"According to a study from Remodeling magazine, the average return on value for an upgrade declined from 87% in 2005 to 64% in 2009. But these six new rules will help you maximize your return on your remodeling investment." CNNMoney.com
Read all of Where your time & money is best spent when remodeling
Okay, we promised to keep you updated on President' Obama's HAMP, so here's an article from CNNMONEY.com summing up the lates news "The new policy will make it harder for troubled homeowners to start the process, but it should make it easier for them to qualify for permanent assistance under President's Obama foreclosure prevention plan."
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1st time homebuyers can now file for their $8,000 tax credit using new form 5405.
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"Most financial advisers suggest you should have a good 5% of your portfolio in real estate now."
Read all of How to: Invest in REITs
On Thursday Treasury Assistant Secretary for Financial Stability, Herbert Allison, at the House Financial Services hearing said “We're not satisfied yet with how this program is unfolding”. Even though foreclosure filings have fell 8% from November many home owners are still in need of help. So far only about 4% have been able to receive permanent modification assistance under Obama’s $75 billion “Home Owner’s Modification Plan”. Reasons for this include the lack of home owners making monthly payments and turning in the necessary paperwork to complete their modification plans.
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2009 reports show US Homeowners have lost nearly $500 billion in home values overall, but that’s still better than last year. The biggest losers were the Los Angeles, Chicago and New York metro areas at a collective $159.4 billion loss in home values. In contrast, Metro Boston, Providence, R.I., and Denver gained $46.4 billion in home values all together. So where will this lead the direction of home values in your area? Unfortunately, this is something which is hard to predict. There are many factors which figure into this equation such as; home equity (negative and positive), (un)employment, living wage jobs, etc.
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Banks and mortgage servicers assembled in Washington today to discuss speeding up the nation’s foreclosure prevention efforts. With the yearend near, many are under the gun to meet deadlines for permanent mortgage modifications. Currently, the banks have a December 31 deadline to make trial modifications permanent. There are about 375,000 homeowners at risk of default. Are you or someone you know at risk? We’d like to hear your thoughts regarding the “Home Affordable Modification Plan” or HAMP.
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We are optimistic here at Quail Point and do our best to help our client’s get their homes sold. Unfortunately, some are still struggling in this market. In a new report from CNNMoney.com, they discuss how many home owners, are choosing to stay put and remodel their homes instead of moving. In fact, 20% more of home construction funds are going to home improvements, compared from the same time last year.
Read all of Home Owners Are Choosing To Stay Put In This Market
In a recent article from the examiner.com they explain how the guidelines and new modifications made to President Obama’s Home Affordable Foreclosure Alternative Program will work…
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Monday November 30, 2009 Obama's plan to convert trial mortgage modifications to permanent modifications will be announced today… Does this make you wonder, who will be eligible under the new plan and how will this affect the foreclosure rate? Well, we’re curious to find out how this plan will work. Stay tuned!
Read all of Obama is expected to announce plans to get long-term help for mortgage borrowers.
