Is good news on the way for the Washington, DC Metro area? According to MSNBC we will see a 6.5% increase in property values.
While home prices are expected to continue to fall in most metro areas, Clear Capital's Home Data Index report says a few cities are already on eh rebound and showing some gains in home values.
The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:
1. Washington, DC - 6.5 price increase
2. Houston - 3.6%
3. Honolulu - 3.4%
4. Memphis, TN - 3.2%
5. Coloumbus, OH - 2.1%
6. Dallas - 1.4%
7. New York - 1.3%
8. Birmingham, AL 0.9%
9. Pittsburg - .08%
10. New Orleans - 0.5%
To read the entire article go to: http://www.realtor.org/RMODaily.nsf/pages/News2011012801?OpenDocument
Source: MSNBC (Jan 26, 2011)
Monday, January 31, 2011
Monday, February 1, 2010
Thursday, December 24, 2009
Tuesday, October 6, 2009
Tax Credit to Expire SOON
In order to claim your $8000 First Time Home Buyers Tax Credit you must close on your property no later than Nov 30th.
Rates are down and in order to meet this fast approaching deadline you must move quickly! Contact Williams Realty for more details on how you can take advantage of this opportunity.
Williams Realty
(703) 980-4045
agents@williamsrealty.us
Rates are down and in order to meet this fast approaching deadline you must move quickly! Contact Williams Realty for more details on how you can take advantage of this opportunity.
Williams Realty
(703) 980-4045
agents@williamsrealty.us
Wednesday, June 17, 2009
The American Recovery and Reinvestment Act of 2009
Many are asking us about the Home Buyers Tax Credit, how it works, and the definition of "first-time buyer". Click on the link below for Frequently Asked Questions About the Home Buyer Tax Credit.
If you want to take advantage of this great opportunity please call Williams Realty
at 703-980-4045.
http://www.federalhousingtaxcredit.com/2009/faq.php
If you want to take advantage of this great opportunity please call Williams Realty
at 703-980-4045.
http://www.federalhousingtaxcredit.com/2009/faq.php
Friday, May 15, 2009
FHA allows tax credit to be used for downpayment & closing costs
May 13, 2009 - HUD Secretary Shaun Donovan’s decision to allow consumers to use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages will be a big boost to the housing market, according to the National Association of Home Builders (NAHB).“The biggest obstacle for first-time buyers is coming up with a downpayment,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “We commend Secretary Donovan for acting decisively to enable buyers to access the tax credit at the time of closing. This will help to stimulate home sales, stabilize housing and get the economy back on track.”
The measures announced by HUD would allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or “bridge loans” up to the amount of the $8,000 first-time home buyer tax credit.
Longer term loans secured by second liens can also be used by government agencies and FHA-approved non-profit organizations to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility.
More information about these programs can be found on the National Council of State Housing Agencies Web site at www.ncsha.org/section.cfm/3/34/2920.
Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.
Robson and others NAHB leaders discussed this matter and other housing-related issues with Secretary Donovan last week. “Secretary Donovan shares our view on the need for a housing and economic recovery,” said Robson. “We appreciate his leadership in moving swiftly to help first-time home buyers to access the tax credit up-front at the time of closing. The timing could not have been better as we are in the midst of the crucial spring home buying season.”
The next step is to see how FHA-approved lenders use HUD’s new guidelines to actually monetize the tax credit for first-time home buyers and structure the payback provisions of the loans. NAHB encourages lenders to act promptly to put these provisions into place.
To qualify for the tax credit, first-time home buyers must actually close on their home purchase by Dec. 1, 2009. Buyers can take the credit on their 2008 or 2009 income tax return.
For further information about the tax credit – including a detailed question and answer section and a number of home-buying resources for consumers – log on to NAHB’s consumer Web site at www.federalhousingtaxcredit.com. A Spanish version is also available to provide detailed information on the tax credit to Spanish-speaking first-time home buyers.
The measures announced by HUD would allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or “bridge loans” up to the amount of the $8,000 first-time home buyer tax credit.
Longer term loans secured by second liens can also be used by government agencies and FHA-approved non-profit organizations to facilitate home sales. Several state housing finance agencies have introduced such programs and a number of agencies are considering that possibility.
More information about these programs can be found on the National Council of State Housing Agencies Web site at www.ncsha.org/section.cfm/3/34/2920.
Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.
Robson and others NAHB leaders discussed this matter and other housing-related issues with Secretary Donovan last week. “Secretary Donovan shares our view on the need for a housing and economic recovery,” said Robson. “We appreciate his leadership in moving swiftly to help first-time home buyers to access the tax credit up-front at the time of closing. The timing could not have been better as we are in the midst of the crucial spring home buying season.”
The next step is to see how FHA-approved lenders use HUD’s new guidelines to actually monetize the tax credit for first-time home buyers and structure the payback provisions of the loans. NAHB encourages lenders to act promptly to put these provisions into place.
To qualify for the tax credit, first-time home buyers must actually close on their home purchase by Dec. 1, 2009. Buyers can take the credit on their 2008 or 2009 income tax return.
For further information about the tax credit – including a detailed question and answer section and a number of home-buying resources for consumers – log on to NAHB’s consumer Web site at www.federalhousingtaxcredit.com. A Spanish version is also available to provide detailed information on the tax credit to Spanish-speaking first-time home buyers.
Thursday, March 26, 2009
Mortgage Rates Drop to Record Low
Mortgage rates drop to record low
30-year-fixed average at 4.85 percent, falling from 4.98 last week
The Associated Press
updated 12:35 p.m. ET, Thurs., March. 26, 2009
Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971 and was down a full percentage point from a year ago.
The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit.
Rates on 30-year mortgages traditionally track yields on long-term government debt.
Though the yield on the benchmark 10-year Treasury note initially plunged by about 0.5 percentage points after the Fed’s move, lenders did not pass the entire drop on to borrowers. Bond yields rose after worries about what some saw as lackluster demand at a government debt auction Wednesday.
“There was a honeymoon effect initially” after the central bank’s announcement, said Greg McBride, senior financial analyst with Bankrate.com. “The reality of large government deficits and the need for substantial government borrowing is setting in with investors.”
Mortgage applications surged last week, mostly from borrowers looking to refinance and save money on their monthly payment. The Mortgage Bankers Association said Wednesday its weekly application index climbed more than 30 percent for the week ended March 20.
Nearly 80 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes.
In Freddie Mac’s survey, the average rate on a 15-year fixed-rate mortgage dropped to 4.58 percent this week, down from 4.61 percent last week.
Rates on five-year, adjustable-rate mortgages fell to 4.96 percent, compared with 4.98 percent last week. Rates on one-year, adjustable-rate mortgages rose fell to 4.85 percent, from 4.91 percent.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all mortgages in Freddie Mac’s survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.
30-year-fixed average at 4.85 percent, falling from 4.98 last week
The Associated Press
updated 12:35 p.m. ET, Thurs., March. 26, 2009
Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.
Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac’s survey, which dates back to 1971 and was down a full percentage point from a year ago.
The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit.
Rates on 30-year mortgages traditionally track yields on long-term government debt.
Though the yield on the benchmark 10-year Treasury note initially plunged by about 0.5 percentage points after the Fed’s move, lenders did not pass the entire drop on to borrowers. Bond yields rose after worries about what some saw as lackluster demand at a government debt auction Wednesday.
“There was a honeymoon effect initially” after the central bank’s announcement, said Greg McBride, senior financial analyst with Bankrate.com. “The reality of large government deficits and the need for substantial government borrowing is setting in with investors.”
Mortgage applications surged last week, mostly from borrowers looking to refinance and save money on their monthly payment. The Mortgage Bankers Association said Wednesday its weekly application index climbed more than 30 percent for the week ended March 20.
Nearly 80 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes.
In Freddie Mac’s survey, the average rate on a 15-year fixed-rate mortgage dropped to 4.58 percent this week, down from 4.61 percent last week.
Rates on five-year, adjustable-rate mortgages fell to 4.96 percent, compared with 4.98 percent last week. Rates on one-year, adjustable-rate mortgages rose fell to 4.85 percent, from 4.91 percent.
The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all mortgages in Freddie Mac’s survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.
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