Real Estate

Real Estate - Top Reasons why People Move

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[Best Syndication News] According to data collected by the US Census, they found out common reasons why people moved. Here are a few of the reasons people said they move from their home and move into another new home.

According to the National Association of Realtor website, There was 13.5 percent that said the reason they moved were for other family reasons. 10.8 percent said that they moved because they wanted to have their own household. New job or a new job transfer was given as the reason for relocation to a new residence for 8.6 percent surveyed. There was 6.5 percent that moved to be closer to their workplace. There was 5.8 percent that moved because they had a change in marital status and another 5.8 percent said that they wanted to own a home and not rent anymore. There was 3.8 percent that said the reason for moving was for other job related reasons. There was 2.4 percent said they moved to either look for work or because they lost their jobs. There was one-half a percent that said they moved because they retired.

Government Home Loan Modification Program - Free Event in San Bernardino

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[Best Syndication News] Obama's government home loan modification program is hosting a free event in San Bernardino, California, at the National Orange Show Events Center on May 14th and May 15th. This event will run from 1 p.m. to 7:30 p.m. on Friday, and 9 a.m. To 3 p.m. on Saturday. Parking will be complimentary and there is no cost to attend the event.

The Help For Homeowners Community Event will make it possible for homeowners that are struggling to make their monthly mortgage payments to talk with lenders in person. There also will be HUD approved housing counselors at the event to help determine if a homeowner can qualify for a home loan modification.

Federal Housing Tax Credit may be why New Home sales up 27 Percent last Month

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[Best Syndication News] There has been a boom in new housing sales, with an increase by 27 percent last month. This might be related to the Federal Housing Tax Credit for first-time home buyers and repeat home buyers which is going to expire at the end of April.

The Commerce Department US Census Bureau announced that permits for new housing units increased 7.5 percent for the month of March. Permits have increased 37.6 percent and housing starts have improved 30.7 percent since last April of 2009.

The increase in home sales might be attributed to the federal tax credits being offered that are going to come to an end this month. The federal home buyer tax credit incentive is offering an $8,000 credit for first-time home buyers, and a $6,500 credit for current homeowners that purchase and relocate to the new home.

You have until April 30th to enter into a binding contract to purchase the home and you have to have the transaction complete by June 30th, 2010. There are income restrictions depending on when you purchase the home. Homes that are priced above $800,000 are not eligible for the tax credit. You also cannot take the tax credit if you purchased the home from a relative.

Bank of America Home Loans extending Principal Forgiveness to help Avoid Foreclosure

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[Best Syndication News] Bank of America announced that they will put a priority of principal forgiveness ahead of adjusting interest rates of mortgages that they currently hold that are subprime, Pay-Option, and prime two-year mortgage loans which qualify for the National Homeownership Retention Program (NHRP).

They mortgage principal forgiveness is aimed at modifying mortgages that are severely underwater the company says. They are hoping that customers will be able to retain home ownership with this program and the government's Home Affordable Modification Program (HAMP).

Currently Bank of America is offering the NHRP program in 44 states and the District of Columbia. The NHRP program was launched in 2008. The company got the state's attorney generals to work with them on people that had borrowed via Countrywide mortgages that were adjustable rate mortgages (ARMs). Bank of America acquired Countrywide in July of 2008 after it became troubled.

Housing Prices on the Rise in Southern California

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Best Syndication News

[Best Syndication News] Housing Prices increased by 10 percent in Southern California. There still is plenty of foreclosures but there is less of them now, which could be part of the reason for the rise in housing prices. February home sales increased from the previous year and the median price that was paid for a house also went up compared to the year before, according to MDA DataQuick.

In Los Angeles, Riverside, San Diego, Ventura, San Bernardino and Orange counties there was a total of 15,359 homes sold in February. This stayed almost the same quantity compared to the month of January. The average going back to 1988 is 17,983 homes sold so there still is a lag in housing sale for the area.

Low priced foreclosed properties still are happening but the report says that they are not as big as a year ago.

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