Troubled Philadelphia Homeowners Have an Option Besides Foreclosure

The City of Philadelphia wants homeowners who are behind on their mortgages to have an option besides foreclosure.The Nov. 17 edition of the New York Times details a program that brings Philadelphia property owners and lenders together to negotiate deals that enable homeowners to keep their homes. It's loan modification, the difference being that lenders are required to attend the conferences and negotiate in good faith. The program is so successful, that cities around the U.S. are looking at it as a model for their own crop of troubled borrowers. While it also has critics, even they concede it's better than what other cities are doing. Read about it here.

Do We Have Terrific Inventory or What?

Props to our agents in both Philadelphia and New Hope for securing an outstanding inventory of homes. Some of the most recent include:

• A modernist masterpiece in Elkins Park, Pa., listed by Donna Thain in our Philadelphia real estate office. A must-see for the buyer seeking a post-War classic!
• A very formal, historic stone house, re-done by Okie in the early 20th century, listed by Melanie Stecura in our Philadelphia real estate office. Exceptionally well maintained.
• An outstanding stone house in the Poconos on 71+ acres with wonderful distance views and facilities for horses or other animals, listed by Sharon Angle and Brad Bux in our Bucks County real estate office. French country in style and very dramatic inside.
• A superbly designed and built Main Line estate home -- so few people build to this level of taste and quality, it's a true privilege to offer this home.
• An expanded traditional Main Line home with top-quality finishes throughout. Sedate, serene and so stylish.
• Vince Fumo's home in Philadelphia's Art Museum Area. Love him or hate him, you have to give him credit for creating a striking, richly finished home in Center City.
• A modern home in the Bank Building in Center City Philadelphia. Good taste prevails throughout this spacious residence.

There are more to come tomorrow. Check out www.kurfiss.com to see them now.

Slightly Sunny Skies in the Real-Estate Forecast

The National Association of Realtors has released its market forecast for the fourth quarter of 2009 and first half of 2010. Mortgage rates are likely to increase, though not significantly. First-time home buyers are buoying the market, though no one seems quite whether the new tax credit for existing homeowners will affect sales. Here's the complete text from NAR.

First-Time Buyers Have More Time to Shop!

From The Wall Street Journal:

Congress has extended the $8,000 first-time home buyers' tax credit that was set to expire at the end of this month. The credit will apply to all house contracts entered into before April 30, 2010, and closed by June 30. It creates a new $6,500 credit for existing property owners looking to sell their home and buy another during the same period of time.
Both credits have income restrictions limiting their availability.

Hot Real Estate From Around the World!

The new issue of RESIDE from Sotheby's International Realty is now available online!(FlashPlayer required)