Mary Eatock
NEW DELHI: The government on Tuesday raised the housing loan ceiling for availing one per cent interest subsidy to Rs 15 lakh from existing Rs 10 lakh, a decision that will benefit borrowers by up to Rs 14,865 per annum. A meeting of the Union Cabinet approved the proposal to give one per cent interest subsidy for home loans of up to Rs 15 lakh provided the actual cost of the house is not exceeding Rs 25 lakh. Under a scheme introduced in 2009, home loan borrowers are getting one per cent interest subsidy on home loans of up to Rs 10 lakh, provided the cost of the house did not exceed Rs 20 lakh. “A budgetary provision of Rs 500 crore has been made for the financial year 2011-12 for implementing the scheme,” the Minister of State for Information and Broadcasting Ambika Soni reporters after the Cabinet meeting. Read full article…
Dec
12
Harry Bennetts
After a year of sinking home prices and flat sales, economists for the California Association of Realtors expect California’s struggling housing market will see only slight gains in 2012.
Sales of existing single-family homes next year will increase statewide by 5,100 units to 496,200 houses, compared to 2011, and the median home price — where half sell for more and half for less — will rise by $5,000 to $296,000. that means the median price will still fall shy of the 2010 median of $303,100, according to a forecast released Tuesday.
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Dec
12
Eliza Seekamp
Foreclosure filings in November fell 14% when compared with last year according to the latest Realtytrac survey. Foreclosure filings include default notices, scheduled auctions and bank repossessions. In total, 224,394 homes received foreclosure filings.
The filing decline may seem like good news and surely its a welcome relief for many families, however behind the lower numbers is the reality that foreclosure activity has been delayed by the continuing inability of loan servicers to get their paperwork right. The robo-signing scandal which first slowed the market last winter continues to hobble foreclosure activity.
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Dec
12
Harry Bennetts
“State property manager NET will commence its operations from January 1, 2012. The first clients should receive notifications from banks that their homes have been selected for enforced sale in the first quarter after January 15, but will also be told that they may qualify for the social home tenancy programme when the state buys their homes.
“Applicants must prove that they have two children and are receiving benefits, within 30 days of the notification, CEO of NET Tamás Csillag said. Th
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Dec
12