Home Buyer Tax Credits Needed To Jump Start Housing And The Economy
With the housing industry facing its greatest crisis since the Great Depression and the economy teetering near recession, the National Association of Home Builders (NAHB) today called on Congress to move quickly to enact a second round of economic stimulus directed squarely at the housing sector. Specifically, NAHB believes the best policy is to create a tax credit for the purchase of a home.
Refinance Drop Drives Decline in Mortgage Applications
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending February 22, 2008. The Market Composite Index, a measure of mortgage loan application volume, was 665.1, a decrease of 19.2 percent on a seasonally adjusted basis from 822.8 one week earlier. On an unadjusted basis, the Index decreased 25.8 percent compared with the previous week and was up 5.1 percent compared with the same week one year earlier. The Refinance Index decreased 30.4 percent to 2458.9 from 3533.8 the previous week and the seasonally adjusted Purchase Index increased 0.2 percent to 358.2 from 357.6 one week earlier. The Conventional Purchase Index decreased 1.5 percent while the Government Purchase Index (largely FHA) increased 8.4 percent. On an unadjusted basis, the Purchase Index decreased 7.1 percent to 350.7 from 377.3 the previous week. The seasonally adjusted Conventional Index decreased 21.4 percent to 907.1 from 1153.4 the previous week, and the seasonally adjusted Government Index decreased 3.8 percent to 261.5 from 271.8 the previous week.
Top 20 Markets With The Highest Rates of House Price Appreciation
*Top 20 Metropolitan Statistical Areas and Divisions With
Highest Rates of House Price Appreciation
Percent Change in House Prices with MSA Rankings
Period Ended December 31, 2007
(Estimates use all-transactions HPI which includes purchase and refinance mortgages)
*Bottom 20 Metropolitan Statistical Areas and Divisions
With Lowest Rates of House Price Appreciation
Percent Change in House Prices with MSA Rankings
Period Ended December 31, 2007
(Estimates use all-transactions HPI which includes purchase and refinance mortgages)
*For composition of metropolitan statistical areas and divisions see
http://www.whitehouse.gov/omb/bulletins/fy2008/b08-01.pdf or see OFHEO HPI FAQ #8 for more information.
Foreclosure Activity Increases 8 Percent In January
RealtyTrac®, the leading online marketplace for foreclosure properties, today released its January 2008 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, auction sales notices and bank repossessions — were reported on 233,001 properties during the month, an increase of 8 percent from the previous month and an increase of nearly 57 percent from January 2007.RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
Existing Homes Sales Down 0.4 Percent in January
Existing-home sales – including single-family, townhomes, condominiums and co-ops – slipped 0.4 percent to a seasonally adjusted annual rate(1) of 4.89 million units in January from an upwardly revised level of 4.91 million in December, and are 23.4 percent below the 6.44 million-unit pace in January 2007.
Lawrence Yun, NAR chief economist, said many potential buyers remain on the sidelines. “Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales,” he said. “As the increased limits for FHA and conventional loans are implemented, more buyers will have access to safer FHA loans and lower interest rate loans in high-cost areas, which could lead to steadily higher home sales later in the year.”
Top Home Improvement Features In The Luxury Home Industry
Written by Erica T. Barton
Just because a person is adding luxury to their home, doesn’t mean they have to break the bank to accomplish their goals. There are many attractive and cost effective luxury options that can be added to a home that will add to the home’s value and feel. Here are ten excellent choices:
1. HARDWOOD FLOORS: Hardwood floors are not only a popular choice for homes, but they can also be a green choice for the environment. They can be refinished year after year, and reduce the need to re-install new flooring later on. Plus, they can be easy to install or repair, inexpensive if you find the right retailer, easy to clean and maintain, and great for reducing allergens in the home.