News
If President Obama's state of the union address was any guidance then don't look for much in that way of new or dramatic initiatives from his administration. Most of those efforts apparently happened to set up for last year.
The president barely pointed out housing schemes and services in his 71 minute speech that though he did acknowledge that home values have declined and noted that cutting of taxes for first time home buyers. The tax credit program, however, is set only for expiration mid year. Some real estate group owners privately are suggesting the credit program might need to be extended again to prevent a sharp drop off in sales.
But there's currently little support for that and the president gave no hint that he would even consider such a move. ‘Obama’ made a pledge to step up efforts to assist and guide through financially distressed homeowners through refinancing that can change their needs into more affordable mortgages.
Primary mortgage market survey tells more about the development done in 30 year fixed rate mortgage (FRM) averaged 4.98 percent with an average 0.6 point for the week ending month of January 28, 2010, down slightly from last week when it averaged raised with 4.99 percent. Last year at this time, the 30 year fixed rate mortgage (FRM) averaged 5.10 percent.
Bank of America, the nation's biggest mortgage lender, announced on Tuesday that it was the first lender to agree to lower or eliminate payments on second mortgages. This federal initiative, named the Second Lien Modification Program, gives incentives facilities to second mortgage holders to work closely with first mortgage holders under the Home Affordable modification program.
Investors Real Estate Trust (IRET) recently announced that its operating partnership, IRET properties, has signed leases that total to around 102,548 square feet at three of its commercial properties. Timothy Mihalick, President and Chief Executive Officer of IRET, expressed his happiness over the signing of the three commercial leases. He added that they were committed in serving the existing tenants as well as secure new tenants in the unoccupied space.