2008 August archive at LocalHouseBlog

Archive for August, 2008

Nehemiah Launches Web Community to Amass Surge in Support for Downpayment Assistance

Published by jonathanfleming August 14th, 2008 in Housing Market - Nationwide. Comments

Today, Nehemiah Corporation of America announced the launch of www.DPAGroundSwell.org, a web-based community established to mobilize the growing industry opposition to the October 1 ban on seller-funded downpayment assistance (SF-DPA). The ban on these programs was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008.

The site will bring together families and individual homeowners as well as industry groups and local members of the real estate market including brokers, bankers, lenders, homebuilders and others to provide a central information and communication hub to fight the ban.

Importantly, the site enables visitors to directly contact local representatives and offer support for a bill introduced by Representatives Maxine Waters, Gary Miller, Al Green and Christopher Shays on July 31, 2008, that would reinstate SF-DPA. If passed and signed into law, the FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694) will allow downpayment assistance to continue indefinitely.

Press Release

Price report: No housing floor yet

Published by jonathanfleming August 12th, 2008 in Housing Market - Nationwide. Comments

Taking a tour of West Oakland in the last few weeks leaves one to believe two things: “Prices have definitely changed” and “There are great deals out there for Investors”. The way I see is a little different, being that I live in Oakland and most of these properties would stay “Jacked up” or “Deferred Maintenance” the housing crash will probably result in the fix up and repair of these homes eventually. In West Oakland, you have Duplexes selling for the low $100k ranges, you can actually get into a piece of good investment property for the low end, however it is not for people that cannot stomach any fix up work because there is a lot of work involved.