First-Time Home Buyer Show Sets Records
HGTV says its “First-Time Home Buyers’ Hour,” which airs Monday through Friday from 8 p.m. to 9 p.m. is breaking ratings records. The show posted a 33 percent ratings increase in the key 18- to 49-year-old segment during October. The network attributed the rush of ratings to the first-time home buyer’s credit, which has brought younger viewers to the network. “In this evolving housing market, HGTV will continue to offer first-time home buyers the relevant information and insights they need to prepare for the real estate plunge,” said Jim Samples, president of HGTV. Source: HGTV (10/05/2009) ——————– Elliott Robinso

Federal Reserve Keeping Key Interest Rates Low
The Federal Reserve announced Wednesday that it is keeping its key interest rate at or near zero and will continue to do so as long as the economy remains weak. Analysts predicted that the Fed would leave interest rates low for at least six more months. The Fed said that it would continue its program to buy $1.25 trillion worth of mortgage-backed securities by the end of March, a sign that it intends to continue to drive down the cost of mortgage loans. Source: The New York Times (11/5/2009) ——————– Elliott Robinson, JD – Associate Broker Keller Williams Realty Metro Atlanta 315 West Ponce de Leon Ave., Ste. 100 Deca

The Homebuyer Tax Credit is Extended and Expanded
The bill signed into law today by President Obama, extends an $8,000 first-time home buyers’ tax credit that was set to expire at the end of this month. The credit will apply to all house contracts entered into before April 30, 2010, and closed by June 30.  The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days. Purchases Covered The $8,000 credit for first-time homebuyers has been retained.  The law also creates a new $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time.  The plan a

FHA Delays Implementing Rules for Condo Loans
The Federal Housing Administration says it will implement a new approval process for condo financing on Dec. 7 – the second time the deadlines have been pushed back. The delay also brings a relaxation of new rules, according to the Mortgage Bankers Association, which has been negotiating with FHA. Under the latest iteration of the rules, 50 percent of units in a condo project will be eligible for FHA funding and up to 100 percent will be eligible in “well-established” projects with a minimum of 10 percent reserves. Half of the units will have to be sold to owner-occupants before FHA will back any loans. In an important move, FHA said it wouldn’t require the rece

House Approves Home Tax Credit
WASHINGTON (MarketWatch) — The House of Representatives on Thursday approved an extension of jobless benefits and a tax credit for home buyers, sending the measure to President Barack Obama for signature. The bill, approved unanimously by the Senate late Wednesday, extends unemployment benefits for up to 20 weeks. It also keeps a first-time home buyer tax credit alive until next spring, and expands it to include some people who already own a house. The vote was 403 to 12. The bill extends jobless benefits in all states for 14 weeks, and for up to 20 weeks in states where the unemployment rate is above 8.5%. Obama may sign the bill as early as Frid