This yesterday from DSNews ("new and up-to-date information for the Default Servicing Professional")
White House Won't Commit to Homebuyer Tax Credit; Economists Remain Split
10/07/2009 By: Adam Weinstein
As the clock winds down on the popular $8,000 tax credit for new homebuyers, the White House has remained mum on whether it will be extended, and analysts are at loggerheads over the credit’s impact on housing markets.
The tax benefit for first-time purchasers – an emergency measure that was approved as part of the federal government’s stimulus to the ailing residential housing sector – is set to expire on Nov. 30. But despite appeals by trade advocacy groups to extend the credit, the White House said this week that it hadn’t made a decision on the matter.
The credit “helped the economy” and led to “quite a bit of success,” White House Press Secretary Robert Gibbs told reporters Tuesday. To that he would only had that President Barack Obama was considering an extension of the credit as one of many possible proposals to stimulate economic output and employment.
But some economists say the credit’s effect on the beleaguered housing industry has been exaggerated. Paul Dales, a researcher at Capital Economics, said the policy’s expiration was unlikely to reverse the recent housing recovery. He took issue with a National Association of Realtors study that estimated the tax credit was directly responsible for 350,000 home sales since January – about half the national total sold in that time. In fact, the real figure was closer to 225,000 units, or roughly 30 percent of all sales, Dales said.
“Overall, the government’s initiatives have kick-started the housing market, but they do not explain all of the recovery,” he said. “If we are right in thinking that the tax credit accounts for around 30 percent of the increase in home sales, then around 70 percent must be due to other more longer-lasting factors, such as the plunge in housing valuations and the fall in mortgage rates to historically low levels.”
That hasn’t stopped mortgage and housing groups, like the NAR, from advocating that the credit stay in place. The National Association of Home Builders has gone even farther, lobbying to expand a longer term tax credit to all home buyers.
Congress is expected to begin work soon on a bill to extend the tax credit. Though the potential bill’s fate is unclear, inside sources have told reporters that the likeliest outcome, due to federal budget reservations, is a 6-month continuance of the policy.
Friday, October 9, 2009
Tuesday, October 6, 2009
Foreclosure Prevention - 90% Successful - Free to Homeowner
Neighborhood Housing Services Offers FREE Foreclosure Prevention Counseling
I recently became Chair of NHS's Housing Solutions Committee. The Committee oversees an amazing, and mostly unknown program to help homeowners. Called "Foreclosure Prevention Counseling", its really much more. NHS is able to do loan modifications (where possible), as part of an overall foreclosure prevention program. And...its FREE...and it has a 90% success rate (of avoiding foreclosure)!
Designed for homeowners who are behind, or anticipate becoming behind, in mortgage payments on their primary residence.
Available to all Idaho residents for their primary residence
NO COST for housing counseling services
We will work with you and your lender toward modification
NHS is a nonprofit, HUD-approved housing counseling agency.
Call us at (208) 343-4065 x119 or email home@nhsid.org
Here are four documents about the program
1. Two-sided color brochure for homeowners
2. Short Description of the Foreclosure Prevention Program
3. Homeowner Intake Packet - to initiate the program
Beware of foreclosure rescue and loan modification scams! Contact the U.S. Department of Housing & Urban Development at 800-569-4287 to verify that a company is legitimate and reputable before you work with them.
Mortgage Resources to Grow their Client Base
The number of products and services offered through Right Tools Right Now continues to grow.
Just released are three new Mortgage e-Products...
Traditional Mortgages: Understanding Your Options
This brochure helps consumers consider a variety of mortgage options including traditional fixed-rate mortgage and adjustable-rate mortgage (ARM).Order your copy for FREE
Specialty Mortgages: What Are the Risks and Advantages?
A consumer oriented brochure that outlines the risks and advantages of non-standard types of mortgages.
Order your copy for FREE
Learn About FHA Mortgages
This brochure outlines the changes to FHA, how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.
Order your copy for FREE
Every REALTOR® who wants to sell more homes will benefit from the FHA Toolkit and information on FHA loans, which includes video FAQs and guides to major FHA-insured loan programs - all you need to help clients find the right FHA-insured loans. More new resources will e added every month, check back often!
Just released are three new Mortgage e-Products...
Traditional Mortgages: Understanding Your Options
This brochure helps consumers consider a variety of mortgage options including traditional fixed-rate mortgage and adjustable-rate mortgage (ARM).Order your copy for FREE
Specialty Mortgages: What Are the Risks and Advantages?
A consumer oriented brochure that outlines the risks and advantages of non-standard types of mortgages.
Order your copy for FREE
Learn About FHA Mortgages
This brochure outlines the changes to FHA, how to qualify for an FHA mortgage, and other resources available from FHA, HUD, and NAR.
Order your copy for FREE
Every REALTOR® who wants to sell more homes will benefit from the FHA Toolkit and information on FHA loans, which includes video FAQs and guides to major FHA-insured loan programs - all you need to help clients find the right FHA-insured loans. More new resources will e added every month, check back often!
Monday, October 5, 2009
Realtor.com meet Facebook...
If you don't believe social media is impacting real estate then take a look around.
Realtor.com is now directly interfacing with Facebook! And, its free! All you have to do is sign up for the application!
Your listings on your Facebook page... automatically!
What will they think of next?
NAR Brings National Housing Conference to Boise
Mark your calendar and plan to join your colleagues from around the region on Thursday, December 3 from 10:00 a.m. to 3:00 p.m. for a free one-day forum on employer-assisted housing (EAH) hosted by the National Association of REALTORS® and the National Housing Conference.
EAH is often described as a win-win-win tool because employers, employees and the community each benefit. As the nation continues to seek solutions to the housing crisis facing our country, EAH presents itself as one tool, among many, to help working families live in an affordable home near their workplace. EAH also helps to attract and retain productive, stable workforces and revitalize neighborhoods.
Join us at the Boise Centre (850 W. Front Street) for this one-day event to learn how you can be a part of a solution! Here is just a sampling of what the program will cover:
· Learn how to create and sustain an EAH program in your community.
· Understand the importance of advancing EAH through local and regional partnerships.
· Explore workforce housing issues from the perspective of employers.
· Hear from other practitioners and advocates managing successful EAH strategies.
You won’t want to miss this opportunity to learn from workforce housing experts, connect with your peers from the region, and share your story in a dynamic learning environment!
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! Staying overnight? See details below on booking a discounted room at The Grove Hotel in downtown Boise!
Who Should Attend
The principal goal of the Bring Workers Home regional forum is to expand awareness of EAH as a proven housing solution among state and local leaders—including REALTORS®, REALTOR® association staff, business leaders, state legislators, city council members, other elected and appointed officials, and human resource and employee benefit professionals. This regional forum will also provide learning opportunities for housing planners, economic & community developers, practitioners and advocates.
Please feel free to share this announcement with interested colleagues!
Special Training Opportunity---Home from Work™ Class
Maximize your regional forum experience—participate in the Home from Work™ continuing education credit class on Friday, December 4 from 9:00 AM to 12:00 PM.
Designed for real estate professionals, this class will help you understand the benefits of employer-assisted housing and how to work with employers to assist them to implement an EAH benefit plan at their workplace.
Dates and Times
Bring Workers Home: 2009 Eastern Regional Forum on Employer-Assisted Housing
Thursday, December 3, 2009
10:00 AM to 3:00 PM
Home from Work™ Class
Friday, December 4, 2009
9:00 AM to 12:00 PM
Event Location and Sleeping Room Availability
The Bring Workers Home Forum and the Home from Work Class will take place at:
Boise Centre 850 W. Front StreetBoise, ID
Staying overnight? A discounted block of sleeping rooms is available at The Grove Hotel (245 S. Capitol Blvd.) The Grove Hotel is adjacent to Boise Centre and rooms are available for $109/night. To take advantage of this offer please book your room by November 18 by calling 1-888-961-5000 and referencing "National Housing Conference."
Registration Instructions
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! There is no fee to participate in either event; however, space is limited. You are encouraged to register as soon as possible to confirm your participation. Registration will close on November 13.
Questions?
Please contact Lynn Ross at the National Housing Conference at lross@nhc.org.
EAH is often described as a win-win-win tool because employers, employees and the community each benefit. As the nation continues to seek solutions to the housing crisis facing our country, EAH presents itself as one tool, among many, to help working families live in an affordable home near their workplace. EAH also helps to attract and retain productive, stable workforces and revitalize neighborhoods.
Join us at the Boise Centre (850 W. Front Street) for this one-day event to learn how you can be a part of a solution! Here is just a sampling of what the program will cover:
· Learn how to create and sustain an EAH program in your community.
· Understand the importance of advancing EAH through local and regional partnerships.
· Explore workforce housing issues from the perspective of employers.
· Hear from other practitioners and advocates managing successful EAH strategies.
You won’t want to miss this opportunity to learn from workforce housing experts, connect with your peers from the region, and share your story in a dynamic learning environment!
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! Staying overnight? See details below on booking a discounted room at The Grove Hotel in downtown Boise!
Who Should Attend
The principal goal of the Bring Workers Home regional forum is to expand awareness of EAH as a proven housing solution among state and local leaders—including REALTORS®, REALTOR® association staff, business leaders, state legislators, city council members, other elected and appointed officials, and human resource and employee benefit professionals. This regional forum will also provide learning opportunities for housing planners, economic & community developers, practitioners and advocates.
Please feel free to share this announcement with interested colleagues!
Special Training Opportunity---Home from Work™ Class
Maximize your regional forum experience—participate in the Home from Work™ continuing education credit class on Friday, December 4 from 9:00 AM to 12:00 PM.
Designed for real estate professionals, this class will help you understand the benefits of employer-assisted housing and how to work with employers to assist them to implement an EAH benefit plan at their workplace.
Dates and Times
Bring Workers Home: 2009 Eastern Regional Forum on Employer-Assisted Housing
Thursday, December 3, 2009
10:00 AM to 3:00 PM
Home from Work™ Class
Friday, December 4, 2009
9:00 AM to 12:00 PM
Event Location and Sleeping Room Availability
The Bring Workers Home Forum and the Home from Work Class will take place at:
Boise Centre 850 W. Front StreetBoise, ID
Staying overnight? A discounted block of sleeping rooms is available at The Grove Hotel (245 S. Capitol Blvd.) The Grove Hotel is adjacent to Boise Centre and rooms are available for $109/night. To take advantage of this offer please book your room by November 18 by calling 1-888-961-5000 and referencing "National Housing Conference."
Registration Instructions
Register online today at https://216.64.136.11/exchweb/bin/redir.asp?URL=http://boise2009forum.eventbrite.com! There is no fee to participate in either event; however, space is limited. You are encouraged to register as soon as possible to confirm your participation. Registration will close on November 13.
Questions?
Please contact Lynn Ross at the National Housing Conference at lross@nhc.org.
Friday, October 2, 2009
Guess Who's Ditching Their Mortgages...Really?
A study of 24 million credit files by national credit bureau Experian and consulting company Oliver Wyman has shown that home owners with high credit scores are 50 percent more likely to deliberately walk away from a mortgage than lower-scoring borrowers.
The industry calls these “strategic defaults” and their numbers grew to 588,000 in 2008, double the total in 2007, and well beyond most earlier estimates.
The study determined:
Strategic defaulters tend to go straight from paying their mortgages dependably to not paying at all.
Strategic defaulters are heavily concentrated in negative-equity markets like California and Florida.
Two-thirds of strategic defaulters have only one mortgage.
Most likely to default are home owners with large balances and the highest credit ratings.
Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters "are clearly sophisticated” and look on the decision to default as a business strategy. "Well, I'm $200,000 in the hole on my house, and yes, I'll damage my credit," Tantia says of defaulters.
The industry calls these “strategic defaults” and their numbers grew to 588,000 in 2008, double the total in 2007, and well beyond most earlier estimates.
The study determined:
Strategic defaulters tend to go straight from paying their mortgages dependably to not paying at all.
Strategic defaulters are heavily concentrated in negative-equity markets like California and Florida.
Two-thirds of strategic defaulters have only one mortgage.
Most likely to default are home owners with large balances and the highest credit ratings.
Piyush Tantia, an Oliver Wyman partner and a principal researcher on the study, said strategic defaulters "are clearly sophisticated” and look on the decision to default as a business strategy. "Well, I'm $200,000 in the hole on my house, and yes, I'll damage my credit," Tantia says of defaulters.
Thursday, October 1, 2009
ACAR Green Task Force Update
Our Energy Audit on the ACAR building was facilitated and completed in June by Eco Edge and a detailed report was delivered to the Task Force in July.
Our first meeting’s focus with Sharon Patterson of Eco Edge was to develop a sustainability policy for ACAR with the intent to communicate to membership, staff and clients a commitment to improving environmental, social and economic sustainability over time through specific goals and objectives.
Our green sustainability policy is designed to work in tandem with ACAR’s Mission Statement to ensure that we are promoting responsible property development while protecting private property rights. Our sustainability policy states:
The Ada County Association of REALTORS® is committed to setting an example of environmental and social responsibility for the real estate profession and the public in Ada County with observance to the protection of private property rights for all. This commitment to sustainability starts with our office and extends to our membership and the community. We will provide members with education on the value of sustainable properties and green buildings and with the tools and resources to conduct their businesses in a more environmentally responsible manner that betters the communities in which we live.
Our next two meetings focused on digesting the results, and deciding what recommendations we felt were the most important to tackle. The process involves assigning Project Champions for each task, to research costs, vendors, possible grant money, and execution.
The recommendations and tasks at hand include correcting disconnected ducts, correcting distribution of insulation in attic, installation of carbon monoxide detectors, considering bathroom occupancy sensors, replacing cleaning products with products that meet GreenSeal criteria, replacing kitchen products with recycled products, purchasing alternative drinks, replacing lights with CFL and apply for a grant with Idaho Power to replace the fluorescent lighting. We have only just begun, but it is a great start to make our building better and more efficient.
You may have noticed we now have a Green Tip on our e-bulletins, too!
Our Green Task Force is to be commended for their work and dedication: thank you to Alicia Ralston, Alicia Reinhard, Holly Tastad-Pozel, Jan Higginbotham, Jill Giese, Jody Hinton, Judy Luce, Karyn Williams, Lydia Richards, Tempe McFarlane and from ACAR staff, Susan Hansen.
Laurie Barrera, REALTOR®, GREEN, EcoBroker Certified
2009 Green Task Force Chair
Our first meeting’s focus with Sharon Patterson of Eco Edge was to develop a sustainability policy for ACAR with the intent to communicate to membership, staff and clients a commitment to improving environmental, social and economic sustainability over time through specific goals and objectives.
Our green sustainability policy is designed to work in tandem with ACAR’s Mission Statement to ensure that we are promoting responsible property development while protecting private property rights. Our sustainability policy states:
The Ada County Association of REALTORS® is committed to setting an example of environmental and social responsibility for the real estate profession and the public in Ada County with observance to the protection of private property rights for all. This commitment to sustainability starts with our office and extends to our membership and the community. We will provide members with education on the value of sustainable properties and green buildings and with the tools and resources to conduct their businesses in a more environmentally responsible manner that betters the communities in which we live.
Our next two meetings focused on digesting the results, and deciding what recommendations we felt were the most important to tackle. The process involves assigning Project Champions for each task, to research costs, vendors, possible grant money, and execution.
The recommendations and tasks at hand include correcting disconnected ducts, correcting distribution of insulation in attic, installation of carbon monoxide detectors, considering bathroom occupancy sensors, replacing cleaning products with products that meet GreenSeal criteria, replacing kitchen products with recycled products, purchasing alternative drinks, replacing lights with CFL and apply for a grant with Idaho Power to replace the fluorescent lighting. We have only just begun, but it is a great start to make our building better and more efficient.
You may have noticed we now have a Green Tip on our e-bulletins, too!
Our Green Task Force is to be commended for their work and dedication: thank you to Alicia Ralston, Alicia Reinhard, Holly Tastad-Pozel, Jan Higginbotham, Jill Giese, Jody Hinton, Judy Luce, Karyn Williams, Lydia Richards, Tempe McFarlane and from ACAR staff, Susan Hansen.
Laurie Barrera, REALTOR®, GREEN, EcoBroker Certified
2009 Green Task Force Chair
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