HUD secretary to solve foreclosure crisis

Posted by RealEstateGuru

 

Shaun Donovan, the secretary of the HUD (Department of Housing and Urban Development) is expected to face the greatest challenge of ameliorating the foreclosure issue to revive a nation, hit by one of the worst economic crisis in recent times. The president, Barrack Obama also declared that his secretary would make homes available at an affordable rate.

According to Ben Bernanke, Chairman Federal Reserve, banks are all geared up to foreclose about 2.25 million homes, higher than their previous rate of one million homes and less in earlier years. According to reports submitted by Mortgage bankers Association, one person of every 10 property owners have failed to make mortgage payments or have been hit by the foreclosure crisis. Obama in this situation declared that, he will make use of the second half of the $700 billion fund for economic bailout, sanctioned by the Congress to bring down the foreclosure rate.

A 42-year architect from Harvard University, Shaun Donovan is estimating a $7.5 billion project in New York to maintain about 165,000 houses at reasonable rates. Most of the eminent personalities of the city feel that they have just reached halfway. Donovan remarked last year in June “New York City and cities like us across the country cannot preserve this resource on our own”. He further maintained “We need the commitment and partnership of the federal government”. Obama nominated cabinet positions including the ministers of Treasury and Commerce departments, HUD in view of the economy.

Hailing from New York, Donovan holds a master’s degree in public administration and architecture. He also worked as the principal assistant HUD secretary for multifamily housing under President Bill Clinton.

Posted in: HUD Comments(2) February 2009


Impact of the Stimulus Bill and Treasury Announcements on Homeowners

Posted by RealEstate_Guru

capitol1.jpg February 16, 2009

Charles McMillan, the President of the National Association of Realtors, released the following statement: “So here’s what we have achieved:The loan limits will be raised to $727,000 in high cost areas.The tax credit will be raised to $8,000 with NO payback [a true credit].

Interest rates have come down 125-150 basis points.

The bill has over $50 billion in it for foreclosure mitigation.

With Geitner’s Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES’s thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).”

Posted in: Uncategorized Comments(0) February 2009


Mortgage Applications drop to an eight-year low

Posted by RealEstateGuru

Home-loan applications dropped by approximately 25%, the lowest in the last eight years. A trade group survey reported that this situation coincided with home buyers looking for improved mortgage deals and government help.

The index of applications for Mortgage Bankers Association’s property purchase also saw a slump. Property buyers have deferred their plans of purchasing a home, hoping that the government would be able to bring 30-year home loan rates down by approximately 4% and establish $15,000 tax credit for home buyers. There has been a sharp fall in home rates, motivating the home buyers to wait.

Daniel Penrod, the industry analyst in the Credit Union League in Rancho Cucamonga, California asserted on Tuesday that “In addition to waiting for the rate, you have home prices continuing to come down, so why would I pay $200,000 today when I can pay maybe $180,000 in a couple months or even $150,000.” He further said that the government was acting against serious challenges.

Timothy Geithner, U.S. Treasury chief, on Tuesday suggested that providing $2 trillion into the banking sector will help alleviate the problem of bad assets, improve credit and produce decreased lending rates. Susan Wachter, the real estate and finance professor at the Wharton School, University of Pennsylvania affirms that the effectiveness of the plan calls for more speculation, and hope for prosperous conditions in the months to follow are acting as a detriment to the home market right now.

The Mortgage Bankers Association reported that the 30-year mortgage prices steeped to 5.19% from 5.28%, in the previous week. The ability to strengthen the nation’s economy and improve the lives of those expecting to secure themselves through property ownership by the Mortgage Bankers Association was recognized at the 89th Annual Convention of the MBA and the HUD few years back.

Posted in: Uncategorized Comments(0) February 2009


Breckenridge and 12 Oaks offer luxury homes at affordable prices!

Posted by RealEstateGuru

If you are looking for home buying homes in and around Morrisville in North Carolina, you will get options galore. The beauty and charm of Morrisville has brought in numerous home buyers in recent times. Moreover, the beauty and charm of Morrisville neighborhoods and communities have enhanced the popularity of the region to a great extent. Amongst the major Morrisville communities, Breckenridge with a wealth of options for luxurious and comfortable living is attracting home buyers than ever before.

The best part of Breckenridge is that you will get a variety of beautiful homes and that too at affordable rates. Close access to the Research Triangle Par and availability of affordable homes have made Breckenridge the most popular name amongst the Morrisville Neighborhoods. Beautiful roads, tennis courts, swimming pools, children’s playground and a number of sidewalks are available around the single-family homes in Breckenridge. Close to the Research Triangle Park, you will enjoy a quick access to Cisco, NetApp, IBM, and Nortel. The price listings vary from 200s to low $300s. You will also enjoy a close access to Cary neighborhoods as well.

Along with Morrisville neighborhoods, the communities around Holly Springs have gained immense importance as well. Holly Springs neighborhoods such as 12 Oaks have enhanced the popularity the town as well. Wrapped in verdant greens and surrounded by lofty hills, Holly Springs and its neighborhood areas have become sought after destinations for home buyers.

Covering about 687 acres, 12 Oaks has some of the most luxury homes on offer. Homes are listed between mid 200s way to over $1M. Close to the Nicklaus Design Group 18-hole golf course, 12 Oaks is an ideal destination for golfers. Modern amenities such as swimming pools, fitness facilities and tennis courts are provided to the residents of this area. Buying a home in the neighborhood of Morrisville or Holly Springs will indeed be a pleasant experience!

Posted in: Cary Neighborhoods Comments(0) February 2009


Cary and North Raleigh Neighborhoods! The most sought-after home buying destinations in North Carolina

Posted by RealEstateGuru

 

The new and improved facilities in the neighborhood areas of Cary, Apex and Raleigh have attracted home buyers from near and far. Modern amenities such as swimming pools, tennis courts and a plethora of good schools have in and around Cary, Apex and Raleigh in North Carolina have been of great advantage to the residents and families.

If you are looking for homes around the Cary neighborhoods, you will enjoy close access to some of the prime towns in North Carolina. The regions within the Cary neighborhood have a close proximity to the cultural attractions of Raleigh. If you are staying in Cary, you will be close to the charming and beautiful Apex neighborhoods in the Chatham County. With more and more neighborhoods coming into prominence, home buying options are also increasing phenomenally! Park Village, Bluffs at Kildaire, Heritage Pines, Stonecrest, Greystone, The Reserve, Bishop’s Gate and Riggsbee Farm are some of the popular Cary neighborhoods.

A range of beautiful amenities have made Raleigh a sought-after destination as that of Cary. With magnificent homes on sale in and around the Raleigh area, home buyers are frequenting this area even more. Most of the single-family homes are located in the areas around the Raleigh neighborhoods to the northern part of the city. Homes in the N. Raleigh neighborhoods inspire nothing but awe in the home-owners. If you want an exquisite blend of quiet and vibrancy, the North Raleigh Neighborhoods are the best places to be! With convenient access to the Crabtree Valley Mall and North Hills mall, shopaholics will love being here! Alyson Pond, Wynbrooke, Hawthornem Muirfield, Dominion Park, Delta Ridge, Breeland Park, Black Horse Run and Bedford are popular North Raleigh neighborhood areas.

Buy a home in any of the neighborhood regions of Cary or Raleigh and you will be within walking distance of swanky restaurants, colorful boutique shops, swimming pools, fishing ponds children’s playgrounds elementary, middle and high schools.

Posted in: Cary Neighborhoods, Cary Real Estate Comments(1) February 2009


Wyndham Place in Fuquay-Varina welcomes home buyers

Posted by RealEstateGuru

 

If you are looking to buy a home in Fuquay-Varina Real estate, near Raleigh, you will get options galore. You can choose from a wealth of lots available in the Fuquay-Varina region. Wyndham Place is the prime area in Fuquay-Varina offering an innumerable number of lots. It is an ideal destination for prospective buyers and sellers.

Ideally located just south of the Raleigh real estate or the triangle area, Fuquay-Varina is the place to be in. Wyndham Place is located to the southern part of Fuquay-Varina. The area is abuzz with a host of modern attractions, including shopping plazas and dining establishments. If you are relocating or buying a home in the Wyndham Place, you will be close to some of the popular shops and restaurants. The area is an eclectic blend of vibrancy and serenity. Apart from a vibrant life, represented by the big shops and restaurants, the area offers a quiet and calm living experience. Most of the homes in the Wyndham Place are listed over $200s. Over 5 lots are available for home buyers now. The Wyndham Place area has lots varying from .58 to .77 acres. The area boasts of clean sanitary conditions. Fiber cement has been used in the creation of most of these homes. Most of them comprise of 9 feet ceilings.

The Wyndham Place region has been well maintained. The newly erected houses vary from 2400-2700 square feet. The region is easily accessible from Purfoy Road and the Angier Road. Apart from the homes available in Fuquay-Varina, you can browse through the lots available in Morrisville real estate, Holly Springs real estate and Wake Forest real estate before you plan to buy your home in North Carolina.

Posted in: Cary Neighborhoods Comments(0) February 2009


Home buyers frequenting Cary, Apex and Raleigh Real Estates than ever before!

Posted by RealEstateGuru

Are you planning to buy a home or relocate to Raleigh, Cary and Apex? You will get options aplenty. Cary real estate, Raleigh real estate and the Apex real estate in North Carolina has beautiful attractions and a lot of things to do for its residents. Find out more about the beautiful properties on sale in Cary, Raleigh and Apex Real Estates, so that you can buy your new home right away!

The housing market looks promising in the Cary real estate, as well as the Apex and Raleigh areas. People from all across North Carolina choose to visit the Apex Real Estate, the regions of Cary and Raleigh, in search of cheap and affordable home buying options. Buying a new home or relocating to Cary, Apex and the Raleigh real estate is a popular option for home buyers from all around the country today. With homes in the Raleigh, Cary and Apex areas, available at reasonable rates, these regions have become sought-after destinations.

Despite the economic slowdown affecting the country in a major way, the regions of Cary, Raleigh and Apex have witnessed pockets of growth and development. The economy in these regions have seen a slow progress with the generation of quite a few number of job opportunities. The slowly growing job market has brought in people from all across the country to live in the Apex, Cary and Raleigh real estate areas.

A favorable weather condition is a prime factor for bringing in people to the Cary, Raleigh and Apex real estate areas. If you choose to buy a house in any of these three areas, you will enjoy access to some of the famous schools of the country. Some of the best college basketball teams also hail from here. Well manicured lawns are available for the avid golfer! If you find it difficult to get homes in the Raleigh downtown real estate, you will get a few properties on sale nearby! Most of the homes are listed within a range of $150,000 and $4.5 million and above.

Posted in: Apex NC Real Estate, Cary Real Estate Comments(0) February 2009