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After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modificationplan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing.
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January 2010 - Existing-home sales took their biggest tumble in at least 40 years last month as the impact of a buying spree spurred by a tax credit for first-time buyers waned, according to industry data released.
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January 2010 - Sales of U.S. existing homes plunged 16.7% in December to a seasonally adjusted annual rate of 5.45 million from 6.54 million in November as a popular tax credit was set to expire, a national real estate trade group estimated Monday. The 16.7% percentage decline from November to December was the largest on record, dating back to 1968, the National Association of Realtors reported.
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 The U.S. Real Estate Recovery Report by the Urban Land Institute.
"As the economy recovers, markets will stabilize but the old 'normal' will not return. Once nascent trends will emerge as major drivers, creating new markets in new places. Those who fail to understand these new trends will miss opportunities or find themselves building what is no longer in demand," said John K. McIlwain, a senior resident fellow at the institute, in his new research paper, "Housing in America: The Next Decade."
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January 2010 - Existing U.S. home sales fell in December, the month after a federal tax credit was slated to expire, according to a real estate industry report issued Monday. The National Association of Realtors reported that existing home sales plunged 16.7% last month to a seasonally adjusted annual rate of 5.45 million units, down from the revised rate of 6.54 million in November. Still, sales year-over-year were up 15%.
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Refinance Home Loans - Wells Fargo has done well so far in the home loan modification program but many homeowners are struggling with the home loan modification process and frankly getting to a point where a homeowner qualifies for a home loan mortgage modification is going to cause a homeowner’s credit to suffer. So refinancing a home mortgage loan may be a better option for Wells Fargo customers.
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U.S. Bank customers use federal mortgage relief plan - St. Paul Minneapolis based U.S. Bank is now helping about 25% of the borrowers eligible for a federal plan to reduce their mortgage payments.
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"The Obama Loan Modification Plans" - President Obama has enacted a number of important pieces of legislation and passed billions in economic stimulus to counterbalance the chaotic economic situation. One important program has become known as the President Obamas Loan Modification Plan. It’s particularly important to those with mortgages that are underwater. A workable loan modification plan is critical to those homeowners who have adjustable rate mortgages and in many cases have seen their payments skyrocket to over three times what they were paying.
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What's out: Outdoor kitchens and fireplaces, two-story foyers and deluxe bathroom features like multiple showerheads in the master bathroom. What's in: Smaller homes with lots of natural light, storage and energy efficiency features that save money -- and don't cost too much.
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With homebuyers unable to borrow the tremendous sums that blew up the housing bubble, and buyers suddenly uninterested in the McMansions of yore, builders are focusing on smaller, more affordable houses that offer floor plans with reduced square footage and new amenities such as improved energy efficiency.
"We're offering the feel of a really large home with a smaller footprint, and more environmentally friendly," said Steve Ruffner, president of KB Homes of Southern California, one of the largest American homebuilders.
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