Today is the closing deadline for home buyers to get their $8000 tax credit if they're first timers and $6500 if they're repeat buyers. This is if they signed contracts by April 30th. Previous efforts to extend the deadline failed, but a new move is afoot that may just have the backing.
They saw a housing boom, they saw a recession, and yet the Canadian housing market is still cooking with gas. Why? Fundamental differences in Canadian banking, borrowing and home buying.
Today we begin a series on CNBC called The Housing Fix. To be honest, it grew out of our need to look at the biggest elephant in the home today: Fannie Mae and Freddie Mac.
The proposal was simple and necessary: Extend the closing date for the home buyer tax credit from June 30th to September 30th — not the tax credit itself, which required buyers to sign a contract by April 30th, just the closing date.
An announcement from government-owned mortgage giant Fannie Mae warns: "Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure."
An announcement from government-owned mortgage giant Fannie Mae warns: "Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure."
I had a chance today to sit down this morning with the CEO of online real estate brokerage Redfin, Glenn Kelman, who is one of the few people actually making money in the housing market these days.
Today's report showed a drop of 2.2 percent in existing home sales, leading us to believe that this last government stimulus really didn't do the trick.
Is the U.S. Department of Housing and Urban Development's new "Monthly Housing Scorecard," released this morning, really a true assessment of all the administration's work this year, and the current grade level of the housing recovery?
Who knew you needed flood insurance in Bergen County, NJ - located on a 100 year flood plain - to get a mortgage? Andrea Mantia, a producer on CNBC's Street Signs, knows it now all too well.
