Statement on President Bush’s Signing of Mortgage Forgiveness Debt Relief By NAR President Richard...
WASHINGTON, December 20, 2007 - “On behalf of the many individuals and families who would have been burdened by a tax after losing their home, the National Association of Realtors® thanks President George W. Bush for signing the Mortgage Forgiveness Debt Relief Act into law.
Arlington, Va., Dec. 20, 2007 – The Manufactured Housing Institute (MHI) vigorously opposes Freddie Mac’s recent announcement that, as of March 1, 2008, it will be charging an additional “delivery fee” to lenders to purchase manufactured home mortgages of 50 basis points (or 0.5 percent of the loan balance). This delivery fee will be added to the current penalty of 0.5 percent of the loan balance that they already charge for manufactured home mortgages.
Foreclosure rates for November 2007 were 68 percent higher compared to the same month a year ago, mostly due to subprime borrowers with adjustable-rate mortgages being unable to cope with the higher payment rates, mortgage research company RealtyTrac said Wednesday.
President Bush signed a bill Thursday that would temporarily change the tax code so that when lenders adjust the terms of a mortgage loan, the forgiven debt will not be treated as taxable income.
WASHINGTON, Dec. 19 /PRNewswire/ -- Increasing rates of homeownership is good for everybody -- boosting neighborhood investment, building assets, and strengthening community ties. At a time when working families across the country are losing their homes at an astounding pace, homeowners and prospective buyers need help to navigate this increasingly complicated process.
Treasury Secretary Henry Paulson said Tuesday that fast-tracking struggling mortgage holders into mortgage modifications is one of the actions the Treasury is facilitating to reduce foreclosures.
COLLEGE STATION, Tex. – Dec. 18, 2007 – The five-year freeze on mortgage interest rates recently announced by the federal government may be intended to help responsible homeowners avoid foreclosure, but a noted economist with the Real Estate Center at Texas A&M University says there may be a better solution to the mortgage crisis.
IRVINE, Calif. – Dec. 19, 2007 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, down 10 percent from the previous month but still up nearly 68 percent from November 2006.
WASHINGTON, December 19, 2007 - The fundamentals in commercial real estate remain healthy with only slight increases in vacancy rates expected for the office and industrial sectors during 2008, although credit restrictions have recently slowed overall investment activity, according to the latest COMMERCIAL REAL ESTATE OUTLOOK of the National Association of Realtors
WASHINGTON, December 18, 2007 - Many families and individuals are one step closer to seeing tax relief, thanks to the passage of the Mortgage Cancellation Tax Relief Act by the U.S. Senate and House of Representatives, according to the National Association of Realtors
The Federal Reserve Board (FRB) is uniquely positioned to restore confidence in the housing market because it is the one federal agency with the authority to set standards for all home loan originators. Unfortunately, the proposed rules issued by the FRB today represent yet another missed opportunity for the agency to rein in practices that have hurt millions of American families.
PITTSBURGH, PA - December 18, 2007 - The Board of Directors of the Federal Home Loan Bank of Pittsburgh (FHLBank Pittsburgh) has approved more than $8.9 million in grants under its Affordable Housing Program (AHP). The grants will help finance 30 housing projects across Delaware, Kentucky, New Jersey, Pennsylvania, Rhode Island and West Virginia, creating 987 units of housing with total development costs of more than $157 million.
WASHINGTON, D.C. - December 14, 2007 - Today, the U.S. Senate passed S.2338, legislation aimed at resetting interest rates to refinance without the usual burdens associated with a Federal Housing Administration (FHA) loan, by a vote of 93 to 1. Much of the bill language was taken from the Expanding American Homeownership Act of 2007 – legislation introduced by U.S. Senator George V. Voinovich (R-OH) last month in order to spur action by the Senate to help ease the foreclosure crisis and increase homeownership opportunities for millions of American first-time home buyers
Dec. 14, 2007 - The Federal Reserve Board should bar prepayment penalties for subprime loans and limit the size and duration of any remaining prepayment penalties, 19 Democratic House Financial Services Committee members said in a letter yesterday to Fed Chairman Ben Bernanke.
Dec. 14, 2007 - A Senate counterpart to the House-passed H.R. 3915 was introduced late Wednesday by Senate Majority Leader Harry Reid, D-Nev., on behalf of Senate Banking Chairman Chris Dodd, D-Conn., and a dozen more panel members.
Online real estate firm Redfin offers seven recommendations for selling a home faster and for more money.
WASHINGTON, December 14, 2007 - The FHA Modernization Act of 2007, passed today by the U.S. Senate, would help protect the interest of America’s current and future homeowners by giving borrowers a safer alternative to riskier mortgage products while also helping many homeowners who may be facing foreclosure, according to the National Association of Realtors
LOS ANGELES, Dec. 13 /PRNewswire-FirstCall/ -- Hitwise, a leading online competitive intelligence service, ranked REALTOR.com as the number one search term used in the real estate industry category during the month of November (1). REALTOR.com accounted for 1.56% of all searches on the Internet in the real estate category, far exceeding the next closest ranking term that captured .91% of all searches in November.
While gambles on up-and-coming neighborhoods and new developments paid off for many real estate investors during the boom, housing markets across the country are now awash with unsold condos and suffering from sluggish sales.
The Federal Reserve announced an agreement Wednesday with four foreign central banks to inject billions of dollars into the world’s financial system to make more money available for big banks to lend to smaller ones.