Archive for February 8th, 2005

It Takes a Lot of Pounds in London!

Tuesday, February 8th, 2005

London’s office space is by far the most expensive in the world, followed by Paris, Tokyo, New York and Hong Kong, a survey found.

NAR Documents Greater Home Affordability

Tuesday, February 8th, 2005

Declining mortgage rates and rising family incomes made it more affordable for Americans buying homes in the fourth quarter, the National Association of Realtors said Thursday. The trade group’s composite housing-affordability index was 131.8 points during the fourth quarter of 2004, up 2.9 percentage points from 128.9 the third quarter. Good news for Las Vegas real estate! The index shows that a typical U.S. household had 131.8 percent of the income needed to purchase a home at the fourth quarter median re-sale home price, which was $187,500 for the country as a whole. The median price for a re-sale home in Las Vegas is $250,000.

HUD and the 2006 Federal Budget

Tuesday, February 8th, 2005

The Bush Administration’s proposed budget for fiscal year 2006 includes $28.5 billion for programs administered through the Department of Housing and Urban Development. The HUD budget allocation signals a continued commitment to increasing record home ownership in America and ending the most chronic forms of homelessness. The 2006 Budget provides $200 million to fully fund the American Dream Down Payment Initiative. ADDI helps first-time homebuyers with the biggest obstacles to home ownership (down payment and closing costs). Since this initiative became law, ADDI has helped more than 3,500 families to purchase their first home. The Bush Administration is also proposing a zero down payment mortgage option in the Federal Housing Administration (FHA) that would allow first-time buyers with a strong credit record to finance 100 percent of their home purchase including closing costs. We’ll see if that one makes it through the congressional labyrinth. MS Las Vegas Real Estate will be watching this process as it unfolds.