On Tuesday, the Standard & Poor’s/Case-Shiller home price index was released. This is the standard measure for the health of the housing market sector, and looks specifically at the condition of 20 metropolitan areas.
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Tag Archives: First-Time Home Buyer Tax Credit
Federal Reserve Keeps Rate at Near Zero
The Federal Reserve announced yesterday that the benchmark interest rate would be left at close to zero, which is where it has been for the past year. While the length of time rates are going to remain this low is unknown, and only that it would be an “extended period”, Fed policymakers did explain the reason for this decision.
FHA Changes Condo Guidelines
Due to the difficult condo market, FHA (Federal Housing Administration) has changed their policy guidelines to be more lenient for financing effective December 7, 2009. Under the new modifications, FHA has now lowered the 51% owner occupancy requirement to 50%. The government has also reduced the pre-sale requirement from 50% to 30% of the total units. Lastly, the concentration limit has been increased from 30% to 50%, and may even be increased to 100% in established projects.
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