Americans equate homeownership with liberties

Posted on March 8th, 2010, by DHW

A great article published in the New York Times taps into the American psyche when it comes to homeownership. The author, Robert J. Shiller (one half of the super Swedish rock group Case/Shiller), provides a brief history behind  the creation of The Federal Housing Administration (FHA) and Fannie Mae in the 1930’s. Mr. Shiller notes [...]

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I’ll trade my Mickey Mantle for your garden tub

Posted on March 7th, 2010, by DHW

Long live the barter system. A man offered to trade his cherished baseball card collection on craigslist for a San Diego home to share with his fiancee. His collection is thought to be worth $500,000. Hm, where did I put that Reggie Jackson rookie card?
DHW asks: Would you trade a prized possession for a house?
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Singles benefit more from housing tax credit – video

Posted on March 3rd, 2010, by DHW

News video regarding home buyer tax credit.
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Housing tax credits – 58 days to go!

Posted on March 3rd, 2010, by DHW

Homebuyers have 58 days to obtain a written, binding contract to qualify for the housing tax credits. First-time buyers and buyers who have not owned a primary residence for the past 3 years qualify for an $8,000 tax credit (or 10% percent of the sales price, whichever is less) so long as they are under [...]

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1-hour good enough for developing photos, not real estate closings

Posted on March 3rd, 2010, by DHW

Recent regulatory changes to RESPA are focused on creating a more transparent experience for homebuyers and borrowers.
The upside:

Borrowers are able to compare actual closing costs with fees originally quoted on the lender’s good faith estimate (GFE)
Lenders are required to provide more accurate GFEs or be forced to reimburse borrowers for certain costs that exceed the [...]

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HUD seeks help to study discrimination based on sexual orientation

Posted on February 28th, 2010, by DHW

Following through on a promise made last year to fight housing discrimination based on sexual orientation and gender, HUD is seeking help from gay communities in Chicago, New York and San Francisco. The U.S. Housing and Urban Development Department is attempting to formulate a study that can identify housing discrimination based on sexual orientation and [...]

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New RESPA handbook most often searched topic on this site for February

Posted on February 28th, 2010, by DHW

As of Sunday, the new RESPA handbook was the most searched topic on DesperateHouseWise.com this month. With real estate attorneys and lenders scrambling to conform with new regulatory changes, buyers and sellers (as well as real estate practitioners) are looking for additional guidance.
The Real Estate Settlement Procedures Act (RESPA) is a federal law designed to [...]

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Short sales: read the fine print

Posted on February 28th, 2010, by DHW

Negotiating a short sale does not end at the price. Increasingly, more lenders are requiring sellers to pay back some of the loss absorbed in a short sale. Before signing a short sale agreement, sellers should take notice of any mention of a required payback. Lenders may consider removing such language if pushed back by [...]

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Federal judge weighs damages in toxic drywall case

Posted on February 28th, 2010, by DHW

On Monday, a federal judge heard testimony from Virginia homeowners suing Chinese drywall maker Taishan Gypsum Co. The plaintiffs  blame the company’s toxic drywall for causing damage to their appliances, electronics and central heat and air systems and are seeking over $2.5 million in damages.
Although U.S. District Judge Eldon Fallon did not immediately rule on [...]

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Military sellers reimbursed for losses connected to transfer

Posted on February 10th, 2010, by DHW

The Department of Defense will spend $555 million in Recovery Act funds to reimburse employees up to 90 percent of the price they paid for their primary residence. The DoD says the reimbursement plan is designed to help transferring sellers avoid a loss when they go to sell.
The Pentagon’s Housing Assistance Program (HAP) now applies [...]

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