Home Ownership

NPR reports on the largely unused Hope for Homeowners program, part of last summer’s housing bill that was meant to address the crisis in mortgage foreclosures.

High loan and interest fees, tough restrictions for consumers and costs to lenders are some of the reasons why the program has not caught on.

Last year, the Federal Government enacted the Housing and Economic Recovery Act of 2008 to help stimulate the housing market by giving a tax credit to first-time home buyers. The basic idea of the act is to bring a new group of buyers into the housing market to add additional sales; first-time buyers don’t have an existing home to sale, but sellers will more-than-likely need to find a new home once their property has sold.

Read on for some need-to-know facts about this credit if you are thinking about buying in 2009.

A survey finds that most Americans have moved to a new community at least once in their lives.

In 2008, only 12% of the American population changed addresses, down from 13% between 2006 and 2007. The reasons for this trend may be the slowing economy, the downward spiral of the housing market, and the increase of two-income families.

With all of the recent talk about recessions, government bail outs, and layoffs, it’s nice to hear a little good news once in awhile. On SaturdayDecember 13, six families moved into their brand new townhomes, built by Habitat for Humanity.

Since 1976, Habitat for Humanity has been building homes for low income families who could otherwise not realize the dream of home ownership.