Housing Market Stabilization 'Undeniable': 5 Things to Know

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Through the stimulus package, the government has passed down money to each state to use. The state of Indiana is giving $15,000 for people to by foreclosures. This money can be used for down payment, closing cost, and repairs on the home. You DO NOT need to be a first time buyer!!! I have been in the mortgage industry now for 15 years and this is one of the best programs I have seen. For more info, please visit www.buyerbailout.com

Brian of IN 10:37AM November 10, 2009

I am a Real Estate Student, and I have read tons of clippings, post, blogs, books, and I know for a fact I will be a the next Super star in today's market. I truly believe the road to hell is paved with be-backs. I have done sales before, and there is nothing that can truly prepare you to become a successful agent, except your mind and a successful broker.
The only thing you have is Guts, will, determination, Honesty and the drive to get up and make it happen. it will not come to you.. you have to take it.
You can do it, make a killing..... it's out there waiting..... and it's yours.

Hector Feliciano of DE 11:15PM September 18, 2009

And yet, people are still not getting job's and being foreclosed on everyday out here. The banks are getting A stock pile of houses and We are getting the boot. I don't think this short fixes are going to help in the long run. "We the people" want to earn our way but we cant if we cant get a JOB to do so and if everything on the shelf at the stores are made in another country how the h...e double tooth pick are we going to !DO IT?!

PAMIAM of IN 12:45PM September 14, 2009

Pending sales has nothing to do with making an offer. A pending sale is when both the buyer and seller agree to what terms will constitute a transaction. That written and signed agreement is then given to an escrow or title company (depneds on what state) to procure appraisal, inspection, and proper financing. If the sale is a cash one, or owner contract, the sale is still not pending until all parties agree on terms.
You can make offers all day long, but until there is agreement, there is no pending sale. So much can happen between the time that the sale is pending and the time it actually closes, that you just can't count on it closing until it actually does. Hope that helps.

Deb Bauer of OR 5:37PM September 08, 2009

1 - Lower prices, cheap mortgage rates: Saying prices are low in relation to the insanity of 05-06 does not mean they are affordable or reasonable, especially when they are being propped up with an 8k tax incentive. In addition, when mortgage rates go up, home prices will go down. I would much rather buy a home with a higher interest rate and lower purchase price. Interest rates can vary, principal is forever.
2 - $8,000 tax credit:It will end, prices will go down. Those who used it as their down payment (Scott of VA - "I'm at the edge of buying my first place. Looking but I've got no money down to put on a house.") will be underwater.
3 - Looming expiration: Better buy now or be priced out forever! This is shill drivel.
4 - Additional supply?: The ALT-A wave will be flooding the market. This is the only accurate statement in the blog... if they replaced the question mark with a period.
5 - 'Undeniable' stabilization - this is bogus. Stabilization will come only when the market can sustain itself without prop-ups from the government and unemployment corrects itself.
And I love how the NAR uses 'pending sales' as if they were actual sales. Wouldn't it be nice if they had to use actual sales numbers and jump into reality? Of course there are going to be more 'pending sales' as Realtors are scaring people with the tax credit expiration and saying 'just make an offer'. Even if there is no chance it will be accepted, the NAR will add that baby to their 'pending sales report.'

Simon of CA 1:43PM September 03, 2009

Has anyone heard anything about this. I'll be ready in 2010 to buy a place but not by the closing time of December 1st for the tax credit. I have a feeling that if things keep on going up in the house market (Although not like it was 2 years ago) They won't extend the tax credit. I won't have a real incentive to buy otherwise and take my time saving money. Which is the only reason why I'm not looking now.
I've heard that if the tax credit ends there housing slump will stay the same. No incentive for people to buy. Just like the cash for clunkers...One the money is dried up people who needed a car bought one and sales will suffer because no one needs to buy a car.
So Any new????????

Scott of VA 9:12AM September 03, 2009

I'm at the edge of buying my first place. Looking but I've got no money down to put on a house. I've been told I need at least 3 grand to be serious. Can the tax credit be used for all this? At this point in time I seriously doubt I'll make the cut off to get the tax credit. Without it I'm more than likely continue renting and stay out of the market.
So any news on the tax credit being continued into next year? Do I have hope (As Obama says) Or is it Hope floats down the toilet???

Scott of VA 9:11AM September 03, 2009

extend the credit best thing to do but those moron rather work on other asinine things.

bart of KS 1:25AM September 03, 2009

Would it "unstabilize" just as quickly if government was not providing most of the mortgage money?
We had a big bubble in prices because Wall Street fooled the world with the "value" of mortgage-backed bonds as investments. When that blew up and the lending spigot shut off, government picked up the slack with government buying new loans in bundles.
Anyone else want to loan money for thirty years below six percent---to people who may get laid off next year? Should government really be doing it?

Muser of NM 5:24PM September 02, 2009