Posts Tagged ‘Obama’
Posted by tblefko on November 6, 2009
The Lancaster County Association of REALTORS® Government Affairs Department, headed up by Frank Christoffel, IV, passed this Q&A along regarding the latest information on the potential extension of the homebuyer tax credit which includes an existing homebuyer credit that was not part of the first bill.
The House of Representatives passed the extension yesterday by a vote of 403-12 after passing the Senate the previous night 98-0. The new provisions will take effect as soon as President Obama signs the bill.
Here are some of the specifics regarding eligibility requirements:
1. Existing homeowner credit: Must the new house cost more than the old house?
No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
2. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
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Posted in Agents, Buyers, Consumers, Financing, Legislation, Sellers | Tagged: Agents, Barack Obama, Buyers, FAQ, Financing, Lancaster County Association of REALTORS, National Association of REALTORS, Obama, Sellers, Tax credit, U.S. Housing Market, United States Senate | 2 Comments »
Posted by tblefko on July 27, 2009
Everyone and their brother has an opinion or theory on how the country got into this economic situation. Some people blame Wall Street, the financial institutions and banks; other people take direct aim at REALTORS®, builders and mortgage companies; still others impugn the American consumer and their fixation with obtaining easy money with no strings attached.
I found this short video enlightening, insightful and explains the economic predicament about as well as any that I have read, heard or seen.
Posted in Financing, Legislation, Market Conditions | Tagged: Bailout, Financial institution, Foreclosures, Media, Obama, Property Values, Regulators, Statistics, Stimulus Package, Stocks, U.S. Housing Market, Video, Wall Street | Leave a Comment »
Posted by tblefko on May 3, 2009
Image courtesy of Flickr
If you take a moment and peer up into the sky you will actually see that we are at the crossroads of a real estate buying opportunity like we haven’t seen in my lifetime. All the factors that go into making a real estate buying decision are perfectly configured. But like most perfect planetary alignments, clouds and precipitation sometime make it difficult to see this truly amazing sight and before you know it, the moment has passed. The four planets that I see aligning are as follows:
1. Mortgage Financing - If you’re like most people, you will need a mortgage to assist you in purchasing a home. Interest rates right now are the lowest that they have been in decades (see ‘Mortgage Info’ tab). When I first got into the real estate business over twenty-five years ago, the 30 year fixed rate was about 17% (this is not a misprint). To put that in easier terms to understand, a principal and interest payment on a $150,000 mortgage then was $2,138 – - – now $805. Hopefully, President Obama’s programs and endeavors will start to have some positive effects on the economic growth in this country. When that happens and consumer spending starts to pick up, what do you think will happen to interest rates? I was not an Economics major in college, but even I can figure out that rates will tick up because of inflationary fears. So if you have good credit, money to work with and an income that can be verified, there has never been a better time to get a mortgage.
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Posted in Buyers, Financing, Lancaster, Market Conditions, Sellers | Tagged: Buyers, FICO Score, Financing, Lancaster County, National Association of REALTORS, Obama, Property Values, Sellers, Statistics | Leave a Comment »
Posted by tblefko on April 18, 2009
Image courtesy of Flickr
Most of our elected government officials right now are scrambling around trying to fix Humpty-Dumpty because he fell off the “Housing” wall and is supposedly shattered in a thousand pieces. All the kings horses and all the kings men are trying to put the pieces back together again. But what if Humpty-Dumpty doesn’t need fixing? What if all he has is a bad cold that will run its course regardless of the medicine that is administered? Essentially, that is what
Todd Zywicki, a law professor at George Mason University, is saying. Zywicki has done extensive research on the subject of bankruptcy and foreclosure and has appeared before Congress as an expert witness to testify on the subject.
In a recent
article* that appeared on Forbes.com, Zywicki takes serious umbrage with the way President Obama and his administration is handling the housing situation in this country. Obama has recently referred to the housing situation as a “crisis” that is “unraveling home ownership, the middle class and the American Dream itself.” Zywicki’s assertion is that this just isn’t the case. Before you unload on me and say that I’m just another conservative (I am) Republican (I am) wack-job (questionable) trying to drag down our country and the Democrats, consider this – - – I voted for him.
Zywicki’s research indicates that different parts of the country experience different sets of problems when it comes to real estate. In other words, one size doesn’t fit all which is essentially what he argues the Obama Administration is trying to do with its housing policy. Zywicki points to three distinct types of housing markets that exist today:
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Posted in Financing, Lancaster, Market Conditions | Tagged: Financing, Foreclosures, Lancaster County, Obama, Property Values, Statistics, Web Sites | Leave a Comment »
Posted by tblefko on February 27, 2009
Image Courtesy of Flickr
As a first-time homebuyer, you can take advantage of some pretty amazing incentives offered by the government if you know what you’re doing. Don’t know where to start? Don’t be disheartened. Follow along with this short Q&A to figure out if you qualify.
How much is this first-time homebuyer tax credit that President Obama approved just recently?
The amount is $8,000 or 10% of the sales price whichever is less.
What type of home qualifies?
Virtually any home that will be used as your primary residence. This means single-family homes, condominiums or townhouses. Sorry – you’re vacation home at the beach won’t qualify.
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Posted in Buyers | Tagged: Buyers, Obama, Stimulus Package | Leave a Comment »
Posted by tblefko on February 19, 2009
Image Courtesy of Flickr
If you’re like me, you’ve had it up to here (place hand over head exactly 1’7″) with all the talk about the “stimulus package.” There was a House version, a Senate version, a Republican version, a Democratic version, the Auto manufacturers’ version, the State Governor’s version, the Sesame Street version, etc. etc. If you want to read the entire piece of legislation that finally got signed by President Obama known as “The American Recovery and Reinvestment Act of 2009″more power to you. Most people though just want to know how it impacts them in their personal and professional lives. Because you are reading a real estate related blog, I will assume that you have interest in just the portions of this legislation dealing with real estate so I will limit my review to those provisions. Grab a cup of coffee – - – here we go!
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Posted in Legislation, Market Conditions | Tagged: Fannie Mae, Financing, Foreclosures, Freddie Mac, Investment Properties, Mortgage Interest Deductability, Obama, Real Estate Taxes, Stimulus Package, Taxes, Web Sites | Leave a Comment »
Posted by tblefko on January 22, 2009
Image courtesy of the Wall Street Journal
Some glimmers of hope are starting to emerge on the horizon and some economists are starting to shed their doom and gloom facades and actually smile. Alan Murray, who writes for the Wall Street Journal, is cautiously optimistic about the upcoming year and he shared his thoughts recently in a piece posted on-line. He sees five things happening in 2009:
- This will be a good year to invest in stocks. His rationale? He thinks that we’re at, or close to, the bottom of the market and the age-old adage applies - ”Buy low, sell high.” It will be tough for most people to take this advice because they have been burned in the market over this past year but if you can get over your investing jitters, opportunity awaits.
- It will be a good year to invest in real estate. He points out that buyers who are entering the market at this time are finding historically low interest rates and an inventory of homes that is second to none. He feels sellers will start becoming more realistic with their pricing which will lead to good opportunities for those who can recognize it.
- Americans will learn to live within their means. This trend is happening before our eyes. People no longer heat their homes to 70 degrees – it’s now 66 degrees. A new car that adorned their driveway every three years is now turning into six years. A pair of new jeans that used to be purchased at that trendy store in the mall are now being picked up at WalMart. Multiply these scenarios by 300 million and you understand what effect it is having on the American economy.
- President Obama will have a historic opportunity to reshape public policy. Because of the economic crisis, the new President will have an opportunity to do things with the American economy that were unheard of in years past. The stimulus package numbers that are being bantered about are mind-boggling and this money is going to be pumped into new roads, bridges, infrastructure, schools and just about anything else that moves. A lot of companies and people will benefit because of this windfall.
- Your (federal) taxes won’t rise. He claims that even though Obama said during his campaign that taxes would be raised for those Americans in the upper tax brackets, no politician is willing to back this in the face of a serious recession. Well if taxes aren’t increased, how is America going to pay for all this “stimulus?” That seems to be the million (or should I say trillion) dollar question.
Time will tell if these predictions become a reality.
Posted in Market Conditions | Tagged: Media, Obama, Predictions, Stocks, Taxes, Web Sites | Leave a Comment »
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