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Federal Reserve Keeping Key Interest Rates Low
The Federal Reserve announced Wednesday that it is keeping its key interest rate at or near zero and will continue to do so as long as the economy remains weak. Analysts predicted that the Fed would leave interest rates low for at least six more months. The Fed said that it would continue its program to buy $1.25 trillion worth of mortgage-backed securities by the end of March, a sign that it intends... [Read more]
The Homebuyer Tax Credit is Extended and Expanded
The bill signed into law today by President Obama, extends an $8,000 first-time home buyers’ tax credit that was set to expire at the end of this month. The credit will apply to all house contracts entered into before April 30, 2010, and closed by June 30. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for... [Read more]
FHA Delays Implementing Rules for Condo Loans
The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA. Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for... [Read more]
House Approves Home Tax Credit
WASHINGTON (MarketWatch) — The House of Representatives on Thursday approved an extension of jobless benefits and a tax credit for home buyers, sending the measure to President Barack Obama for signature. The bill, approved unanimously by the Senate late Wednesday, extends unemployment benefits for up to 20 weeks. It also keeps a first-time home buyer tax credit alive until next spring, and expands... [Read more]
Single Life Rules in the Big Apple
The majority of Manhattan residents—50.3 percent—live alone, according to the latest U.S. Census Bureau statistics. New York first passed the 50 percent mark in 2007. High-paying jobs, the expense of raising a family, longer-lived widows and widowers, and an appreciation of the single lifestyle are the factors making Manhattan a singles community, says William Helmreich, deputy chairman of City... [Read more]
Senate Approves Tax Credit Extension, Expansion
The Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000. The legislation was included in a bill to extend unemployment benefits and is expected to be passed by the House today or tomorrow.... [Read more]
Facts Getting Lost in FHA Safety Debate
“Nobody has asked to come in and look at our balance sheet, to go through our finances, which I’ve offered to everybody.”—FHA Commissioner David Stevens News reports raising concerns that FHA might be the next major financial institution requiring a government infusion are based on misinformed comparisons with what happened in the subprime market, FHA Commissioner David Stevens said in an exclusive... [Read more]
Refinancing Fuels Loan Activity
Loan applications rose 8.2 percent last week on a seasonally adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey. Most of the increase was in refinances, which rose 14.5 percent, while purchases decreased 1.8 percent. On an unadjusted basis, the purchase index decreased 3 percent compared with the previous week and was down 3.4 percent compared... [Read more]
MIT Index Says Commercial Prices On the Rise
Prices of commercial real estate in which there are large numbers of major investors rose 4.4 percent in the third quarter, according to the MIT Center for Real Estate’s transaction-based index. This is the first increase in more than a year and the largest since the market slowed in mid-2007. Observers see this as a harbinger of better times in the troubled commercial space. “One quarter does... [Read more]
Treasury Secretary Confident in Recovery
U.S. Treasury Secretary Timothy Geithner reassured an audience of businesspeople last week that the troubled commercial real estate sector wouldn’t severely damage the rest of the economy. “I think the economy can handle it,” Geithner said. Geithner described the economy in the third quarter as “broad and strong” and concluded, “I think you can say with confidence that the financial system... [Read more]

Elliott Robinson
Elliott Robinson, Esq. combines sound marketing principles and his legal acumen when helping clients purchase and sell real estate.