Kids may say the “darndest things,” but some grown-ups do the stupidest things. I recently read that the U.S. Treasury Department is investigating more than 580 first-time home buyer tax credit claims by “children” under the age of 18.
Total claims: nearly $4 million, with $627,000 having been doled out by the government to date. Among the claimants: a child 4 years of age.
According to a National Association of Realtors (NAR) report released last week, previously-owned home sales were up 9.4% in September over August. Compared to this same time in 2008, sales of existing homes were up 9.2%.
Lawrence Yun, chief economist for NAR, attributes much of this increase to first-time buyers. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said.
The new Good Faith Estimate makes its debut January 1, 2010.
Expanded from 1 page to 3, the legislators responsible for the new Good Faith Estimate want it to be simpler for homeowners and home buyers to understand than the former version.
By most accounts, Congress will meet this goal.
The new Good Faith Estimate includes plain-English explanations of every fee, charge and interest payment involved in a purchase or refinance. It also includes a section called “The Shopping Cart” in which applicants can compare lenders.
The new Good Faith Estimate is concise, too. Using a series of “Yes/No” checkboxes on Page 1, mortgage lenders specifically note:
Halloween candy is still on the shelves (at full price), moms are putting the final touches on their
kids’ costumes and many young adults haven’t even hit the thrift stores for costume inspiration, and yet Thanksgiving and Christmas paraphernalia is being showcased in discount and retail stores everywhere. It seems it’s the same every year, whether the economy is good or bad. It’s as if - when the ghosts and goblins start showing their faces - it’s time to start preparing for “the holidays.”
Customarily during this time of year, home buyers’ and sellers’ interest in real estate takes a hiatus. Who’s got time to trudge around looking at houses or try to keep a house looking tidy, when you’ve got baking, cooking, parties and “family” on your mind? However, if a buy or sell is a must for you, the holidays may be the best time to be proactive in the real estate market.
This week, the White House announced that the administration is developing an alternative program to assist troubled homeowners in avoiding foreclosure. This program is beyond the mortgage modification program initiated last March.
Herbert Allison, assistant Treasury secretary for Financial Stability, said, “We are developing a foreclosure alternatives program for HAMP (Home Affordable Modification Program), which will provide incentives for short sales and deeds-in lieu of foreclosure where borrowers are unable or unwilling to complete the HAMP.”
He continued, “We are aware that there are many borrowers who modifications under HAMP will not be sufficient to keep them out of foreclosure; for example, borrowers who do not have sufficient income to support a modified payment.”
Specific details of the plan were not given. Allison’s remarks were part of a hearing held by Congressional Oversight Panel chief Elizabeth Warren.
Posted by Sharon Walker
I live in “Green Country,” that is, Spartan Green - Lansing/East Lansing, MI - home to Michigan State University. During this Big Ten football season, you hear a lot of shout-outs of “Go Green!”
All across the co
untry in magazines, television and on the Internet, there is a call to “go green” as it relates to your home, your car and your impact on the global environment.
Greening up your little corner of the world’s real estate can be of great benefit to you and your worldwide neighbors. It can also give a shot in the arm to the remodeling industry by increasing jobs. But, as an American taxpaying homeowner, your participation in the process can also save you plenty of “greenbacks.”
Back in June, I wrote about Seattle architect Daphe Tomchak, whose home had been slated for use in a Hollywood movie. Coined as a dark comedy, “The Details” is about a couple whose yard and home come 
under attack by raccoons. Tomchak’s home had been chosen for the large size of its rooms, high ceilings and expansive back yard.
Crews came in to do some remodeling and Tomchak was paid a tidy sum of $13,000 to cover her temporary relocation and for the use of her home. Then - just three days after the remodeling began - funding for the film was withdrawn and production stopped.
Not all home improvements are created equal. Whether you have a need to sell your home now or are 
looking to make changes for a future sale, it’s important to know what home improvements will give you the best return on your investment.
Making a good first impression is a must.
Two federal agencies, the Consumer Products Safety Commission (CPSC) and the Environmental Protection Agency (EPA), continue to investigate the safety and health issues connected with the presence of Chinese drywall, used in homes across America.
Now four U.S. Senators want to add another federal agency to the mix.
Universal Design. I confess the term is new to me, even though it appears my peer group - the Baby Boomers - may be one of the strongest advocates for its use.
What is it?