 |
What the Housing and Economic Recovery Act of 2008 Means for You
Good news has made its way into the real estate arena this summer -- in the form of the Housing and Economic Recovery Act of 2008. What does this Act mean for you?
It means a lot if you are in the market to be a first time homebuyer -- up to a $7,500 tax credit if you purchase before July 1, 2009. And there's more good news. First time homebuyers is defined as, "a buyer who has not owned a principal residence during the three-year period prior to the purchase."
This means for all those markets that have started to stabilize, now could be a
|
|
|
|
great time to buy.
Let's take a closer look at just what this new incentive entails.
In order to receive the tax credit you must have purchased your home -- single-family detached, townhouses and
|
|
|
|
Moving Away From Heavy Gasoline Use
You may have to move to get away from the high cost of gasoline.
Well, you really can't get away from the high cost but a move could help you use less gas.
That is, if you move to a transit oriented development (TOD).
If your next home is in a TOD community, your housing choice could help defray the cost of gasoline by lowering demand and dependency on its use while easing the environmental impact of burning fossil fuels and sprawl.
With a gallon of gasoline around the $3.75 mark -- up more than a buck from a year ago nationwide -- a group of organizations say housing affordability isn't only a measure of what portion of your income you shell out for the mortgage and related costs, but also the cost of transportation to and from work, school, worship, shopping, medical care and the host of other destinations you regularly visit.
Simply put, the nearer you live to those destinations or the more
|
|
|
|
New Fed Rules To Prevent Future Runs on Bad Loans
Paramount in new federal regulations approved to foster more responsible mortgage lending, are the implications for consumers shopping for a home loan.
The Federal Reserve Board's new rule amends the "Truth In Lending Act," Regulation Z under the "Home Ownership and Equity Protection Act (HOEPA)".
HOEPA was originally passed in 1994 to target abusive practices in home equity lending. The Fed's new move extends protections to home purchase loans.
Critics complain the rule is long over due because unfair, abusive and deceptive home mortgage lending practices get much of the blame for the current housing crisis that has already put millions of properties in foreclosure and former owners on the street.
Also, most lenders long ago curtailed many of the practices now forbidden by the new regulations, critics say. The horse is already out of the barn, so to speak, and the new regulations will do little to corral the market's downward stampede.
However, the new rules should help prevent future runs on bad loans by helping remove them from the market. Perhaps more important, key provisions in the new rules will give consumers cause to pause before shopping for a
|
|
|
|
|
Financially secured
Real Estate has always been a solid and effective tool to strengthen any financial portfolio.
Call us for a counseling session: (954) 349-6284
Daily News and Advice
Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
|
More Articles
|
|
|
