Homebuyer Tax Credit Plan Agreed to by U.S. Senate Democrats

Below are the Highlights:

1) It would allow homeowners to qualify for a $6,500 credit if they have lived in their residence for five years. In addition they wouldn’t have to be first-time home buyers.

2) The income limits will go up to individuals earning up to $125, Read more

CAR’s update regarding the Homeowner Affordability and Stability Plan

President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.

The plan contains three main components, and only applies to primary residences. The loans referenced in the plan cannot exceed Freddie Mac/Fannie Mae conforming loan limits. I’ve outlined the plan in greater detail below. Read more

Housing Valuation Analysis

Check out National City’s housing valuation analysis map that gives an overall assessment of home prices in 330 U.S. metro areas.

This is very exciting data showing that most of the country is back in balance in terms of affordability. The interactive map shows home prices in the U.S. by median price and value. The only thing holding buyer’s back is consumer confidence and tight mortgage guidelines for investors.  Read more