- May 3, 2013
- BRA Tabbed to Market, Net leased NH Staples, featured in the Real Reporter
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- May 3, 2013
- BRA Tabbed to Market, featured in the Real Reporter
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- May 1, 2013
- Sanford Buys Prime 27,000-SF Retail Site; BRA Brokers Deal Funded by Belmont Savings, featured in the Real Reporter
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- April 26, 2013
- Gateway to LMA Up for Sale With Parcel 135 Listed Via Boston Realty, featured in the Real Reporter
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Archive for the 'Housing tax Credits' category
...and interest rates and housing prices are rising!
The American Dream..."Baseball, Hot Dogs, Apple Pie and..."
Work hard, and have a family. The government and banks will help you buy a home that's affordable. Live a good wholesome life, retire and leave your debt-free home to your kids.
The American Nightmare...
Work hard, and have a family. Buy a home you may not be able to afford, then have your wages drop or worse - lose your job, and lose your home! Then realize you will have little or nothing left to give to your kids when you're gone.
The tax law subsidizing home ownership has and does help us have and enjoy the American Dream, the 'Apple Pie'. Now, some say we've had too much pie, that it costs too much, it 'makes us fat' or worse, it kills us...
Recent propsals to remove ingredients from our Great Americal Apple Pie Recipe would result in loss of a fixed rate mortgage and removal of the IRS tax deduction of mortgage interest and real estate taxes on your primary residence..both are no better than a plain baloney sandwich!
The Obama administration released a proposal this past Friday that would make major changes to the U.S. housing finance system; restructuring it to reduce its dependence on federal subsidies. Fannie Mae, Freddie Mac, and the Federal Housing Administration currently finance more than 90% of mortgages.
The plan is to slowly put Fannie and Freddie out of business by gradually reducing the value of the loans they can guarantee and raising the prices they charge lenders. Plans will also require larger down payments from borrowers. The Treasury secretary, Timmothy F. Geithner, has indicated he expects these changes to take 5-7 years to fully implement, stressing that the housing market will dictate how slowly or quickly the agencies close.
So do we have to dream a new dream? Go on this kind of fiscal diet? Will we ever eat Great American Apple Pie again?
Don't worry! Home ownership has been and should be the engine that helps drives this country. History has shown that in the long run, property values increase.
Housing, like many other businesses, is cyclical- and despite the fact that there have been some bad patches, no one should change this system without either coming up with an alternative plan, or make changes over a long period of time and include some protections for certain situations/owners. If not, housing will devalue once again, and this time, there will be many who will be "under water" who would not have been of these changes dp come about. At best they may have to change their lifestyle, be locked into staying in their homes that they cannot afford and worse yet, they could lose their homes.
We do not want to see people on the street trying to find the Great American "Apple Pie" that is no longer available to any of us.
Here is more of what may be coming:
Earlier this year, renowned economist Karl E. Case wrote a summation of the housing crisis and the 'Great Recession' in the form of a poem called, 'Reflections on the Housing Market'.
Dr. Case is the Professor of Economics at Wellesley College, a Founding Partner of the real estate research firm Fiserv Case Shiller Weiss, Inc., and he also co-developed the Case-Shiller Home Price Index, which is the most widely referenced source of housing market prices in the U.S. today.
Dr. Case was one of the economists that predicted the current collapse of the U.S. housing bubble. In his poem below, he writes about the early indicators of the troubles to come, the crisis as it unfolded, the effects the collapse is still having today.
He closes the poem by acknowledging that markets will correct themselves in time, no matter what, and calls for politicians to work towards a solution to the problems created by the housing bubble collapse.
Do you agree with Dr. Case's summation? What do you think politicians can do to 'help find solutions'? Share your thoughts in the comment section below.
Reflections on the Housing Market
By Karl E. Case
"For the last few years, we have shed many tears
Living through a recession.
The economy's broke and it's not a joke,
When we talk of another depression.
Fifteen million without a job,
Foreclosures and banks that fail,
401K's became 201K's,
And everything's up for sale.
How can it be? What didn't we see "
That led to all of this trouble?
There is little doubt that the proximal cause
Was a bursting housing bubble.
But other than that, who can we blame?
And what do they lament?
Millions of people contributed to
This hundred-year event.
Read the full poem by Chip Case.
The collapse of the housing bubble really emphasizes the importance of investing in a home that has intrinsic value to you and to future buyers. If you need help finding a Boston property you can feel confident in investing in, you can rely on the experience and knowledge of a Boston Realty Advisor to help you find the ideal Boston real estate to meet your needs.
Last night Boston Realty Advisors' CEO David Friedberg, lobbied Congressman Barney Frank for another housing tax credit program based on the success of the First-Time Buyer Tax Credit Programs of 2009!
He also talked about a new Boston property plan for HUD (Housing and Urban Development) similar to those from the early 70's which created housing for the moderate and poor while creating 1,000's of jobs for the Bay State.