So currently U.S. Congress is considering extending the $8,000 first-time buyer tax credit into next year.  Sure, being a Realtor, I may be biased but I do believe that it has helped to put a spur into the housing economy and drive buyers who would have otherwise waited on the “sidelines” out into the market.  I believe that programs such as that tax credit served to help the recovery more than the billions of money blown on bailouts.

In any case, I guess we shall hopefully see soon if it is extended.

Read more here.

I just read an article which talks about how despite the loan modifications the banks are offering on mortgages for people who are finding themselves falling behind, more than half of those who they offer loan modifications to end up falling behind and defaulting again.

I also read in a different article that FINALLY the banks are starting to offer principal reductions in addition to fixing and/or lowering the rates.  Hopefully that will save some people — but I guess we shall see soon enough.

Source: http://trkcnfrm1.smi.usps.com/PTSInternetWeb/InterLabelInquiry.do?origTrackNum=71965426364072011903

I found a pretty straight-forward yet insightful list of tips for those buying a home in 2009.

Here is a quick summary for you:

1. You should NOT buy if you feel like you may lose your job.  Unemployment is going up and it could be a huge risk if you do not have job security.
2. Buy a home, not an investment.  In the recent years, the people who lost their houses lost them primarily because they looked at a home as a short-term investment.  The market may continue to drop, nobody has a crystal ball, so look at the long term.
3. Do what your grandparents did — be conservative.  The economy is still gloomy and it is anyone’s best guess as to what the interest rates will do.  Get a 30-year fixed and play it safe.
4. Take advantage of concessions.  That means asking the seller to give you credits for closing costs and home warranties.  Remember not to go overboard though otherwise you will be sure to be rejected.
5. Give foreclosures a chance.  While the banks may be exempt from certain legal disclosures, you may find a steal of a deal on foreclosures — plus you will not have to wait around forever unlike short sales.

Here is the full story.

Source: Yahoo! Real Estate

There is a bill which went through the State legislator and is now sitting on the Governor’s desk to be signed which if passed, would protect consumers from predatory mortgage modification counselors.  It is very common practice with attorneys and companies who provide homeowners assistance with modifying the terms of their mortgages to collect up-front fees — this will come to an end with this bill.  The idea behind it is that a consumer should not have to pay for a counselor unless they are able to successfully negotiate the modification — why didn’t we think of this sooner?

As a Realtor, I don’t get paid unless I successfully help a client purchase (or sell) a home.  It makes complete sense.

Read more here.

Source: LA Times

At walkscore.com you can check out how “walkable” your community is based on the distance to amenities and shops around you.  Mine was 49% — car-dependent.  What’s yours?

In a world that is striving to go “green”, maybe you should consider a potential house’s walk score before you buy it?  Save you some trips to the gas pump.