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Sunday, March 7, 2010
HOME BUYER TAX CREDIT EXPIRING SOON!! TIME TO BUY!!
Homebuyer Tax Credit Expiring Soon
March 4, 2010
Potential home buyers still have time to take advantage of the $8,000 first-time home buyer, or the $6,500 repeat buyer tax credits, as long as they act quickly. The credits expire on April 30, 2010.
“It’s not too late to take advantage of the home buyer tax credit,” said National Association of Home Builders (NAHB) Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “There are plenty of existing homes on the market, and even though the move-in ready newly constructed homes inventory has dwindled, builders may still be able finish a home in time.”
The IRS provides an additional two months beyond the deadline to close the deal. Buyers who sign a sales contract by the April 30 deadline are still eligible if they close the sale of the home by June 30, 2010.
More people than ever before are eligible for a home buyer tax credit, NAHB estimates that close to 70% of all potential buyers should qualify for some form of a credit.
“First-time” buyers don’t have to be buying their first home ever; they are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may be eligible for a new $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years.
The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit.
“If you’ve been considering buying a home for any reason, the home buyer tax credit, in addition to historically low interest rates and competitive home prices, make it an ideal time to buy,” said Jones.
March 4, 2010
Potential home buyers still have time to take advantage of the $8,000 first-time home buyer, or the $6,500 repeat buyer tax credits, as long as they act quickly. The credits expire on April 30, 2010.
“It’s not too late to take advantage of the home buyer tax credit,” said National Association of Home Builders (NAHB) Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “There are plenty of existing homes on the market, and even though the move-in ready newly constructed homes inventory has dwindled, builders may still be able finish a home in time.”
The IRS provides an additional two months beyond the deadline to close the deal. Buyers who sign a sales contract by the April 30 deadline are still eligible if they close the sale of the home by June 30, 2010.
More people than ever before are eligible for a home buyer tax credit, NAHB estimates that close to 70% of all potential buyers should qualify for some form of a credit.
“First-time” buyers don’t have to be buying their first home ever; they are defined by the IRS as those who have not owned a principal residence in the past three years. Repeat buyers may be eligible for a new $6,500 credit, as long as they have owned and lived in their current home at least five consecutive out of the past eight years.
The current credits also increase the income limits, enabling single taxpayers with incomes up to $125,000 and married couples earning up to $225,000 to potentially qualify for a full credit.
“If you’ve been considering buying a home for any reason, the home buyer tax credit, in addition to historically low interest rates and competitive home prices, make it an ideal time to buy,” said Jones.
January brought job gains to Texas, but strong recovery may take more time | News for Dallas, Texas | Dallas Morning News | Dallas Business News
Tuesday, March 2, 2010
Gov't extends deadline for refinance program
By ALAN ZIBEL
AP Real Estate Writer
Latest News
Gov't extends deadline for refinance program
Lawmakers question Obama loan help effort
Rates on 30-year home loans rise to 5.05 pct
UK mortgage loans at 8 1/2 year low in January
Mortgage delinquencies tick higher in 4th-qtr 2009
Buy AP Photo Reprints
Your Questions Answered
Ask AP: Plane-bird collisions, health care reform
WASHINGTON (AP) -- The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
© 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
AP Real Estate Writer
Latest News
Gov't extends deadline for refinance program
Lawmakers question Obama loan help effort
Rates on 30-year home loans rise to 5.05 pct
UK mortgage loans at 8 1/2 year low in January
Mortgage delinquencies tick higher in 4th-qtr 2009
Buy AP Photo Reprints
Your Questions Answered
Ask AP: Plane-bird collisions, health care reform
WASHINGTON (AP) -- The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
© 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.
Federal report says that D-FW home prices were up last year
Federal report says that D-FW home prices were up last year
11:04 AM CST on Thursday, February 25, 2010
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Prices of homes purchased in the Dallas area rose by a smidgen in 2009, according to a federal report released Thursday.
The Federal Housing Finance Agency said that Dallas area home sale prices were up 0.43 percent at the end of last year compared with a year earlier. Nationwide, prices were down 1.2 percent in the same period.
Unlike other home price comparisons, the federal housing study only looks at home purchases financed with mortgages held by Fannie Mae and Freddie Mac – the big government-owned loan investors.
Dallas was one of three top 10 U.S. metro areas that had home price gains in 2009, according to the federal index.
Washington, D.C., had the biggest price increase at 10.55 percent, followed by a 3.71 percent increase in Houston.
Among major cities, the biggest price declines last year were in Miami, down 12.86 percent, and Phoenix, down 12.03 percent, according to the FHFA.
The quarterly federal housing index is different from the recently released Standard & Poor’s/Case-Shiller Home Price Index, which tracks the values of actual houses over time. The Case-Shiller index does not look at new home prices, which are included in the federal price measure.
Case-Shiller said that Dallas-area home prices were up 3 percent at the end of 2009 compared to a year earlier.
Dallas home prices are up about 12 percent during the last five years, the FHFA report said. And since 1991, overall home prices here have risen by more than 74 percent.
The country’s 10 largest home markets averaged a 3.7 percent price drop since 2004, according to the federal index But since 1991, home prices in the top 10 U.S. metro areas are up an average of 96 percent.
Top 10 U.S. home markets
Fannie Mae and Freddie Mac tracked price changes in major markets based on loans they hold.
City One-year change Five-year change Since '91
New York -2.47% 4.15% 149.58%
Los Angeles -0.04% -14.89% 81.99%
Chicago -8.41% -8.21% 88.95%
Houston 3.71% 21.63% 103.49%
Atlanta -2.63% -7.86% 66.08%
Washington, D.C. 10.55% -2.37% 130%
Phoenix -12.03% -16.5% 94.2%
Riverside, Calf. -5.69% -37.18% 37.86%
Dallas 0.43% 12.04% 74.43%
Philadelphia -0.66% 12.54% 115.37%
SOURCE: Federal Housing Finance Agency
11:04 AM CST on Thursday, February 25, 2010
By STEVE BROWN / The Dallas Morning News
stevebrown@dallasnews.com
Prices of homes purchased in the Dallas area rose by a smidgen in 2009, according to a federal report released Thursday.
The Federal Housing Finance Agency said that Dallas area home sale prices were up 0.43 percent at the end of last year compared with a year earlier. Nationwide, prices were down 1.2 percent in the same period.
Unlike other home price comparisons, the federal housing study only looks at home purchases financed with mortgages held by Fannie Mae and Freddie Mac – the big government-owned loan investors.
Dallas was one of three top 10 U.S. metro areas that had home price gains in 2009, according to the federal index.
Washington, D.C., had the biggest price increase at 10.55 percent, followed by a 3.71 percent increase in Houston.
Among major cities, the biggest price declines last year were in Miami, down 12.86 percent, and Phoenix, down 12.03 percent, according to the FHFA.
The quarterly federal housing index is different from the recently released Standard & Poor’s/Case-Shiller Home Price Index, which tracks the values of actual houses over time. The Case-Shiller index does not look at new home prices, which are included in the federal price measure.
Case-Shiller said that Dallas-area home prices were up 3 percent at the end of 2009 compared to a year earlier.
Dallas home prices are up about 12 percent during the last five years, the FHFA report said. And since 1991, overall home prices here have risen by more than 74 percent.
The country’s 10 largest home markets averaged a 3.7 percent price drop since 2004, according to the federal index But since 1991, home prices in the top 10 U.S. metro areas are up an average of 96 percent.
Top 10 U.S. home markets
Fannie Mae and Freddie Mac tracked price changes in major markets based on loans they hold.
City One-year change Five-year change Since '91
New York -2.47% 4.15% 149.58%
Los Angeles -0.04% -14.89% 81.99%
Chicago -8.41% -8.21% 88.95%
Houston 3.71% 21.63% 103.49%
Atlanta -2.63% -7.86% 66.08%
Washington, D.C. 10.55% -2.37% 130%
Phoenix -12.03% -16.5% 94.2%
Riverside, Calf. -5.69% -37.18% 37.86%
Dallas 0.43% 12.04% 74.43%
Philadelphia -0.66% 12.54% 115.37%
SOURCE: Federal Housing Finance Agency
How Do You Know If It’s Time To Buy?
How Do You Know If It’s Time To Buy?
March 2nd, 2010, 7:00 am
It’s still a buyer’s market, but you may be wondering if that means that now is the right time for you to start househunting. Will home prices drop even more? Perhaps speaking to your trusted REALTOR® will help? Will they have more information than you do?
Robin Jones blogs about factors you might want to consider when it comes to trying to figure out the real estate market.
“Even real estate experts can’t guarantee what the market may or may not do next week, next month, or next year. So, if they can’t tell you for sure what to expect, what makes you think you can outsmart the real estate market?
It’s like Vegas. The longer you wait, the more you might win, but eventually you have to quit while you’re ahead or the House wins. Pun intended!”
The end result is, there is really no way for anyone to know which way the market will turn. Just be sure you have as much information as possible, so you will be able to determine when you are ready to start househunting.
REALTOR.COM
March 2nd, 2010, 7:00 am
It’s still a buyer’s market, but you may be wondering if that means that now is the right time for you to start househunting. Will home prices drop even more? Perhaps speaking to your trusted REALTOR® will help? Will they have more information than you do?
Robin Jones blogs about factors you might want to consider when it comes to trying to figure out the real estate market.
“Even real estate experts can’t guarantee what the market may or may not do next week, next month, or next year. So, if they can’t tell you for sure what to expect, what makes you think you can outsmart the real estate market?
It’s like Vegas. The longer you wait, the more you might win, but eventually you have to quit while you’re ahead or the House wins. Pun intended!”
The end result is, there is really no way for anyone to know which way the market will turn. Just be sure you have as much information as possible, so you will be able to determine when you are ready to start househunting.
REALTOR.COM
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