PROView - February 2009 - (Page 8) PROActive The First 100 Days and Their Impact on Realtors® By Brian Shuford, Director of Governmental Affairs Everyone has heard about the down economy on the news, at work and walking down the street. Everyone knows someone that has been laid off and is looking for work. The new Obama administration in its first 100 days in office is shaping up to be on par with FDR’s first 100 days in office and the passage of the “New Deal”. There are several things happening at the national level that will be trickling down to the local real estate market. providing homeowners with the opportunity to reduce their monthly payments by refinancing. • Reducing monthly payments: For many families, a lowcost refinancing could reduce payments by thousands of dollars per year. 2. A comprehensive $75 billion homeowner stability initiative. • A loan modification plan to reach 3 to 4 million The most important and most controversial is the homeowners. American Recovery and Reinvestment Act, which was • Shared effort with lenders to signed into law on February The most important and most reduce interest payments 17. This will without a doubt controversial is the American • Incentives to servicers and have a huge impact on the borrowers Recovery and Reinvestment Act, national real estate market. Some of the more important provisions include: • $8,000 first time homebuyer tax credit (the previous was a tax rebate of $7500 and had to be repaid) which was signed into law on February 17, 2009. This will without a doubt have a huge impact on the national real estate market. • Clear and consistent guidelines for loan modifications • Required participation by financial stability plan participants • Permanent FHA, Fannie Mae and Freddie Mac loan limits that match the levels enacted in 2008. • Increased resources for foreclosure mitigation efforts to stem the flood of foreclosures. • $4.3 billion to provide an expanded credit to homeowners who make their homes more energyefficient in 2009 and 2010. Homeowners could recoup 30 percent of the cost up to $1,500 of numerous projects, such as installing energy-efficient windows, doors, furnaces and air conditioners. The second major plan coming out of DC is Obama’s “Homeowner Affordability and Stability Plan”. The plan has three major provisions 1. Provide access to low-cost refinancing for responsible homeowners suffering from falling home prices: • Provide the opportunity for up to 4 to 5 million responsible homeowners expected to refinance as mortgage rates are currently at historically low levels, 8 PINELLAS REALTOR ORGANIZATION ® • Modifications of home mortgages during bankruptcy • Strengthen hope for homeowners and other FHA loan programs • Support local communities and help displaced renters 3. Support low Mortgage Rates by Strengthening Confidence in Fannie Mae and Freddie Mac • Ensuring strength and security of the mortgage market using funds already authorized in 2008 by Congress for this purpose, the Treasury Department is increasing its funding commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and to help maintain mortgage affordability. As you can see, the plan is aimed at not just homeowners that are in foreclosure but it is also aimed at assisting homeowners that owe more on their mortgage than their home is worth. For more detailed information on the plan, please click here. There is also news out of Fannie Mae. They have February 2009
Table of Contents Feed for the Digital Edition of PROView - February 2009 PROView - February 2009 Contents Chairman’s Notes Feature Story PROActive Marketplace Analysis Home Sales Report MLS Update Mind Your Manners Calendar of Events & Programs Brokerage Design Marketing PROView - February 2009 PROView - February 2009 - PROView - February 2009 (Page Cover1) PROView - February 2009 - PROView - February 2009 (Page Cover2) PROView - February 2009 - Contents (Page 1) PROView - February 2009 - Chairman’s Notes (Page 2) PROView - February 2009 - Chairman’s Notes (Page 3) PROView - February 2009 - Feature Story (Page 4) PROView - February 2009 - Feature Story (Page 5) PROView - February 2009 - Feature Story (Page 6) PROView - February 2009 - Feature Story (Page 7) PROView - February 2009 - PROActive (Page 8) PROView - February 2009 - PROActive (Page 9) PROView - February 2009 - PROActive (Page 10) PROView - February 2009 - PROActive (Page 11) PROView - February 2009 - Marketplace Analysis (Page 12) PROView - February 2009 - Home Sales Report (Page 13) PROView - February 2009 - MLS Update (Page 14) PROView - February 2009 - Mind Your Manners (Page 15) PROView - February 2009 - Mind Your Manners (Page 16) PROView - February 2009 - Calendar of Events & Programs (Page 17) PROView - February 2009 - Brokerage Design (Page 18) PROView - February 2009 - Brokerage Design (Page 19) PROView - February 2009 - Marketing (Page 20) PROView - February 2009 - Marketing (Page 21) PROView - February 2009 - Marketing (Page Cover3) PROView - February 2009 - Marketing (Page Cover4)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.