Housing Affordability Continues to Hover Near Highest Level in 18 Years...
RISMEDIA, August 21, 2009-Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI showed that 72.3% of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5% during the previous quarter and up from 55.0% during the second quarter of 2008.
"The increase in affordability-along with the $8,000 federal tax credit for home buyers-is stimulating demand, particularly among young, first-time buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market."
Robson noted that the tax credit, which expires on Nov. 30, is currently limited to just buyers purchasing their first home.
For more information, visit www.nahb.org
We are definitely fans of an extended tax credit plan here at RE/MAX Elite. You can count on us to stay on top of any breaking news, and pass it along to our Customers. If you have any questions, or if there is anything we can do for you right now, please don't hesitate to give us a call.
Respectfully,
Justin Brown, CDPE
Broker/Owner
RE/MAX Elite
Posted at 01:06PM Aug 21, 2009 by RE/MAX ELITE in Real Estate | Comments[0]
New Tenant Rights In Foreclosures...
WASHINGTON - Aug. 19, 2009 - On May 20, 2009, the "Helping Families Save Their Homes Act of 2009," P.L. 111-22, was
signed into law. Title VII of the law, the "Protecting Tenants at
Foreclosure Act," included provisions to protect to tenants faced with
eviction if their rented property goes through foreclosure. The provisions took
effect May 20, 2009, and expire on Dec. 30, 2012.
The tenant protection provisions apply for any foreclosure on a "federally-related mortgage loan," or on any dwelling or
residential real property. Under the provisions, "any immediate successor
in interest" in a foreclosed property - including a bank that takes
title to a house after foreclosure - assumes it subject to the rights of
any bona fide tenant and certain notice requirements.
Under this law, tenants must receive notice at least 90 days before eviction.
Additionally, tenants must be able to stay in the residence until the end of
their lease, with two exceptions: (1) where the property is sold after
foreclosure to a purchaser who will occupy the property as their primary
residence, and, (2) where there is no lease (or where the lease is terminable
at will under state law). However, even when these exceptions apply, tenants
must still receive 90 days' notice before they may be evicted.
The legal protections apply only to "bona fide" tenants - meaning that the lessee is not the mortgagor or a child, spouse or parent of
the mortgagor; the lease is the product of an arm's-length transaction;
and the rent is not substantially less than fair market rent (unless a
government subsidy). Also, it does not affect the termination requirements of
any federal or state-subsidized tenancy, or of any stricter state law that
provides longer notice requirements or other additional tenant protections.
The U.S. Office of the Comptroller of the Currency (OCC) advised national banks
to adopt policies and procedures to ensure compliance with the new tenant
protection provisions; and it will evaluate bank compliance.
Questions can be directed to the OCC. For more information, visit the webpage
at: http://www.occ.treas.gov/
Please contact Sheryl Jones at (321) 863-7824 if you need any further assistance. Sheryl is our Senior Property Manager at RE/MAX Elite, and is extremely knowledgeable in all aspects of Tenant and Landlord relationships.
Respectfully,
Justin Brown, CDPE
Broker/Owner
RE/MAX Elite
Posted at 04:21PM Aug 20, 2009 by RE/MAX ELITE in Real Estate | Comments[0]
USA Today Covers Short Sale Saga
Posted at 02:02PM Aug 15, 2009 by RE/MAX ELITE in Real Estate | Comments[0]
