May 2009

Tax Credit to Come Upfront for Some First-Time Home Buyers

Housing and Urban Development Secretary Shaun Donovan will announce details Friday on the Obama Administration's new plan to allow some first-time home buyers to get upfront cash for a down payment on a house through the government?s new $8,000 tax credit for new home buyers, housing industry sources said.

Earlier this month, Donovan announced that the Administration would allow certain HUD-approved lenders and nonprofits -- as well as some state and local governmental housing entities -- to ?monetize? the tax credit, meaning to get the cash upfront, for certain qualified buyers through short-term bridge loans.

Right now, buyers have to wait until they buy a home and after they file their taxes to receive the cash back from the credit.

Click here to read the entire article.

Source: Peter Barnes, Senior Washington Correspondent - FOXBusiness

Report: Dallas-Fort Worth is No. 2 in New-Home Sales, Starts

Despite huge cuts in the residential construction business, Dallas-Fort Worth still ranks second in the country in new-home sales and starts.

Only Houston had more new-house construction and sales during the 12-month period ending in March, housing analyst Metrostudy Inc. said Tuesday in a new report.

"I expect the D-FW area and Houston to continue to lead the nation in new-home starts and closings," said David Brown, who heads Metrostudy's Dallas office. "Even though activity has fallen off dramatically, the slowdown in Dallas-Fort Worth and other Texas markets is not nearly as severe as other markets around the country.

Click here to read the entire article.

Source: Steve Brown, The Dallas Morning News

RE/MAX Takes 100% of the Pie!

Congratulations, RE/MAX! You?ve got the whole pie. RE/MAX International has reported that competitors bowing to economic pressures have withdrawn their national television advertising in the First quarter of 2009, leaving RE/MAX as the real estate franchise industry?s sole voice during that time. Since the beginning of the year, RE/MAX has actually increased its television presence by introducing three new ads.

Source: RE/MAX International

Cool Tips For the Fridge!

You want to keep your refrigerator running smoothly, so that during the heat of the summer you have plenty of cool drinks ready to enjoy!

Is your refrigerator door shutting tightly? To test it, close the refrigerator door on a dollar bill at various places along the door, and pull lightly. If you can pull the bill out, you may need to adjust your door or replace the gasket. Doing so will save energy, reduce your utility bill, and lengthen the life of the compressor.

To keep your refrigerator operating efficiently and cooling properly, it is very important to clean the condenser coils at least twice a year. The purpose of these coils, which are generally located at the bottom of the refrigerator (behind the kick plate), is to disperse heat from inside the refrigerator out into the room with the aid of a fan.

To clean the coils, first unplug the refrigerator or turn off it's circuit breaker. Next, remove the cover panel beneath the door to reveal the coils. With a long, narrow nozzle on your vacuum, clean out all of the dust and debris. You can also buy a special long-handled brush that looks somewhat like a bottlebrush for this job. The last step is to replace the cover, and restore the electricity. Remember, cleaning the condenser coils at least twice a year is the best way to lengthen the life of your refrigerator.

Source: Old Republic

From NKBA: When Home Owners May Want Something Besides Granite

ATLANTA?Granite may still be the benchmark for countertops?with its high quality, unique colors and patterns, and great durability?but more home owners are seeking alternatives in the latest chic materials that also offer sustainability.

Cosentino, a company based in Almeria, Spain, offers granite selections but also provides manmade quartz alternatives, including Silestone. It?s the largest quartz manufacturer in the world.

The company recently debuted its new Eco green line at the National Kitchen & Bath Association?s annual convention in Atlanta. The material is made from materials?glass, ceramics, ash, stone, resin?that are 75 percent recycled. Its Eco line comes in 10 colors.

For those who still desire marble with its luxurious old-world look and elegant veining, company executives say, ?go for it,? but beware that it can stain and chip since it?s soft. If spills occur, it needs to be cleaned immediately.

To read more about the latest trends in kitchen materials, read Architecture Coach: From Corian to Cork to learn what design experts say are the hottest materials, and some old favorites, that offer a big impact in the kitchen.

Source: Barbara Ballinger - a freelance writer for REALTOR® magazine.

Report: Buyers Getting Bargains on Dallas-Area Foreclosures

Buyers of foreclosed properties are getting big bargains according to a new report.

Properties purchased by investors at foreclosure auctions in North and Central Texas sold for an average of 64 cents on the dollar, according to a new report by Addison-based Foreclosure Listing Service.

Still, not many buyers are getting these properties that are sold on the courthouse steps.

Click here to read the entire article.

Source: Steve Brown - The Dallas Morning News

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Click here for more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Source and Photo: National Association of REALTORs®

Home Inventories Fall in 15 of 26 Markets, Including Dallas

The inventory of homes on the market fell in more than half the cities included in a new national report.

The number of homes for sale dropped in 15 of 26 markets included in the latest Real-Time Housing Market Update, another positive sign for the residential sector.

?A decline in inventory levels is atypical for this time of the year,? Michael Simonsen, co-founder and chief executive of Altos Research, said in the just-released report. ?The important question is whether inventory growth will remain restrained or whether pent-up supply will come onto the market in succeeding months.

?There is no surer way to snuff out a recovery in housing prices than a flood of inventory that overwhelms demand.?

In North Texas, about 39,000 preowned single-family homes were for sale through the real estate agents? Multiple Listing Service at the end of March. That?s a decline of 13 percent from a year earlier, according to the North Texas Real Estate Information Systems Inc.

Click here to read the entire article.

Source: Steve Brown, The Dallas Morning News

Tom Branch Earns Designation to Help Homeowners In Danger of Foreclosure

Tom Branch, a broker associate with RE/MAX Dallas Suburbs has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by ?distressed? homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

?This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,? said Branch. ?It is so rewarding to be able to help sellers save their homes from foreclosure.?

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Branch with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

?Our goal is to educate as many people as possible so we can help as many homeowners as possible,? Charfen said.

Source: Gina Branch, RE/MAX Dallas Suburbs

8 Signs of Hope for the Economy

Are we on the brink of a rebound, or is it a false spring? Fortune looks at the evidence for an imminent recovery.

Is the economy looking up, or at least bottoming out? Lately there has been much talk about "glimmers of hope," in President Obama's words, and "green shoots," a phrase du jour used by the likes of Fed Chairman Ben Bernanke.

Meanwhile, many economists have warned about a false spring, pointing to numbers that are still getting worse, like the unemployment rate. Fortune takes a closer look at the upbeat news to assess whether how strong a case they make for an imminent recovery.

Click here for the entire article

Source: Beth Kowitt, CNN Money

GE Recalls Ranges Due to Fire and Burn Hazards

Name of Product: GE Profile? Freestanding Dual Fuel Ranges

Units: About 28,000

Manufacturer: GE Consumer & Industrial, of Louisville, Ky.

Hazard: The wiring in the rear of the range can overheat, posing a fire and burn hazard to consumers.

Description: This recall involves GE Profile 30" Freestanding Duel Fuel ranges. The ranges were sold in white, black, bisque and stainless steel. The following model and serial numbers can be found on the left inside corner of the bottom drawer.

For more information on model and serial numbers, click here.

Source: Tammi Burgee

Collin County Foreclosures Down Over Same Time Last Year

For the first time in several years, the number of new residential foreclosures is down in Collin County and surrounding areas. The first quarter of 2009 showed an 11.9 decrease in the number of new foreclosures over the same time last year, reports CCAR. In addition, more than one-fourth of all closed sales in the first quarter were foreclosure listings - up 19 percent from the same time last year.

"If we continue to see a decrease in new foreclosure listings while foreclosure sales are brisk, the market will eventually absorb most of those listings. This is an important component to a return to a more normal market," says Steve Haid, CCAR member services director.

To read the entire article, click here.

Source: Collin County Association of REALTORs®

Ask Chuck and George - Selling a Rental Property

Dear George: My wife and I used a REALTOR® to lease a house that we own. The tenants are nearing the end of the lease and want to purchase the house. Are we obligated to use our REALTOR® to sell the house to the tenants?

Answer: It depends. Your REALTOR® likely required you to sign a Texas Association of REALTORS® Residential Real Estate Listing Agreement, Exclusive Right To Lease form. If he did, look at Section 5, Broker?s Fee. Under that heading, look for D. Other Fees, and (2) Fee for a Sale. How that section is filled out determines how much you are obligated to pay your REALTOR® should you decide to sell to your tenants. If your REALTOR® used a different contract, read it thoroughly or contact him and ask.

Source: Answers to real estate questions as appearing in the Houston Chronicle - George Stephens, CRB, AND Charles J. "Chuck" Jacobus, JD