Condo Buyers Can Charge Down Payments, Home Prices to Keep Falling National Association of Realtors
Condo Buyers Can Charge Down Payments
Question: This might seem like a crazy question but is it possible to charge a down payment on a credit card? Answer. In an article in The Wall Street Journal, Jane Kim says that American Express is rolling out a plan to allow condominium buyers to charge down payments.
The plan is currently limited to select luxury-condo buyers in New York. American Express is working in partnership with real-estate firm Moinian Group, which has properties in mid-town under construction. But both companies say that this is just the beginning.
Bill Glenn, American Express's head of merchant business, says the move is part of the company's efforts to expand the ways its clients can use its cards.
The companies didn't disclose the terms of the agreement, although Moinian will pay American Express a fee on each transaction. The condo buyer won't be charged an additional fee. American Express says the program is available across all of its cards.
The move comes at a time when more landlords are allowing tenants to pay their rent with plastic. About 15 percent of the rental apartments in the U.S. accept credit-card payments, estimates Matt Golis, chief executive of YapStone Inc.'s RentPayment, a San Francisco processing firm that works with apartment owners and managers to enable acceptance of credit cards.
Most of its new customers this year are offering to pay the costs incurred by offering credit cards as a payment alternative in order to have a competitive advantage over other properties, he says.
Home Prices to Keep Falling National Association of Realtors Says
Question: What are the projections for home prices for the rest of this year? Answer: Home prices are expected to continue on a modest decline for the remainder of the year the seller’s market transitions to a buyer’s market, the National Association of Realtors (NAR) testified today at a Senate committee hearing.
Yet, contrary to some news reports, there is no housing bubble, and the slowdown is actually a good thing for many local economies, NAR president Thomas M. Stevens said at the hearing, titled “The Housing Bubble and Its Implications for the Economy.”
“After five years of outstanding growth, the housing market is undergoing a period of adjustment and becoming more and more of a balanced market between buyers and sellers,” he said.
Many Local Markets Still Going Strong
Question: You have said that the Summit County market has seemed to remain strong. Is the softening of the market specific to just certain areas? Answer: Even with falling demand and increased supply, home prices are still appreciating — although at no where near the double-digit rates of the past few years. While recent developments raise concern, it is important to remember that the housing market varies significantly across the country.
One-third of the country (by population) is still seeing rising home prices, including Alaska, New Mexico, Vermont, and many states in the South, excluding Florida. States that experienced the greatest increases in home prices in recent years are experiencing significantly lower sales. These states include Arizona, California, Florida, Nevada, and Virginia.
Also contributing to the cooling housing market is a nearly one-point increase in mortgage rates, speculative investors pulling back, and first-time buyers being priced out of the market. Pressure is being felt in the housing market due to rising mortgage rates. Home buyers have become exhausted financially, which explains why sales have tumbled in higher-priced regions of the country.
Slow Home-Price Growth
Question: What is projected for home sales for the end of this year and into 2007? Answer: The National Association of Realtors (NAR) forecasts a drop in home sales of around 8 percent in 2006, followed by another 2 percent decline in 2007. The forecast takes into account stabilizing mortgage rates and a modest economic expansion. However, a significant shift in interest rates or a change in the economy would alter the forecast.
Slow home-price growth — of less than 3 percent in 2006 and 2007 — also is predicted.
NAR notes that a soft landing is possible under the right circumstances and affordable mortgage financing is an important component in achieving this.
Because the housing market strongly supports the economy and drives consumer spending, it is imperative that the Congress adopt policies that encourage home ownership and make purchasing a home obtainable for the millions of families who desire to own a home. NAR stands ready to work with Congress to continue to open the door to the American dream of home ownership.
Question: This might seem like a crazy question but is it possible to charge a down payment on a credit card? Answer. In an article in The Wall Street Journal, Jane Kim says that American Express is rolling out a plan to allow condominium buyers to charge down payments.
The plan is currently limited to select luxury-condo buyers in New York. American Express is working in partnership with real-estate firm Moinian Group, which has properties in mid-town under construction. But both companies say that this is just the beginning.
Bill Glenn, American Express's head of merchant business, says the move is part of the company's efforts to expand the ways its clients can use its cards.
The companies didn't disclose the terms of the agreement, although Moinian will pay American Express a fee on each transaction. The condo buyer won't be charged an additional fee. American Express says the program is available across all of its cards.
The move comes at a time when more landlords are allowing tenants to pay their rent with plastic. About 15 percent of the rental apartments in the U.S. accept credit-card payments, estimates Matt Golis, chief executive of YapStone Inc.'s RentPayment, a San Francisco processing firm that works with apartment owners and managers to enable acceptance of credit cards.
Most of its new customers this year are offering to pay the costs incurred by offering credit cards as a payment alternative in order to have a competitive advantage over other properties, he says.
Home Prices to Keep Falling National Association of Realtors Says
Question: What are the projections for home prices for the rest of this year? Answer: Home prices are expected to continue on a modest decline for the remainder of the year the seller’s market transitions to a buyer’s market, the National Association of Realtors (NAR) testified today at a Senate committee hearing.
Yet, contrary to some news reports, there is no housing bubble, and the slowdown is actually a good thing for many local economies, NAR president Thomas M. Stevens said at the hearing, titled “The Housing Bubble and Its Implications for the Economy.”
“After five years of outstanding growth, the housing market is undergoing a period of adjustment and becoming more and more of a balanced market between buyers and sellers,” he said.
Many Local Markets Still Going Strong
Question: You have said that the Summit County market has seemed to remain strong. Is the softening of the market specific to just certain areas? Answer: Even with falling demand and increased supply, home prices are still appreciating — although at no where near the double-digit rates of the past few years. While recent developments raise concern, it is important to remember that the housing market varies significantly across the country.
One-third of the country (by population) is still seeing rising home prices, including Alaska, New Mexico, Vermont, and many states in the South, excluding Florida. States that experienced the greatest increases in home prices in recent years are experiencing significantly lower sales. These states include Arizona, California, Florida, Nevada, and Virginia.
Also contributing to the cooling housing market is a nearly one-point increase in mortgage rates, speculative investors pulling back, and first-time buyers being priced out of the market. Pressure is being felt in the housing market due to rising mortgage rates. Home buyers have become exhausted financially, which explains why sales have tumbled in higher-priced regions of the country.
Slow Home-Price Growth
Question: What is projected for home sales for the end of this year and into 2007? Answer: The National Association of Realtors (NAR) forecasts a drop in home sales of around 8 percent in 2006, followed by another 2 percent decline in 2007. The forecast takes into account stabilizing mortgage rates and a modest economic expansion. However, a significant shift in interest rates or a change in the economy would alter the forecast.
Slow home-price growth — of less than 3 percent in 2006 and 2007 — also is predicted.
NAR notes that a soft landing is possible under the right circumstances and affordable mortgage financing is an important component in achieving this.
Because the housing market strongly supports the economy and drives consumer spending, it is imperative that the Congress adopt policies that encourage home ownership and make purchasing a home obtainable for the millions of families who desire to own a home. NAR stands ready to work with Congress to continue to open the door to the American dream of home ownership.
Condo Buyers Can Charge Down Payments
Question: This might seem like a crazy question but is it possible to charge a down payment on a credit card? Answer. In an article in The Wall Street Journal, Jane Kim says that American Express is rolling out a plan to allow condominium buyers to charge down payments.
The plan is currently limited to select luxury-condo buyers in New York. American Express is working in partnership with real-estate firm Moinian Group, which has properties in mid-town under construction. But both companies say that this is just the beginning.
Bill Glenn, American Express's head of merchant business, says the move is part of the company's efforts to expand the ways its clients can use its cards.
The companies didn't disclose the terms of the agreement, although Moinian will pay American Express a fee on each transaction. The condo buyer won't be charged an additional fee. American Express says the program is available across all of its cards.
The move comes at a time when more landlords are allowing tenants to pay their rent with plastic. About 15 percent of the rental apartments in the U.S. accept credit-card payments, estimates Matt Golis, chief executive of YapStone Inc.'s RentPayment, a San Francisco processing firm that works with apartment owners and managers to enable acceptance of credit cards.
Most of its new customers this year are offering to pay the costs incurred by offering credit cards as a payment alternative in order to have a competitive advantage over other properties, he says.
Home Prices to Keep Falling National Association of Realtors Says
Question: What are the projections for home prices for the rest of this year? Answer: Home prices are expected to continue on a modest decline for the remainder of the year the seller’s market transitions to a buyer’s market, the National Association of Realtors (NAR) testified today at a Senate committee hearing.
Yet, contrary to some news reports, there is no housing bubble, and the slowdown is actually a good thing for many local economies, NAR president Thomas M. Stevens said at the hearing, titled “The Housing Bubble and Its Implications for the Economy.”
“After five years of outstanding growth, the housing market is undergoing a period of adjustment and becoming more and more of a balanced market between buyers and sellers,” he said.
Many Local Markets Still Going Strong
Question: You have said that the Summit County market has seemed to remain strong. Is the softening of the market specific to just certain areas? Answer: Even with falling demand and increased supply, home prices are still appreciating — although at no where near the double-digit rates of the past few years. While recent developments raise concern, it is important to remember that the housing market varies significantly across the country.
One-third of the country (by population) is still seeing rising home prices, including Alaska, New Mexico, Vermont, and many states in the South, excluding Florida. States that experienced the greatest increases in home prices in recent years are experiencing significantly lower sales. These states include Arizona, California, Florida, Nevada, and Virginia.
Also contributing to the cooling housing market is a nearly one-point increase in mortgage rates, speculative investors pulling back, and first-time buyers being priced out of the market. Pressure is being felt in the housing market due to rising mortgage rates. Home buyers have become exhausted financially, which explains why sales have tumbled in higher-priced regions of the country.
Slow Home-Price Growth
Question: What is projected for home sales for the end of this year and into 2007? Answer: The National Association of Realtors (NAR) forecasts a drop in home sales of around 8 percent in 2006, followed by another 2 percent decline in 2007. The forecast takes into account stabilizing mortgage rates and a modest economic expansion. However, a significant shift in interest rates or a change in the economy would alter the forecast.
Slow home-price growth — of less than 3 percent in 2006 and 2007 — also is predicted.
NAR notes that a soft landing is possible under the right circumstances and affordable mortgage financing is an important component in achieving this.
Because the housing market strongly supports the economy and drives consumer spending, it is imperative that the Congress adopt policies that encourage home ownership and make purchasing a home obtainable for the millions of families who desire to own a home. NAR stands ready to work with Congress to continue to open the door to the American dream of home ownership.
Question: This might seem like a crazy question but is it possible to charge a down payment on a credit card? Answer. In an article in The Wall Street Journal, Jane Kim says that American Express is rolling out a plan to allow condominium buyers to charge down payments.
The plan is currently limited to select luxury-condo buyers in New York. American Express is working in partnership with real-estate firm Moinian Group, which has properties in mid-town under construction. But both companies say that this is just the beginning.
Bill Glenn, American Express's head of merchant business, says the move is part of the company's efforts to expand the ways its clients can use its cards.
The companies didn't disclose the terms of the agreement, although Moinian will pay American Express a fee on each transaction. The condo buyer won't be charged an additional fee. American Express says the program is available across all of its cards.
The move comes at a time when more landlords are allowing tenants to pay their rent with plastic. About 15 percent of the rental apartments in the U.S. accept credit-card payments, estimates Matt Golis, chief executive of YapStone Inc.'s RentPayment, a San Francisco processing firm that works with apartment owners and managers to enable acceptance of credit cards.
Most of its new customers this year are offering to pay the costs incurred by offering credit cards as a payment alternative in order to have a competitive advantage over other properties, he says.
Home Prices to Keep Falling National Association of Realtors Says
Question: What are the projections for home prices for the rest of this year? Answer: Home prices are expected to continue on a modest decline for the remainder of the year the seller’s market transitions to a buyer’s market, the National Association of Realtors (NAR) testified today at a Senate committee hearing.
Yet, contrary to some news reports, there is no housing bubble, and the slowdown is actually a good thing for many local economies, NAR president Thomas M. Stevens said at the hearing, titled “The Housing Bubble and Its Implications for the Economy.”
“After five years of outstanding growth, the housing market is undergoing a period of adjustment and becoming more and more of a balanced market between buyers and sellers,” he said.
Many Local Markets Still Going Strong
Question: You have said that the Summit County market has seemed to remain strong. Is the softening of the market specific to just certain areas? Answer: Even with falling demand and increased supply, home prices are still appreciating — although at no where near the double-digit rates of the past few years. While recent developments raise concern, it is important to remember that the housing market varies significantly across the country.
One-third of the country (by population) is still seeing rising home prices, including Alaska, New Mexico, Vermont, and many states in the South, excluding Florida. States that experienced the greatest increases in home prices in recent years are experiencing significantly lower sales. These states include Arizona, California, Florida, Nevada, and Virginia.
Also contributing to the cooling housing market is a nearly one-point increase in mortgage rates, speculative investors pulling back, and first-time buyers being priced out of the market. Pressure is being felt in the housing market due to rising mortgage rates. Home buyers have become exhausted financially, which explains why sales have tumbled in higher-priced regions of the country.
Slow Home-Price Growth
Question: What is projected for home sales for the end of this year and into 2007? Answer: The National Association of Realtors (NAR) forecasts a drop in home sales of around 8 percent in 2006, followed by another 2 percent decline in 2007. The forecast takes into account stabilizing mortgage rates and a modest economic expansion. However, a significant shift in interest rates or a change in the economy would alter the forecast.
Slow home-price growth — of less than 3 percent in 2006 and 2007 — also is predicted.
NAR notes that a soft landing is possible under the right circumstances and affordable mortgage financing is an important component in achieving this.
Because the housing market strongly supports the economy and drives consumer spending, it is imperative that the Congress adopt policies that encourage home ownership and make purchasing a home obtainable for the millions of families who desire to own a home. NAR stands ready to work with Congress to continue to open the door to the American dream of home ownership.
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