Who let the dogs out? whoo, whoo.

By
Mortgage and Lending with Hearthstone Mortgage

It looks like things are heating up as we start to close out round 1 of the $8000 tax credit. Round 2 is up in the air because the Obama administration could come in with a solid knockout as November 30 draws to a close.

My recap reminds of the song my kid would listen to with all friends "Who let the dogs out?" Let's Recap. Be sure to bark between each one.

  • Senators, including Banking Committee Chairman Chris Dodd, are moving to extend the credit through July 1 and apply it to all home purchasers, rather than just first-time homebuyers.
  • Sen. Johnny Isakson, who owned a Georgia real estate company before joining the Senate, told the committee Wednesday the housing market will likely remain depressed for five years or more if the government does not step in to change the dynamic between slow home sales, falling home values and increasing unemployment.
  • Isakson recommended extending and expanding the credit and increasing the income eligibility limit to $300,000 to bring more buyers into the housing market.
  • Speaker Nancy Pelosi (D-Calif.) was on her soap box today saying that the House not only plans to extend an $8,000 first-time home-buyer's tax credit -- it may be broadened to include all home purchases.
  • The National Association of Home Builders yesterday called on Congress to extend and expand the $8,000 first-time home buyer tax credit set to expire at the end of next month. Their approach is it will be needed in order to create hundreds of thousands of badly needed jobs and move the economy to higher ground.
  • Mortgage applications fell for a second straight week, led by a plunge in demand for home refinancing loans as interest rates climb.
  • Applications for home building permits, a gauge of future construction, fell in September by the largest amount in five months
  • 1st-time buyer's tax credit helps Duluth, Minn., home market.
  • Sales of previously owned homes in the United States likely rebounded in September after a surprise fall in August, boosted by a government incentive for first-time buyers, low prices and mortgage rates, according to a Reuters poll. We will see, Figures are released this Friday.
  • Congressman Gary Peters today urged House leadership to extend the first-time homebuyer tax credit
  • First-time home buyers scrambled to get contracts signed and deals in the pipeline last month, driving up pending home sales 16 percent in the Buffalo-Niagara area, even as closed sales activity fell in both numbers and especially dollars.
  • In Canton, Il. Cong. Phil Hare (D-17th District) met with local leaders and real estate agents Monday to call for an extension of the first-time homebuyer tax credit.

So as thing plays out and the politicians jockey for position, Grab the bottomless bag of popcorn with EXTRA butter and a Dr. Pepper and Enjoy. Watchout for a possible knockout punch from the President to send them all scattering.



Comments (1)

Diane Donnelly
Keller Williams Flagship - Annapolis, MD
Anne Arundel County, MD Real Estate

There are alot of changes coming up Greg.  Between the unemployment, additional foreclosures, possible expiration of the tax credit, Alt A financing recasts, and the barking dogs!

Yikes!

Oct 21, 2009 02:10 PM