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WASHINGTON – In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development today provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain ‘underwater’ non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage.

The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or ‘underwater’ – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012.

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NEW YORK (CNNMoney.com) — The housing bust has made owning a home a lot more affordable — but in some places, prices are extraordinary; you can buy a nice condo for less than the cost of a new family car.

Some cities have dozens of attractive condominium listings selling for $50,000 or $25,000. There are some selling for less than a new Toyota Corolla. And these are not derelict hovels in crime-ridden communities: These homes are often in move-in condition and located in nice neighborhoods.

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RISMEDIA, May 29, 2010 — Nationwide housing, bolstered by favorable interest rates and low house prices, hovered for the fifth consecutive quarter near its highest level of affordability since the series was first compiled 19 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).

The HOI showed that 72.2% of all new and existing homes sold in the first quarter of 2010 were affordable to families earning the national median income of $63,800, slightly higher than the previous quarter and near the record-high 72.5% set during the first quarter a year ago.

“Today’s report is very encouraging because it indicates that homeownership continues its more than year-long trend of remaining within reach of more households than it has for almost two decades,” said NAHB Chairman Bob Jones, a home builder from Bloomfield Hills, Mich. “With interest rates still hovering at low levels, companies starting to hire new employees and the economy beginning to rebound, this should encourage more home buyers to enter the market and help further stabilize housing and the economy.”

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NEW YORK (CNNMoney.com) — Can it be possible? Despite the housing bust and high foreclosure rates, in some areas real estate agents are complaining that they don’t have enough homes to sell.

There is currently an eight-month supply of homes on the market — meaning that, at the current sales pace, it would take eight months to run through the backlog.

That’s still a lot compared to the six-month supply that is expected in a normal market, but it is much better than it was. In March, there were nearly 2% fewer homes on the market than there were a year ago, and 21.7% fewer than the record of 4.6 million in July 2008.

In some areas, supplies are even bidding-war tight. In Denver, for example, supply has fallen to 5.7 months from 6.2. In Phoenix it has declined to 4.5 from 5.2; and in San Francisco inventory has halved, to 3.2 months from 6.5 last March.

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RISMEDIA, May 6, 2010—If you’re a betting person, you’ll like the odds on the Federal Reserve Board keeping interest rates near current levels until at least the final quarter of this year, maybe longer.

Cambridge Realty Capital Companies Chairman Jeffrey A. Davis says three of four economic experts polled by the Associated Press news service in a new quarterly survey think it’s unlikely the Fed will be making a seismic policy shift anytime soon.

Most economists expect the economy to lurch along slowly and fitfully for the remainder of this year and next. Unemployment is expected to remain stubbornly high for the next two years, and home values, the other pillar of American financial security, are projected to remain flat for the foreseeable future as well, noted Davis.

“Presumably, the Fed will be reluctant to aggressively change course with monetary policy until there is obvious, sustainable improvement in these important indicators, although some tweaking is always possible,” he said.

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RISMEDIA, May 6, 2010—(MCT)—Spring cleaning is turning into spring remodeling this year for many homeowners.

Home improvement projects are starting to make a comeback after frugal consumers pulled the plug on remodeling and renovation work during the downturn.

With the economy showing signs of stabilizing and retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes’ appearance and value by repainting their bathrooms, installing new floors and carpets, and upgrading their kitchens.

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RISMEDIA, May 5, 2010—Pending home sales increased again in March 2010, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of Realtors®. The Pending Home Sales Index (PHSI) forward-looking indicator based on contracts signed in March, rose 5.3% to 102.9 from 97.7 in February, and is 21.1% above March 2009 when it was 85.0; this follows an 8.3% increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

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A recent article from RISMedia.com, reports that according to a survey released by Prudential Real Estate and Relocation Services, Inc of 1,000 Americans between the ages of 25-64 with at least $35,000 household income, the expiration of the 2010 Home Buyer Tax Credits on April 30 is unlikely to put off Americans looking to purchase homes who believe now is a good time to buy and are confident that home prices will rise.

Among consumers actually shopping for homes, 65% believe that the end of the tax credits will have little or no effect on their interest in purchasing a home. While consumers remain unsure about the direction of the housing market, the survey reveals that they are optimistic about real estate values with 46% of consumers expecting real estate prices in their area to increase over the next year. Just 12% expect prices will decline.

Over the next five years, 79% expect real estate prices to increase, with 20% expecting prices to increase substantially. Despite the significant downturn in the real estate market, the survey underscores that the dream of homeownership and the perception that owning a home is a good investment remain intact. Among current renters, 75% still believe owning their home is a better long-term choice for their needs than renting.

The majority of consumers also believe that homeownership is a better investment than individual stocks or bonds (75%), mutual funds (72%), or savings accounts (74%).

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