January Real Estate Recap!

Here are some of the headlines that made real estate news in January 2010 -

Housing Gets Little Mention in Obama Speech
Some listeners criticized President Obama for failing to pay more attention to the housing crisis in Wednesday night’s State of the Union message. Obama promised to “step up refinancing so that home owners can move into more affordable mortgages,” but he didn’t offer any details. There was no mention at all of addressing falling home values, restoring the mortgage-backed securities markets or shoring up FHA, critics said. Nor did he mention expiring housing tax credits.

Existing-Home Sales Down, but Prices Rise
Sales of existing homes fell from November to December due to the rush to meet the tax-credit deadline. However, annual sales improved in 2009. Read more from NAR's latest housing report.

FHA 90-Day Anti-Flipping Rule Waived
The Dept. of Housing and Urban Development (HUD) announced recently that it will eliminate for one year the Federal Housing Administration (FHA) 90-day anti-flipping rule.

Report: Record Year for Foreclosures Predicted
The highest 2009 foreclosure rates were in Las Vegas, followed by Florida and California, according to the RealtyTrac report. Analysts predict another 3 million foreclosures nationwide in 2010.

White House Lost Value in 2009
Even the home of America's First Family isn't immune to the economic downturn. The price of the property has decreased 5.1 percent, according to the online housing site Zillow.

Big Test Ahead for Mortgage Market
When the Federal Reserve stops buying mortgage backs in a couple of months, buyers, sellers, and owners will soon find out if the market has legs or not.

Timeshare Industry Hit Hard by Recession
Experts predict that sales will remain flat in 2010 for the timeshare industry.

China Slaps Buyers With Hefty Downpayment
The Chinese government wants to put a cap on the country's rising real estate prices so it's now requiring buyers of second homes to put down 40 percent of the purchase price.

Mortgage Cancellation Relief Still in Effect
In recent weeks, calls to NAR have shown some confusion as to whether the tax relief for cancellation of mortgage debt rules remain in effect. The short answer: YES – Through Dec 31, 2012

Foreign Buyers Taking Advantage of Slashed Prices
International investors bought 154,000 homes and condos in the 12-month period ending in May, and are continuing to take advantage of the weak dollar.