A Community For Massachusetts Home Buyers And Homeowners

Rich Rosa's Blog (34)

President Set To Sign Home Buyer Tax Credit Extension

With the expiration of the first-time home buyer $8,000 tax credit set to expire in less than a month, the U.S. House of Representatives voted 403-12 yesterday to extend and expand the tax credit to include many buyers who already own homes. The U.S. Senate approved the measure Wednesday, and the White House said the President would sign the bill today. Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers, defin… Continue

Added by Rich Rosa on November 6, 2009 at 9:57am — No Comments

Is Less Better For Down Payments?

Apparently home buyers who have larger down payments for purchasing a home are paying higher interest rates. Read The New York Times Article Continue

Added by Rich Rosa on September 26, 2009 at 6:30pm — 1 Comment

Massachusetts Home Sales Jump 12 Percent In July

Massachusetts home sales fell every month in 2009. The decline ended in July. Massachusetts home sales jumped nearly 12 percent in July 2009 compared to July 2008, and the decline in median home prices shrunk, The Warren Group, a publisher of real estate data, reported August 25, 2009. Single-family home sales jumped 11.8 percent to 4,977 from 4,453 in July 2008. It was the first increase in monthly home sales on a year-over-year basis in 2009. Year-to-date single-family home sales have declin… Continue

Added by Rich Rosa on August 29, 2009 at 8:30pm — No Comments

Could You Live In Only 144 Square Feet?

A Yale graduate student has built a 144-square-foot home on wheels to live in while she pursues her Master's Degree at the Yale School of Forestry & Environmental Studies. The home presently is parked at the home of "a benevolent New Haven citizen." "The 8.5-foot-by-18.5-foot house includes a sleeping loft, kitchenette, and combined living area and study. (That same benevolent citizen lets her use a bathroom in the main house, though Turnbull might one day add a composting toilet.)," The B… Continue

Added by Rich Rosa on May 22, 2009 at 11:06pm — No Comments

U.S. Existing Home Sales Decline

Existing-home sales, including single-family, townhomes, condominiums and co-ops, declined 3 percent to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1 percent lower than the 4.92 million-unit pace in March 2008. Although prices rose from February to March, the national median existing-home price for all housing types was $175,200, down 12.4 percent from March 2008. The price increase from February to Mar… Continue

Added by Rich Rosa on April 28, 2009 at 4:47pm — No Comments

Massachusetts Asbestos Prevention and Eco-friendly Alternatives

Due to the state’s 400 year old existence, there are hundreds of businesses and homes in Massachusetts that have utilized asbestos-containing materials. Asbestos became a prominent building material in construction around 160 years ago. Asbestos use became widespread throughout the 20th century as a form of insulation, piping, brake lining and flooring because of its fire resistant and versatile qualities.

Although many buildings have undergone renovations and have had asbestos depos… Continue

Added by Rich Rosa on April 16, 2009 at 11:06pm — No Comments

What's Up With Fannie and Freddie?

Mortgage interest rates might be low, but some consumers will be looking at increased fees on home loans starting April 1, 2009,

… Continue

Added by Rich Rosa on March 3, 2009 at 12:08pm — No Comments

Reverse Mortgage Loan Limits Increase

senior woman The Economic Stimulus Bill signed recently by President Obama increased the reverse mortgage loan limits to 150 percent of the Freddie Mac loan limit.

Presently, that would create reverse mortgage loan limit of $625,500, potentially helping older

… Continue

Added by Rich Rosa on February 26, 2009 at 12:31pm — No Comments

President Announces $75 Billion Foreclosure Prevention Plan

President Obama spoke in Phoenix on February 18, 2009 and announced a $75 billion government-backed plan to prevent foreclosures.

One part of the plan will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another part of the plan provides incentives for mortgage lenders to help those on the verge of foreclosure.

… Continue

Added by Rich Rosa on February 18, 2009 at 2:00pm — No Comments

REALTORS® Support Changes To HOPE Program

The National Association of Realtors® (NAR) announced its support February 3, 2009 for new legislation introduced by House Financial Services Committee Chairman Barney Frank, D-Mass., that is designed to ease loan modifications and improve refinancing options for homeowners facing foreclosure by revamping the HOPE for Homeowners program.

The legislation, H.R. 703, is expected to make the program more lender-friendly, while preserving the benefits to homeowners. It would also limit risk

… Continue

Added by Rich Rosa on February 7, 2009 at 3:30pm — No Comments

Massachusetts Real Estate Market Survey

Where do you think the real estate market in Massachusetts is headed?

Give me your thoughts. Take a five-minute survey.

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Added by Rich Rosa on February 4, 2009 at 10:55am — No Comments

Pending Home Sales Increase In U.S. Rise

Pending home sales in the United States increased 6.3 percent in December compared to November 2008, USA Today reported February 3, 2009.

Pending sales also were up 2.1 percent compared

… Continue

Added by Rich Rosa on February 4, 2009 at 10:30am — No Comments

Can't Sell? No Problem. Swapt It!

Some homeowners around the country unable to sell their homes are considering a swap with another homeowner. It may sound crazy, but apparently people are doing it. They're finding others interested on Web sites such as Craigslist. Watch the video below.

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Added by Rich Rosa on January 12, 2009 at 6:00pm — No Comments

Down Payment Requirements

The National Association of REALTORS put out an advisory to the media on December 31, 2008 regarding the facts about how much of a down payment a home buyer needs in the current market. The following is the release to the media. There is some misinformation in the media lately about the required size of a down payment for a mortgage in today’s market, and the blog world is abuzz with misperceptions. Not all so-called experts are knowledgeable in this area, and some experts are being misunder… Continue

Added by Rich Rosa on January 4, 2009 at 9:00pm — No Comments

Record Low Mortgage Interest Rates

The following Reuters video is about the unbelievably low mortgage interest rates. For a referral to an excellent mortgage professional, click here.

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Added by Rich Rosa on December 20, 2008 at 7:11pm — No Comments

CNBC Analysis of Fed Rate Cut

The following December 16, 2008 CNBC video discusses the Federal Reserves interest rate cut and how the movement in the bond market will effect mortgage interest rates.

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Added by Rich Rosa on December 17, 2008 at 12:42pm — No Comments

Dave Kres New NSAR President

David S. Kres, Esq., co-founder and co-owner of Buyers Brokers Only, LLC, was installed as president of the North Shore Association of REALTORS® (NSAR) on December 11, 2008. The event took place at Overtures Restaurant in Beverly, MA.

Dave Kres is an exclusive buyer agent.

… Continue

Added by Rich Rosa on December 12, 2008 at 1:00pm — No Comments

Freddie Mac And Fannie Mae Ignored Warnings

On December 9, 2008 a report of the United States House of Representatives Oversight and Government Reform Committee stated that executives at Fannie Mae and Freddie Mac ignored warnings about the risky loans Freddie and Fannie were backing. Not exactly shocking news.

The video below is of Chairman Henry Waxman (D-CA) reading some of the findings.

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Added by Rich Rosa on December 10, 2008 at 12:30pm — No Comments

See How Three Homes Were Renovated

The Boston Globe published a photo gallery of how three homeowners in Brookline, Melrose and Newton renovated their older homes. Click here to see the photo gallery. Continue

Added by Rich Rosa on November 28, 2008 at 5:07pm — No Comments

Now Might Be The Right Time To Remodel

Prices are falling on building materials and on contractors’ fees, and that’s reflected in a 12 percent drop in consumer spending on home improvements, Harvard’s Joint Center for Housing Studies reported recently. "'It's hard for home owners to think about spending on their houses when real estate values are falling,' says Kermit Baker, a senior research fellow at Harvard. 'But with contractors hungrier for business, you'll be able to negotiate better prices, win other concessions and hire b… Continue

Added by Rich Rosa on November 14, 2008 at 8:14pm — No Comments