Real Estate In Today's Market

WASHINGTON (MarketWatch) — Question: I’ve heard that there are some extra benefits for servicemen and women under the recently expanded home-buyer tax credits, but I have yet to see anything about them in print. Can you shed some light on this or am I getting some misinformation?
Answer: You heard right. Uncle Sam has always been good to his warriors, and Congress has continued that tradition in little known sections of the latest home-buyer-tax-credit legislation. There’s also been some change to one of the government’s main programs to help military owners who must sell their houses for less than what they owe.

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In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040.  “People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?”

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NEW YORK (CNNMoney.com) — As terrible as it is to lose your house to foreclosure, at least it’s a relief to put your biggest financial headache behind you, right?  Former homeowners may still be on the hook if there’s a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these “deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes.

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CHICAGO (MarketWatch) — Applications filed for home loans last week rose a seasonally adjusted 21% from the week before, as rates for 30-year fixed-rate mortgage hovered around the 5% level, the Mortgage Bankers Association said Wednesday.

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Homeowners who want to take advantage of a new home tax credit worth up to $6,500 when they buy a new place have until April 30, 2010, to get a deal under way. Is it time for you to get moving?  Before you decide, see if you can answer “yes” to these four questions.

Are you already in the market?

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Most Americans still think owning a home is part of the American Dream, but only a minority of people thinks President Obama has done a good job stabilizing housing during his first year in office, according to a survey released this week.

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One popular attraction on the floor of the International Builders Show in Las Vegas this week was the Honeywell Wind Turbine, due out on the market this year. The system measures 6 feet in diameter and — perched atop a home — could produce 18% of the average household’s annual electricity needs.

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A record share of U.S. homeowners cut their loan principal when refinancing in the fourth quarter rather than tap their home’s equity for cash, home funding company Freddie Mac said Thursday.

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The economic recession and the housing depression will cause many Baby Boomers to push back retirement several years, but that doesn’t mean they’re not still eyeing and buying homes built specifically for retirees.

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Starting today home “Flippers” are now welcome at the FHA.  That’s right, with a glut of foreclosures plaguing the nation’s neighborhoods, the FHA is temporarily removing restrictions on investors who buy and sell homes within 90 days.

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The new wave of foreclosure filings is tied more to the economy than bad mortgages. That means its spreading beyond the bubble markets such as Las Vegas and Southern California. Here are 10 cities where defaults grew the fastest in 2009.

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A house may survive for hundreds of years. But the individual components that make up the house may — or may not — be as resilient. Components made of concrete or brick can last a long time while major appliances are almost disposable, despite how costly they are to purchase, repair and replace.

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NEW YORK (CNNMoney.com) — Home prices fell in November for the first time in seven months, according to a industry report released Tuesday.  The S&P/Case-Shiller 20-city home price index recorded a decline of 0.2% from October. Prices were down 5.3% compared with 12 months ago.

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The 30-year fixed-rate mortgage averages 4.98% for the week ending Jan. 28, down from 4.99% last week and 5.10% a year ago, according to Freddie Mac’s weekly survey.

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The lead story in commercial real estate today is the dynamic duo of Tishman Speyer and BlackRock walking away from Stuyvesant Town and Peter Cooper Village in Manhattan. The two have been trying to refi $4.4 billion in debt on the 11,200-apartment property, to no avail. So now they’re handing over the keys to the lenders.

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The turmoil in the US housing market has been  punctuated with  a wave of residential foreclosures. With sellers looking to offload foreclosed properties, often at a loss, the discounted prices have been identified as potentially profitable investments by speculators betting on a housing rebound. But across the country, where are the best opportunities?

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US existing home sales (EHS) fell a disappointing 16.7% as the rush from the first time home buyers credit earlier in the fall depleted sales in December.  However, sales had rebounded significantly from the lows last Jan-Mar and have reduced inventories significantly as well.

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Despite a more stable financial system, banks are still not lending and the quality of loans on their books continues to get worse as the U.S. housing market remains in the doldrums, a top official at the Federal Reserve said on Wednesday.

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NEW YORK (CNNMoney.com) — Existing home sales fell in December, the month after a federal tax credit was slated to expire, according to a real estate industry report issued Monday.  The National Association of Realtors reported that existing home sales plunged 16.7% last month to a seasonally adjusted annual rate of 5.45 million units, down from the revised rate of 6.54 million in November. Still, sales year-over-year were up 15%.

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