Housing bill promises relief

Reprinted from Daily Real Estate News July 30, 2008

"President George W. Bush signed into law a bipartisan housing stimulus bill Wednesday that is expected to bring greater stability to housing markets nationwide. The bill, strongly supported by the NATIONAL ASSOCIATION OF REALTORS®, will help some 400,000 home owners refinance into affordable, government backed loans and offer a temporary first-time home buyer tax credit, which is expected to serve as an attractive incentive to buyers and help reduce high inventories of unsold homes."

"The temporary first-time home buyer tax credit would offer $7,500 for the purchase of any home and an be used for purchases between April 9, 2008, and July 1, 2009."

"The bill — H.R. 3221, the Housing and Economic Recovery Act of 2008 — also includes reform of Fannie Mae and Freddie Mac, FHA Modernization and permanent increases in conforming and FHA loan limits."

This weekend's Open House

This Saturday and Sunday from 1-4PM I will be holding Open an Alki-area home originally built in 1909. It comes complete with a hidden staircase leading to a finished basement! The address is 5615 SW Winthrop St. and it is listed by my Prudential colleagues George Butterfield and Chris Koelling for $684,000. Tastefully remodeled, the home retains its original charm and is cozily ensconced in a beautifully landscaped setting. 2350 sq. ft. includes 3 bedrooms, 2.25 baths, updated kitchen, view deck off Master and more. Level access from the paved alley in back through 2-car garage. Come by and take a look for yourself.

Current loan rates

Here's a quick commentary of loan rate activity for this past week:

"Rates have been relatively flat all week, with the promise of getting better on Friday and Monday. Every day, new economic data is released, and the rates respond accordingly. However, the news has fluctuated so drastically between positive and negative, that we have not seen a steady increase or decrease in interest rates. It is an odd time in the market, and getting tougher and tougher to decipher what will happen with rates. I will do the best I can to keep you informed. Have a great weekend if you know of anyone who may be in need of my services, please call my cell at 425-418-5103."

Troy Chambers
Loan Officer
Arboretum Mortgage
Phone: 206-720-6628
Fax: 206-860-9340
troy@arboretummortgage.com

Click here to see a table of current loan rates.

Will elections affect the housing market?

A recent survey conducted by Harris Interactive on behalf of Move Inc. shows that 44 percent of home buyers expect Inauguration Day in January of 2009 to spur improvements in the housing market . . . no matter who is elected.

Even so, as many as 81 percent of home buyers are still nervous about the current housing market. 28% of respondents say their concerns center around having enough cash for a down payment, 20% fear their income is insufficient, 26% cite doubts about the national economy and 31% are fret over high home prices in general. Nevertheless, the desire to own a home is still strong, with 80% of all renters stating their intention to buy a home someday. 47% of those intend to purchase within 5 years.