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Recently Published: Federal HomeBuyers Tax Credit Extension The U.S. House has passed a bill giving home buyers an extra three months to complete their purchases and still qualify for a generous tax credit.The Senate is working to reach an agreement with Republicans to pass the House-passed homebuyer tax credit closing date extension early as today. Who's Lending Now Signaling that big banks are healthier and no longer need extraordinary lending practices. Many of the large banks have surplus capital now and can self fund as necessary. Other big banks, responsible for 60% of all mortgage loans before the crises, cant be far behind. Commercial Property: Money Becoming Available Lenders may be beginning to open up as they see some signs of an economy that is stabilizing. Data released by the Mortgage Bankers Association (MBA) notes commercial and multifamily mortgage originations rose 12%. read more... REITs: The Other Big Lenders REITs have more than raised $40 billion dollars of new money in 2009 and so are in a better position to refinance as credit markets thaw. They will be a solid option for owners, as the banks still hold back until their balance sheets are stronger. Today, banks have little appetite for risk, especially real estate related risk. read more... Banks 2010: The Regulatory Angle The lending industry is crucial to a strong housing recovery. Regardless of demand and price, any housing recovery will have to depend on lenders providing credit to buyers. What kind of shape are they in looking forward. Their willingness to loan is crucial to a healthy recovery. Banks in 2010: The Commercial Real Estate Angle Can we count on bankers this coming year to start to lift the lid on credit. Its clear we are in recovery. But the strength if the recovery will depend largely on the banks willingness to accept risk and make loans. FHA and Fannie Mae Propose Rule Change Because of ongoing weakness in the real estate sector, the institutions that have filled the vacuum left by lenders, have run into trouble... they need to change the rules. read more.. NAR: Existing Home Sales Report The sales pace for resale homes rose for the third straight month in November climbing 44.1% compared to the same month last year. Buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors. Obama Extends the Home Buyers Tax Credit The home buyers' tax credit has been extended to April 30, 2010. Obama approved the extension as part of a $24 billion economic stimulus bill. NAR Report Third Quarter This same story has been playing our for quite a while now. The trend towards lower prices will probably continue even as the recession winds down. Read More...
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