RealEstateEconomyWatch.com
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Banks Could Tank New FHA Refinancing Program
A new FHA program launching next Tuesday allows homeowners who are underwater on their mortgages to refinance at today's record low rates, take at least 10 percent off their principal, and get a new FHA loan that will leave them with positive equity in their home.
Positive Pending Home Sales Stifle Tax Credit Talk
Just when it seemed that only one more negative housing report would be enough to rev up the bandwagon for a new federal homebuyer tax credit, today's pending home sales index for August baffled prognosticators and restored hope the no more government stimulus would be needed to stabilize housing markets.
REOs Put New Pressure on Prices
Rising numbers of real-estate owned properties (REOs) and delinquencies are creating excess supply in housing markets across the country.
Tax Credit Talk Splits Real Estate Community
HUD Secretary Shaun Donovan created turmoil in the real estate industry when he said on CNN Sunday that a restoration of the homebuyer tax credit is "not off the table" and that it is "too soon to say" whether the administration's credit tax credit, which expired April 30, will be revived.
Donovan Floats Tax Credit Balloon
After admitting twice that the July home sales numbers released last week were "clearly worse than we expected," HUD Secretary Shaun Donovan did not rule out the prospect that the Administration will revive the homebuyer tax credit that expired April 30.
Economists Saw Housing Recovery Faltering Before July Sales Report
Inventories Soar to Critical Levels
Inventories of existing homes for sale as measured by months supply broke an all-time record in July.
First-time Buyers Sink Below Pre-Credit Levels
Last month, first-time homebuyers' share of the housing market fell lower than it has been since 2008 when the first-time version of the homebuyer tax credit took effect.
Cost of Homeownership Reaches $1,000 Monthly
Homeowners paid a median of $1,000 in monthly housing costs in 2009, compared to $808 for renters, according to data released today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
Homeowners: Worst is Yet to Come
Homeowners have turned more pessimistic about near-term prospects for home values in their local housing markets than they have been in the past three quarters. One out of three now believes home values in their local markets have not yet reached a bottom and more than a quarter (28 percent) expect home values in will decrease over the next six months.
