10 Reasons to Buy - Owning a home has been a part of the American Dream for decades. The list begins with: 1. Low Interest Rates: Interest rates are currently at historical lows. 2. Mortgage Interest Deduction: It's a great tax advantage! 3. Stability: Studies have shown that homeownership not only increases community involvement, it also leads to safer neighborhoods, and higher graduation rates. See the full article for the balance of the list: http://realtytimes.com/rtpages/20101208_buy.htm READ MORE

---

2010 Homebuyer Survey Contains Valuable Information for Agents and Sellers - One of the most useful research projects of the National Association of Realtors® (NAR) is the annual survey of homebuyers and sellers. In 2010, first-time homebuyers constituted 50% of the market. Only 4% of buyers purchased a home that had been foreclosed or that was in the process of foreclosure. That is actually lower than a couple of years ago. In 2010, a full 39% of buyers did not even consider buying a home in foreclosure. Of those who did consider making such a purchase, but did not ultimately do so, the primary reason (26%) was that they simply could not find a home that was right for them. This year, 74% of buyers said that they used the internet frequently during the search process, about the same as 76% last year. 36% of buyers went to the internet as the first step in the home search process. 19% contacted a real estate agent first, and 7% began by driving through neighborhoods looking for homes for sale. Read full article: READ MORE

---

New Lending Guidelines Benefit Young Borrowers - Under Fannie Mae's new lending guidelines, which will take effect Dec. 13, buyers will be allowed to use gifts and grants from nonprofit groups for their minimum 5% down payment. Freddie Mac is also considering similar new guidelines. Fannie Mae will be cracking down on debt-to-income ratios, with the maximum ratio for those seeking a conventional mortgage dropping from 55% to 45%. Under the new rules, borrowers who have gone through foreclosure will be excluded from obtaining a Fannie-backed loan for seven years. Read full article: READ MORE

---

BofA, GMAC rev up foreclosures The New York Times looks at how big lenders are moving faster on foreclosures and resisting short sales even as housing markets such as Phoenix struggle. The Times examines how GMAC, Bank of America and others are not as keen on short sales even as they move forward on foreclosures READ MORE

---

Obama official says banks can restart foreclosures - President Barack Obama's top housing official said Wednesday that lenders are within their rights to resume foreclosures this month despite allegations that they erred in processing documents. But he said the banks could face fines if found to have broken the law. Read full article: http://www.usatoday.com/money/economy/housing/2010-10-20-restarting-foreclosures_N.htm

---

Administration declines to halt all foreclosures - The Obama administration on Tuesday rejected calls for a nationwide moratorium on foreclosures because of concerns it could cause broader harm to the housing recovery. But a foreclosure freeze is still widening. Read full article: http://www.usatoday.com/money/economy/housing/2010-10-12-obama-rejects-foreclosure-moratorium_N.htm?loc=interstitialskip

---

Foreclosure Bill Is Blocked - President Barack Obama plans to veto a bill whose opponents say would make it harder for homeowners to stop foreclosures. The move marks the Obama administration's most direct intervention so far into a growing debacle tied to how banks foreclose on homes, and the first effective veto of Mr. Obama's presidency. The veto could make it more difficult for banks to complete paperwork and speed the foreclosure process, and could give homeowners more time to rework loans. Read full article: http://online.wsj.com/article/SB10001424052748704696304575538131744705958.html?mod=WSJ_RealEstate_LeftTopNews

---

Realtors report: Arizona among top markets for international homebuyers - Arizona is one of the states benefiting as international interest picks up in U.S. homes.  The National Association of Realtors 2010 Profile of International Home Buying Activity reports that the strength of the dollar, the value and desirability of U.S. real estate, and the emerging economic recovery were among factors cited as influencing international buyers in the recent survey.  Those with residency outside the U.S. as well as recent immigrants and temporary visa holders are estimated to have purchased $66 billion of U.S. residential property, accounting for 7% of the residential market.  Read full article:
http://www.bizjournals.com/phoenix/stories/2010/07/05/daily29.html?s=industry&i=resi_real_estate 

---

5 states rush plans for $1.5B in housing funds - The five states hardest hit by the foreclosure crisis have been given only weeks to plan how to spend $1.5 billion in federal funding announced by the Obama administration last month.  Guidelines issued under the U.S. Treasury Department's Fund for Hardest Hit Housing Markets on March 5 gave housing finance agencies in California, Arizona, Florida, Nevada and Michigan just six weeks to come up with plans on how to spend their share of the money.  Arizona is getting $125 million.
http://www.azcentral.com/business/realestate/articles/2010/03/15/20100315hardest-hit-housing-funding.html

---