What’s New for February

By Rob Morel on February 4, 2009

There is a lot of uncertainty right now about the real estate market, the lending market, and the general state of our economy. Everywhere I go people have the same questions: Is it a good time to buy? Should I refinance? Can I qualify for a loan? Are interest rates going to increase or decrease? I have selected some articles that hopefully can answer some of your questions but because everyone is different and has a unique situation, please feel free to call or email me with your questions.

Most recently the House of Representatives passed President Obamas economic stimulus package of $819 billion dollars. This bill also needs to be approved by the senate and then needs presidential approval but there are some good features for the housing market in the bill, namely a $7,500 tax credit for first time home buyers. Originally this was a loan that had to be paid back but as the bill now stands, it would be a free credit to homebuyers. This article explains more about it: http://money.cnn.com/2009/01/29/real_estate/tax_credit_near/index.htm?postversion=2009012907

Also if you want to read more about the stimulus bill and its provisions I found this article helpful: http://online.wsj.com/article/SB123315486943524321.html

Finally, this is a good short article about mortgages if you’re planning on assuming a new loan or thinking about refinancing: http://www.businessweek.com/lifestyle/content/dec2008/bw20081230_361031.htm

I’d be happy to hear what you think about any of these articles.