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There is only four months left to recieve an $8,000 tax credit for purchasing a new home! You must have your home closed by November 30, 2009 when the tax credit expires! To close by November 30 you need to go on contract to buy a home no later than September! Call us for details!

Is the Real Estate Market as Bad as the Media Says?

The National Association of Realtors has reported that sales of existing homes rose by 2.9 percent in February. Economists were caught by surprise as they had been expecting another decline. To read more click here.

Wall Street rallies again on Bush plan, high hopes for Fed rate cut

Wall Street has been concerned about the housing slump's impact on consumers. However, stocks eventually pushed higher; a weak consumer, though bad for corporate profits, at least supports the opinion of the Federal Reserve to lower interest rates. A rate cut could help rejuvenate the slowing economy and loosen up the tight credit markets.

As President Bush announced a plan allowing some homeowners facing foreclosure not only to freeze their interest rates for up to five years, but also to refinance their mortgages, stocks got a major boost. The plan was created by the Treasury Department, mortgage lenders and banks, and might be able to help about 1.2 million homeowners.

To read this full article by Madlen Read, click HERE.

Activity in Ohio's housing market continued to progress at traditional levels during the third quarter. Sales have reached the fifth best ever for the period, according to statistics provided by Ohio's Multiple Listing Services. Statewide sales of new and existing homes during the first nine months of the year are right at 6.9 percent behind sales posted during the period a year ago. The housing market is continuing to progress in Ohio, and will hopefully continue to increase.


To read the full article, click HERE.

Administration tells Congress it is dealing with rising mortgage foreclosures

The Bush administration assured Congress on Friday that it is aggressively working to deal with a rising tide of mortgage foreclosures in the country. Officials, however, said homeowners threatened with the loss of their homes must do their part by actively seeking help to avert foreclosures.

Many Democrats have been highly critical of the administration’s efforts. They have been contending that they are too dependent on the industry and offer too little in terms of government assistance to stem what could be an estimated 2 million home foreclosures in the coming two years.

For full article, click HERE.

Housing slump likely to worsen

The problems in housing have been a serious drag on the overall economy - slashing more than a full percentage point off growth in some quarters. This major slump began in late 2005, and isn't expected to get better for another year or so.

The Joint Economic Committee estimates there will be 1.3 million foreclosures from mid-2007 through 2009 in sub prime mortgages. These loans are provided to borrowers with weak credit histories. Those foreclosures will wipe out an estimated $71 billion in housing wealth directly and another $32 billion indirectly....

To read the full article, click HERE..

Hillsboro Housing Project Receives $400,000 Tax Credit

The Ohio Housing Finance Agency (OHFA) has awarded nearly $400,000 to the Hillsboro Senior Apartments project. This project calls for a development to be built on State Route 73 just north of Pea Ridge Road. This project is sponsored by Frontier Community Services and will be built by Leatherwood and Associates. This project is expected to be well received by the public. The same company developed the Pants Factory Apartments which have been full since their beginning.

To learn more, click here.

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