Recovery Act’s Homebuyer tax credit can immediately help thousands of first-time home buyers to buy a home
May 29, 2009 by Tamara Sevigny, Customer Care Director
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Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. For the full article: http://portal.hud.gov/portal/page?_pageid=73,8026894&_dad=portal&_schema=PORTAL

Homes Most Affordable in 2 Decades
May 19, 2009 by Tamara Sevigny, Customer Care Director
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U.S. home prices are their most affordable in 18 years, according to a report released Monday. Nearly 73% of all homes sold in the United States during the first three months of 2009 were considered affordable. That was the highest percentage ever reported by the 18-year-old Housing Opportunity Index, an analysis of markets compiled quarterly by the National Association of Homebuilders and Wells Fargo Bank. To be deemed affordable, a family making the median national income of $64,000 must be able to buy the property and devote no more than 28% of their income toward housing costs. Plummeting home prices were primarily responsible for sending affordability soaring from just over 60% in last three months of 2008 to 72.5% in the first quarter of 2009. Sinking interest rates also contributed to affordability. A 30-year fixed mortgage averaged less than 5% during much of the quarter, according to mortgage giant Freddie Mac. To read the full article: http://money.cnn.com/2009/05/18/real_estate/most_affordable_cities/index.htm?postversion=2009051907