Today, Congress has passed a bill including an amending that extends and expands the Homebuyer Tax Credit.  Be sure to click on the NAR link below.  Here are some key points:  

The tax credit for first time homebuyers (those who have not had ownership interest in a residence in the last three years): $8,000 for married couples, $4,000 for those filing separately.

Contracts need to be signed by the expiration date: April 30th, 2010.

Also, those buyers who have maintained ownership of a primary residence for five of last eight years are eligible to receive a tax credit: $6,500 for married couples, $3,200 for those filing separately.

Income limits $125,000 for those filing separately; $225,000 for married couples.

Home purchase price can not exceed $800,000.

Here is a link to the National Association of Realtors President's podcast:
http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_taxcreditextended_20091105

 

Check this out! Home sales are booming partially due to the first-time home buyer tax credit due to expire at the end of November.

http://money.cnn.com/2009/11/02/real_estate/September_sales_contracts/index.htm?postversion=2009110210

 

http://www.youtube.com/watch?v=v_uiSuy7TR8 

Check this out watch this and let me know what you think! 

 

 

Hey everyone,

I officially have a facebook fan page, become a fan of me today!!

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Senate to Vote on Tax Credit This Week! The first vote on the homebuyer tax credit will be in the Senate this week, maybe as early as tomorrow.  We need you to do two things right away to help with this.

1.     Click here and send a message to your two U.S. Senators

2.     Forward this message to your co-workers, neighbors, customers, employees, Facebook friends -everyone you know

Additionally, for updates on the progress of the legislation, follow them on Twitter @FixHousingFirst or check out www.fixhousingfirst.com.

 

Did you know that cleaning the lint filter of your clothes dryer is not the only step you need to take to prevent a dryer fire? With winter weather approaching, clothes dryers will get extra use, so jump on this annual maintenance task.

You probably routinely remove lint from your dryer's lint filter between loads. But lint can still build up inside the ducting that vents hot air outdoors. This as a potential hazard, which means you should thoroughly clean out your dryer at least one a year.

Lint build-up reduces the efficiency of dryers, and lint can catch fire if it accumulates inside the dryer. The good news is dryers are pretty simple appliances, and most consumers can easily handle routine maintenance to keep the dryer safe - and keep their utility bills in check. You see, dryers need good airflow to remove moisture from clothes. When lint accumulates in the exhaust duct or the dryer's internal ducts, the dryer cannot dry clothes efficiently. A dryer that runs twice as long uses twice as much energy, lengthens the task of doing laundry and is harder on clothes.

Here are three handy tips from RepairClinic.com for keeping dryer lint under control:

1. Clean the lint filter after each load. If you use fabric softener sheets, these can lead to a build-up of gummy residue on the filter and sensors inside the drum. Wipe the sensors with a damp cloth and use a soft bristle brush and hot, soapy water to clean the filter. If the filter is torn or won't clean up, replace it.

 
2. Clean out lint from the area around the lint filter. If you can, use a crevice tool on a vacuum cleaner to reach into the dryer.
 
3. Clean the dryer exhaust duct at least once a year. Do this more often if you dry more than six loads of laundry each week, if your dryer's duct is longer than eight feet, or if the duct has more than three 90-degree bends.

 
Here's how to properly clean the dryer exhaust duct:

1. Use a specially designed and inexpensive vent brush to clean the duct (See opening photo). It's available in 10- and 20-ft. lengths, starting at around $20. To order, visit http://www.repairclinic.com/referral.asp?R=1511&RccPartID=424663&Acc=1 

2. Begin at the dryer and feed the vent brush all the way to the outside. At the other end, remove the exterior cap so you can push out the lint.
 
3. Tip: straight-walled venting allows better air flow than flexible venting, so for longer runs, straight-walled venting is recommended.

Info provided by David Lake D.A.L. Maintenance & Repairs 214-417-0016 - Best Handyman

 

First Time Buyer - Last Chance for FREE MONEY!!!

Govt free money You can still get 8k if you qualify as a first time buyer.  This means you haven't had a house in your name in the last three years.  We must move quick now though!!  It has to close by the end of November and the title companies are already getting booked.  This means we have to find the house, get it under contract, inspect it, get our loan and etc..  New laws are causing delays as well from the appraisal side so time is of the essence.

If you know any first time buyers, please let them know this.  If it's you, stop waiting!!!  I have helped a lot of first time buyers this year find beautiful homes at serious discounts.  They love this as well as the check in the mail for 8k which they don't have to pay back.

 

Thought I would share with you this promising article... Have a wonderful day!

Forecast: Dallas to recover by 2011

 

Four Texas markets will be among the first in the nation to recover from the recession, says a nationwide forecast by IHS Global Insight.

Dallas-Fort Worth is one of those markets and is currently positioned to recover in 2011.

 

Austin and San Antonio will lead the way, bouncing back to their pre-recession job levels sometime next year, according to the Lexington, Mass.-based economic forecasting firm, while Houston and Dallas-Fort Worth are among eight other metropolitan areas predicted to recover by 2011.

IHS Global Insight says that most metros will start adding employment next year, but the increases are likely to be tepid. "Solid gains will not return for the majority of the country until 2011," it says.

At the bottom of the scale are five Northeastern and Midwestern industrial markets that are expected to remain in the doldrums for several years. IHS Global Insight predicts that Cleveland, Detroit, Hartford, Milwaukee and Providence won't wipe out the remnants of the recession until sometime after 2015.

The following are 50 major markets, grouped by the predicted year in which each area will return to pre-recession job levels:

2010

  • Austin
  • San Antonio

2011

  • Houston
  • Dallas-Fort Worth
  • Kansas City
  • Oklahoma City
  • Raleigh
  • Salt Lake City
  • Virginia Beach-Norfolk
  • Washington

2012

  • Atlanta
  • Baltimore
  • Boston
  • Charlotte
  • Columbus
  • Denver
  • Indianapolis
  • Jacksonville
  • Memphis
  • Nashville
  • New Orleans
  • New York City
  • Orlando
  • Philadelphia
  • Richmond
  • San Diego
  • San Francisco-Oakland
  • San Jose
  • Seattle

2013

  • Birmingham
  • Las Vegas
  • Louisville
  • Miami-Fort Lauderdale
  • Minneapolis-St. Paul
  • Pittsburgh
  • Portland, Ore.
  • Riverside-San Bernardino, Calif.
  • Sacramento
  • Tampa-St. Petersburg

2014

  • Buffalo
  • Chicago
  • Cincinnati
  • Los Angeles
  • Phoenix
  • St. Louis

After 2015

  • Cleveland
  • Detroit
  • Hartford
  • Milwaukee
  • Providence

 

What is the $8000 tax credit - This is an actual tax credit and not a tax deduction from your income.  Meaning if you qualify for the full amount and at the end of the year you do your taxes and it shows you would be getting $1,000 back then you would actually be getting $9,000 back because of the tax credit.  $1,000 you were already getting back plus the $8,000 equals $9,000 back to you.  

Just so you know the $8,000 amount can be lower and is  based on your income. The most important thing is that you have not owned a home in the past three years.  Currently you must close and fund on your loan by November 30th, 2009 although we are all hoping this get's extended.

Those of you who are first time home buyer's or have not purchased a home in the last three years should be taking advantage of this.

Please call with all your questions so we can help you find the right home before the dead line.  FREE MONEY

 

Jennifer S. Fisher

Keller Williams Realty

972-588-8090

 

 
       

 
 

 

Nick DePalma
Production Manager/ Senior Loan Officer

 

   

1002 Raintree Circle
Allen, TX 75013
Phone: (469) 277-1881
Mobile: (214) 497-0596
Toll Free: (866) 432-6015
Fax: (866) 908-6073
www.primelendingallen.com



 
 

 

For the week of June 29, 2009 - Vol. 7, Issue 26

 

>> Home Base

INFO THAT HITS US WHERE WE LIVE  We continued to have encouraging housing news last week, starting with Existing Home Sales up 2.4% for May to a 4.77 million annual rate. This was the third month in a row of increased sales, which are now 6.2% above their January low. And the percent increase for the last two months is the largest since April 2004. The existing homes supply decreased to 9.6 months from April's 10.1 months. The median price of an existing home INCREASED to $173,000.

Next we saw new home sales at a 342,000 annual rate for May, with the supply dropping to 10.2 months from April's 10.4 months. New home inventories are now at 292,000, down 49% from their mid-2006 peak and at their lowest level since 2001. Sales were down slightly for the month, but still above their January low. The 111,000 new homes for sale still under construction are at their lowest level since 1970. The 135,000 completed new homes for sale are the lowest level since 2006. The Mortgage Bankers Association reported purchase loan applications UP 7.3%!

Last week we reported the housing market needs to get back to 1.6 million starts a year just to meet knock-downs and population growth. A new Harvard University report heartily agrees. It says there will be millions more echo boomers than there were boomers who first grew the housing market. The report projects household growth between 12.5 and 14.8 million in the next 10 years! The report also notes that price declines and low interest rates have brought affordability to many housing markets. 

>> Review of Last Week

A BUMPY RIDE SIDEWAYS... The markets swung both ways last week and ended basically flat, the Dow down a bit, the Nasdaq up a bit and the S&P 500 off by a hair. Although most stocks edged down two weeks in a row, many analysts saw this merely as a summer correction. There were few economic disappointments, although both initial and continuing jobless claims inched up. All was not perfect at Walgreen, Nike and Boeing, but Oracle beat expectations, typical for the tech sector.

Beyond the good housing news covered above, recent manufacturing reports keep heading upward. The Richmond Fed Index of mid-Atlantic manufacturing went positive for the second month in a row. This hasn't happened since September 2007. In addition, Durable Goods orders were up in May for the second straight month!

The Fed had its meeting and said the rate could stay down a good while longer, since inflation's in check. They also confirmed their commitment to buy $1.25 trillion worth of mortgage-backed securities this year, which many feel will keep mortgage rates low. Real Q1 GDP was revised UP to -5.5%, from its original -5.7%. Personal income went UP in May, as did personal spending (PCE), for the fourth time in the last five months. Consumer sentiment also went UP more than expected.

For the week, the Dow ended off 1.2%, to 8438.39; the S&P 500 slipped just 0.3%, to 918.90; while the Nasdaq rose 0.6%, to 1838.22.

It was a bumpy ride all week in the bond market though things finished fine. Prices improved as inflation concerns lessened. The FNMA 30-year 4.5% bond ended at $99.69, off 16bp for the day, but up for another week. Mortgage interest rates are staying at their historically low levels.

>> This Week's Forecast

FIREWORKS GALORE... The economic calendar packs plenty of excitement into a short week, with the markets closed Friday for Saturday's 4th of July holiday. The week ends on a big bang Thursday when the June employment report comes out. Jobs are a lagging indicator, so unemployment is expected to inch up a little more.

Tomorrow and Wednesday we'll have Consumer Confidence and important manufacturing readings with the Chicago PMI and ISM Index, plus Pending Home Sales. Not much in the way of corporate earnings, except for General Mills.

>> The Week's Economic Indicator Calendar

Weaker than expected economic data tends to send bond prices up and interest rates down, while positive data points to lower bond prices and rising loan rates.

Economic Calendar for the Week of June 29 - July 3

 Date

Time (ET)

Release

For

Consensus

Prior

Impact

Tu
June 30

09:00

Consumer Confidence

Jun

55.1

54.9

Moderate

Tu
June 30

09:45

Chicago PMI

Jun

38.5

34.9

HIGH

W
July 1

10:00

ISM Index

Jun

44.0

42.8

HIGH

W
July 1

10:00

Pending Home Sales

May

1.1%

6.7%

Moderate

W
July 1

10:30

Crude Inventories

6/26

NA

-3.87M

Moderate

Th
July 2

08:30

Initial Jobless Claims

6/27

NA

627K

Moderate

Th
July 2

08:30

Average Workweek

Jun

33.1

33.1

HIGH

Th
July 2

08:30

Hourly Earnings

Jun

0.2%

0.1%

HIGH

Th
July 2

08:30

Nonfarm Payrolls

Jun

-370K

-345K

HIGH

Th
July 2

08:30

Unemployment Rate

Jun

9.6%

9.4%

HIGH

 

>> Federal Reserve Watch    

Forecasting Federal Reserve policy changes in coming months. Wednesday, the Fed said it expected to keep rates "exceptionally low" for an extended period. The experts are taking them at their word. 

Current Fed Funds Rate: 0%-0.25%

After FOMC meeting on:

Consensus 

Aug 12

0%-0.25%

Sept 23

0%-0.25%

Nov 4

0%-0.25%


Odds of change from current policy:

After FOMC meeting on:

Consensus 

Aug 12

1%

Sept 23

3%

Nov 4

5%

 

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This e-mail is an advertisement for Nick DePalma. The material provided is for informational and educational purposes only and should not be construed as investment and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee of its accuracy. The material contained in the newsletter is copywritten by PrimeLending, A PlainsCapital Company and cannot be reproduced for any use without prior written consent. It is designed for real estate and other financial professionals only. It is not intended for consumer distribution. The material does not represent the opinion of PrimeLending, A PlainsCapital Company. © 2009 PrimeLending, a PlainsCapital Company. Trade/service marks are the property of PlainsCapital Corporation, PlainsCapital Bank, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved. PrimeLending, a PlainsCapital Company is exempt from licensing in the following states: AL, AK, AR, CO, DE, FL, GA, HI, ID, IA, KS, KY, LA, MN, MS, MO, MT, NC, NE, NV, NY, OH, OK, OR, PA, SC, SD, TX, UT, VA, WV, WY. Arizona Mortgage Banker Number License Number 0907334; California Department of Real Estate License Number 01857468; Connecticut Mortgage Lender License Number ML-13649; Illinois Mortgage banker License number MB.6760635; Maine Supervised Lender License Number SLM8285; Maryland Mortgage Lender License number 11058; Michigan First Mortgage Registrant License Number FR 0010163 and Second Mortgage Registrant License Number SR 0012527; New Jersey Licensed Lender Number 083659; New Mexico Mortgage Loan Company License Number 01890; North Dakota Money Broker License number MB101786; Tennessee Mortgage Registrant Number 4023; Texas Regulated Loan License Number 7293; Vermont Mortgage Banker license Number 6127; Vermont Mortgage Broker license Number 0964MB; Washington Consumer Loan License Number 520-CL-49075; Wisconsin Mortgage banker License number 214170.


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Jennifer S. Fisher

Plano, TX

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