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Below are the latest real estate news headlines for buyers and sellers.
First-Time Homebuyer Credit extended and expanded
A new Senate proposal will offer a first time home buyer tax credit extension to homes under contract by April 30, 2010. The former deadline was November 30, 2009. The home buyer tax credit will also be offered to people who have lived in the same home for five years, according to the proposal, which at time of writing hasn’t passed yet, but has bipartisan support. Bloomberg has more:
An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.
“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.
Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.
The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, Lachapelle said.
Thu, 13 Nov 2009
Home mortgage rates and real estate news - CNNMoney.com'I have an airplane hangar in my front yard'
Like so many Americans across the nation, Julie Clark commutes to work. But she doesn't drive, walk or even take a bus or train. Instead, she flies a plane. Read Article
Fri, 18 May 2012 09:50:23 EDT New York condo sells for a record $90M
An unnamed buyer paid more than $90 million for a Midtown Manhattan penthouse, the highest price ever paid for a New York apartment, according to the building's developer. Read Article
Fri, 18 May 2012 17:19:26 EDT Home buying at most affordable level in decades
Buying a home has reached its most affordable level in more than two decades. Read Article
Thu, 17 May 2012 12:52:45 EDT The Facebook effect on San Francisco real estate
The Basis Point is a popular mortgage and housing blog that tracks consumer critical issues and data. It is edited by Julian Hebron, a retail mortgage lender who runs the San Francisco branches of RPM Mortgage. Read Article
Thu, 17 May 2012 13:27:08 EDT Mortgage rates hit record low again
Buying a home just got even cheaper as interest rates on both 30-year and 15-year-fixed-rate mortgages set record lows for the third week in a row. Read Article
Thu, 17 May 2012 12:09:44 EDT Foreclosures fall to lowest level since 2007
Foreclosure filings in April fell for the third straight month to the lowest level since July 2007. Read Article
Thu, 17 May 2012 11:18:48 EDT BofA offering up to $30K for short sales
Bank of America is offering some struggling homeowners payments of up to $30,000 if they sell their homes in a short sale and avoid ending up in foreclosure. Read Article
Tue, 15 May 2012 18:37:33 EDT Mortgage delinquencies drop to 4-year low
The percentage of borrowers who have dropped behind on their mortgage payments fell to a four-year low in the first three months of 2012, a bankers' group said Wednesday. Read Article
Wed, 16 May 2012 10:21:50 EDT Housing: The one bailout America could really use
Laurie Goodman is an apolitical number cruncher who has spent most of her 28-year career out of the public view, studying the minutiae of mortgage-backed securities (MBS) for big investment banks. She's long been a star among Wall Street insiders, however. She holds the record for the most top rankings for fixed-in-come research from the trade bible Institutional Investor. Read Article
Tue, 17 Jan 2012 19:20:23 EST George Lucas proposes affordable housing plan
The film emperor may be striking back. For 25 years, filmmaker George Lucas tried to persuade his Marin County, Calif., neighbors to let him build a digital production studio on his ranch there, but the area's residents thwarted the plan. Read Article
Wed, 16 May 2012 07:56:47 EDT
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