Real Estate News

Modifications not a cure-all for distressed homeowners

By Kathleen Lynn/McClatchy-Tribunue News Service

HACKENSACK, N.J. — Eager to get their three children into a well-regarded school system, Yomalis Hilario and Johnny Montero paid $468,000 for a house in Paramus, N.J. in 2006. But they soon found themselves struggling to make the $3,700... Full story

Construction spending rises

By Martin Crutsinger/Associated Press

WASHINGTON — Construction spending in September posted a better-than-expected performance, powered by the largest jump in housing construction in more than six years. The advance spurred hope that the battered housing sector is starting to... Full story

30-year rates below 5 percent

Associated Press

WASHINGTON — Rates for 30-year home loans dipped below 5 percent this week after rising for three straight weeks. The average rate fell to 4.98 percent from 5.03 percent a week earlier, mortgage company Freddie Mac said Thursday. Rates had... Full story

Congress wants homebuyers to get $6,500 tax break

By Stephen Ohlemacher/Associated Press

WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper. First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted... Full story

New home sales drop

Down 3.6 percent as tax incentive comes to an end

By Alan Zibel/Associated Press

WASHINGTON — The number of buyers snapping up new homes dipped unexpectedly last month as the effects of a temporary tax credit for first-time owners started to wear off. The 3.6 percent drop in September's new home sales, reported by the... Full story

Prices rise for third straight month

Home prices rose in August for the third straight month, a rapid pace of recovery that surprised economists and raised questions about how long the trend can last. After a steep three-year descent, home prices rebounded this summer at an annualized... Full story

Short sales are anything but short

By Mary Shanklin/McClatchy-Tribune News Service

For buyers, it's a way to get a bargain. For upside-down homeowners, it's a way to avoid foreclosure. But for pretty much everyone involved, it's not a way to buy a house quickly. Short sales are anything but short. Buyers and sellers often get... Full story

Home sales up 9.4 percent

By Alan Zibel/Associated Press

WASHINGTON — Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires. Sales jumped 9.4 percent to a seasonally adjusted... Full story

Homework essential to buy your first home successfully

ARA Content

Are you considering taking the plunge and buying your first home? If so, you're not alone. Across the country, owning a home still represents the American dream for many, and the opportunity to buy your first home couldn't be better. Declining home... Full story

Lawmakers seek to extend $8,000 tax credit

The Associated Press

Hoping to keep the precarious economic recovery on track, the Senate is considering a plan to extend and expand a stimulus-package provision giving first-time homebuyers an $8,000 federal tax credit. One idea now being discussed is to combine the... Full story