HR 2801: Will Home Ownership Move the Economy ?
The original tax credit was basically a fifteen year, interest free loan. That was replaced by the current $8,000 bribe for first-time home buyers (set to expire at the end of November).
HR 2801 is a doozy. Income limitations would be removed and ANY homebuyer could claim the $7,500/a year for two years credit. It could very well go down as the “Cash for Fixers” bribe this market wants. Call it an upper-middle class neighborhood stabilization plan.
Median Home Price To Increase 8% In 2010
The CCUL expects the median home price to increase by 8% in early 2010 throughout Los Angeles and Orange County. Home sale increases will likely begin with the coastal regions of the state. They expect the state of California as a whole to have a 5% increase in their median price by 2010.
Borrowers Lie for Better Loan Mods, Real Estate Players Say
In his 25 years as a real estate agent, Jim Klinge has seen plenty of borrowers try to work the system, especially in subprime-scourged North San Diego, where he works and lives. Like many in his industry, he says the Obama administration's $75 billion loan modification plan is giving rise to another bout of fraudulent mortgage activity. "With all certainty, it's being gamed," he says.
Economist sees rebound for San Diego real estate market
Lawrence Yun, chief economist for the National Association of Realtors, said the local market is buoyed by a tight housing inventory and federal tax incentives.
Yun was speaking at a lunch event hosted by the San Diego Association of Realtors on Tuesday. Some 700 people attended the event held at the DoubleTree Hotel in Mission Valley. San Diego Mayor Jerry Sanders, as well as representatives of various politicians in town, also attended the event
