Housing News
USDA funding may not run out after all – HR 5017 passed today
HR 5017 passed
Today, the Kanjorski bill (HR 5017) passed unanimously in the House Financial Services Committee, a bill aimed at supporting the rural housing market that has struggled to get passed. HR 5017 also known as the Rural Housing Preservation and Stabilization Act of 2010 will end the current method of using federal funding to backstop the guarantee, but instead will fund the program through mandatory fees.
HR 5017 ensures rural homebuyers access to affordable loans through USDA, but because these loans have tripled since 2006, federal funding will be running out literally in the next few days, making passage critical.
Pennsylvania Congressman Kanjorski said, “At no cost to taxpayers, [the Kanjorski] bill will preserve the access of millions of families living in America’s heartland to needed USDA loan guarantees, so that they can continue to buy homes with affordable mortgages. Without action, too many families in rural America will have no options for getting home loans. We cannot allow that to happen.”
In order to pay for the program, lenders will pay up to a 4% fee on new home mortgages. Next, the bill moves to a House vote.
In a House press release, homeowner Virgie Spruiell from Pennsylvania said, “As a result of this program, I was able to purchase my first home which I have wanted all my life. I enjoy it every day and it is a blessing. I greatly appreciate Chairman Kanjorski’s efforts to enable the program to continue so that other people can access these guaranteed home loans just as I did.”
CC Licensed image courtesy of theqspeaks via Flickr.com.
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Housing News
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
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Housing News
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.
…Click here to continue reading this story…
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Jonathan Benya
April 26, 2010 at 6:23 pm
Don’t count your chickens before they hatch, there’s still a long way to go until this gets finalized. I’ve got clients worried about this right now!
Subrina Bauer
May 18, 2010 at 9:22 pm
I was told today that funds have ran out. Please contact your state representatives and ask that they get these bills passed as soon as possible. I am trying to purchase my first home and have now had my heart broken! I have called and emailed my represntatives and ask that everyone else does the same. This program is a great program making it possible for people to purchase a house that with love they turn into a home. I pray that I have that opprotunity still!