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Will the Administration Bring Back the Homebuyer Tax Credit?

3 September 2010, 3:25 pm

Will the Administration Bring Back the Homebuyer Tax Credit?

There’s been a buzz lately about a possible comeback of the federal homebuyers tax credit.  DSNews.com reported on the topic recently:

The National Association of Realtors (NAR) reported last week that sales of previously owned homes plummeted 27 percent in July, hitting their lowest mark in 15 years. New home sales also took a dive, dropping nearly 13 percent from June to July.

Both reports were clear indications of the frailty of the housing market post-stimulus. Although, the steep declines were actually considered a by-product of the tax credits themselves, which expired on April 30 – payback for the incentives that pulled sales forward into the spring months.

HUD Secretary Shaun Donovan said on CNN’s “State of the Union” program this weekend, “The July numbers were worse than we expected, worse than the general market expected, and we are concerned. That’s why we are taking additional steps to move forward.”

Donovan said it was too early to say for sure, after only one month’s numbers, whether the administration would revive its popular homebuyer tax credits to give the housing markets another much-needed boost, but he didn’t wholly rule it out as an option…

Please go to DSNews.com to read the article in full.

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Orange International Street Fair

2 September 2010, 3:10 pm

Orange International Street Fair

Every Labor Day weekend for the past three decades, the Orange International Street Fair (OISF) in downtown Orange has been the place where friends, families and neighbors get together to experience a wide variety of food, music, crafts, and dance from cultures and ethnicities throughout the world.

And if you’re a Anaheim Ducks fan, the Ducks street team will have a booth at the fair all three days and will be giving away free Ducks merchandise.

Dates and hours of the Street Fair this year are:
Friday, September 3:   5:00 pm – 10:00 pm
Saturday & Sunday, September 4 & 5:  10:00 am - 10:00 pm

For more information, visit the OISF website at www.orangestreetfair.org.  Information is from the City of Orange’s website.

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Mortgage Rates…The Descent Continues

2 September 2010, 2:12 pm

Mortgage Rates…The Descent Continues

Mortgage interest rates are already at their lowest level in decades, and this week, they headed even lower. The descent was prompted largely by fears that another housing downturn could hamper the economic recovery, after July’s home sales took a deeper plunge than expected.

Long-term mortgage rates have dropped to new record lows for nine weeks out of the last 10, according to Freddie Mac. This week, the GSE reports that the average rate for a 30-year fixed-rate mortgage (FRM) came in at 4.36 percent (0.7 point), down from 4.42 percent last week.

Rates for 15-year FRMs are now averaging 3.86 percent (0.6 point) in Freddie’s study. That’s down from last week’s average of 3.90 percent.

Adjustable-rate mortgages (ARMs), too, are treading extremely low. Freddie Mac says the 5-year ARM remained tied at its low for the survey at 3.56 percent (0.6 point). One-year ARMs dropped from 3.53 percent last week to 3.52 percent (0.7 point).

Amy Crews Cutts, deputy chief economist at Freddie Mac, explained, “Existing home sales plunged 27 percent in July, while new homes fell 12 percent to a new all-time record low, which led to some market concerns that the housing market may slow the economic recovery. As a result, long-term bond yields fell to the lowest levels since January 2009, allowing fixed mortgage rates to ease to new record lows this week.”

A separate study by Bankrate, which is based on data provided by the top 10 banks and thrifts in the top 10 U.S. markets, also found that mortgage rates across the board sank lower this week.

The tracking company reports that the average conforming 30-year fixed mortgage rate is now at 4.59 percent (0.38 point), down from 4.63 percent last week. The average 15-year fixed mortgage retreated to 4.08 percent (0.40 point) from 4.11 percent the week prior.

Bankrate says the larger jumbo 30-year fixed rate slipped to a new record low of 5.22 percent, while rates on 5-year ARMs inched down to 3.85 percent (avg. points: 0.31).

Bankrate said in its report that concerns over economic growth and deflation are the two catalysts behind the notable declines in mortgage rates since spring.

“From a refinancing or home purchase standpoint, fixed mortgage rates offer very affordable payments,” the company said, however, “Would-be borrowers are still reluctant given the weak job market, lack of home equity, and higher down payment requirements.”

This article is from DSNews.com.

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IN ESCROW — 2525 Ocean Blvd, H6 Corona del Mar

1 September 2010, 3:00 pm

IN ESCROW — – 2525 Ocean Blvd, H6, is a beautiful condo in the Channel Reef community with 2-beds/2-baths.  H6 is located on the top level, a penthouse premium corner location directly on the waterfront in Corona del Mar.  This updated and remodeled condo is nestled directly on the Newport Harbor with views of the harbor, peninsula, ocean, and Catalina Island.  Upgrades throughout the condo include: granite counters, custom built-ins, fireplace, and more.  It is currently configured as a 1-bed and office condo.  This exclusive Channel Reef community offers owners a heated saltwater pool & spa and boat docks.
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