May 2009 
There are 7 blog entries for May 2009.
Strong Buyer Activity in Lower Price Ranges Allows Existing-Home Sales to Rise in April
Friday, May 29th, 2009 at 10:59am. 200 Views, 0 Comments.
RISMEDIA, May 29, 2009-Existing-home sales rose in April with strong buyer activity in lower price ranges, according to the National Association of Realtors®. Existing-home sales-including single-family, townhomes, condominiums and co-ops-increased 2.9% to a seasonally adjusted annual rate of 4.68 million units in April from a downwardly revised pace of 4.55 million units in March, but were 3.5% below the 4.85 million-unit level in April 2008. Lawrence Yun, NAR chief economist, said first-time buyers continue to influence the market but there also is a seasonal rise of repeat buyers. “Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the midprice ranges, but high-end home sales remain sluggish,” he…
Will Downpayment Assistance Help the U.S. Housing Market?
Thursday, May 28th, 2009 at 1:33pm. 202 Views, 0 Comments.
RISMEDIA, May 28, 2009-With home prices falling nearly 20% in the first quarter of 2009, Ann Ashburn, president of AmeriDream outlined four reasons why the U.S. economy and the next generation of homeowners would benefit from downpayment assistance funded in part by sellers (DPA). Congress is currently considering H.R. 600, bipartisan legislation that would make DPA an allowable gift source for creditworthy borrowers of Federal Housing Administration loans.
“AmeriDream continues to provide full support to H.R. 600, which will stabilize home values, protect taxpayers, encourage responsible homeownership, and create jobs,” said Ashburn. “These are four compelling reasons to make DPA an important part of our national economic recovery strategy.”
1.…
Consumer Confidence Index Increases to Highest Level in Eight Months
Wednesday, May 27th, 2009 at 9:02pm. 220 Views, 0 Comments.
RISMEDIA, May 27, 2009-The Conference Board Consumer Confidence Index, which had improved considerably in April, posted another large gain in May. The Index now stands at 54.9 (1985=100), up from 40.8 in April. The Present Situation Index increased to 28.9 from 25.5 last month. The Expectations Index rose to 72.3 from 51.0 in April. The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS- one of the world’s largest custom research companies. The cutoff date for May’s preliminary results was May 19th.
Says Lynn Franco, Director of The Conference Board Consumer Research Center stated: “After two months of significant improvements, the Consumer Confidence…
Single-Family Starts and Permits Edge Higher in April
Monday, May 25th, 2009 at 6:41pm. 227 Views, 0 Comments.
RISMEDIA, May 21, 2009-Production of single-family homes edged upward in April 2009 as builders responded to improving conditions for new-home buyers, according to newly released figures by the U.S. Commerce Department. While overall starts fell 12.8% to a record-low seasonally adjusted annual pace of 458,000 units, the decline was entirely confined to the multifamily sector, where production fell 46% to a 90,000-unit pace for the month, while single-family starts posted a 2.8% gain to 368,000 units.
“With some of the best home-buying conditions of a lifetime now in place-including historically low mortgage rates, affordable prices and a first-time home buyer tax credit-single-family builders are starting to see the light on the horizon as more…
University of Kentucky Live Where you Work Program
Sunday, May 10th, 2009 at 7:47pm. 908 Views, 0 Comments.
For eligible employees, this program provides:
- “Forgivable loans” of up to $15,000 in the designated neighborhood revitalization areas to eligible employees for down payment and closing cost, rehabilitation and renovation assistance for the purchase of houses, condominiums, town houses and duplexes.
- The loans will be secured by a lien on the property.
- Each employee agrees to live in the home purchased through this program for at least five (5) years, after which the lien will be removed.
- New Regular Full-Time Faculty at the rank of instructor or assistant professor without tenure or non-tenured immediately upon receiving a contract for the academic year.
- Regular Full-Time…
Kentucky Offers Down Payment Assistance for First Time Buyers
Sunday, May 10th, 2009 at 7:43pm. 345 Views, 0 Comments.
Down Payment and Closing Cost Assistance
Your down payment, closing costs (costs and fees that are part of receiving a home loan) and prepaids (set-up of escrow accounts for future payment of taxes and insurance) are three different costs generally associated with buying a home.
Kentucky Housing recognizes that these costs are stumbling blocks for many potential home buyers. Here are several loan programs to help. Your KHC-approved lender can help you apply for the program that meets your needs.
Down Payment Assistance Programs for Mortgage Revenue Bond (MRB) Programs
- Regular Down payment Assistance Program (DAP)
- Purchase price up to $258,000.
- Assistance in the form of a loan up to $4,500.
- Available to all KHC first mortgage loan recipients…
$8000 Tax Credit for First Time Home Buyers
Sunday, May 10th, 2009 at 7:14pm. 245 Views, 0 Comments.
The American Recovery and Reinvestment Act of 2009 features an $8,000 tax credit for first-time buyers who purchase a home on or after Jan.1, 2009 and before Dec.1, 2009.
Details of the tax credit include:
- The temporary credit is only available for home purchases made from Jan. 1, 2009 to before Dec. 1, 2009 and is equal to 10% of the cost of the home, up to a maximum credit of $8,000. (For example, a home purchased for $80,000 or more would qualify for the full $8,000 credit while a $70,000 home would only qualify fo 10% or $7,000.
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Buyers claim the credit on their federal tax return to reduce their tax liability. If the credit is more than their total tax liablity that year, the buyer will get a refund check for the balance.
- Only first time…
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