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November 16, 2009

Washington Report: FHA Mortgage Insurance Reserves

FHA's mortgage insurance reserves have dropped far below congressionally-mandated levels, but the agency still has enough of a financial cushion to handle all expected loan losses for the next 30 years, with a multi-billion dollar surplus beyond that.

Mortgage Refinancings: Tax Rules Are Tricky

The recent drop in interest rates has prompted millions of households to refinance their mortgages. Borrowers who refinance need to familiarize themselves with tricky tax rules on what is or is not deductible for interest payments. Here are some reminders on how the rules work.

November 13, 2009

Extended Tax Credit for HomeBuyers and Homeowners

The popular first-time homebuyer tax credit that was scheduled to end this month is being extended. President Obama signed a bill that extends the up to $8,000 tax credit for first-time homebuyers for seven months. An additional incentive for the housing industry is for homeowners. The $6,500 tax credit will benefit some existing homeowners who are also buyers and whose primary residence has been owned, used, sold, or being sold within at least five consecutive years of the previous eight years. The legislation is part of a bill that also extends unemployment benefits.

Long-Term Rates Fall to Lowest Level in Five Weeks

McLean, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.91 percent with an average 0.7 point for the week ending November 12, 2009, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 6.14 percent.

Investor Report: Commercial Investing 2010

If you're a commercial property investor looking toward 2010, where are the most promising real estate markets in the U.S.?

November 12, 2009

Part 2: Restrictive Growth Management Was A Necessary Condition for the Housing Bubble

[Note: To follow is part 2 an excerpt of a radio show interview conducted by Peter L. Mosca, host of Income Property Investment Talk with the Cato Institute's Senior Fellow Randal O'Toole who discusses a new study that examines how restrictive government policies choked off growth, encouraged localized housing bubbles, and triggered the current financial crisis. To read part 1, please click here. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/100709.]

Home Buyer Tax Credit Extended, Expanded

The extension of the first-time home buyer tax credit will help continue to clear out inventory, but expanding the credit to include more buyers may not be as helpful in high-cost housing areas.

November 11, 2009

Fire Sprinklers Set to Become Standard in New Homes; Group Warns of Inferior Cabling

Members of the International Code Council's Residential Building Code Committee (RBCC) have made it clear that fire sprinklers are destined to become a standard feature in all new homes. The fire sprinkler requirement was added to the International Residential Code (IRC) last year, and it is scheduled to become effective January 1, 2011, in states that adopt the latest version of this code. Currently, 48 states use the IRC as a basis of regulating residential construction, although some states lag behind in adopting updates.

HOA Reserve Study Conundrum

Some states have specific legislation that requires homeowner associations to have and follow a 30 year repair and replacement plan known as a reserve study . It is the kind of plan that all HOA boards should follow even if no law exists since that s what good businesses do: plan ahead. Failure to plan for these expensive events inevitably leads to inadequate maintenance, declining property values and dreaded special assessments.

November 10, 2009

Real Estate Outlook: Pending Sales Rise

A record jump in pending home sales -- pointing to higher numbers of closed transactions in the next two to three months -- tops the housing economic news this week.

Court Rejects Expert Mold Testimony

More often than is widely acknowledged, courts come up with good and sensible rulings. When that happens, we do well to acknowledge them. In the case of Dee v. PCS Property Management, California's Second Appellate District Court of Appeal affirmed the good ruling of a trial judge. Inasmuch as the case had to do with claims regarding mold, it is of more than a little interest to a variety of parties involved with real estate.