Architecturally Stunning Greek Revival – Litchfield County - $525,000

One of the true rewards of living in Litchfield County is the pureness of our architecture.  Stunning in every way, view this significant Greek Revival, and tell us if you have ever seen a more beautiful home at any price.

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REALTOR® Magazine-Daily News-Second Big Lender Stops Foreclosures

REALTOR® Magazine-Daily News-Second Big Lender Stops Foreclosures

For Sale: 3BR/2BA Single Family House in Winchester, CT, $399,000

For Sale: 3BR/2BA Single Family House in Winchester, CT, $399,000

<span style="color: rgb(255, 0, 0);">WEB FIRST:</span> Winsted gets new Director of Public Works- The Register Citizen News - Northwest Connecticut's Daily Newspaper

WEB FIRST: Winsted gets new Director of Public Works- The Register Citizen News - Northwest Connecticut's Daily Newspaper

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New Housing Bill Will Force Loan Modification

Four senators are putting their muscle behind a new housing bill intended to prohibit lenders operating in the U.S. from foreclosing on home owners without first having discussed reasonable modification options with the borrowers.

The bill, called the Preserving Homes and Communities Act is being sponsored by Rhode Island Senator Jack Reed, Illinois Senator Dick Durbin, Jeff Merkley of Oregon and Sheldon Whitehouse of Rhode Island.

Under this bill, lenders will be forced to the negotiating table under the threat of stiff fines and other legal penalties.

All lenders will be required to perform what the bill terms as a "net present value" test for all seriously delinquent borrowers. The test would be a financial analysis weighing the benefits of a modification of loan terms against the benefits of foreclosure.

For borrowers who do not fit into this program, the bill would create a multi-billion national fund for states to make loans or grants in order to prevent foreclosures.

The senators' rationale behind the creation of this bill is that they are frustrated with the slow pace of current loan modification programs and feel that they are not keeping up with the record numbers of foreclosures this year.

"Voluntary efforts to keep families in their homes have failed," said Durbin. "This bill will force lenders to modify qualified mortgages rather than letting them move quickly to foreclosure, which destroys households and neighborhoods."

The act will also set up a mortgage payment assistance program to provide money to state housing agencies to assist people who have lost income and face the prospect of foreclosure.

The most significant aspect of this bill would be to create "mandatory mediation" requirements forcing lenders to allow some mediation efforts between them and their borrowers before being able to file foreclosures against home owners.


The Friendly Real Estate Broker loves real estate questions and inquiries. Baseball trivia is welcome also.

Why the First Time Homebuyer's Tax Credit will be Extended (or why it won't)

As anyone buying or selling a home knows, the government will give you a tax credit of 10 percent of the home's purchase price up to $8,000, provided neither you nor your spouse has owned a home in the past three years. Your new digs have to be your primary residence for three years, and you can't make more than $75,000 a year (double that if there's two of you).

This incentive was launched by the government earlier this year and is set to expire Nov. 30. But if the real estate and construction industries have their way, the program will go on life support until at least next year and perhaps indefinitely. Several members of Congress have drafted or voiced support for bills calling for extensions or expansions of the initiative. One version, introduced in the Senate by Georgia Republican John Isakson, would extend the program through 2010, raise the credit to $15,000, and be available to all homebuyers, regardless of current housing status or income level. Senate Banking Committee Chairman Christopher Dodd has voiced his support, as has Senate Majority Leader Harry Reid. (It’s worth noting that Reid hails from Nevada, a state that’s been especially hard hit by the real estate crisis.)

Critics say this has artificially inflated home sales. By the National Association of Realtors numbers, of the roughly 1.5mil homes sold nationwide since the inception of the credit, 350,000 of them were purchased using the tax credit. Yet that's only part of the story. Those 350,000 homebuyers allowed at least another 350,000 homesellers to move up into another home. This is a very good thing.

Mark my words, if legislation is passed extending this credit to all buyers there will be massive rush to purchase real estate. Homeowners who have been on the fence about selling will rush to the market,and the true recovery can begin.

When housing leads you into a recession, it can also lead you into recovery. Let's hope the legislators can see the light and extend the First Time Homebuyer's Tax Credit, and extend it to all homebuyers.

The Friendly Real Estate Broker loves real estate questions and challenges from the public. Baseball trivia is welcome also.

Million Dollar Homes Regaining their Luster

To view our million dollar homes, please visit www.YankeeNewEngland.com.

The Friendly Real Estate Broker loves real estate questions and challenges from the public. Baseball trivia is welcome also.