Home of the Week!

Portrait Homes has a new program called the Home of the Week. Until Sunday night, you can get our Laurel with 42 inch cabinets, painted railings with spindles, and a BASEMENT for only $105,990!! That's $400o off the regular price and all you have to do is come in and sign for it before the end of the week! Contact me for more details.

Economic Stimulus Package 2008

Yesterday President Bush signed the Economic Stimulus package into law. This means that most tax-payers will receive payments from the government and most small business investors will receive tax incentives.

This package also includes increases to GSE and FHA loan limits. With the GSE reforms we will immediately have more liquidity in the mortgage market and see an additional 300,000 home sales. With the FHA reform, it is projected that an additional 138,000 Americans will purchase homes and 200,000 will be able to refinance safely and affordably.

A Bright Light in the Big Cities: How Urban Home Sales Boost Profits

Here is a great article about Coldwell Banker's New Homes and Condos Division. It highlights several cities, including Columbus, where the trend has been to build or renovate downtown condos. This urban lifestyle seems to be attracting several demographics, from young professionals to empty-nesters. They want to be within walking distance to work, shopping, and recreational activities offered downtown.

http://rismedia.com/wp/2008-02-05/a-bright-light-in-the-big-cities-how-urban-home-sales-boost-profits/

FHA reform

The House of Representatives, along with Treasury Secretary Paulson, on behalf of the Bush Administration, announced a bipartisan economic stimulus package with provisions that can help jumpstart the housing market and protect some current homeowners.

An overhaul of the Federal Housing Administration’s mortgage insurance program and an increase in the size of mortgage loans that Fannie Mae and Freddie Mac can purchase are key housing components included in the economic stimulus package announced yesterday. As late as last week, there was uncertainty on whether housing finance was going to be part of the stimulus package. However, NAR and its members did not give up, focusing on continued education and communications with Members of Congress both in Washington, D.C. and in their home districts.

FHA Reform will:

• Stimulate new-home sales and refinancing
• Reduce the number of families facing foreclosure
• Give families who want to purchase a home a safer alternative to many of the riskier mortgage products of the past
• Help more people refinance into less-expensive FHA-backed loans
• Allow more families to buy a home because of lower downpayment requirements

Information taken from the following article: NAR Successful In Injecting Housing Components in Federal Economic Stimulus Package