$7500 TAX CREDIT FOR FIRST TIME BUYERS IS FOR REAL

GET MORE INFORMATION ABOUT THE FEDERAL TAX CREDIT FOR FIRST TIME BUYERS. http://www.federalhousingtaxcredit.com/

The home purchase tax credit of $7,500 equals a free loan for first time home buyers. However, after June 30, 2009, those who were timid about venturing into the present real estate market will find that their hesitation cost them.
April 9, 2008-June 30, 2009 is the eligibility time span for the home purchase tax credit created by the new housing bill. If a potential home buyer has not owned a house during the past three years, and he/she can close before the end of June, they may be eligible for up to a $7,500 credit against their 2008 or 2009 federal taxes ($3,750 for a person filing single).
The new credit is expected to benefit thousands of buyers, but because the specifics of the tax credit have changed a s the Senate and House negotiated a final compromise, below is an overview of the credit in its final form:
Purpose: The basic idea of the tax credit is to jump-start housing sales and clear out unsold real estate inventories, as well as pull in new buyers. Within the designated time period, a buyer can purchase any house-new, old, any location, any condition, or in any price range-and the IRS will cut up to $7,500 off of the buyer's 2008 or 2009 tax bill.
Mechanics: For an eligible buyer who owes the IRS $4,000 on their total 2008 income tax bill, the $7,500 tax credit could wipe out everything they owe plus give them a $ 3,500 refund. The government calls the new tax credit "refundable," meaning that if the tax bill is less than the credit amount, one gets the difference back from the Treasury.
Eligibility: If an individual sold his/her home more than three years ago and now rents, they are eligible. Those who have never owned a home are also eligible. Those who are eligible for the tax credit and who close on a house before June 30, 2009, can claim a credit of up to 10 percent of the purchase price of the property, up to $7,500. If the buyer's adjusted gross income exceeds $150,000 ($75,000 for single buyers), the credit maximum begins to phase down. An eligible buyer can claim the credit by simply requesting it on his/her tax return for 2008 or 2009. Even if the home is purchased in 2009, the buyer can take the credit against his/her 2008 taxes by filing an amended return.
Ineligibility: Those who currently own homes are not eligible for the credit. In addition, individuals who are nonresident aliens, finance their property using a state or local housing agency's tax-exempt bond mortgage, or do not plan to use the house as their principal residence are not eligible. Buyers cannot use both the new federal credit and the District's first-time-buyer credit program-no double-dipping is allowed.Caution: Unlike some other tax credits, this one requires beneficiaries to repay the credit. In the second tax year after purchase and continuing for up to 15 years, taxpayers are required to make pro rata repayments to the government on their federal filings.
A 15-year payback period for the full $7,500 credit is $500 a year. If the house is sold before the end of the repayment period and there is no gain on the sale, the homeowner will not be expected to pay the remainder of the credit back from the proceeds. If there is a net gain, the homeowner will be required to pay the remaining balance, however the "recapture" cannot exceed the amount of gain. The federal government is taking on all or most of the risk that the value of the new house won't increase over time.
Tax-free loan: At its nucleus, the new tax credit functions as an interest-free loan for up to $7,500. Only the principal is paid back over time.
For more information on the home purchase tax credit, contact one of the members of the REALTOR®/Lender Committee or e-mail your questions to realtor/lender@ccar.net.

DALLAS TEXAS RACE FOR THE CURE

2008 Race Information
General Race InformationRegistrationRace Day SchedulePledge for the CureSleep In for the CureAwards
General Race InformationThe Komen Dallas Race for the Cure® is a 1K and a 5K fundraising run/walk event held at NorthPark Center. It is a co-ed race and great fun for the whole family. The Race is in its 26th year, and is part of a national 5K series sponsored by Susan G. Komen for the Cure. The goal of the event is to heighten awareness and education about breast cancer as well as to recognize and celebrate breast cancer survivorship. The Race is also the largest fundraising event for local breast cancer screening, treatment, education and research.
Up to Seventy-five percent of the race net income remains in Dallas County to fund local breast health education, screening and treatment programs. A minimum of Twenty-five percent of the net income of the race supports the National Susan G. Komen for the Cure® Grants Program.
RegistrationUse one of the following methods to register:
-Register Online starting in May at: www.komen-dallas.org/race until 11:59 PM on Sunday, October 12, 2008 This is the BEST VALUE!! $30 per adult-Paper Mail in Registration Forms will be available. They should be postmarked no later than Friday, October 3, 2008. $35 per adultPrint a mail in registration form here:

-Last minute walk up registration at NorthPark Center and Luke’s Locker Dallas Walk up registration on October 15, 16 and 17. $35 per adult
-Race Day Registration at NorthPark Center on October 18, 2008 Saturday 6:00 AM until 8:00 AM. $40 per adult
Starting in early October your complete race packet will be mailed directly to the address you used during registration at no additional charge.
Online registration starts at $30.00 for adult participants and $20 for kids 12 and under. Paper registration starts at $35 for adult participants. Walk up registration starts at $35 and Race Day Registration starts at $40. There are upgrades and add on's available like chip timing, parking, survivor mums and 25th Anniversary Specials.

On Site Registration times and places:
NorthPark Center8687 N Central ExpresswayDallas, TX 75225214-361-6345
Our registration tables will be on the first floor in front of Macy's
Wednesday, October 15th ~ 10:00 am - 8:00 pmThursday, October 16th ~ 10:00 am - 8:00 pmFriday, October 17th ~ 10:00 am - 8:00 pmRace Day RegistrationSaturday, October 18th ~ 6:00 - 8:00 AM at NorthPark Center on the first floor in front of Macy's
Luke’s Locker3607 Oak Lawn AvenueDallas TX 75219Phone: 214-528-1290
Wednesday, October 15th ~ 10:00 am - 7:00 pmThursday, October 16th ~ 10:00 am - 7:00 pm Friday, October 17th ~ 10:00 am - 3:00 pm
Remember - the best value is online registration. The mail-in registration fee is $5.00 higher and race day registration is $10.00 more than online registration. Beat the rush, save the hassle, and save money by registering online now!
The race will occur rain or shine. We reserve the right to cancel in extreme circumstances. In that event, there will be no refunds; rather, your entry fee will be used as a donation to the Komen Dallas Race for the Cure® to benefit the underserved in Dallas County
Race Day Schedule
Saturday, October 18, 2008
6:30 am
Race Day RegistrationNorthPark Center
7:00 am
Survivor Breakfast
7:30 am
Timing chip pickup closesChip pickup near 5k start on Park
7:30 am
1K Run / Walk StartLine up on Boedeker Street heading north
8:00 am
5K Competitive Run / Walk StartCertified USAT&F course, certification TX07007ETMLine up on Park Lane heading west
9:30 am
Stage Presentation beginsSurvivor Celebration and Awards
The 2006 4th Annual Lone Star EMMY Award recipient for Community Service, FOX 4, will provide extended live coverage on

Race Day starting at 7:00am on GOOD DAY Saturday. Have friends and family tune in to see you live on FOX 4 or record it and watch all of the incredible race coverage later. If you are not in DFW or aren’t able to be at the race, catch the streaming race coverage on the Fox 4 website at www.myfoxdfw.com/myfox/


Awards
The race is certified by the USAT&F, certification TX 06055ETM. All Chip timed competitive 5K runners will have the opportunity to earn awards. Awards will be listed here soon.
Overall First Place Survivor: -Roundtrip air transportation on American Airlines or American Eagle to any destination in the contiguous U.S. Limit one ticket per household -$750 NorthPark Gift Cards
First Overall Female and Male Runner: -$300 NorthPark Gift Card
Second Overall Female, Male & Survivor -$100 NorthPark Gift Card
Third Overall Female, Male & Survivor -$100 NorthPark Gift Card
First Master (40-54) Female, Male & Survivor: - $300 NorthPark Gift Card
First Senior (55+) Female, Male & Survivor: - $300 NorthPark Gift Card
Certificates will be provided for the top three finishers in age divisions: -19 and under and 5 year age divisions from 20-84 and 85+
ALL RACE RESULTS ARE BASED ON CHIP TIME.
Note: A registered participant may only win in one category. Awards will be available for pickup on race day. Certificates will be mailed to the top three finishers in age divisions 19 and under, 5 year age divisions from 20-84 and 85+.

Survivor MumsPurchasing a Survivor Mum is another way you can support breast cancer survivors and recognize their accomplishments. Mums have been a long-standing Texas tradition. Since the early 1900’s they have been used to recognize loved ones during momentous occasions. Survivor Mums are available for $100 and can be purchased during registration for personal use or to donate to the special survivor in your life. *If you didn’t purchase yours during registration send an email to registration@komen-dallas.org or call us at 214-750-RACE to purchase one today!

Living In North Dallas

Report: Dallas-Fort Worth has lowest risk for home-price declines 11:49 PM CDT on Tuesday, July 1, 2008By STEVE BROWN / The Dallas Morning Newsstevebrown@dallasnews.com The latest home price risk forecast shows that Dallas-Fort Worth is overall the safest place in the country for stable home values. The latest report by mortgage insurance company PMI Group ranked the D-FW area dead last among the 50 cities it rates for possible declines in home prices. That means PMI is betting there is less than a 1 percent chance that average home prices here will be lower two years from now. PMI's summer 2008 risk ranking for D-FW is similar to the insurance company's previous studies. As in other PMI reports, the U.S. cities with the biggest run-up in home prices in recent years are at the greatest risk for losses. During the last year, some markets have seen a significant increase in the number of existing single-family homes for sale, PMI chief economist David Berson said in the report. "Given the magnitude of the inventory overhang, we expect national home price declines to continue into at least 2009," Mr. Berson said. In North Texas, however, the number of pre-owned homes listed for sale has declined during the last year. Although PMI Group's report about D-FW home prices should be encouraging, Mr. Berson said that doesn't mean there won't be short-term declines in values. "It is also an average for a metropolitan area, so individual neighborhoods and houses could behave differently," he said, perhaps considerably so. PMI SUMMER 2008 PMI U.S. MARKET RISK INDEX Likelihood of lower home prices in each market in two years. GREATEST RISK Riverside-San Bernardino-Ontario, Calif. 95.5% Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. 92.2% West Palm Beach-Boca Raton-Boynton Beach, Fla. 91.9% Orlando-Kissimmee, Fla. 91.1% Las Vegas-Paradise, Nev. 88.1% LOWEST RISK Fort Worth <1% Dallas <1% Pittsburgh <1% Houston <1% San Antonio <1% SOURCE: PMI Group.

North Dallas Real Estate

Top 10 Cities to Buy a Home
Financially, at least, the best places to buy houses are those where buying costs less than renting, tax incentives are attractive, and there’s an opportunity to build equity.
Forbes magazine surveyed the 40 largest metropolitan area housing metrics looking for cities where home prices have appreciated over the last two years. It also measured vacancy rates. And it gave extra points to cities where rents are significantly higher than a buyer would pay for the same home.
Texas dominated the magazine’s list because of its healthy job market and growing tax revenues.
Here are the 10 cities that topped Forbes’ best-places-to-buy list:Houston Austin, Texas St. Louis Philadelphia San Antonio, Texas Dallas Charlotte, N.C. San Francisco Jacksonville, Fla. Atlanta
Source: Forbes, Maurna Desmond (07/14/08)