McCain, Obama on Housing Issues

Elections are coming soon and you will have to decide... to help, here are where Obama and McCain stand on housing issues:

McCain:

1. Proposes to spend up to $10 billion to allow some home owners to trade high-interest, adjustable-rate mortgages for fixed-rate loans.

2. Proposes a suspension of the 18.4-cent federal gas tax and 24.4-cent diesel tax during the summer.

3. Supports a middle-class tax cut by doubling the personal tax exemption for dependents to $7,000.

4. Calls for a simpler tax system with two tax rates and a generous standard deduction.

5. Supports making permanent the 2001 and 2003 income tax cuts and proposes cutting the corporate tax rate to 25 percent from 35 percent and allowing businesses to immediately write off capital expenses.

6. Maintains that government assistance to the banking system should focus on preventing systemic risk that would endanger the financial system and the economy.

Obama:

1. Calls for greater government regulation of the U.S. financial system and proposes a new $30 billion economic stimulus plan to help home owners, including a $10 billion foreclosure prevention fund to help people keep their homes and $10 billion in relief for state and local governments hit hardest by the housing crisis.

2. Outlines six "core principles for reform" that would give the Federal Reserve supervisory authority over any financial institution to which it might make credit available and calls for reform and streamlining of financial regulatory agencies.

3. Wants to repeal a provision in the bankruptcy law so ordinary families can modify terms of home mortgages.

4. Proposes a 10 percent mortgage tax credit for middle-class Americans.


Source: Reuters

BUYERS: WAIT OR BUY NOW??

As the real estate market nears the bottom and home prices continue to drop, opportunity looms everywhere. Opportunity the US hasn't seen in over 15 years. Opportunity that many Americans, including yourself, are not taking advantage of. What are you waiting for? A slap from God himself? How about one from me? ... well you can easily prevent that by buying a piece of real estate. Its that easy.

What's with all the bad media you say... I say turn off your TV. We hear foreclosures are up, prices are down, news home sales are down, etc. Bad, bad news from the media 24-7. While these may be true in parts of the country, *cough* Nevada, this is may not be true in your neck of the woods. In fact, it's most likely primetime to buy around your 'hood. Here are some reason's to buy, right now:

1. Prices in your neighborhood relatively stable. Homes are either declining very slowly or at a flat rate. No matter how you look at it, you will increase your value within the next 2 years.

2. You plan to stay in the home for more than five years. If you can stick it out that long before selling, you will ride out any downturn and come out ahead on price.

3. You can get into a condo or small home that equals the rent you pay now. You will not only pay yourself rent, but your mortgage interest will be tax deductible.

4. You will not have as much competition when buying as you will in a better market. Basicilly, you can negotiate easier with sellers that have only one offer, rather than 3 or 4.

5. You may have money to in the bank or equity in a home right now, which will allow your money to go further in market as this one.

Regards,
Jerome

FORECLOSURES BY ZIP CODE: ZIPPITY DO DAH, NO!

Ahh-- The rise and fall of the real estate market... it has come and gone like a one night scandal. Unfortunately, the list for December 2007 should be named: Zip Codes in Nevada; it was hit the hardest. Mainly around the Las Vegas area, and while it took longer than the rest of the US, it is now raking in the 'foreclosure dough'. Every city has made it to this list at some point within the last 2 years, however, Nevada is crumbling the hardest. Homeowners are falling like the dollar bills in Nevada's own casino's. Check it out:


Source: CNNMoney.Com

Click on Image Above to see a better photo.


Regards,
Jerome

FED CUTS INTERST RATE AGAIN

The Federal Reserve has reduced a key interest rate for the second time in just over a week, cutting its federal funds rate by a half point to 3 percent.

Very good news for the housing market and the economy!!