The latest from National Mortgage News (note:Orange County is a high cost area):

House and Senate appropriators have agreed to extend the current loan limits for Fannie Mae, Freddie Mac and Federal Housing Administration loans for another year as part of the continuing funding resolution Congress is expected to pass this week. “The CR [continuing resolution] maintains the limits for FHA, GSE … single-family mortgages at $729,750 through the end of calendar year 2010,” according to a statement issued by the chairmen of the appropriations committees. The maximum $729,750 loan limit is due to expire Dec. 31 and it would drop down to $625,500 if it were not extended. “This could result in major disruptions in the mortgage origination market for larger loan sizes as early as November,” the appropriations chairmen said. Earlier in the week, industry trade groups warned Congress that quick action is needed because it is becoming more difficult for lenders to approve mortgages with balances above $625,500 due to uncertainty about an extension.

So another year of putting taxpayer dollars at greater risk.

Full story is available on OC Register

Forgivable-loan programs aimed at helping lower-income home buyers have put nearly 200 participants into foreclosed houses in Minneapolis and Brooklyn Center, officials say.

Both cities have offered up to $10,000 for closing or down payment costs to eligible participants who buy foreclosed homes. The interest-free loans are forgiven if the buyer lives in the home for five years.

Full story is available on Star Tribune

The latest numbers on U.S. gross domestic product show a dramatic improvement in the economy during the third quarter, but they do little to settle the question of how much the government’s unprecedented stimulus program helped or hurt the economy.

If you need to refinance your home mortgage, don’t wait.

It’s not time to play chicken. Lock in the best deal now. Mortgage rates have climbed over the last two weeks, according to mortgage buyer Freddie Mac of McLean, Virginia. At a 1960s- like national average of 5 percent, the 30-year rate isn’t far from its historic low of 4.78 percent, reached in April. As the economy heats up, it’s far more likely that rates will climb.
Full story is available on Bloomberg

The Standard & Poor’s data for the S&P/Case-Shiller Home Price Indices released Oct. 27 show that the annual rate of decline of the 10-City and 20-City Composites improved from July 2009 to August 2009, when means that home price statistics have improved for seven months in a row, since early in 2009.

Broadly speaking, the rate of annual decline in home price values continues to improve,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

Full story is available on Examiner

The Obama administration blessed the proposed extension of the $8,000 tax credit for first-time home buyers on Thursday as the Senate neared a compromise that would extend the credit to more potential buyers.

Here’s a primer on who might be able to get the expanded credit, and what it might do for the housing market:

Who gets the credit, and how much can they claim? First-time home buyers are eligible for up to $8,000 on the tax credit, which is the same as the current credit. The Senate version of the bill creates a new credit of up to $6,500 for homeowners who have lived in their homes for five years. That provision would start on Dec. 1.

More details are available on Wall Street Journal

36 units total will be auctioned off on December 5th. All units will be open for touring 11am to 5pm daily Oct. 31 — Dec. 4.

The Summit
This is a smaller building built in 1968 a few blocks northwest of Brix. It has 14 units, all of which have been recently remodeled and are going up for auction. Minimum bids range from $140k to $250k. These are one and two bedroom units ranging from 531 to 795 square feet.

Full story is available on seattle pi

Business is booming for realtors Kim Hoss and Bob Allen. They’ve done a lot more showing and selling because of the $8,000 tax credit for first-time home buyers. And just when things were starting to quiet down with that credit expiring, Senate Democrats have come up with a plan to extend it through April.

“I think it’s awesome,” said Allen. “(It’s) great for the housing market, great for the economy and great for us.”

Hoss pointed out the trickle-down effect of the credit.

Full story is available on wbpf.com

It’s time for a confession: Every time a neighbor puts up a For Sale sign with an information tube, we’re one of the first to pull a flier. • It’s not that we’re looking for homes for sale, we just want to see how much the neighbors are asking. Given expertise gained from too much time spent on Zillow.com, the real estate site, we feel we have a good idea what the price should be. • But there’s always one that makes us say, “They’re asking how much?”

Full story is available on tampabay.com

Congress is moving to extend a tax credit for home buyers, but the move is no cure-all for a troubled housing market.

Economists say the $8,000 credit for first-time buyers, enacted earlier this year, has exerted some upward pressure on home prices and revved up the pace of sales.

At best, however, it’s just part of the fix for housing.

On Wednesday, key members of the US Senate agreed to extend the existing tax credit for first-time home buyers and offer a smaller credit to repeat buyers who have owned homes for at least five years. The measure, backed by Senate Majority Leader Harry Reid (D) of Nevada, would offer the credit through next April.

Full story is available on CS Monitor

The U.S. Senate is considering extending and expanding the home buyers’ tax credit to help prop up the still-reeling housing market.

Under the proposal, the $8,000 credit for first-time buyers would be extended to cover purchases into next spring – buyers must sign contracts by April 30 and close within 60 days. Currently the credit is due to expire at the end of November.

The Senate plan would also expand the program by offering a tax credit of up to $6,500 to current homeowners willing to buy a new home, provided they have lived in their current home for five consecutive years out of the last eight.

Full story is available on Wall Street Journal