Stewart and the Texas Sold Team Realty, LLC Team heads to the Carter BloodCare Mobile Bus in Keller to give blood. We wanted to find a way to help our community and what way is better than giving your own blood to help our those in need.
She wasn't scared one bit! Way to go Cindie!
Tuesday, July 14, 2009
Tuesday, July 7, 2009
Tuesday, June 30, 2009
NEW VIDEO! INTRO TO MARKETLEAP.COM
We are back in full force. We were a bit behind and with our offices moving we had to put Techy Talk on hold. Well no more waiting. We have new videos and a mobile tricks and devices series to come next week.. so stay tuned.
Enjoy this video about marketleap.com... if you have a website you need to know how your website is ranking and what is the popularity rate of your website...Watch the video on how to do it!
Enjoy this video about marketleap.com... if you have a website you need to know how your website is ranking and what is the popularity rate of your website...Watch the video on how to do it!
Techy Talk Tuesdays - Intro to Market Leap from rosannahudson on Vimeo.
Tuesday, May 26, 2009
Tuesday, May 19, 2009
Monday, May 18, 2009
‘Making Home Affordable’ Program Delivers Much-Needed Relief to Homeowners
‘Making Home Affordable’ Program Delivers Much-Needed Relief to Homeowners
Print Article
RISMEDIA, May 18, 2009-With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan provided an update on the program’s impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.
“In just over two months, the Making Home Affordable program is up and running, helping our economy recover and making a difference in the lives and livelihoods of thousands of American homeowners. Historically low interest rates are allowing Americans to refinance and save money, and modifications are helping homeowners avoid foreclosure,” said Secretary Geithner. “We are announcing a new program component to help homeowners obtain modifications in areas suffering from home price declines. If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future. These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery.”
“I can’t stress enough how important our HUD-approved counseling agencies are to the success of the Making Home Affordable program, and ultimately, to helping keep American families in their homes,” Secretary Donovan said. “That’s why HUD has requested a $100 million investment in our Housing Counseling Assistance Program for fiscal year 2010, a $35 million increase from our 2009 budget. This investment will help further support the work of our 2,600 HUD-approved housing counselors across the nation, just like those at NCRC, who play a key role in ensuring that borrowers can take part in the modification and refinancing options made available through Making Home Affordable.”
The new details on the Making Home Affordable program include:
-Foreclosure Alternatives provide incentives for servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a MHA modification but does not qualify or is unable to complete the process, which helps prevent costly foreclosures and minimizes the damage that foreclosures impose on borrowers, financial institutions and communities. The new details will simplify and streamline the process of pursuing short sales and deeds-in-lieu, which will facilitate the ability of more servicers and borrowers to utilize the program. The program provides a standard process flow, minimum performance timeframes and standard documentation, and it offers financial incentives to servicers and borrowers to pursue these alternatives to foreclosure.
-Home Price Decline Protection Incentives (HPDP) will provide lenders additional incentives for modifications where home price declines have been most severe and lenders fear these declines may persist. To encourage the modification of more mortgages and enable more families to keep their homes, the Administration, building on insights pioneered by Chairman Bair and the FDIC, has developed an innovative payment that provides compensation based on recent home price declines. Together, the incentive payments on all modified homes will help cover the incremental collateral loss on those modifications that do not succeed. HPDP payments will be linked to the rate of recent home price decline in a local housing market, as well as the average cost of a home in that market.
Since the launch of Making Home Affordable, more than one million Americans have now refinanced, due to historically low interest rates, and thousands of underwater borrowers have refinanced under the Home Affordable Refinance Program. Fannie Mae has had over 233,000 eligible refinance applications through its refinancing program, with more than 51,000 of these having loan-to-value ratios between 80% and 105%. More than 55,000 Home Affordable Modification offers have been extended to qualifying borrowers. Additionally, servicers have mailed more than 300,000 letters to homeowners who are potential candidates for the program. The refinance application volumes and modifications underway make clear the desire of homeowners to take advantage of the Administration’s program.
Making Home Affordable, a comprehensive plan to stabilize the U.S. housing market, was first announced by the Administration on February 18. The three part program includes aggressive measures to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac; a Home Affordable Refinance Program, which will provide new access to refinancing for up to 4 to 5 million homeowners; and a Home Affordable Modification Program, which will reduce monthly payments on existing first lien mortgages for up to 3 to 4 million at-risk homeowners. Two weeks later, the Administration published detailed guidelines for the Home Affordable Modification Program and authorized servicers to begin modifications under the plan immediately. Fourteen servicers, including the five largest, have now signed contracts and begun modifications under the program. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, Home Affordable Modification participants now account for more than 75% of all loans in the country.
For more information, visit www.financialstability.gov.
Print Article
RISMEDIA, May 18, 2009-With the Making Home Affordable (MHA) program delivering much-needed relief to homeowners and to our economy just over two months after the release of program guidelines, Treasury Secretary Tim Geithner and Housing and Urban Development (HUD) Secretary Shaun Donovan provided an update on the program’s impact on stemming the housing crisis and keeping families in their homes and announced new options for homeowners facing foreclosure.
“In just over two months, the Making Home Affordable program is up and running, helping our economy recover and making a difference in the lives and livelihoods of thousands of American homeowners. Historically low interest rates are allowing Americans to refinance and save money, and modifications are helping homeowners avoid foreclosure,” said Secretary Geithner. “We are announcing a new program component to help homeowners obtain modifications in areas suffering from home price declines. If a modification is not possible, we are also announcing steps to encourage the quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future. These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery.”
“I can’t stress enough how important our HUD-approved counseling agencies are to the success of the Making Home Affordable program, and ultimately, to helping keep American families in their homes,” Secretary Donovan said. “That’s why HUD has requested a $100 million investment in our Housing Counseling Assistance Program for fiscal year 2010, a $35 million increase from our 2009 budget. This investment will help further support the work of our 2,600 HUD-approved housing counselors across the nation, just like those at NCRC, who play a key role in ensuring that borrowers can take part in the modification and refinancing options made available through Making Home Affordable.”
The new details on the Making Home Affordable program include:
-Foreclosure Alternatives provide incentives for servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a MHA modification but does not qualify or is unable to complete the process, which helps prevent costly foreclosures and minimizes the damage that foreclosures impose on borrowers, financial institutions and communities. The new details will simplify and streamline the process of pursuing short sales and deeds-in-lieu, which will facilitate the ability of more servicers and borrowers to utilize the program. The program provides a standard process flow, minimum performance timeframes and standard documentation, and it offers financial incentives to servicers and borrowers to pursue these alternatives to foreclosure.
-Home Price Decline Protection Incentives (HPDP) will provide lenders additional incentives for modifications where home price declines have been most severe and lenders fear these declines may persist. To encourage the modification of more mortgages and enable more families to keep their homes, the Administration, building on insights pioneered by Chairman Bair and the FDIC, has developed an innovative payment that provides compensation based on recent home price declines. Together, the incentive payments on all modified homes will help cover the incremental collateral loss on those modifications that do not succeed. HPDP payments will be linked to the rate of recent home price decline in a local housing market, as well as the average cost of a home in that market.
Since the launch of Making Home Affordable, more than one million Americans have now refinanced, due to historically low interest rates, and thousands of underwater borrowers have refinanced under the Home Affordable Refinance Program. Fannie Mae has had over 233,000 eligible refinance applications through its refinancing program, with more than 51,000 of these having loan-to-value ratios between 80% and 105%. More than 55,000 Home Affordable Modification offers have been extended to qualifying borrowers. Additionally, servicers have mailed more than 300,000 letters to homeowners who are potential candidates for the program. The refinance application volumes and modifications underway make clear the desire of homeowners to take advantage of the Administration’s program.
Making Home Affordable, a comprehensive plan to stabilize the U.S. housing market, was first announced by the Administration on February 18. The three part program includes aggressive measures to support low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac; a Home Affordable Refinance Program, which will provide new access to refinancing for up to 4 to 5 million homeowners; and a Home Affordable Modification Program, which will reduce monthly payments on existing first lien mortgages for up to 3 to 4 million at-risk homeowners. Two weeks later, the Administration published detailed guidelines for the Home Affordable Modification Program and authorized servicers to begin modifications under the plan immediately. Fourteen servicers, including the five largest, have now signed contracts and begun modifications under the program. Between loans covered by these servicers and loans owned or securitized by Fannie Mae or Freddie Mac, Home Affordable Modification participants now account for more than 75% of all loans in the country.
For more information, visit www.financialstability.gov.
Tuesday, April 14, 2009
BOJO Recap Session - How to get your bojo and get on the WCR State interactive membership roster
Bojo Recap -- WCR interactive membership from rosannahudson on Vimeo.
If you wish to purchase your BOJO - use this promo code for a discount
PROMO CODE: techytalktuesdays
Tuesday, April 7, 2009
Wednesday, March 25, 2009
Friday, March 20, 2009
Wednesday, March 11, 2009
Praises to Dave Ramsey for his comments on the Housing Market!
Last night as I laid in bed watching a little TV prior to falling asleep, I was flipping channels and came across the Dave Ramsy program. He was talking about real estate so my ears perked up and listened. I was so very impressed since he is the only real person with exposure to the general public that was finally speaking the truth about this industry.
I have been so tired of the sky is falling attitude of the media. I totally get that bad news sells, but surely people must be getting tired of this. The truth that Dave Ramsey was saying was that most of the foreclosures are in 35 counties of which most of these are in the following: California, Arizona, Nevada, Florida, Michigan. There is a huge thread about these areas too not just in real estate but with social ideas as well. That I won't go into but the real estate is important. News you won't hear on the national media is that home sales in CA alone are up over 100 percent. WOOO HAAAA but not a word about it.
Second talking point that Dave Ramsey said was that we were going to see over 3 million in foreclosures this year alone. I have said this as well most of the ones that file won't get foreclosed on, their foreclosure will be cleared by a sale of the property, the home owner works something out or the sell with a short sale.
Third talking point that Dave Ramsey said was that according to the Reatlor.org site put out numbers for January 2009 in that month alone there were over 4 million homes sold.
Please not year and month it is important that you are in the know.
There are over 4 million out of work and funny apparently there is over 2 million jobs available. Sure might not be what you want or you might have to move to the job or whatever but there is work if you want to do what you want.
Ok, so if you have over 3 million in foreclosure in a year that is about 257,000 homes a month going into foreclosure.
Why is this news not getting on the national media----- It does not sell. Americans can't get enough of the Dirty Laundry. We wonder why there is so much anti depressant medication available. What we allow to be feed our brains.
I am not saying not be informed. Make sure the facts are true and look for the whole story. You can't get the whole story in a 30 second clip. Do your research.
I just want to thank Dave Ramsey for standing up to the BS that seems to be spread around on a well fertilized field ready to be planted.
I have been so tired of the sky is falling attitude of the media. I totally get that bad news sells, but surely people must be getting tired of this. The truth that Dave Ramsey was saying was that most of the foreclosures are in 35 counties of which most of these are in the following: California, Arizona, Nevada, Florida, Michigan. There is a huge thread about these areas too not just in real estate but with social ideas as well. That I won't go into but the real estate is important. News you won't hear on the national media is that home sales in CA alone are up over 100 percent. WOOO HAAAA but not a word about it.
Second talking point that Dave Ramsey said was that we were going to see over 3 million in foreclosures this year alone. I have said this as well most of the ones that file won't get foreclosed on, their foreclosure will be cleared by a sale of the property, the home owner works something out or the sell with a short sale.
Third talking point that Dave Ramsey said was that according to the Reatlor.org site put out numbers for January 2009 in that month alone there were over 4 million homes sold.
Please not year and month it is important that you are in the know.
There are over 4 million out of work and funny apparently there is over 2 million jobs available. Sure might not be what you want or you might have to move to the job or whatever but there is work if you want to do what you want.
Ok, so if you have over 3 million in foreclosure in a year that is about 257,000 homes a month going into foreclosure.
Why is this news not getting on the national media----- It does not sell. Americans can't get enough of the Dirty Laundry. We wonder why there is so much anti depressant medication available. What we allow to be feed our brains.
I am not saying not be informed. Make sure the facts are true and look for the whole story. You can't get the whole story in a 30 second clip. Do your research.
I just want to thank Dave Ramsey for standing up to the BS that seems to be spread around on a well fertilized field ready to be planted.
Tuesday, March 10, 2009
How to buy a URL/Domain Name and how to use it in your business
Ever wonder how some sites have urls that seem to be custom... ie www.yourname.com... well here is how you do it.
How to buy a URL/Domain Name and how to use it in your business from rosannahudson on Vimeo.
How to buy a URL/Domain Name and how to use it in your business from rosannahudson on Vimeo.
Tuesday, March 3, 2009
Tuesday, February 24, 2009
Tuesday, February 17, 2009
Tax Credit for First Time Home Buyers
"GOOD COMMUNICATION IS AS STIMULATING AS BLACK COFFEE...AND JUST AS HARD TO SLEEP AFTER." Anne Morrow Lindbergh And communication on the new $789 Billion Stimulus Plan has been flying fierce over the past week, resulting in late nights for Congress and probably more than a few cups of coffee. President Obama is certainly hoping the new plan will wake up the struggling economy, and breathe some life back into the housing market as well.
The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
In addition, there's news that the Obama administration is trying to hammer out a new program to subsidize mortgages to fight the credit crisis. The plan would seek to help homeowners before they fall into arrears on their loans, whereas current programs only assist borrowers that are already delinquent. There are no details yet on this plan, but I will be monitoring this news closely in the weeks ahead.
The tax credit in the Stimulus Bill has been scaled down to $8,000 from its previous level of $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000, and buyers will have to repay the credit if they sell their homes within three years.
In addition, there's news that the Obama administration is trying to hammer out a new program to subsidize mortgages to fight the credit crisis. The plan would seek to help homeowners before they fall into arrears on their loans, whereas current programs only assist borrowers that are already delinquent. There are no details yet on this plan, but I will be monitoring this news closely in the weeks ahead.
Wednesday, February 11, 2009
How to use Facebook - 5th Video for Techy Talk Tuesdays
How to use facebook by Cindie Stewart, 2009 Chair of Technology for Women's Council of Realtors from rosannahudson on Vimeo.
Got Questions or Suggestions - Contact Cindie Stewart. We would love to hear your ideas and concerns
CINDIE STEWART
817-881-7653
cindiestewart@soldteam.net
Tuesday, February 3, 2009
Techy Talk Tuesdays - 4th Video - How to use Twitter.
Techy Talk Tuesdays - Cindie Stewart, Presents Twitter... How to Twit! from rosannahudson on Vimeo.
That is right this is our fourth installment video for www.techytalktuesdays.com. Again please visit the site it only works with your support and cooperation! We love to take any new ideas and suggestions! Be apart of something great for WCR and for Real Estate Professionals all over.
Tuesday, January 27, 2009
3rd Video from techytalktuesdays.com - Sendoutcards.com
Techy Talk Tuesdays 3rd Video - Sendoutcards.com from rosannahudson on Vimeo.
If you are interested in sentoucards.com please visit http://www.sendoutcards.com/cindiestewart and send out a free card either to yourself or a client...
Monday, January 26, 2009
Tips and Tools for Real Estate Professionals
ABC's for Success
- Avoid negative sources-people, places, habits
- Believe in yourself
- Consider things from all angles
Don't give up and don't give in - Enjoy life today, yesterday's gone and tomorrow may not come
- Family & friends are hidden treasures
- Give more than you planned to
- Hang on to your dreams
- Ignore those who try to discourage you
- Just do it!
- Keep on trying, no matter how hard, it will get easier
- Love yourself first, and the most
- Make it happen
- Never lie, cheat or steal-always strike a fair deal
- Open your eyes and see things for what they really are
- Practice makes perfect
- Quitters never win and winners never quit
- Read, study and learn about everything important in your life
- Stop procrastinating!
- Take control of your destiny
- Understand yourself in order to better understand others
- Visualize it
- Want it more than anything
- Xcellerate your efforts
- You are unique-there is only one YOU
- Zero in on your target and go for it!
Sent by - Call her for your Home Warranty Needs!Jewel HarmonSenior Account ManagerFidelity Home Warranty(817) 501-6988jewel.harmon@fnf.com
Wednesday, January 21, 2009
Obama our 44th President
Well, change in theory is great. He is not God and his plate is a heavy one. I wish him and our government the best.
It is easy to look like a champ and end in a pile. Americans in general love a hero and will turn around and kick a singer off the "Idol".
Honestly, he looked a little scared today. I am sure the pressure of it all is weighing on him as it settles on his shoulder. That position looks great from where we sit.
Not sure why anyone would want the position in good or bad times. It really takes someone special to try and then to be the President of the United States of America.
I am just very happy to have been born here. There is no other place in the world that we as men and women could do and have what we have. (Including animals which we spend millions of dollars a year on.)
I know others will say sure there is. I travel way to much and I can tell you there is not!
I am blessed and so is Obama. He was born an American and that is how he was able to get where he is now.
In most African countries his odds of living past the age of 12 would be huge much less grow up to be a leader. Sad that not just in Africa, but many other countries this is the case.
Again, I wish them all the best!
God Bless America and Americans period!
It is easy to look like a champ and end in a pile. Americans in general love a hero and will turn around and kick a singer off the "Idol".
Honestly, he looked a little scared today. I am sure the pressure of it all is weighing on him as it settles on his shoulder. That position looks great from where we sit.
Not sure why anyone would want the position in good or bad times. It really takes someone special to try and then to be the President of the United States of America.
I am just very happy to have been born here. There is no other place in the world that we as men and women could do and have what we have. (Including animals which we spend millions of dollars a year on.)
I know others will say sure there is. I travel way to much and I can tell you there is not!
I am blessed and so is Obama. He was born an American and that is how he was able to get where he is now.
In most African countries his odds of living past the age of 12 would be huge much less grow up to be a leader. Sad that not just in Africa, but many other countries this is the case.
Again, I wish them all the best!
God Bless America and Americans period!
Tuesday, January 20, 2009
Obama from Space?
How to do a Bojo? - CIndie Stewart, New Tuesday Video
Cindie Stewart, Texas Sold Team Realty - Tech Talk Tuesdays Emailideas.com (Bojo) video from rosannahudson on Vimeo.
ENJOYED THE VIDEO AND WANT A BOJO FOR YOURSELF? WELL EMAILIDEAS.COM HAS GIVEN YOU A PROMO CODE : VISIT http://www.emailideas.com/cindiestewart
DISCOUNT PROMO CODE: techytalktuesdays (Discount $25.00 off)
BOJO SUMMARY POINTS:
- Email, and the web in general, is a very impersonal communication medium. Presenting your picture and professional branding warms the communication.
- Because email is an exchange between two people and is a trusted communication, the likelihood readers will click on the tabs is high. Bojo click rates are much higher than other online promotion tools. Our statistics prove the bojos work. You don't have to take our word.
- Satisfaction guaranteed for paid users. Full unconditional refunds within 30 days of purchase.
- State of the art tech support. If you get in trouble our support staff can safely and securely connect to your computer and install the bojo into your email for you.
- Tested against junk filters and SPAM filters. Our emails deliver cleanly to all the major email systems and SPAM filters.
Tuesday, January 13, 2009
How to use Eyejot.
Well we just posted our first video of the year and we are excited.
Here is our HOW TO USE EYEJOT VIDEO...hope you like it.
How to use Eyejot by Cindie Stewart from rosannahudson on Vimeo.
If you want step by step instructions on how to use eyejot - visit How to use Eyejot (Step by step)
ENJOYED THE VIDEO AND WANT EYEJOT FOR YOURSELF? WELL EYEJOT HAS GIVEN YOU TWO PROMO CODES FOR THEIR TWO UPGRADES: VISIT www.eyejot.com
DISCOUNT PROMO CODE: techie-talk-pro (Discount Price $22.50/yr)
Eyejot PRO - Regular Price $29.95/yr
DISCOUNT PROMO CODE: techie-talk-proplus (Discount Price $79.95/yr)
Eyejot Pro Plus - Regular Price $99.95/yr)
Here is our HOW TO USE EYEJOT VIDEO...hope you like it.
How to use Eyejot by Cindie Stewart from rosannahudson on Vimeo.
If you want step by step instructions on how to use eyejot - visit How to use Eyejot (Step by step)
ENJOYED THE VIDEO AND WANT EYEJOT FOR YOURSELF? WELL EYEJOT HAS GIVEN YOU TWO PROMO CODES FOR THEIR TWO UPGRADES: VISIT www.eyejot.com
DISCOUNT PROMO CODE: techie-talk-pro (Discount Price $22.50/yr)
Eyejot PRO - Regular Price $29.95/yr
DISCOUNT PROMO CODE: techie-talk-proplus (Discount Price $79.95/yr)
Eyejot Pro Plus - Regular Price $99.95/yr)
Friday, January 9, 2009
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