August 2008

There are 6 blog entries for August 2008.

Daily Commentary & Rates

Tuesday, August 26, 2008

The data from the Standard & Poor's/Case Shiller national home price index suggested the housing slump is far from over: national U.S. home prices fell a record 15.4% in the second quarter compared with last year, according to the report this morning. The loss was even larger than the record 14.2% drop posted in the first three months of 2008. Both the Case-Shiller 10-city and 20-city indexes also posted record year over year losses in the second quarter, down 17% and 15.9% respectively. Sales of newly constructed U.S. single-family homes in July were lower than economists expected - expected to remain unchanged at the 530,000 annual pace first reported for June the actual sales pace in July of 515,000

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I received this email from Craig Jarrell at Pulaski Mortgage and I think it is right on point.

THE 5 THINGS I TELL BUYERS EVERYDAY: 1. Interest rates are low and the same as 12 months ago. 2. Homes are selling for 97% of asking price. there is no firesale here. 3. Inventory is declining, this is not Miami Beach. 4. People are moving to North Texas every day. 5. Now is the best time to buy a house.  
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National City discount financing “NCHAMP” NOW only requires 3% down on select condos.

If you have heard about and been following this terrific program that National City Mortgage offers for new construction in Cleveland, then you know why this is such great news.  If not, let me try and shed some light on the issue.  

 

One of the great selling points for people looking to move downtown is that National City is able to offer 1.5% off the interest rate you would get approved for when you purchase a newly constructed condo/townhouse in Cleveland.  This program is called NCHAMP.  In the beginning this type of loan was offered with zero money down.  Then it changed to 5% down, then 10% and finally 15%.  This was all fine and good for some people but for

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Opportunity of a Lifetime for First-Time Buyers

For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.

First-Time Home Buyer Tax Credit at a Glance

  • The tax credit is available for first-time home buyers only.
  • The maximum credit amount is $7,500.
  • The credit is available for homes purchased on or after April 9, 2008 and before
    July 1, 2009.
  • Single
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Think you could never afford to own a penthouse unit in a high-rise building? Well, think again. For only $150, you could be the owner of a penthouse unit in City Heights, downtown San Jose’s first residential high-rise development. As part of the InnVision Annual Silicon Valley Home Raffle, tickets are currently being sold for $150 for a raffle with the grand prize being a City Heights penthouse. The two-bedroom, two-bathroom penthouse condo located on the fifteenth floor at City Heights features floor-to-ceiling windows and is valued at $1.2 million. Or, you have the option of winning $1 million cash as the grand prize instead of the penthouse. There are over 100 prizes in addition to the penthouse including up to $20,000 cash. There will be early

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