As many readers of this site await to hear about a possible extension to the home buyer credit closing date, part of the latest Jobs and Tax Bill (HR4213), it was worrying to read some of the recently released IRS statistics on fraud surrounding the credit. The IRS doled out more than $27 million in fraudulent claims for the home buyers' tax credit on returns for 2008, including claims by prisoners serving life sentences and people who purchased their home before the credit was in effect, according to a U.S. Treasury … (2 comments)
first time homebuyer: Small Insight from May Home Sales
- 06/23/10 07:34 AM
May Existing Home Sales fell 2% to an annual rate of 5.66 million units, below the consensus forecast of 6.10 million, but up 19% from one year ago? The May results were boosted by closings ahead of the June 30 deadline to receive the home buyer tax credit. Inventories of unsold existing homes fell to an 8.3-month supply from an 8.4-month supply in April. First-time buyers accounted for 46% of sales. The NAR estimated that up to 180,000 home buyers who would otherwise qualify for the home buyer tax credit may not be able to close before June … (0 comments)
first time homebuyer: Tax Credit Extension
- 06/18/10 06:07 AM
Senate Approves Extension of Tax Credit Closing Deadline By: Carrie Bay 06/16/2010 The U.S. Senate has passed an amendment that would extend the closing deadline of the homebuyer tax credit by three months. Right now, qualifying homebuyers who were under contract by April 30 have until June 30 to close the deal. But because of the large volume of applications for lenders to process, concerns have begun to surface that some buyers may miss out on the tax break simply because of the backlogged pipeline. The National Association of Realtors (NAR) says it has received reports that as many as a third of the buyers … (2 comments)
first time homebuyer: First Time Homebuyer Tax Credit Extension
- 01/06/10 08:07 AM
Buying a home is a big step. There are many benefits of homeownership, the homebuyer tax credit and more affordable prices make now an especially opportune time to purchase. Still, the commitment is a substantial one, and I encourage you to ask questions and be informed about the decision you are making so that the home you buy is a home you can enjoy for years to come. Now through April 30, 2010, Qualified first-time home buyers can receive a credit of up to $8,000. Qualified repeat buyers can receive a credit of up to $6,500 for homes purchased between November 7, 2009 … (1 comments)
first time homebuyer: Legislation Passed Homebuyer Tax Credit Extension
- 11/06/09 06:43 AM
I was both for and against this legislation. I have to say that I didn't want our government to spend anymore money but, at the same time, I want the real estate market to keep moving forward. Check out all of the details on this link: http://www.rgj.com/article/20091106/NEWS/911060383/1321 Tell me your thoughts. … (0 comments)
first time homebuyer: Foreclosure Fundamentals
- 07/09/09 07:54 AM
Foreclosure Fundamentals - Going with the Pitch By Rick Sharga RISMEDIA, July 8, 2009-Baseball can be a humbling game. Few other occupations reward failure so handsomely. The best hitters-those who fail 70% of the time-earn millions of dollars a year. I was fascinated watching my son's Little League coach try to explain a basic hitting concept to a group of 12-year-olds: "going with the pitch." In simple terms, it means a pitch on the outside part of home plate should be hit to right field; a pitch over the center of the plate back up the middle; and a pitch on the … (1 comments)
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