December 15, 2009 Governor Paterson announces federal homebuyer tax credit cash advances for eligible borrowers New York State will offer cash advances of up to $8,000 on the federal homebuyer tax credit for borrowers using a State of New York Mortgage Agency (SONYMA) mortgage to purchase a home.
SONYMA's new Tax Credit Advance Loan (TCAL) can be used toward the down payment or closing costs and can be repaid without interest when the homeowner receives their federal homebuyer tax credit. The program will launch on January 1, 2010.
"Today, New York's REALTORS applaud Governor Paterson for his leadership in helping to ease the path to homeownership for our fellow New Yorkers who are striving to achieve the American Dream," said Daniel J. Hartnett, President of the New York State Association of REALTORS. "The Tax Credit Advance Loan will particularly help first-time homebuyers who struggle to save enough money to cover all of New York's highest in the nation up-front costs of purchasing a home. Many will now be able to close that gap by utilizing the federal homebuyer tax credit at the closing table. This is a win for all New Yorkers as a healthy housing market will help lead our economic recovery."
Register for the NYSAR Mid-Winter Business Meetings The NYSAR Mid-Winter Business Meetings will take place at the Desmond Hotel and Conference Center in Albany, NY, February 1-4, 2010. NYSAR members can now register to attend the event, which will feature committee meetings, an inaugural dinner for the 2010 leadership team and the Local Board Leadership Conference.
New York State foreclosure activity decreases more than 8 percent in November According to RealtyTrac's November 2009 U.S. Foreclosure Market Report, New York State ranked number 39 out of all 50 states in the country with a total of 4, 401 foreclosures in November, an 8.26-percent decrease from October.
Foreclosure filings were reported on 306,627 U.S. properties during the month, a decrease of nearly 8 percent from the previous month but still up 18 percent from November 2008.
A quarter of borrowers in anti-foreclosure plan are behind According to government data published by the U.S. Treasury Department, about 25 percent of the 650,000 borrowers helped under the Making Home Affordable foreclosure prevention plan have already fallen behind on their new mortgage payments.
Moving from the trial phase of the program into permanent modification requires borrowers to make three payments and submit documents proving they qualify for the program. However, few of these borrowers make it through, creating a bottleneck effect.
Nine consecutive gains for pending home sales According to the National Association of REALTORS, pending home sales have risen for nine months in a row, a first for the index since its inception in 2001.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
The PHSI in the Northeast surged 19.9 percent to 100.2 in October and is 44.2 percent above a year ago.
Wed, 08 Feb 2012 09:09:12 EST Foreclosure deal has 40 states, but others balk More than 40 states have signed on to a draft deal settling claims of improper mortgage servicing that's aimed at relieving homeowners struggling with loans bigger than their home's value.
Tue, 07 Feb 2012 07:24:56 EST Home repairs: Which jobs come first? Lean times call for budgetary triage. But while you should clearly opt for orthodontics before Disneyland, the choice is tougher when it comes to home maintenance.
Fri, 03 Feb 2012 05:27:41 EST Finally, a foreclosure settlement (Maybe) States have until late Monday to agree to the latest draft deal aimed at relieving homeowners struggling with mortgages bigger than their home's value.
Fri, 03 Feb 2012 05:21:07 EST Mortgage rates hit another new low Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.
Thu, 02 Feb 2012 13:40:28 EST Mortgage probe unveiled as foreclosure talks loom President Obama's latest probe into the mortgage meltdown will have more power than past efforts, and federal officials say it won't derail a possible $20 billion settlement for underwater and foreclosed homeowners.
Thu, 02 Feb 2012 12:35:51 EST Obama proposes new home loan refinancing plan The Obama administration on Wednesday detailed its latest plan to help millions of homeowners refinance their mortgages to today's historically-low rates.
Wed, 01 Feb 2012 14:28:12 EST REITs to avoid Investors are racing into REITs that promise higher yields than equity REITs. But be forewarned, the higher yields of these other types of real estate vehicles come with very real risks.
Wed, 01 Feb 2012 10:18:09 EST Don't rush into REITs You'd think that investors would be leery of companies that own and manage commercial real estate. Vacancy rates remain elevated in office buildings and shopping centers. Except for apartment buildings, rents really haven't grown at all in four years. And given the possibility that the global economy may retrench yet again, things could still get worse before they get better.
Wed, 01 Feb 2012 10:15:22 EST Become your kid's mortgage lender Between slumping prices and low mortgage rates, it's a good time to look for real estate bargains. But thanks to tightened lending standards, legions of young would-be homebuyers aren't exactly in a position to take advantage of the opportunity. That's where their parents come in: One in three first-time buyers received either a gift or a loan from their families to help buy a home in 2011, according to the National Association of Realtors.
Wed, 01 Feb 2012 05:40:57 EST Top 10 turnaround towns Florida's cities were some of the hardest hit by the housing bust, but now they are leading the charge back. Of Realtor.com's top 10 turnaround towns, eight are in the Sunshine State.
Tue, 31 Jan 2012 20:02:43 EST Home prices post steep decline Home prices posted a steep, month-over-month drop in November, falling 1.3%, according to the latest S&P/Case-Shiller 20-city report. Prices fell in 19 of the 20 cities the index covers.
Tue, 31 Jan 2012 17:26:46 EST Obama expands foreclosure prevention program The Obama administration is taking another swing at improving its main foreclosure prevention program.
Mon, 30 Jan 2012 12:09:00 EST The housing recovery that wasn't FORTUNE -- Over the past few months, a spate of good news about the U.S. housing market has led some to think a recovery is finally on the horizon.
Fri, 27 Jan 2012 17:12:39 EST New-home sales hit a record low Just 302,000 new homes were sold in 2011, 6.2% below 2010 and the lowest number of annual sales since the government started tracking home sales in 1963.
Thu, 26 Jan 2012 13:27:31 EST
Unique Realty Company l 7527 Route 23A, Hunter, New York 12442
