March 2010 “Grant me the serenity to accept the people I cannot change, the courage to change the one I can, and the wisdom to know... it's me.” ~Author unknown
...The "new" repeat buyer tax credit – that's what. Current homeowners buying a house before April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500 credit. This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended. Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. The credit decreases for buyers who earn between $125,000 and $145,000 (single buyers) and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Buyers earning more than the maximum are not eligible for the credit. If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close. Ugly Housing Data for January (From "Hanley Wood Market Intelligence”) Housing data was weak on all fronts with sales and pricing in both the new and existing home markets posting declines in the first month of 2010. Although bad weather conditions may have contributed to some of the weakness, it is not good news that extraordinarily low mortgage rates and the extended homebuyer tax credit were insufficient to boost sales activity. New home sales volume hit an all-time low in January while existing home sales fell to its slowest annual pace since June. The extended federal tax credit now expires at the end April, so it's likely we'll see a run up in activity as we near that point... more... The Economy
As always, please keep us in mind with all your Real Estate needs (don’t forget to refer your friends to us). We are always looking for new buyers and sellers, so if you know of anyone planning to buy or sell a home, please point them our way!
Home Buyers Rush to Take Advantage of Tax Credit Before It’s Gone RISMEDIA, February 12, 2010—(MCT)—Liv Mansfield is racing the clock, hoping to find and settle, or at least sign a purchase agreement, on a townhouse before the $6,500 tax credit for qualified repeat home buyers expires April 30, 2010. Click here for complete article.
Housing Starts Rise in January 2010 RISMEDIA, February 22, 2010—Nationwide housing production hit its strongest pace in the last six months this January, posting a 2.8% gain to a seasonally adjusted annual rate of 591,000 units, according to figures recently released by the U.S. Commerce Department. Click here for complete article.
$1.5 billion in housing aid coming to Arizona, 4 other states The Arizona Republic 2/15/2010 – Arizona is one of five states that will split $1.5 billion from a new federal program aimed at helping regions hardest hit by home foreclosures. President Barack Obama announced the new funds Friday in Las Vegas as part of a government push to reduce the number of homes falling into foreclosure by assisting unemployed homeowners and other struggling borrowers. Click here for complete article.
Foreclosure Activity Decreases 10% in January 2010 RISMEDIA, February 11, 2010—RealtyTrac, one of the leading online marketplaces for foreclosure properties, released its January 2010 U.S. Foreclosure Market Report, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 315,716 U.S. properties during the month, a decrease of nearly 10% from the previous month but still 15% above the level reported in January 2009. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January. Click here for complete article.
Real estate experts forecast metro Phoenix market recovery in 2014 The Arizona real estate market will recover slowly and approach modest levels of normalcy — but not until 2014. That was the assessment of a group of experts who gathered Friday morning for “Gloom to Zoom,” a seminar sponsored by Rose Law Group and held at the Arizona Biltmore Resort & Hotel. Phoenix economist Elliott Pollack and housing analyst R.L. Brown believe the market has bottomed out, as far as residential product is concerned, but the industry likely will float along the bottom for months, if not years. Click here for complete article.
ASU: Market is still driven by foreclosures Foreclosures remained a dominant force in the Phoenix area's housing market in January, as foreclosures and resales of foreclosure homes accounted for two-thirds of existing-home transactions during the month, according to an Arizona State University report. Even with brisk sales, a key to the housing market's recovery remains creating new jobs, said Jay Butler, the report's author. Click here for complete article.
Understanding the New Home Affordable Foreclosure Alternatives Program (HAFA) RISMEDIA, February 15, 2010—On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP). Under HAFA, a borrower (the current owner) may be able to avoid foreclosure by completing a short sale or a deed-in-lieu of foreclosure (DIL). Click here for complete article.
Mortgage Rates U.S. averages as of February 28, 2010: 30 yr. jumbo: 5.88%
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