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1st time buyer: As Buyers Respond to Tax Credit, U.S. Existing Home Sales Jump 7.4% November 2009 - 12/23/09 07:32 PM
RISMEDIA, December 23, 2009—Existing home sales rose again in November 2009 as first-time buyers rushed to close sales before the original November 30 deadline for the recently extended and expanded tax credit, according to the National Association of Realtors®.
Existing home sales–including single-family, townhomes, condominiums and co-ops– rose 7.4% to a seasonally adjusted annual rate of 6.54 million units in November from 6.09 million in October, and are 44.1% higher than the 4.54 million-unit pace in November 2008. Current sales remain at the highest level since February 2007 when they hit 6.55 million.
Lawrence Yun, NAR chief economist, said the … (1 comments)
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1st time buyer: Has the Housing Industry Hit Bottom? As Demand Disappears, Builders Say 2009 Marks Housing’s Bottom - 12/18/09 09:56 AM
Has the Housing Industry Hit Bottom? As Demand Disappears, Builders Say 2009 Marks Housing’s Bottom
RISMEDIA, December 18, 2009—Despite significantly lower traffic and sales this month, Southern California retained pricing strength and the majority of surveyed builders expect revenues to increase in 2010, according to John Burns Real Estate Consulting’s December survey of home builders.
“At this point, it’s clear that the extension and expansion of the tax credit weren’t enough to drive demand through the seasonally slow time of the year,” said Jody Kahn, a vice president with the firm. “This month’s survey results, backed by numerous … (0 comments)
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1st time buyer: First Time Homebuyer $8000 Tax Credit Update - 11/06/09 01:05 PM
Homebuyer Tax Credit Update
Today November 6, 2009, President Obama signed a bill to extend the tax credit for first-time homebuyers (FTHBs) through June 30, 2010. The bill also opens up opportunities for others who are not buying a home for the first time. To learn what the new tax credit means to you and your clients, take a look at the concise overview below. TAX CREDIT OVERVIEW
Who Gets What?
First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit … (1 comments)
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1st time buyer: Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum - 10/31/09 11:38 AM
Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum
RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.
… (0 comments)
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1st time buyer: Breaking News: Senate Plans to Extend and Expand $8000 Home Buyer Tax Credit - 10/30/09 10:33 AM
Breaking News: Senate Plans to Extend and Expand $8000 Home Buyer Tax Credit
RISMEDIA, By Alan J. Heavens, Corey Boles, John D. McKinnon ,October 30, 2009—(MCT/The Wall Street Journal)-The Senate has reached a compromise on extending and expanding the $8,000 tax credit for first-time home buyers, a boost the housing industry believes will help it pull out of its two-year-old downturn.
While its passage remains uncertain, the agreement would extend the existing credit for first-time homebuyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would … (1 comments)
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1st time buyer: Industry’s Most Powerful Associations Send Letter to Administration Advocating for Extension of Homebuyer Tax Credit - 10/20/09 09:41 AM
Industry’s Most Powerful Associations Send Letter to Administration Advocating for Extension of Homebuyer Tax Credit
RISMEDIA, October 20, 2009—The Mortgage Bankers Association (MBA) along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB) sent a letter to senior Obama Administration officials yesterday requesting their support for a 12-month extension of the first-time homebuyer tax credit.
The letter, addressed to Treasury Secretary Geithner, HUD Secretary Donovan and National Economic Council Chair Summers, outlines why the three organizations believe that the tax credit has had a stimulative effect on not only the housing market, but on … (1 comments)
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1st time buyer: Fix-Up Home Strategy Works in Long Run: If You Have Time on Your Side, Improve and Enjoy Your Home - 10/18/09 08:05 PM
A Fix-Up Strategy Works in Long Run: If You Have Time on Your Side, Improve and Enjoy Your Home
<!-- Single post title end --> RISMEDIA, October 17, 2009—(MCT)—You’re thinking of selling—but not just yet. Let’s say you’ve got a five-year plan to prepare an older, lived-in house for sale.
Maybe you’re faced with tattered carpets, battered appliances and dingy paint. Or maybe we’re talking about truly scary problems, such as asbestos, underground oil tanks or leaking roofs.
What should you take care of first? What can wait? What can be ignored altogether? And how do you keep costs under … (0 comments)
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1st time buyer: Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery - 10/09/09 09:55 PM
Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery
RISMEDIA, October 9, 2009—The best available tool for sustaining the still-fragile housing market is the $8,000 home buyer tax credit, and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee recently.
The tax credit expires November 30.
NAR Regional Vice President Joseph L. Canfora, a broker-owner with Century 21 Selmar Realty in East Islip, N.Y., also told the panel that a major stumbling block for consumers has been the implementation of appraisal processes … (0 comments)
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1st time buyer: 1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected - 10/08/09 12:23 PM
1.4 Million Families Have Taken Advantage of First-Time Home Buyer Tax Credit, More Claims Expected
RISMEDIA, October 8, 2009—With the First-Time Home Buyer Tax Credit deadline quickly approaching, the Internal Revenue Service recently reminded potential home buyers they must complete their first-time home purchases before Dec. 1, 2009 to qualify for the special first-time home buyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.
The credit of up to $8,000 is generally available to home buyers with qualifying income levels who have never … (0 comments)
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1st time buyer: Make the Home Buyer Tax Credit More Easily Available at Closing - 10/07/09 03:15 PM
Make the Home Buyer Tax Credit More Easily Available at Closing
RISMEDIA, By Ken TrepetaOctober 7, 2009—The first-time home buyer’s tax credit cannot be directly used for down payment at the closing table due to federal tax law. In order to claim tax credit, one must meet certain criteria. Since the first-time home buyer tax credit eligibility is contingent upon acquiring the home, it is impossible for one to receive the credit directly before closing on the home. NAR worked with Members of Congress to find a way to “monetize” the credit directly at the closing table. After weeks of work, … (0 comments)
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1st time buyer: Americans Cautiously Acknowledge Economy Improving – More Renters Finding Reasons to Become Homebuyers - 10/06/09 12:28 PM
RISMEDIA, October 6, 2009—In September 2009, more renters took the plunge to become homeowners but fewer current homeowners opted to move up to more desirable homes or neighborhoods even though these homeowners acknowledge home prices are a good value, according to a new survey commissioned by Relocation.com.
Seventy percent of respondents said homes are more affordable today than in recent months. Further, 69% indicated they believe the economy is improving with 19%- the largest proportion—citing declining home values as a primary reason for this improvement. But Americans are still cautious: only 26% of survey respondents took advantage of these more affordable … (1 comments)
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1st time buyer: First-Time Homebuyers Buoy Real Estate Market - 10/02/09 05:07 PM
First-Time Homebuyers Buoy Real Estate Market
RISMEDIA, October 2, 2009By David Bracken—(MCT)—The housing market is getting a much-needed boost as first-time homebuyers rush to take advantage of an $8,000 federal tax credit that is set to expire Nov. 30, 2009.
The incentive is helping to slow the decline in home sales. In August, sales were down 1% over the comparable period last year, the smallest year-over-year decline in any month since late 2007. As Congress considers extending the credit, real-estate agents and home builders worry sales could slump again if it’s allowed to expire.
A full accounting of the program’s popularity … (0 comments)
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1st time buyer: Time Expiring on Home-Buying Tax Credit - 10/01/09 09:18 AM
RISMEDIA, October 1, 2009—(MCT)—Realtors are bracing- make that hoping- for a flurry of activity in the next few weeks as a tax credit for first-time home buyers edges toward its expiration.
The incentive offers a tax credit of 10% of the purchase price, up to $8,000, for first-time buyers with certain income limitations. The tax credit was created as part of the $787 billion federal stimulus package in February to help stimulate the property market. It is set to expire Nov. 30, though some lawmakers are pushing to extend the deadline.
“Starting back in the summer, we started seeing a real … (0 comments)
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1st time buyer: The Possible Impact and Real Cost of Extending the First–Time Homebuyer Tax Credit - 09/28/09 09:46 AM
The Possible Impact and Real Cost of Extending the First–Time Homebuyer Tax Credit
RISMEDIA, September 28, 2009—by Stan Humphries A recent survey conducted by Zillow in conjunction with Harris Interactive asked prospective first-time homebuyers how an extension of the $8,000 tax credit would influence their decision to buy a home next year. If the credit were extended, of those who intend to buy a home, 18% called the credit the “primary influence” in their decision, 25% said it would be a “significant influence,” and 27% said the credit would have “some” influence on any home buying decision. Thirty-one percent said it would … (4 comments)
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1st time buyer: 18% of Prospective First-Time Home Buyers Say Extending $8,000 Tax Credit Would Influence on Decision to Buy A Home - 09/25/09 05:24 PM
RISMEDIA, September 25, 2009—Nearly one in five (18%) prospective first-time home buyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, according to a Zillow survey. That would equate to 334,000 buyers from Dec. 1, 2009 to Nov. 30, 2010 – a likely time period for an extension, according to additional analysis.
Zillow queried adults who qualify as a first-time home buyer, asking them if an extension of the tax credit would influence their plans to buy a home before the end of 2010. If the … (1 comments)
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1st time buyer: Single-Family Homes Starts Ease as Credit Deadline Looms - 09/22/09 09:21 AM
Single-Family Starts Ease as Credit Deadline Looms
RISMEDIA, September 22, 2009—Production of new single-family homes slowed in August 2009 as the expiration date for an important buyer incentive drew nearer, according to figures recently released by the U.S. Commerce Department. While overall housing starts rose 1.5% to a seasonally adjusted annual rate of 598,000 units for the month, single-family starts declined 3% to a rate of 479,000 units, ending what had been a five-month run of improvements.
“With the $8,000 first-time home buyer tax credit set to expire at the end of November, the window is now basically closed for being able … (2 comments)
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1st time buyer: Realogy Supports New Bi-Partisan Senate Bill to Extend First-Time Homebuyer Tax Credit for 6 Months - 09/21/09 09:18 AM
Realogy Supports New Bi-Partisan Senate Bill to Extend First-Time Homebuyer Tax Credit for 6 Months
RISMEDIA, September 21, 2009—Realogy Corporation, a global provider of real estate and relocation services, announced its support of a bi-partisan Senate bill (S. 1678) recently introduced that would create a six-month extension of the $8,000 federal tax credit for first-time homebuyers and move the current expiration date forward to June 1, 2010.
“This is an important next step for maintaining positive momentum toward a recovery in the housing markets and the overall U.S. economy,” said Realogy President & CEO Richard A. Smith, who also serves as … (1 comments)
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1st time buyer: July 2009 Data Shows Continued Improvement in Home Real Estate Value Trends - 09/21/09 09:13 AM
July 2009 Data Shows Continued Improvement in Home Real Estate Value Trends
RISMEDIA, September 21, 2009—by Stan Humphries Home values continued to show encouraging signs according to new data released in Zillow.com Real Estate Market Reports for the July 2009 time period. The Zillow Home Value Index (ZHVI) was down 9.9% from its level one year ago, compared to a 10.5% and an 11.9% annualized depreciation rate at the end of June and the end of the first quarter of 2009 respectively. While home values nationally are now down 21% from their peak in the second quarter of 2006, July marked the … (0 comments)
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1st time buyer: Home Buyers Want to Save Energy – but Only at Right Price - 09/19/09 10:34 AM
RISMEDIA, September 19, 2009—Even though prospective home buyers want the benefits of new, more efficient homes, they are unwilling to pay much more for a “green” home, according to a recent member survey from the National Association of Home Builders (NAHB).
“Although we are seeing significant interest in green building, cost effectiveness is clearly a key concern among home buyers,” said NAHB Chairman Joe Robson, a home builder and developer in Tulsa, Okla. “Builders said that among buyers who are willing to pay more for green features, more than half- 57%- are unlikely to pay more than an additional two percent.”
… (1 comments)
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1st time buyer: The Clock Is Ticking as First-Time Buyers Intensify Their House Hunting - 09/18/09 10:18 AM
The Clock Is Ticking as First-Time Buyers Intensify Their House Hunting
RISMEDIA, September 18 by amy hoak 2009—(MCT)—Tired of paying rent and enticed by a first-time home buyer tax credit, 25-year-old Garrett Rebel began his search for a home in August, scouring the suburbs of Dallas for a house to meet his current and future needs. And he’s already running out of time.
The federal tax credit for first-time buyers is “a huge motivator” for Rebel, and he may end his search if the Nov. 30 deadline arrives and he still hasn’t closed on a deal. He unsuccessfully submitted an offer … (0 comments)
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Gary Giffin
La Jolla,
CA
More about me…
Real Estate Buy Sell Invest www.SanDiegoHomeSold.com
Address: 840 Prospect, La Jolla, ca, 92037
Office Phone: (858) 401-0204
Cell Phone: (858) 401-0204
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