Below Market Rate (BMR)
Below Market Rate (BMR) are part of most major cities
Home Ownership Pays
For many Americans, the best way to build wealth is to pay down a mortgage. The multipurpose investment essentially is a ‘forced savings account.’ The homeowner lives in the house and pays down the mortgage, over time the property appreciates, and eventually it can be sold and potentially net a tidy profit. In the meanwhile, mortgage interest rate and property tax payments are tax deductible.
Mortgage payments help build a homeowner
Real estate commissions are increasing
The housing boom was a sellers market and drove down real estate commissions but with a buyers market sellers have homes on the market for a longer time and therefore are willing to pay more to sell their home. (Go To Article: cnn.com)
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2 million vacant homes for sale and counting
The number of vacant homes for sale increased 7% in the second quarter to from last year to 2.07 million, according to the Census Bureau. (Go To Article: cnn.com)
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Home builders think housing will be slow in 2009
Economists who spoke at the National Association of Home Builders forecast conference said housing will be weak at least until 2009. (Go To Article: cnn.com)
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September home sales fall 8%
Existing home sales fell 8% in September from August, according to the National Association of Realtors.
In addition, the medium price of existing homes fell 4.2% in September from last year to $211,700.
(Go To Article: cnn.com)
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GE?s Ecomagination homes
GE and partner Masco, Ecomagination Homebuilder Program guarantees their homes use 20% less energy and 20% less indoor water consumption compared to a standard house. (Go To Article: sfgate.com)
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Northern California September home sales fall to 20 year low
The number of homes sold fell 40.1% to 5,014 from last year in nine San Francisco Bay area counties, a 20 year low, according to DataQuick Information Systems. (Go To Article: mercurynews.com)
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Housing slowdown may be getting worse
The Commerce Department said construction of new homes fell 10.2% and it was expected to fall 4.2%. The 10.2% drop may indicate the housing slowdown will get worse according to some analyst. (Go To Article: mercurynews.com)
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Manteca home auction
Anderson Homes auctioned off new homes in Manteca that they could not sell with discounts. Minimum bids were set at 40% off the latest asking prices. The typical latest asking prices were $550,000 which was a $100,000 discount from the original asking price.
Steve and Diane Ellis, paid $437,000 for a $685,000 4-bedroom, 2,755 square-foot model home.
(Go To Article: mercurynews.com)
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