"Responsible Homeowner Reward" ~ Will it make a difference if you won't see any equity in your home for 10 years?

"The new world order." Pay your credit card bills and don't worry about the mortgage payment. Holy cow.

Big foreclosure discounts vs. job losses ...

The very interesting story can be read on the link below the video.

This was published 12/23 but I just read it. Great, realistic, no fluff read.

Watch Foreclosures, Seriously

Published: Friday, 6 Nov 2009 | 1:52 PM ET

By: Diana Olick
CNBC Real Estate Reporter

CNBC.com Saving Housing

While the Realtors and Home Builders and Mortgage Bankers all bask in the glow of the home buyer tax credit extension/expansion, we all need to turn our attention to the real drag on a housing recovery: Foreclosures.

Yeah, I know, everyone seems kind of tired of talking about them; we've got the government modification program in place. Big banks are all ramped up with the program, Fannie Mae [FNM  1.04  -0.08  (-7.14%)   ] is letting folks who don't qualify for mods stay in their homes and rent, and foreclosure inventories in the big bad hardest hit states are actually drying up as investors get in and grab up the bargain basement properties.

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Current DateTime: 01:59:22 08 Nov 2009
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Clear Capital, a "provider of data and solutions for real estate asset valuation," notes that home prices are improving thanks to fewer foreclosure sales. "The continued decline in REO saturation rates, as well as an increase in the proportion of cash buyers in both distressed and fair market sales, are an encouraging sign of investor optimism coming into the traditionally slow months," says Clear Capital's Sr. Statistician, Alex Villacorta.

That's because banks and Fannie and Freddie [FRE  1.23  -0.02  (-1.6%)   ] are slowing the process, trying to jam as many borrowers into mods as possible. They're also overwhelmed by the sheer numbers, leaving many many delinquent borrowers still sitting in their houses scott free without hearing word one from their lenders. But that's going to change.

Read the rest of the article here.

Home Buyer Tax Credit:  Final Deal?

Published: Thursday, 29 Oct 2009 | 11:18 AM ET

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By: Diana Olick
CNBC Real Estate Reporter

For those of you keeping score on the first time home buyer tax credit extension, here is the latest:

— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more. 

— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.

Mortgages

30 yr fixed 5.19% 5.35% 30 yr fixed jumbo 6.04% 6.17% 15 yr fixed 4.62% 4.88% 15 yr fixed jumbo 5.53% 5.76% 5/1 ARM 4.24% 4.12% 5/1 jumbo ARM 4.66% 4.18%

Bankrate.com

— The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.

— Cost of the home may not exceed $800,000 to be eligible.

— For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.

— Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.

— The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.

— The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation. The amendment requires the taxpayer claiming the credit to be 18 or older as well as requiring a HUD-1 settlement statement to be attached when claiming the credit. 

AND supposedly, sometime after 11a, the Treasury and HUD Secretaries will officially call on Congress to extend the credit and the higher conforming loan limits.

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