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News you can use November 3, 2009 -- Congress is voting this week to continue the $8000 tax credit for first-time buyers and those who haven't owned a house for at least 3 years until April (settlements by the end of June). We do not have full details yet..Here's the cool deal! The legislation also expands the terms to give a $6500 credit to those move-up buyers who have owned a house for at least 5 years. November 4, 2009 -- Rates for conventional and FHA loans are about 4.875% with 1 discount point. March 2, 2009 -- Washington Post -- by Robert J. Samuelson, Op-Ed Columnist. "Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970." |
NELLIE ARRINGTON, CRS |
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