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NAR backs expansion of buyers' tax credit

By Inman News, Friday, February 6, 2009.

Pushing for passage of a massive, $900 billion-plus stimulus bill, President Obama today said, "It is inexcusable and irresponsible for any of us to get bogged down in distraction, delay or politics as usual while millions of Americans are being put out of work. Now is the time for Congress to act."  more...

Borrowing our way out of trouble

By Lou Barnes, Friday, February 6, 2009.
Flickr photo by <a href="http://flickr.com/photos/65439930@N00/3020135979/" target=blank>geocam20000</a>.

A big week ahead will bring the best chance to touch mortgage lows just under 5 percent, and also the best chance for chaos during the last 20-months' falling-apart.

On Monday, Treasury Secretary Timothy Geithner will tell us what sort of financial system we may look forward to, if any. The details are secret, hence no idea how markets will react. On Tuesday, Federal Reserve Chairman Ben Bernanke will begin two-day testimony to Congress. (I don't know who I would least like to be: Bernanke, a senator, or out here watching.)  more...

Asphalt driveway has odd problem

By Paul Bianchina, Friday, February 6, 2009.

Q: I am having a problem with my blacktop driveway. I have lived in my townhome for seven years, and I have always had it seal-coated every year. The townhome is approximately 20 years old. Last year I noticed that the driveway seemed to be cracking and splitting. I had the seal-coating done and the cracks filled. The gentleman who did the job said that the driveway was heaving due to pipes that ran from the house to the street. I called our public works department and they said that could not be the case because we would notice water in the grass or street area.  more...

Homeownership obsession taken too far?

By Inman News, Friday, February 6, 2009.

With all the bad economic news circulating you'd think more people would be wary of buying a house in the current market -- especially in the San Francisco Bay Area where some economists expect prices to drop 20% this year.

But what would you do if your wife threatened to divorce you unless you took the plunge and bought a house?

That's the dilemma one man is facing, but it gets more bizarre.  more...

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2009

Lord of the REOs

By Joel Burslem, Friday, February 6, 2009.
In another casualty of the housing bust, The Shire, a Lord of the Rings-themed development in Bend, Oregon, has fallen into bank hands, according to the The Bend Bulletin.

The 6-acre property, which only has one-partially completed home and 14 vacant lots, is now on sale for $1.3 million. A public auction in December resulted in no bids which forced lender Umpqua Bank to foreclose in mid-January.
 more...