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Congress Extends and Expands Homebuyer Tax Credit!
News
Friday, 06 November 2009

Great news for people shopping for their first home.  Congress has approved a continuation and expansion of the Homebuyer Tax Credit. 

From Realtor.org:

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

  • Extends the First-Time Home Buyer Tax Credit of up to ,000 to first-time home buyers until April 30, 2010.
  • Expands the credit to grant a ,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.


Who Qualifies for the Extended Credit?

  • First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
  • Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
     

Read the rest of the deails here, on realtor.org.

 
NAR Applauds Efforts to Extend Home Buyer Credit
News
Monday, 02 November 2009

The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution on October 29th that would extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits.

“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

“Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets,” McMillan said.

The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of 9,750 in high-cost areas.

The floor for FHA is 1,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is 7,000.

The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Related Story:
Vote on Tax Credit Expected This Week (Inman News)

 
Good Housing News Predicted
News
Monday, 19 October 2009

All the leading indicators say housing is definitely on the mend, economists reported in advance of the official release of several pieces of good news expected this week.

Bloomberg News surveyed 53 economists and asked them where they expected the numbers to fall. Here are their predictions:

  • Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
  • Sales of existing homes likely rose to a two-year high.

  • Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.

  • Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.

  • The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.


Google Inc. plans to resume hiring and acquisitions after its third-quarter sales beat analysts’ estimates. CFO Patrick Pichette says: “We weathered what is an incredible recession. If you have all this behind you, the only outcome you should have as management is: ‘OK, let’s build now.’”

Source: Bloomberg, Courtney Schlisserman (10/18/2009)

 
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