« March 2009 | Main | January 2009 »
Monday, February 23, 2009
Obama Announces Homeowner Affordability and Stability Plan
Last week, President Obama announced his plan to help 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. The Homeowner Affordability and Stability Plan contains three main elements:
? Government-sponsored enterprise refinancing for responsible homeowners suffering from falling home prices.
? Three-year, $75 billion initiative to reduce monthly payments for 3-4 million at-risk homeowners.
? Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.
You can review the details of each element of the Homeowner Affordability and Stability Plan by visiting the NAR Governmental Affairs Update.
Source: Collin County Association of REALTORs®
Tornado Checklist
Tornado Watch - Weather conditions are ideal for the formation of a tornado.
Tornado Warning - Tornadoes have been sighted in the area. Take cover.
Before - Have a plan of action - Keep emergency supplies on hand - Do an inventory of your property - Keep copies of important documents - Take these precautions before a tornado situation arises
A Watch - Keep informed by official sources - Secure or bring in any loose outdoor objects - Avoid mobile homes. Leave for an approved shelter - Keep a television or radio on for updated, official weather reports
A Warning - Avoid mobile homes. Get out immediately - Avoid cars. Get out immediately - Secure home windows with plywood, storm shutters or tape, but only if you are sure you have time - Bring emergency supplies to the safest area of your house - Keep a television or radio on for updated, official weather reports
During The Storm - Continue to listen to the radio for reports - Stay inside - Stay in the safe area of your house ?preferably a basement for a tornado - If you don?t have a basement, stay toward the wind or in an interior closet or hallway - Stay away from windows and glass doors - Remain calm
The Aftermath - Watch for potential hazards - Be smart and safe with food - Be safe about water - If there is damage to your home - Make a detailed list of damages - Contact your agent right away - Do temporary repairs - For extensive damage, hire a reliable contractor - Be patient. Insurance claims will be handled based on need - Cooperate with the authorities
Source: Cammie Winover
Saturday, February 21, 2009
Highland / Huntington Homes Close-Outs
Whitley Place in Prosper recently teamed up with the developer to discount their sitting inventory. This has allowed them to sell specs at or below cost. This promotion has been in place 2 weeks and 4 specs have sold!!! Only 2 specs remain and will go soon. These prices do not include any additions that the buyer may want to include. Here are the details!!!
Highland Spec on Wilson Creek - Was $519,990 Now $419,000 - $100,000 OFF!
Huntington Spec on Chimney Rock - Was $779,000 Now $619,000 - $160,000 OFF!
Call or email us to set up a time to visit any of these great close-out homes. Visit www.newhomesnorthdallas.com to see more great deals on new homes!
Source: Highland Homes
Wednesday, February 18, 2009
Obama Stimulus - Neighborhood Stabilization
The bill provides $2 billion in additional funding for the Neighborhood Stabilization Program to provide grants to states and localities to address the problems created when entire neighborhoods are decimated by foreclosures.
Use of Funds - The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties.
Who Qualifies - After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. (HUD posts the D/FW area median income at $64,800)
Source: Metrotex Association of REALTORs®
Tuesday, February 17, 2009
Obama Stimulus - First-Time Homebuyer Tax Credit
Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser?s income tax liability. The one major difference is the fact that repayment of the credit will no longer be required. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. Below are the principle pieces of the tax credit.
Amount of Credit - Maximum credit amount increased to $8000.
Eligible Property - Any single family residence that will be used as a principal residence.
Refundable - Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
Income Limit - Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
First-time Homebuyer Only - Purchaser (and purchaser?s spouse) may not have owned a principal residence in 3 years previous to purchase.
Revenue Bond Financing - Purchasers who utilize revenue bond financing can also use this credit.
Repayment - No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination - December 1, 2009
Effective Date - All revisions are effective as of January 1, 2009
Source: Metrotex Association of REALTORs®
Sunday, February 15, 2009
Housing and the Obama Stimulus Package
We received news from the National Association of REALTORs® (NAR) today on the impact of the Obama Stimulus Package. NAR is reporting the following:
- Mortgage loan limits will be raised to $727,000 in high cost areas
- The $7,500 tax credit will be raised to $8,000 with no payback (a true credit)
- The bill has over $50 billion in it for foreclosure mitigation, with Geitners 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 thereby freeing them up to do the same with new mortgages
- Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10
In addition, several housing incentives were not impacted - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion.
I'm sure we'll receive updated information as it becomes available.
Source: National Association of REALTORs®
Wednesday, February 11, 2009
Inspector Minute: Reporting the Absence of Dielectric Unions
Did you know that the TREC Standards of Practice for inspectors requires reporting the absence of dielectric unions? Dielectric unions are devices designed to electrically separate the water heater from the household piping. They also provide a convenient way to disconnect the piping for removal or servicing of an appliance, such as a water heater or water softener.
If you recall from high school chemistry, two dissimilar metals, when placed in an acidic solution, will create a battery. And one metal will usually erode away as the chemical reaction progresses. The other metal may have a buildup of new material, which may be a chemical combination of the eroded metal and the acid. Since virtually all domestic water is slightly acidic or slightly basic, this electro-galvanic action can occur in any metal plumbing system.
When copper and steel pipes are connected together directly, this electro-galvanic action takes place and corrosion results. Over time the corrosion can lead to plumbing leaks which can be very costly to the homeowner.
Source: Collin County Association of REALTORs® Inspector Committee
Saturday, February 07, 2009
Ask Chuck and George - Deposits on Rental Property
Dear George: Two days ago, a couple gave me a deposit on my rental house. My son, who recently attempted suicide, told me this morning that he wants to live in the house, and I want to help him. Am I legally allowed to return the deposit check to the couple? I haven't signed a lease with them or done any background or credit check.
Click here for the answer.
Source: Texas Association of REALTORs®
Highland Homes, Ridgecrest, McKinney, TX
Introducing NEW Designs and a NEW Model Home!
Ridgecrest is conveniently nestled in McKinney, among the gorgeous landscape of rolling hills, lakes, a quaint and vibrant historic district, and luxury living with the small town charm.
Highland Homes is proud to introduce their new 500 series designs, featuring their new model, the 506 plan. You will be completely amazed by the impressive designs, all with a long list of included designer features, and Energy Star Certified.
Highland homes currently has four homes that are available now. Please call or email us for details on builder incentives. Visit www.newhomesnorthdallas.com to see more great deals on new homes!
Source: Highland Homes
Thursday, February 05, 2009
Mortgage Applications Rise
Despite the highest interest rates in more than a month, a refinancing surge sends mortgage applications up 8.6% in the last week of January.
February 4, 2009: 7:34 AM ET
NEW YORK (Reuters) -- U.S. mortgage applications rose in the last week of January, reflecting a jump in demand for home refinancing loans even as interest rates rose to their highest levels since early December, data from an industry group showed Wednesday.
Read the entire article here.
Grand Homes Valentines Day Special
Call or email us to set up a time to visit a Grand community. Visit www.newhomesnorthdallas.com to see more great deals on new homes!
Disclaimer: Free Granite Slab promotion applies to new homes-to-be-built contracts signed by midnight Feb. 15, 2009. Applies to ?level one? granite slab countertops in the kitchen only. This promotion may be withdrawn at any time and can not be used in conjunction with any other promotion, offer or discount. This promotion is not valid on inventory homes.
Source: Grand Homes
Wednesday, February 04, 2009
Beazer Homes - One Weekend Sale
One Weekend Only! The biggest deals of the year on Beazer Homes. February 6th through the 8th.
Call or email us to set up a time to visit any of these communities. Visit www.newhomesnorthdallas.com to see more great deals on new homes!
Source: Beazer Homes
Grand Homes - Close Out Home in Lantana
Close Out Sale in Lantana!
Provence III - 3771 Square Feet, 4 Bedrooms, 3.1 Baths, 2 Car Garage
Old World Charm is evident with this stone and cedar trimmed homestead! Backyard has plenty of room for play area, pool, garden, or all three. Rich and warm intrior with custom paint and trim, incredible kitchen, wood floors, and lots of space.
Original Price: $389,000
Close Out Price: $340,000
Please call or email us to set up a time to visit this property or any other new home in the Metroplex. Visit www.newhomesnorthdallas.com to see more great deals on new homes.
Source: Grand Homes
Tuesday, February 03, 2009
Pending Home Sales Increase
Great David Weekly Closeout Homes in Keller, TX
Monday, February 02, 2009
Fannie, Freddie Criticized on Rental Policy
Fannie Mae and Freddie Mac, currently the largest holders of U.S. home mortgages, are fast becoming big landlords. But some real estate agents say the firms' unwillingness to evict tenants from properties they inherit could slow the housing market's recovery.
Freddie Mac, bowing to pressure from affordable-housing advocates, said Friday it would let renters remain in homes lost to foreclosure. The mortgage-finance company will begin next month offering monthly leases to tenants, following the lead of Fannie Mae, which rolled out a similar policy earlier this month. Both companies said Friday they would halt tenant evictions in February.
Read the entire article here.
Source: Wall Street Journal
Sunday, February 01, 2009
The Branch Team Joins RE/MAX Dallas Suburbs
Plano, TX (PRWeb) February 2, 2009 -- Tom and Gina Branch (www.thebranchteam.com) have joined RE/MAX Dallas Suburbs as the newest dynamic sales team. The Branches bring to the office over 20 years of experience in real estate and formerly owned and operated Realty Revolution, LLC, an independent brokerage based in Plano.
RE/MAX Dallas Suburbs is located at 4032 McDermott Rd., Suite 100 in Plano. The Team's listings and all U.S. home listings in thousands of cities and towns can be found at www.remax.com.
Read the entire release here.
Download the release in PDF format here.