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Daily Real Estate News  |  October 19, 2009  |   '); Share Good Housing News Predicted
All the leading indicators say housing is definitely on the mend, economists reported in advance of the official release of several pieces of good news expected this week.

Bloomberg News surveyed 53 economists and asked them where they expected the numbers to fall. Here are their predictions:

• Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
• Sales of existing homes likely rose to a two-year high.
• Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.
• Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.
• The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.

Google Inc. plans to resume hiring and acquisitions after its third-quarter sales beat analysts’ estimates. CFO Patrick Pichette says: “We weathered what is an incredible recession. If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”

Source: Bloomberg, Courtney Schlisserman (10/18/2009)

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10/20/2009 10:17 AM10/19/2009

Don't Bailout on Your Family Because of the Tough Economy

Hopeful Family Solutions in Tough Economic Times

A Message from Father Steven Boes, Boys Town National Executive Director.

Tips for Smart Parenting in an Economic Recession - Don't Bailout on Your Family Because of the Tough Economy•
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• 15 Family Friendly Ways to Save Money
Budgeting for Child Care
Cars and Kids
Common Concerns from Common Sense Parenting
Money Saving Food Tips
Saving on Your Child's Clothing Costs
Teens and Technology
Ways to Save on Extra Curricular Activities
Working Together for Parenting

As our current economic crisis puts a strain on more families, it may be time for a Parenting Stimulus Package to keep our homes a nurturing place for our children.

At Boys Town programs across the country, we know raising children is not easy even in times of prosperity. Families are struggling and those who are near the edge of despair are being put over the edge.

There is hopeful news for families. There are free or low cost, simple ways to make life easier and improve your relationship with your children.

First, reassure your children things will work out even when money problems lead to parental disagreements. I am blessed to have grown up in a rural community. That didn’t mean we had an easy life and that my mom and dad didn’t fight. We sometimes heard heated exchanges, but my parents always were reassuring. They made it a point to explain adults sometimes disagree. They then gave each other a kiss in front of us, telling us they loved each other and us. Let your children know that families who love each other and are willing to work things out can overcome any problem.

My family’s example is exactly what Father Flanagan spoke of: “There are no bad boys -- Only bad environment, bad training and bad example. Just like my folks, Boys Town tries to reassure its children by showing good example, providing good environments and good training. You, as parents, can do that, too.

Something we find key to helping Boys Town children is training them to make good decisions. In our Common Sense Parenting® classes and book, we have a process called SODAS – Situation, Options, Disadvantages, Advantages and Solution – that works in any family.

For example, money may be tight, and the children want to buy expensive video games. Parenting with SODAS will present children with the Situation of what resources are available for recreation, food and clothes. The next step is to help them go through the Options of how to use those resources. You can teach your children to weigh the Advantages and Disadvantages of the Options. It will help them arrive at a reasonable Solution like renting a DVD, popping popcorn and enjoying an activity as a family. This solution will not only be less expensive, but will promote family togetherness – which is what children really want.

SODAS can be applied to almost any problem. It also will create a bond between you and your children and reduce problem behaviors because your children are part of the solution.

My final message is for families running out of options. Everyone needs help. Parents, no matter how tough it is, never give up on your children. However, if you are so tired and stressed you are about to give up; it is time to ask for help.

Connect with a friend, family member, church or school group to get help. You also can reach out to Boys Town. Our Boys Town National Hotline for parents and children is free. You can call 1.800.448.3000 any time and find a calm voice, problem-solving advice and a connection to resources in your community.

If we take a healthy body, mind and spirit approach as a family, we can weather this and any other crisis.

Difficult economic times can put extraordinary strains on families – not only on budgets but on relationships as well. Boys Town Press offers a wide array of boosk, CDs and DVDS to show parents how to help their children develop good values and healthy relationships. Visit www.boystownpress.org to find the resources you need.

• Common Sense Parenting
• Who's Raising Your Child?
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What Is a HUD Home?

The Federal Housing Administration (FHA), which is a part of the Department of Housing and Urban Development (HUD), provides federal mortgage insurance which ensures that mortgage lenders will be reimbursed in the event homebuyers default on the mortgage. When a lender is forced to foreclose on an FHA-insured single family home, townhome, or condominium because the owner can no longer make payments, it can file a claim with FHA for the balance due on the mortgage and convey title of the property to HUD. A HUD Home, therefore, is a one-to-four unit residence acquired as a result of a foreclosure on an FHA-insured mortgage.

How Are HUD Homes Sold?

When a HUD Home becomes available for sale, usually it is listed on the Multiple Listing Service and on HUD's home page on the Internet. Any real estate broker who is properly registered with HUD may submit contracts for purchase. Brokers are used because of their expertise in the local residential real estate market and because HUD does not have sufficient staff either to show properties to prospective buyers or to assist in those other aspects of homebuying normally handled by brokers.

Most HUD Homes are initially offered on a priority basis to owner occupant purchasers (people who are buying the home as their primary residence).

Following the priority period, unsold properties are then available to all buyers, including investors.

HUD Homes are offered for sale at fair market value, based on a recent appraisal. Generally, HUD Homes are sold in what is known as an "Offer Period," during which a potential buyer's offer must be made. At the end of the Offer Period, all offers are opened and the bid providing the highest acceptable net return to HUD may then be accepted. Following the initial "Offer Period" homes remaining unsold are offered on an "extended" basis which means offers may be submitted any business day. If a bid on one of these homes is acceptable, the broker will usually be notified within 48 hours of HUD's acceptance of the offer.

HUD does not provide direct financing to buyers of HUD Homes. Buyers must obtain financing through either their own cash reserves or a mortgage lender.

How Do I Begin?

It's easy to qualify to sell HUD Homes. First, you have to sign HUD's Selling Broker Certification forms. You can do this by following the Broker Registration link on the Management and Marketing Contractors page for your state. You will need to submit the following forms: SAMS 1111 Broker application and the SAMS 1111A Selling Broker Certification. Once this is completed, you can show, advertise, and submit offers on HUD Homes. Upon closing of a sale, HUD pays the broker a commission of up to five (5) percent of the selling price if this was a condition of the offer.

How Do I Learn of Available Properties?

Properties acquired by HUD will display a sign identifying who is managing the property for a while before they are listed for sale. What is happening during this time is the property is appraised, title issues may need to be resolved, and a determination is made about the property's eligibility for HUD's discount sales programs. Listings are posted on the Internet and the Multiple Listing Service. For more information, contact the Management and Marketing Contractor serving your area.

What Are Some of the General Sales Conditions?

HUD Homes are sold in their as-is condition without warranty. Because of HUD's as-is policy, HUD Homes can often be a great opportunity for the fixer-upper. Not every HUD Home needs fixing up, but when one does, it can be a real bargain. For example, HUD's asking price on the home will reflect the fact that the buyer will have to invest money to make improvements. Also, keep in mind that on most sales the buyer can request HUD to pay all or a portion of certain financing and closing costs.

HUD does not warrant the condition of its properties and will not pay for the correction of defects or repairs. Since the new owner will be responsible for making needed repairs, HUD strongly urges every potential homebuyer to get a professional inspection prior to submitting an offer to purchase.

How Can I Get Further Information?

If you have more questions, contact the Management and Marketing Contractor serving your area.

Attention: Nonprofits and Government Agencies!

HUD has a special sales program under which approved nonprofit organizations and government agencies may purchase properties at discounted prices for use in local housing or homeless programs.

 

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FIRST TIME HOME BUYER TAX CREDIT

QUICK FACTS AND 2008 TAX REFUND OPPORTUNITIES

• An $8,000^† Tax Credit is available for first time homebuyers.• A first time homebuyer^† is defined as someone who has not owned a principal residence during the three years prior to the purchase.• This Tax Credit does not have to be repaid as did the previous Tax Credit if the property is held for a minimum of three years.• The Tax Credit is available for homes closed on or after January 1, 2009 and on or before November 30, 2009.• You can take advantage of the Tax Credit relative to your 2008 Tax Year:
- The Tax Credit can be applied against your 2008 Tax Return that is generally filed on or before April 15, 2009.- If you have already filed your 2008 Tax Return, you can immediately amend your return once you purchase a home and you should receive a refund in 30 to 60 days.- If your home closing is scheduled to occur after April 15, 2009, you can choose to file an extension to October 15, 2009 to file your 2008 Tax Return to take advantage of the Tax Credit and receive your refund.- You should consult with a tax professional to determine how best to take advantage of the Tax Credit relative to your personal situation.• FHA financing ONLY: if you received or are planning to receive a loan from a family member to use towards the down payment of your home the refund you may receive as a result of the Tax Credit can assist you in paying them back in a timelier manner.