Archive for the ‘tax credits’ Category
Breaking News for Home Sellers and Buyers!!
Great news for home buyers, sellers and owners, alike. The homebuyer tax credit has been expanded to include step up buyers, who have owned a home for 5 years. It also extends the tax credit through the end of 2010.
GREAT NEWS!
It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and odds are it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing a home, by April 30, 2010, to participate and receive the full credit available.
The credit will continue until the end of 2010, but the amount of tax credit will drop by 2 percent every 90 days. The graduated benefit should help the housing market recover into and through the 2010 summer selling season.
Here is the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed not closed by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.
The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Latest Charts Show State of Housing
The two latest charts definitely indictate that a double bottom was reached in the residential real estate market in January 2009. Keep in mind that while the chart shows much improvement, corrections do not move directly upward. Expect some retracement and backfilling, while the chart continues its upward momentum. Note support forming at around 5,000,000 units. 
Another factor in predicting a retracement may be the Uncle Sam factor. Experts estimate that government efforts to modify loans, postpone foreclosures and provide $8000 in tax credits to buyers has artifically propped up prices 5 percent – 10 percent. If the experts are correct, prices will decline, once the government stimulus is gone.
The chart of existing inventory on the market is nearly a mirror image of the existing home sales chart. The current supply of 7.8 months of inventory means that it would take 7.8 months to sell all the homes on the market, if every qualified buyer purchased. Keep in mind that this chart reflects the averages. We are presently seeing less than 7.8 months of inventory for homes priced under 200,000 and up to a year of inventory for homes priced over $1,000,000.
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September Housing News. Is the Party Back?
TGIF and Happy Friday!! For a snapshot of the latest housing news, with veteran insight CLICK HERE!!!
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Toxic Drywall of China
Toxic, sulfur laden sheetrock, Made in China, is making people sick, causing electrical wiring to go crazy and is corroding copper, wire and stainless steel in American homes. The problem has affected thousands of homes in 20 states, yet, the US court system is powerless to hold Chinese manufacturers (most of which are owned by the Chinese government) responsible for problems caused by their products.
To learn how to spot a problem in your home, follow ongoing litigation, read about disclosure requirements and implications for homeowners insurance… CLICK HERE
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$8000 Tax Credit Expiring in 90 Days
ATTENTION HOME BUYERS!! The $8000 Tax Credit for Purchasing a Home Expires in Only 90 Days.
Banks are warning buyers that Strict Loan Underwriting and Loan Application Backlogs mean that standard loans are taking 90 days or more to close.
Please act quickly to put a home under contract and secure your financing, now. Time is running out. If you can’t close on or before the November 30, 2009, you lose $8000. Period.
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Cash for Old Refrigerators and Appliances
The government stimulus package includes $300 million in rebates for your old appliances. If you need to upgrade, now is the time. Click HERE to read about what qualifies, with tips, pro’s and con’s.
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Refinancing Dries Up. Home Prices Drop, Again
U.S. home prices fall another 6.9 percent in April, from levels seen one year ago. The catalyst seems to be record foreclosures, rising rates and the highest level of unemployment in the past 26 years.
More troubling news…home buyers and people looking to refinance have retreated to the sidelines, as mortgage rates creep back up to nearly 6 percent for a 30 year fixed rate loan.
Although the Federal Reserve is working to keep rates low, concerns about rapidly growing government debt, inflation, and the likelihood of a further decline in real estate values continue to push rates higher.
Tax incentives and other efforts to stimulate housing sales have not been able to keep up with the number of people losing their homes. In May, filings surpassed 300,000 for the third straight month. Foreclosure filings are predicted to reach 1.8 million in the first half of 2009, alone.
To read about predictions for Real Estate Prices Going Forward, CLICK HERE.
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$15,000 Tax Credit for Housing. Would it Help?
Johnny Isakson, a Republican Senator for Georgia has a solution for jump starting the housing market. Tax credits for everyone. And, double down.
As the housing recovery continues to falter in the face of rising interest rates, fuel prices, unemployment and continuing foreclosures. A Republican Senator has introduced legislation that expands the $8000 tax credit program for first time buyers.
- The proposal increases the tax credit for purchasing a home to $15,000. Nearly double the current $8000 credit.
- The proposed bill would allow everyone who buys real estate to qualify for the credit. It waives the requirement that disqualifies buyer’s who have owned property in the last 3 years.
- Income Requirements are out the window, too. Even Donald Trump, and other millionaires, would qualify for the $15,000 incentive.
- Landlords and Investors are Welcome. Multi-family units qualify for the tax credit, as long as the owner lives in one of the units.
- Deadline for Purchasing is Extended. The plan would extend the generous benefit for up to one year, after the bill passes. Buyer’s could extend closings well into 2010, if the bill passes.
- Taxpayers can Collect Early. The bill allows taxpayers to earn the credit now, by amending their 2009 tax return for purchases made in 2010. Also, no waiting until you file your in 2010 return in April of 2011 to collect the $15,000.
The bill has a lot of respected, powerful, co-signers on board, including Senators Lamar Alexander (R-TN); Jim Bunning (R-KY); Saxby Chambliss (R-GA); Chris Dodd (D-CT); John Ensign (R-NV); Joe Lieberman (ID-CT); Lisa Murkowski (R-AK); James Risch (R-ID); David Vitter (R-LA). Also, giving two thumbs up to the plan is the National Association of Realtors (although, not a surprise).
In light of the stalled US economy, what do we have to lose? The costs of carrying distressed property are staggering, both financially and emotionally. Millions of vacant neglected homes are a blight on otherwise good neighborhoods. Distressed properties continue to drag down home values across the board. Getting rid of excess inventory improves cash flow for lenders, gets bad assets off the books and encourages more lending.
If providing a tax credit to any buyer willing to jump into this uncertain market environment will help the American taxpayer, then why not? We have certainly spent much more money witjout the prospect for doing this much good!
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Time to Buy a Home Now? The Ship maybe Sailing by.
Although all the news about real estate, housing and lending isn’t particularily bullish, there are some compelling new motivations for buying now. Namely, Rising Interest Rates, Inventory Decreases, Price Stabilization and the $8000 tax credit which expires December 1.
Thank you for visiting Why 6 Percent. Our job is saving you money and connecting buyers with sellers. Call 1-800-381-9496 today to learn how we can help you.
Goverment to Assist in Short Sales to Avoid Foreclosures
On Thursday, the government announced two programs that may help thousands of homeowners, that are sinking in debt, avoid foreclosure.
The new program increases the odds of closing a short sale by streamlining the process and offering incentives to lenders for participation. The program is designed for homeowners who are eligible for a loan modification, but can not qualify for one.
Under the new program, lenders may receive compensation up to $1000 for completing a short sale. Borrower’s may receive up to $1500 for relocation expenses. Holders of 2nd mortgages will receive up to $1000, if they agree to the terms of a short sale. Read More
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