The U.S. House of Representatives passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. Amid all the negative economic news we’re hearing on a daily basis, this is good news, as the bill contains a number of issues critical to REALTORS® and the industry, including extending all 2008 Metropolitan Statistical Areas’ (MSAs’) Fannie Mae, Freddie Mac, and FHA loan limits through the end of this year.
The extension prevents an MSA’s 2008 loan limit from being reduced in 2009 for Fannie Mae, Freddie Mac and the FHA. Language in the bill also specifies that if an MSA’s loan limit is set to change, it can increase, but is prohibited from declining.
The proposed legislation also will eliminate an existing payback requirement on the first-time home buyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008, and July 1.
Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. It looks like Congress will begin to address other housing issues next week when the Financial Services Committee meets.
The legislation also contained a laundry list of appropriations for various affordable housing programs, neighborhood stabilization programs, and other housing and/or real estate-related issues, including:
Public Housing Capital Fund
Native American Housing Block Grant
Home Investment Partnership Program
Self-help & assisted homeownership
Elimination of lead paint in homes
Repairing leaking underground storage tanks
Low-income home energy assistance
Rural Housing Insurance Fund
In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband Internet; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance; health care technology upgrades; childcare; education; and low-income and affordable housing programs.
The Senate now is working on its version of the stimulus legislation, and is expected to vote on it next week. Congress would like to get a bill to the President’s desk by President’s Day, Feb. 16.
So what next? More importantly, what kind of impact will this have for San Francisco? Here’s your chance to go on record and compare the power of your crystal ball to that of other readers.
We’re all about sharing, we’re all about interacting, and we’re certainly all about partying, so it is no surprise they contacted us to help secure a location. ;-) (Thanks to Kevin Boer for pointing them our way.)
Now we’re asking for a little help from our readers. Do you know of a location (hipper the better) that once housed an aspiring dot com, or business, that has recently failed? If so, either share in the comments below, or contact us, and let’s see if we can’t help put this party together.
Right on the heels of our recent post a la Sophie, “A walk up the hill”, we learn that one of the little nugs she reported on went into contract as of yesterday, 565 Clipper being that little 4 bed, 3.5 bath, $2,149,000 single family nug (originally listed 10/08 for $2,599,000):
The deets, with a little RealSpeak for good measure:
Breathtaking, recently rebuilt home w/ hi ceilings & dramatic dark walnut floors. Enormous living room w/ FP & city vus. Top shelf kit w/ 6-burner Viking & CesarStone + huge bfast bar. Dramatic DR is surrounded by windows & adjacent outdoor living space. 3BD/2BA upper level includes a luxurious master suite w/ FP & vu deck + an add’l south facing deck adjacent to 3rd BD overlooking the garden.Ground level has huge family/media room w/ wet bar + 4th BD, full BA & 2 car sxs gar. This is the one!
It “is the one” for someone, and is a good comparable for 469 Clipper (future version), which just so happens to still be available.
So what gives? Bad market, busy street, nothing but doom on the horizon, yet somebody pulled the trigger on a $2+Million property on Clipper? Let’s hope it closes.
Stay tuned for reports of multiple offers on multiple properties. No kidding.
The numbers speak for themselves. Thanks to “SFAR Advantage Online” for the goods:
NUMBER OF UNITS is the equivalent of number of sales/transactions. For condominiums, each unit is treated as a sale. For 2- to 4-unit buildings, the “building” is treated as a sale.
NUMBER SOLD is the number of properties in the market segment that closed escrow during the month.
NUMBER FOR SALE is the number of active properties on the market for one day or more during the month.
MEDIAN PRICE (SOLD) reflects the “middle” price point of a group of properties that have successfully closed escrow on a monthly basis, i.e. half sold for more and half sold for less than the median price. Tracking the movement of median prices over time provides a good indicator of the direction market forces are moving.
If the percentage change is positive between the two periods then there is upward pressure on prices in that market segment. If the percentage change is negative between the two periods then there is downward pressure on prices in that market segment.
AVERAGE DAYS ON MARKET (DOM) reflects how long it has been taking (on average) to draw an offer on a reasonably priced property exposed to the market. The AVERAGE DAYS ON MARKET is defined as: The average number of days it took all of the properties that went under contract during the period to accept a first position offer.
MONTH’S SUPPLY OF INVENTORY (MSI) is a measure of how long it would take, in months, to sell the existing inventory at the current sales rate for the specific neighborhood and property type. The MONTH’S SUPPLY OF INVENTORY is defined as: The number of active properties on the market for one day or more during the month, less the number of properties that have been withdrawn or expired, divided by the number of properties that have gone under contract during the month.
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Data provided by Terradatum. For additional information about market statistics and/or additional information about Terradatum’s products and services, please call Terradatum at 1-888-212-4793 Ext. 2 or send e-mail to firstname.lastname@example.org.