The National Association of Realtors recently released the 2010 National Housing Pulse Survey.  It’s an annual report designed to uncover what consumers think about the housing market.  This year’s report shows a lot of positivity from those who responded.

The survey found:

• Nearly 8 out of 10 respondents believe buying a home is a good financial decision
• More than ¼ of renters said they are thinking more about buying a home than a year ago
• 63% of renters said owning a home is a future priority; 40% said it was one of their highest priorities
• Nearly 7 out of 10 respondents believe home prices have stabilized in this area
• Nearly 7 out of 10 also expect home prices to remain the same throughout the end of the year

The survey also found that sellers are less worried about selling, consumers believe the foreclosure rates are stabilizing, and overall people are seeing more stabilization in the marketplace.

~Information from The National Association of Realtors~

The US Department of Housing and Urban Development (HUD) announced new credit score minimums for FHA single-family home loans.  The changes are set to take effect on October 4, 2010.  So what are the changes?

Borrowers with a credit score below 500 are not eligible for FHA-insured mortgage financing. If a borrower has a credit score between 500 and 579 a 10 percent down payment will be required. Borrowers with a credit score of 580 or higher are eligible for maximum financing, which requires a minimum 3.5 percent down payment. Borrowers with nontraditional credit histories may be eligible for maximum financing.

If you are wondering whether you qualify, we can refer you to a competent lender to assist you. 

~Information from HUD, NAR, and MAAR.~

The National Association of REALTORS reports:

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.  The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010.  There is will be no gap between June 30 and the date the President signs the bill into law.

For additional information on the extension visit www.realtor.org/government_affairs

For years the National Association of Realtors, NAR, has worked hard to help consumers become more informed homeowners.  They wanted to make sure people got the most out of their home, both enjoyment and value wise.  So NAR has created a website to give homeowners the tools to do just that. 

HouseLogic.com is a one stop resource that covers everything from insurance to community involvement to home maintenance to taxes.  Homeowners can browse articles and tips related to their needs.  They can even start a binder that saves project info so you can track the improvements done to the home.  It’s a great resource for making your home everything you want it to be.

Interested in checking it out?  Simply head to www.HouseLogic.com today!