According to Realty Times,  pending home sales were up again for second straight month. Last month pending home sales rose 7% over the previous month and 13% since January.

Thats great news because a stablizing real estate market is what many believe we need to move the United States out of this recession.

Another positive sign with in the real estate market is the applications for new mortgages is up also up 7%.  As credit markets continue to loosen and the expantion of home buyers  tax credit it’s no surprise that applications are up.

But all in all great news for the real estate market. It seems we might be seeing the light at the end of the tunnel in regards to the recession. Although with stock markets still shaky and record high unemployment rates we are not out of the woods yet.

According to an article previously posted in BC Real Estate section stating that the allocated funds for the New Home Buyer Credit were running out.  On June 22.. another article was posted.. originally in USA Today about an expansion of the home buyer tax credit.

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Found this article in Realty Times about Avoiding Closing Derailment.

I thought the tips in the article were right on point and is a must read for all, home buyers, home sellers and real estate agents alike.  Being well educated and thoroughly prepared with all necessary paper work  are only the first steps in avoiding issues or hangups with home sale closings.

Like a train, a transaction can get derailed at any point on the track. A closing can be hit by a clouded title, a home not appraising for value, a rapid change in interest rates, an undisclosed credit or income issue, or one of countless other unanticipated issues.
- Dirk Zeller, Realty Times

Read the rest of Avoid Closing Derailment…

There is been mention of rising conditions in the real estate market. I would speculate that has a lot to do with the costly & drastic measures the Obama administration is taking to pull the economy out of the worst recession in a very long time.

According to an article in Realty Times… “Market Conditions”
by Realty Times Staff

“The National Association of Home Builders is reporting a 4.7 percent gain in new-home sales in February, which comes as welcome news.”

Many speculate that in order for economic recovery to happen, the real estate market first needs to stabilize. So a 4.7% gain is great news… and just in time for spring when the housing market tends to start picking up after a long winter.

According to an article (Gov’t Rushing to Finish Huge Financial Rescue Plan) in Yahoo! Financial News via the Associated Press…

The Bush administration sketched out a multi-faceted effort on Friday to confront the worst U.S. financial crisis in decades, outlining a program that could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt. Relief washed over Wall Street with a surge of buying.

… Paulson gave few details but said he would work through the weekend with leaders of Congress from both parties to flesh out the program, the biggest proposed government intervention in financial markets since the Great Depression. Members of the Senate Banking Committee said they had yet to receive details of the proposal, but were ready to move quickly when they do. JEANNINE AVERSA and JULIE HIRSCHFELD DAVIS

Senator McCain Doesn’t Agree…

The Republican presidential hopeful said the Fed should get back to “its core business of responsibly managing our money supply and inflation”…

McCain said simply that leaders should put aside partisan differences and “any action should be designed to keep people in their homes and safeguard the life savings of all Americans.” “McCain says Fed should stop government bailouts” By BETH FOUHY, Associated Press Writer.

So what do you think.. does it make sense to bailout the financial instutions or hardworking / tax-paying American’s?

Just in from the AP Wire… “Fed adopts plan to curb shady mortgage practices”

WASHINGTON - The Federal Reserve has adopted rules to give home buyers more protection from the types of shady lending practices that have contributed to the housing crisis and propelled foreclosures to record highs.

Chairman Ben Bernanke and his central bank colleagues approved a plan Monday that would crack down on dubious lending practices that have hurt many of the riskiest “subprime” borrowers — people with tarnished credit histories or low incomes.

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