Real Estate Outlook: Consumer Confidence Rising
by Kenneth R. Harney
If rising sales, rising consumer confidence, and rising new construction are keys to a rebound ahead in the home real estate market, it looks like we're well into recovery mode.
That's because this week, all three of those important indicators are strongly positive. On top of that, we've got low mortgage interest rates…and an eight thousand dollar home buyer tax credit - working as well.
Take consumer confidence if you really want proof: After six months in the doldrums, consumers' attitudes about the national economy and their own personal financial situations took a major jump to the positive side in the past month.
The Conference Board's national Consumer Confidence index soared to its highest level in eight months, up 14 points in the span of just 30 days. That's crucial for future home buying and selling behavior because when people are worried about their economic futures, they stay on the sidelines.
Lynn Franco, director of the Conference Board's research center, said the latest numbers show that consumers are now considerably more optimistic about everything from jobs to their own finances - more so than they've been for most of this recession.
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| Mortgage Rates |
| 30 Year Fixed: 4.91% |
| 15 Year Fixed: 4.53% |
| 1 Year Adj: 4.69% |
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Green Remodeling Gets 'Not So Big' Approach
by Broderick Perkins
A decade ago, architect and "Not So Big" life style visionary Sarah Susanka started up the road to gurudom with a blueprint for living that extolled the values of living responsibly, sustainably and meaningfully.
She was ahead of her time.
Susanka nearly single-handedly, revolutionized the way people think about living spaces while prompting others to trade in the bigger-is-better approach for a livability-is-larger mantra.
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Cheap Tricks for Cool Kitchens: These improvements won't break the bank
By Tom Kraeutler
If home is where the heart is, then kitchens are clearly one of the vital organs that convert a house into a home. So it is no surprise that kitchens are among the most popular remodeling projects tackled each year.
Not only does updating your kitchen breathe new life into your home, it adds value to it should you decide to sell.
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HUD: Tax Credit Can Be Used on Closing Costs
Daily Real Estate News
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.
Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.
The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning.
Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.
There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.
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