For last week’s column, I wrote about the first-time homebuyer credit and provided some tips for people interested in taking advantage of the “free money,” as we wrote on our cover.

Well now, the Wall Street Journal-–bunch of copy cats!—has a similar story on their website. I think we covered most of the same bases: the new income limitations; deadlines to be mindful of; communicating with your lender.

But the WSJ has some fresh material. Anyway, here are their added tips:

• Be mindful of interest rates

Interest rates are low right now, but will likely rise next year, Ms. Warren says. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying.

Read More “A Few More Tips for First-Time Homebuyers” »

Fannie Mae is now allowing former owners to rent out their own foreclosed homes. The thinking behind this, according to the Wall Street Journal, is to “forestall the rash of foreclosed houses coming on the market,” which are lessening home values and obviously selling for very low prices. The program has critics, who say Fannie Mae is just avoiding the current reality of the still-sinking market in some areas. Check out the WSJ’s video:

Two sources—the New York Times and Reuters—are reporting that Congress will likely be renewing the first-time homebuyer tax credit in the next few days. “After weeks of partisan bickering, the Senate voted 97 to 1 to clear a procedural hurdle and move to final passage on Wednesday or Thursday. The House of Representatives is expected to approve it quickly and send it to President Barack Obama to sign into law,” according to Reuters.

The original credit was set to expire on Nov. 30. Last week, we learned that the new version of the credit will extend to some current homeowners looking for their next purchase, and that it would apply to all contracts entered by the end of April, and closing before July 1 (via Wall Street Journal).

In July, reporters and camera men from news outlets all over the world piled into a Friendship Heights office to witness the auction of the foreclosed Watergate Hotel.

Too bad, no one really bid.

One offer was tossed out: $25 million from the original lender for the purchase of the hotel, PB Capital. A lot of hoopla for ‘nothin.

But now, less than three months later, it looks like PB Capital has done what it set out to do: find someone willing to pony up serious cash.

(See shots into the Watergate Hotel building here.)

Read More “Watergate Hotel Reportedly Under Contract” »

On April 1, Marketplace aired a fake story about a home-buyer, who thought he was purchasing property in a vibrant neighborhood with great, active families living next door. Then, right after he moved in, the street went vacant. Where had the people gone? They were actors, he realized, “hired to play neighbors in an increasingly cutthroat real-estate market, where ’staging’ a home now means much more than just putting out fancy deck furniture and baking cookies.”

The entire piece was an April Fool’s Day gag. But in this market, the story seemed so plausible, many listeners—including one City Paper staffer, though, no, not this one—believed it at first. 

And now, not on April Fool’s Day, comes another very similar Wall Street Journal story. This one’s entirely true, I think.

Read More “Actors Playing Happy Homeowners—Joke or Not a Joke?” »