Who doesn't like free money? But will the new home buyer tax-credit program help the real estate market? (Photo: iStockphoto)

President Barack Obama, as expected, signed a bill today that includes a home buyer tax credit that will give up to $8,000 to first-time buyers and up $6,500 to buyers who have owned their home for at least five years …Full Story

The bill to extend the tax credit for homebuyers is now on President Barack Obama's desk. (Photo: Associated Press/J. Scott Applewhite)

The bill to extend the $8,000 tax credit to first-time home buyers and open the program to move-up buyers easily cleared the House of Representatives by a 403-12 vote Thursday. The House vote came a day after the Senate passed the measure 98-0 …Full Story

On the market, the house neighboring President Barack Obama's Chicago home features period details.

Wonder how much it would cost to live next to the president? Possibly $1,849,900, if President Barack Obama's neighbors get their asking price.

The neighbors' home, at 5040 S. Greenwood Avenue in Chicago, in the Hyde Park/Kenwood neighborhood, was first listed by Obama’s neighbors, Bill and Jacky Grimshaw, without a price over a month ago. The asking price is nearly $250,000 more than what Obama paid for his home -- which reportedly is in much better condition --four years ago. (Obama paid $1.6 million.) The Grimshaws purchased their home for $35,000 in 1973 …Full Story

How much would you be willing to pay to live next to President Barack Obama?

In real estate, how valuable a home is often comes down to location.  But, what does mean for a home that neighbors the home owned by President Barack Obama in the Kenwood neighborhood in Chicago's South Side? …Full Story

Obama may give homebuyers more time to use the first-time homebuyer credit.

It appears that my fellow blogger, Pat, may be right: It's looking more likely that the federal $8,000 tax credit for first-time homebuyers will be extended.  …Full Story

Where will the road lead in our nation's 'under water' mortgage crisis? (Photo: iStockphoto)

The rising tide of underwater mortgages has become a flood. According to a report by Deutsche Bank last week as reported in the New York Times , nearly 50 percent of all homeowners with a mortgage will owe more on their mortgages than their homes are worth by the time the housing recession ends in 2011 …Full Story

A sign on just one of the many foreclosed homes across the U.S. (Photo: Taylor Dunfee)

With more homeowners getting caught in the growing wave of foreclosures, it's upsetting to see how ineffective federal efforts to help homeowners are. These programs, whether championed by former President Bush or President Obama, have uniformly failed to meet their stated goals of saving millions of homeowners from foreclosures. A recent Associated Press article, "Feds Push Mortgage Companies to Modify More Loans," details the administration's attempts to get the program moving faster …Full Story

A new federal website offers guidance for homeowners trying to keep up with their mortgage. (Photo: iStockphoto)

For homeowners struggling with their mortgage, or for those trying to figure out whether they qualify for help under the Obama administration's mortgage plan, there is a new resource available. The Treasury Department has just launched a new website, MakingHomeAffordable.gov. The website is designed to help borrowers whose mortgages are held or guaranteed by Fannie Mae or Freddie Mac and are trying to keep up with their payments …Full Story

This week, the blog will share pointers on how homeowners can improve their chances of getting a refund -- or owing less -- when they file their 2008 federal income tax forms this year.

The expense: Buying a new home

The credit: For consumers who purchased their very first home last year, there is a new credit available for 2008. As part of the Housing Assistance Tax Act of 2008, the government will allow a credit of as much as $7,500 (or 10 percent of your purchase price, whichever is less) for your federal income taxes. (The credit can be claimed on IRS Form 5405, which should be attached to your Form 1040.) …Full Story

Now that President Barack Obama has announced his Homeowner Affordability and Stability Plan, the big question among many people struggling with their mortgages is whether the plan will help them keep their homes and how to qualify for the program.

The plan, which is aimed at mitigating our nation's foreclosure problem and will allow some struggling borrowers to refinance or restructure their loans into lower, fixed rates, won't help everyone -- it's aimed at actual homeowners, not real-estate speculators, and will only affect those borrowers with loans owned or guaranteed by Fannie Mae or Freddie Mac. For more information on who may be eligible for the plan, check out the Treasury Department's fact sheet. More details on the plan can also be found on the White House blog …Full Story