Legal and Regulatory - St Louis Real Estate News

Home buyer tax credit update

By Dennis Norman, on October 29th, 2009

Dennis Norman

I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of Home Builders and Fix Housing First to urge Congress to extend the home buyer tax credit as well as expand it to include more than just first-time home buyers.

Unfortunately there are some inaccurate reports I’m seeing this morning that indicating the Senate Continue Reading →

Web Site Launch Promoting “Vote YES to Stop Double Taxation”

By Dennis Norman, on October 24th, 2009

A new Web site provides Missouri voters with information about a proposed state constitutional amendment barring politicians from imposing double taxation on sales of homes and other real estate. I would encourage Missouri residents to visit www.YesToSaveHomes.com to learn more about the proposal.

Continue Reading →

Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery, Says NAR

By Dennis Norman, on October 8th, 2009

Dennis Norman

By: Dennis Norman

The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday.

NAR Regional Vice President Joseph L. Canfora said “the credit is working,” pointing out that the 355,000 to 400,000 transactions directly attributable to the credit made a significant dent in the housing inventory and will help to stabilize home prices. Further, the credit has provided a Continue Reading →

MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit

By Dennis Norman, on October 7th, 2009

Dennis Norman

By: Dennis Norman

Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased.

The MBA then cited the recent report by the IRS that over 1.4 million taxpayers have benefited from the tax credit. “Although (the) MBA is seeing some improvement in the housing market, it is essential that the favorable impact of the first-time homebuyer Continue Reading →

Mortgage Programs Fall Short in Keeping Homeowners out of Foreclosure

By Dennis Norman, on October 7th, 2009

To alleviate some suffering by homeowners, the Obama Administration introduced the “Making Homes Affordable” plan last March. Unfortunately, the plan has not yet had the intended effect.

Article by the Grand Law Firm

Economists debate whether or not the country is actually currently in a recession. Some say that there are positive signs that we have reached the bottom and the economy is turning around. Others, however, suggest that the country still has a long way to go and it may be years yet before we truly reach financial recovery. Regardless of who is right though, one thing is clear: Continue Reading →

Missouri Association of REALTORS working to prevent double taxation

By Dennis Norman, on October 6th, 2009

Dennis Norman

By: Dennis Norman

According to a report prepared by the Federation of Tax Administrators (FTA) in 2006, thirty-five states plus the District of Columbia impose a real estate transfer tax. What a transfer tax amounts to is when you sell or transfer a house (or other real property) you pay a tax to the state on the sale ranging from a low of 0.01 percent in Colorado to a high of 2.2 percent in the District of Columbia.

In addition, in some states (Delaware, Maryland, Michigan, New Hersey, Pennsylvania, Washington and West Virginia) some of Continue Reading →

Homebuyer tax credit has been primary cause of recent return of buyers to market according to study

By Dennis Norman, on October 5th, 2009

Dennis Norman

By: Dennis Norman

Results have just been released of a study conducted by Rosen Consulting Group as to the effectiveness of the 2009 first-time-homebuyer tax credit and the potential need for an extension of the credits.

The Rosen Consulting Group was retained by Fix Housing First, a coalition that was originally working to convince Congress for a housing stimulus package that they feel would have a more significant then what was ultimately passed, and since has been working to get the tax credit extended beyond its current expiration date of November 30, 2009.

The study noted Continue Reading →

Dept of Defense Homeowners Assistance Program expanded to help people

By Dennis Norman, on October 2nd, 2009

Dennis Norman

By: Dennis Norman

The Homeowners Assistance Program (HAP)was established back in 1966 to give some monetary relief to eligible service members and federal employees who suffer financial loss on the sale of their primary residence when a base closure or realignment announcement cause a decline in the residential real estate market and they are not able to sell their homes under reasonable terms or conditions. The American Recovery and Reinvestment Act of 2009 (ARRA) temporarily expands the HAP program to assist service members and Department of Defense employees who are wounded, injured or become ill when deployed, Continue Reading →

EHOC Files Fair Housing Complaints Against 14 Senior Housing Providers in St. Louis area

By Dennis Norman, on September 26th, 2009

As a result of its recent report on senior housing, EHOC announced on September 23, 2009, that it was filing 14 fair housing complaints against senior housing providers in the St. Loius area with the United States Department of Housing and Urban Development (HUD).

Complaints are being filed against the following senior communities in St. Louis County: Brentmoor Retirement Community; Mari De Villa; Pacific Place; The Fountains of West County; McKnight Place Assisted Living; National Healthcare Corporation (which has facilities in both St. Louis County and St. Charles County); The Rockwood; and Tesson Heights. Complaints were filed against the Continue Reading →

First-time homebuyer credit provides tax benefits to 1.4 million familes to date according to the IRS

By Dennis Norman, on September 19th, 2009

Dennis Norman

By: Dennis Norman

“I’m from the IRS and I’m here to help you.”

Yeah, sure. :)

Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well as how to claim the credit.

The IRS issued a notice yesterday reminding potential home buyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time home buyer credit. The credit of up to $8,000 Continue Reading →

FDIC Launches Foreclosure Prevention Initiative

By Dennis Norman, on September 17th, 2009

The Federal Deposit Insurance Corporation (FDIC) is launching an initiative to help consumers and the banking industry avoid unnecessary foreclosures and stop foreclosure “rescue” scams that promise false hope to consumers at risk of losing their homes.

This initiative includes outreach, referral services, and an information tool kit. Arming consumers with information will heighten consumers’ awareness of foreclosure “rescue” scams and give them more confidence in knowing they are working with legitimate counselors and servicers to obtain a loan modification that could help them avoid foreclosure.

Continue Reading →

REALTORS Urge Congress to Extend Homebuyer Tax Credits

By Dennis Norman, on September 16th, 2009

Dennis Norman

By: Dennis Norman

The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.

According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without the credit.

Continue Reading →

Title Insurance 101 from a St. Louis Title Professional – Final post in the series

By Dennis Norman, on September 5th, 2009

Dennis Norman

By: Dennis Norman

Over the past two days I published the first part and second part of my E-View TMwith Wendy Cromer, Vice-President of Marketing for Security Title Insurance Agency, LLC about title insurance, the new laws affecting it and things consumers should know.

Wendy Cromer, Vice-President of Marketing, Security Title Insurance Agency LLC

Today were going to do the final part of our E-View TM with Wendy:

Dennis-Wendy, title insurance seems to be one of those things that is a mystery to most homeowners. Can you please explain what title insurance is and Continue Reading →

New Laws affecting real estate in Missouri

By Dennis Norman, on August 25th, 2009

Dennis Norman

By: Dennis Norman

The Missouri Legislature passed several bills this past session affecting real estate or property in Missouri, most of which were signed into law by Governor Nixon and go into effect August 28, 2009. Below is a brief synopsis of the new laws and their purpose based upon the bill summary. (Unless noted different the new law goes into effect August 28, 2009- For the complete bill click on the bill number): Continue Reading →

Storm water consumer protections signed into law

By Dennis Norman, on August 10th, 2009

Dennis Norman

By: Dennis Norman

Legislation to protect St. Louis area residents from storm water fees for services they are not receiving was recently signed into law. Representative Tim Jones sponsored the legislation, which was amended to House Bill 661 during the 2009 session and was signed by the Governor on July 7th.

Rep. Tim Jones, 89th District

“When MSD refused to remove this unfair tax, I heard the voices of my constituents loud and clear. Although we knew it would be a touch mountain to climb to pass legislation of this magnitude in only one Continue Reading →

FBI Arrests Two People in Foreclosure Scheme

By Dennis Norman, on August 8th, 2009

Dennis Norman

By: Dennis Norman

Previously I did an article on avoiding foreclosure rescue scams which have unfortunately become rather common in recent months.

This week the FBI arrested two people that the FBI alleges has done just that. I wanted to share the press release from the FBI to heighten people’s awareness of scams such as this and hopefully help prevent more victims of such scams. The press release describes in detail how they allege this scam was carried out. To read the FBI press release click here, or just read below as I have published it Continue Reading →

St. Louis Association of REALTORS(R) Presidents’ view of the market – Final Post of the series

By Dennis Norman, on August 7th, 2009

Dennis Norman

By: Dennis Norman

Earlier this week I did part one , and yesterday part two of my E-View with Carole Baras, CRS, GRI, ePRO, the 2009 President of the St. Louis Association of REALTORS(R) to get her take on the St. Louis real estate market.

Today I’ll pick up where I left off and complete my E-View with Carole:

Carole Baras, 2009 President, St. Louis Association of REALTORS(R)

Dennis – Carole, What do you feel are the best opportunities today for buyers in St. Louis?

Carole – Buyers that are looking to purchase a Continue Reading →

FBI issues consumer alert warning of phony online rental ads

By Dennis Norman, on July 30th, 2009

By: Dennis Norman

The FBI has issued a consumer alert warning of phony online rental ads. According to the alert, the scam goes like this:

You can’t believe your good fortune-you find a rental home in a nice area through a Craigslist classified ad at an unbelievably low rate. The landlord-who had to leave the country and travel to Nigeria-asks that you wire him two months worth of rent. You arrive at the home on the agreed-upon date, but there is just one small problem- the house is not actually for rent and its owners know nothing about your agreement.

Continue Reading →

Mortgage information and advice from a St. Louis Mortgage Banker – Part 2 of a series

By Dennis Norman, on July 29th, 2009

H. John Frank, Jr., President, Paramount Mortgage Co.

By: Dennis Norman

Yesterday I did the first post of my E-View TM with respected mortgage banker, H. John Frank, President of Paramount Mortgage Co. located here in St. Louis.

Today we continue with part two of the E-View TM:

Q-How many states require mortgage brokers/bankers to be licensed? Does licensing protect the consumer in your opinion? If so, how? If not, why not?

A-I don’t know how many states require licenses, but later this year (I believe around the 1st of August) most, if not all, states Continue Reading →

Bill in congress to stop HVCC gains momentum

By Dennis Norman, on July 17th, 2009

Dennis Norman

By: Dennis Norman

Since going into effect May1st the new Home Valuation Code of Conduct (HVCC) has caused controversy, been blamed for killing sales and seems it has everyone up in arms.

In late June I did a post on another blog about a bill, H.R. 3044, that was introduced in the U.S. House of Representatives that, if passed, would put an 18 month moratorium on HVCC.

The bill was introduced by Representatives Travis Childers and Gary Miller. Since being introduced the bill is gaining some support and momentum. As of today there are 22 cosponsors Continue Reading →