The request for multi-generational housing is on the rise, according to Coldwell Banker Real Estate LLC. In an online survey conducted in January, CB brokers and agents reported a growing trend of home buyers and sellers seeking what used to be known as “mother-in-law quarters.” The results were gauged over the past 12 months.

Of the 2,360 Coldwell Banker agents surveyed, 37 percent noted increases in home buyers looking to purchase homes to house more than one generation of their family. An equally high percentage - 36.9 percent - of home buyers in Florida were seeking a multiple generation home.

Why all the interest?

(more…)

According to the National Association of Realtors®, “distressed homes” represented nearly two of every five home sold in January 2010. Clearly, real estate investors are taking advantage of good deals on cheap property.

This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home - just make sure you do your research first. There are plenty of ways for investors to get burned.

(more…)

“Like sand through the hourglass, so goes the days …” leading up to the expiration of the Federal government’s home buyer tax credit. Home purchasers must have a signed contract by April 30 and a closing date no later than June 30.

First-time home buyers can receive a tax credit of 10 percent of a home’s purchase price up to $8,000. Existing homeowners looking to downsize or upgrade, are eligible for a tax credit of up to $6,500.  Their existing home will have had to be their permanent residence for five consecutive years out of the past eight.

Other stipulations: Credit would be limited to individual buyers who earn less than $125,000 annually and married couples who have a combined yearly income of up to $225,000. The tax credit can only be used for homes purchased for $800,000 or less.

Spokesperson for the National Association of Realtors (NAR) Walt Molony attributes last year’s sale of 2 million existing homes to the first-time home buyer tax credit. NAR chief economist Lawrence Yun anticipates that the tax credit could add another 1.5 million sales to this year’s total.

The Internal Revenue Service (IRS) provides detailed information for both first-time and existing home buyers here.

Posted by Sharon Walker

Last week, government-run Fannie Mae (FM) announced it would pay for closing costs on purchases of foreclosed homes in its inventory by qualified buyers. That inventory amounts to nearly 50,000 properties.

With so many buyers taking advantage of tax credits, coupled with low mortgage interest rates, Fannie Mae is hoping to clear away some of that vast inventory and help home buyers in the process.

The largest U.S. mortgage finance company is offering as much as 3.5 percent in closing cost assistance or an equal amount on the purchase of new appliances. Properties have to be pre-qualified before an offer can take place. Fannie Mae’s inventory is listed on HomePath.com, a website created by the lender to sell its foreclosed homes. The offer is good through May 1, 2010.

Fannie Mae sold 89,691 foreclosed homes during the 3rd quarter of 2009. Terry Edwards, executive vice president of credit portfolio management for FM, said in a statement, “Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover.”

Posted by Sharon Walker

Senior citizens collecting Social Security are taking a hard blow this year. For the first time since 1975, they will not receive a cost-of-living increase in their monthly checks - not good news for one of the nation’s fastest growing populations.

However, there is a brighter note regarding funding for affordable senior housing.

(more…)

As the housing market improves across the country, certain cities are emerging as relative bargains. Some areas, like Miami, were hit hard by the recession, and other areas are buoyed by good school systems and strong labor markets.

In this 5-minute video from The Today Show, 10 cities are highlighted for their home prices.

Among the featured cities:

(more…)

2010 is just a few days old and already the “experts” are making predictions for the year.

Housing calls and mortgage rate predictions run the gamut:

• Home prices will fall in 2010
• Home prices will rise in 2010
• Mortgage rates will rise in 2010
• Mortgage rates will rise by a lot in 2010

Given the opposing predictions among professionals, the one thing we do know for certain is we can’t know what will happen in 2010.

(more…)

Another month, another piece of evidence that the housing market is in recovery.

Existing Home Sales surged in October as the nation’s home buyers took advantage of low mortgage rates, low list prices and for some, a generous tax credit.

(more…)

For the eighth consecutive month, national foreclosure activity in the U.S. was dominated by a small set of states.

As reported by RealtyTrac.com, more than half of October’s foreclosure-related activity came from just 4 states:

1. California
2. Illinois
3. Florida
4. Michigan

(more…)

The housing market continues to steam forward.

As reported by the National Association of Realtors, the Pending Home Sales Index posted its 8th consecutive monthly gain in September.

It’s the longest winning streak in the history of the index and Pending Home Sales are now at their highest levels since December 2006.

A Pending Home Sale is a home under contract to sell, but not yet closed. It’s the precursor to an Existing Home Sale.

When the Pending Home Sales Index rises, it signifies that market activity has picked up. September’s data confirms what we’ve been noticing since February - the Buyers Market is drawing to a close.

With more homes under contract in the marketplace, home buyers typically face one or more of the following:

1. Competitive, multiple-offer situations
2. Reduced purchase price leverage over sellers
3. Fewer seller concessions

Therefore, if you’re thinking about buying a home, now is the time to act. With the congressional extension of the tax credit and interest rates hovering at 5 percent, this is the ideal buyer’s market - but it won’t last forever!

Posted by Ryan Leahy

This is a guest post by Ryan Leahy. He is a lender with Leahy & Associates in Austin, TX, and updates his blog daily. To contact Ryan, call (512) 692-7242 or email rleahy@houseloan.com.