Feb
28
2009
Here are some links to various resources concerning the Stimulus Plan, the American Recovery and Reinvestment Act of 2009, the Homeowner Affordability and Stability Plan.
If you want to recommend any other useful resources to add to this post - just post your comment and link!
NAR’s resource page - Unlock America’s Economy (Links to articles, NAR President’s Podast series, and other good information to keep you informed and updated)
Recovery.gov Stay informed about how and where the money is being distributed from the recently passes American Recovery and Reinvestment Act. Visit the site for timelines, graphics, charts and updates The President has promised Accountability and Transparency…
FinancialStability.gov Quick links to press releases, webcasts, fact sheets
Emergency Economic Stability Act - US Treasury site
HUD.gov - HUD site packed with info and resources
The White House website and blogs:
Feb
28
2009
Are you up to date with the latest modifcations to the First Time Home Buyer Tax Credit of $8,000? Here are some resources to help explain the specifics. Make sure to download the documents from NAR to use with your clients…. Excellent Newsletter material!
In a nutshell:
- Changes the 2008 $7500, repayable credit to $8000 and no repayment (tax credit - “refundable”)
- Good for purchases of principal residence on or after January 1 to December 1, 2009
- Only first-time home buyers are eligible (defined as anyone who has not had any home ownership in 3 years prior to day of 2009 purchase)
- Income restriction - individuals earning up to $75,000 and married couples who file joint return no more than $150,000
- There is a reduced credit which totally phases out for individuals at $95,000 annual income and $170,000 (joint return)
Attorney Darren Welsh has an informative post on his legal blog regarding the first time home buyers credit of $8,000 which was modified as part of the recently passed legislation “American Recovery and Reinvestment Act of 2009″. Las Vegas accountant, Diane Clough explains the tax credit… read more….. TGIF Legal Tip: First Time Buyer $8,000 Tax Credit
Here’s more on the home buyer tax credit from NAR:
Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Download HomeBuyers_Tax_Credit - NAR Presentation
Download HomeBuyer_tax_cred_qa - FAQ from NAR
Feb
25
2009
Some positive news today - the FHA loan limit was increased to $400,000 in Clark County (Las Vegas). This means buyers looking for homes up to $412,000 can now qualify with as little as 3.5% down payment. Visit the FHA Mortgage Limits page to check the loan limits for any county/state.
Feb
24
2009
Kathryn Bovard wrote an excellent post yesterday on her Zen Real Estate blog, reporting on NAR’s chief economist Dr. Lawrence Yun’s prediction that Las Vegas would lead the country out of the housing crisis.
Dr. Yun cited to key reasons…
1.The Las Vegas home prices are under market and
2. The Stimulus Plan
Read Kathryn’s full post for more..
Today Chief Economist Predicts Las Vegas Real Estate Market to Lead the Nation Out of Housing Crisis
Kathryn is the Broker-Manager for our West Sahara Office. Contact Kathryn at 362-1111 or kathrynb@americanagrp.com
Feb
23
2009
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Feb
22
2009
President Obama unveiled his $75 Billion plan to stem the foreclosure crisis in the country. The “Homeowner Affordability and Stability” plan proposes to help between 7-9 million families restructure & refinance their mortgages to avoid foreclosure.
Highlights of President Obama’s plan to reduce mortgage foreclosures:
- Allow an estimated 4 million to 5 million currently ineligible homeowners who get their mortgages through Fannie Mae or Freddie Mac to refinance at lower rates.
- Create incentives for lenders to work with borrowers to modify the terms of subprime loans at risk of default and foreclosure.
- Take “major steps” to keep mortgage rates low for millions of middle-class families seeking new mortgages.
- Pursue reforms designed to help families avoid foreclosure, including allowing bankruptcy judges to reduce mortgages on primary residences to their fair market value.
Who benefits from the plan?
- Homeowners on the verge of becoming delinquent or those who have missed a few payments are the prime candidates for assistance.
- The plan calls for lenders to reduce monthly interest payments to 38 percent of the mortgage holder’s income. Then, the government would step in with funding to help reduce payments to 31 percent of the individual’s income.
- Another key part of the administration’s plan enables lenders, with the assistance of the Treasury Department, to reduce monthly payments by lowering the principal due on the mortgage.
Links to articles and blog posts about the President’s Housing Plan:
New York Times - Graphic explaining the key points is excerpted below…
Removing a limit on refinancing for “responsible homeowners”
4 million to 5 million households.
The bill will remove the current restriction on Fannie Mae and Freddie Mac that prohibits them from guaranteeing refinancing on mortgages valued at more than 80% of the home’s value. This will allow many more homeowners to refinance at lower rates.
Who may qualify
- Today A family’s home value drops to $400,000 from $475,000. The loan balance at $337,460 is now more than 80 percent of the home’s value, making it difficult to refinance under current rules.
- Under the proposal The family can refinance to a rate of 5.16% from 6.50%, which would save $331 a month and $3,968 a year.
Who doesn’t qualify
- Those holding loans not owned or guaranteed by Fannie Mae or Freddie Mac.
- Mortgages above a certain threshold — $417,000 for single-family homes in most areas and $729,000 in higher-priced regions.
- Those whose outstanding mortgage debt exceeds 105% of their current home value.
Although this is a step in the right direction, it does not begin to help so many homeowners in the Las Vegas Real Estate Market who have continued to be responsible and do the right thing by continuing to pay their mortgage….in spite of the fact that housing prices and equity have declined so drastically. In fact, finding a local homeowner who only has an outstanding mortgage debt that is less than 105 % of their current home value would be an exception to the rule.
Helping renegotiate loan terms for “at-risk homeowners”
3 million to 4 million households.
The bill creates incentives for lenders to modify the terms of subprime and other loans. Participating lenders will reduce payments to no more than 38% of borrower’s income, with the government matching further reductions down to 31%.
Who may qualify
- Today A family’s home value has fallen to $189,000 from $230,000 and its loan balance is $214,016. Job loss has reduced household income and loan payments can’t be made.
- Under the proposal The family could modify the mortgage for five years, so that payments are manageable. This would save $406 a month or $4,870 a year.
Who doesn’t qualify
- Mortgages above a certain threshold — $417,000 for single-family homes in most areas and $729,000 in higher-priced regions.
- Homes that are not owner-occupied.
- Those who apply more than three years after program’s start.
From The White House blog:
Questions and Answers for Borrowers about the Homeowner Affordability and Stability Plan
Homeowner Affordability and Stability Plan Executive Summary (PDF)
Download HousingExampleSheet (PDF)
Feb
22
2009
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Feb
19
2009
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Feb
01
2009
Las Vegas Real Estate Market February 2009
By Forrest Barbee, Corporate Broker
January closings reflect a seasonal dip in numbers, but the current level of activity remains very high.
So, let’s first download and take a look at:
January 2009 Resale Market Snapshot.
Closed sales prices continue to fall faster than listing prices leaving the Greater Las Vegas market either 21% over priced or perhaps 21% undervalued! The one month absorbtion rate dropped slightly to 14.3%; but compare that to 6.3% just one year ago.
Bank owned REO sales shot up to eighty-one percent (81%) of all residential closings despite the fact that they account for only thirty-five percent (35%) of all available listings. The number of available listings for single family residences held steady. The current Greater Las Vegas stats related to financing - and they are a dramatic shift from just a few, short months ago - are:
- Cash 25% Average Sale Price = $149,267
- Conv 31% Average Sale Price = $221,460
- FHA 36% Average Sale Price = $168,760
- VA 8% Average Sale Price = $193,787
