Rich | Shared With: Everyone - 10 days ago | the, business, real estate, housing
The worry is that, just like the cash for clunkers program, we're attracting all first-time buyers to buy now to buoy the health of the market, but that will reduce the amount of first-time buyers down the road, which could again hurt the market.
Quoted: Thanks in part to an $8,000 tax credit, first-time buyers accounted for a record 47 percent of all home purchases this year, according to the National Association of Realtors.
Rich | Shared With: Everyone - 10 days ago | the, mortgage, business, real estate, housing
Quoted: The problems started after mortgage giants Freddie Mac and Fannie Mae decided to take steps earlier this year to limit exposure in what it viewed as a risky lending segment that’s been loaded with foreclosures, Sachenbacher says.
As a result, the two biggest insurers of mortgage loans now require 70% of a condo property’s units to be sold, up from 51% less than a year ago, before it will insure or buy the loan, thereby allowing it to be sold on the secondary market.
Rich | Shared With: Everyone - 10 days ago | business, real estate, economy, housing
Rich | Shared With: Everyone - 12 days ago | the, business, wine, awards
Rich | Shared With: Everyone - 18 days ago | the, housing, business, real estate, seattle, seattle real estate, distressed properties
Quoted: According to RealtyTrac, an online foreclosure database, 6,495 properties entered some stage of foreclosure in the Seattle-Tacoma-Bellevue region in the third quarter of this year. That translates into a 38 percent increase from a year ago, putting the region 95th out of 203 metro areas that RealtyTrac gauges.
Rich | Shared With: Everyone - 19 days ago | the, housing, business, real estate, economy
Rich | Shared With: Everyone - 20 days ago | the, business, news
Rich | Shared With: Everyone - 27 days ago | business, real estate, seattle, seattle real estate, housing, tax credit
Quoted: The $8,000 first-time home buyer tax credit, which helped home sales rebound this year, was scheduled to expire Nov. 30. The legislation extends it to homes that are under contract by April 30, 2010, and creates a new $6,500 tax credit for owners of existing homes who buy a new principal residence. To take advantage of this credit, buyers must have lived in their old house for at least five of the past eight years.
Rich | Shared With: Everyone - 27 days ago | the, business, housing, real estate, seattle, seattle real estate
Rich | Shared With: Everyone - Nov 02 2009 | the, business, economy, banks, lending, mortgage
CIT did a lot of lending during the heydey of the market, but their presence up here in the PNW was limited.
Tough news to swallow for a company that is over 100 years old.
Quoted: The bankruptcy of CIT is likely to hand the Treasury Department its biggest loss to date under the Troubled Asset Relief Program. It invested $2.3 billion in CIT last December.
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