Time is running out for Homebuyer Income Tax Credit

The South Florida Sun-Sentinel is bringing bad news to buyers and sellers today.  It appears there is not going to be another extension, which many assumed might happen, to the Homebuyer Income Tax Credit which expires April 30, 2010.  Here's what they're reporting:

Federal government wants to sell you a home

WASHINGTON - Sales are brisk for South Florida homes hawked by the federal government in the wake of the Great Recession.

Uncle Sam and two government-sponsored companies are unloading property, from waterside mansions to burned-out shells, often at fire-sale prices 10 percent to 20 percent below market value.

The wave of foreclosed property in distressed regions like South Florida has forced the government, along with Freddie Mac and Fannie Mae, to become major movers of real estate to clear a growing inventory of empty homes.

IRS Offers Tips for Year-End Donations

WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years.

Some of these changes include the following:

Special Charitable Contributions for Certain IRA Owners

This provision, currently scheduled to expire at the end of 2009, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up

Search for homes while you're out and about - only with Keyes!

Keyes' Homes For Sale Application, Powered by Smarter Agent, obtains your location and instantly returns information about all the homes for sale around you. When available it uses GPS already in your cell phone, or you can search by address, city, community or zip code. This user-friendly application can really help you in your property search. Download Keyes' Homes For Sale Application to have all the real estate information you need in the palm of your hand. Go mobile now!

US mortgage applications driven up by refinancings

By Lynn Adler NEW YORK, Dec 9 (Reuters) - Demand for U.S. home loans rose last week to the highest level in about two months, mostly from borrowers taking advantage of low mortgage rates to refinance, the Mortgage Bankers Association said on Wednesday. Nearly three of every four loan requests was for a refinancing rather than a purchase, pointing to caution with unemployment at a double-digit rate and fear of job loss prevalent. Total mortgage applications, based on the group's seasonally adjusted market index, rose 8.5 percent to 665.6 last week to the highest since early October.

CNBC's Diana Olick has the latest real estate headlines.

As mortgage rates sink, decide whether to buy now or wait

Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low this week, giving consumers another reason to consider purchasing a home or refinancing their current one.

Freddie Mac said Thursday the average rate on a 30-year loan was 4.71 percent with an average 0.7 point, the lowest rate since the agency began its weekly tracking of long-term interest rates in 1971. A point is equal to 1 percent of the loan amount, payable as a lump sum at closing.

The decline wasn't overly dramatic. After all, the average rate in last week's survey was a still-stellar 4.78 percent, tying the previous all-time low set in June.
Still, the dip is likely to get people wondering whether it's time to sign on the dotted line.

QUESTION: Why are rates so low?

The Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

Banks Take Losses on Short Sales as Foreclosures Soar (Update1)

By John Gittelsohn and Margaret Collins

Dec. 4 (Bloomberg) -- Drew Schlosser tried for two years to sell his three-bedroom Punta Gorda, Florida, waterfront condominium for less than he owed on its two mortgages. The deal only went through last month when Wells Fargo & Co. agreed to take a $165,000 loss on the loans.
Even after he had an offer of $155,000 for the property, it took five months for the San Francisco-based lender to approve the purchase, a so-called short sale, in which the bank accepts less than the balance owed on a property. Schlosser said earlier offers had fallen through as bidders lost faith the bank would take less than the $320,000 in two mortgages.
“It was just kind of a mess,” said Schlosser, 31, a market research company director living in Estero, Florida. “You really have to get buyers who are patient.”

Mortgage rates hit rock bottom

By Harriet Johnson Brackey South Florida Sun-Sentinel

Mortgage interest rates have dropped to an all-time low, which experts say could cheer the depressed South Florida housing market.

The average for a 30-year fixed-rate mortgage fell to 4.71, Freddie Mac, the federally run mortgage finance company, reported Thursday. That's the lowest recorded since Freddie Mac first started weekly mortgage rate surveys in 1971. Rates dropped 0.07 percent since last week.

For prospective homebuyers, "The sharp drop in home prices, tax credits and now record low mortgage rates put a lot of affordability in your quarter," said Greg McBride, a senior financial analyst at Bankrate.com in North Palm Beach.

The latest buzz in the market

FHA is cracking down on bad loans, raising credit score standards and increasing premiums.  Mortgage applications are up for both purchase loans and refinance loans.

Visit msnbc.com for breaking news, world news, and news about the economy

UNDER CONTRACT

The buyer unexpectedly received a work related transfer out of the country.  Now you get a second chance!

3 Bedroom / 2 Bathroom with Private Pool, Over-sized backyard, Bonus Room, Bonus Loft  1,525 square feet of living space.  MLS I.D.: F1031943  6191 NW 31st Way Fort Lauderdale, FL

You can not wait to sell. This article highlights my previous posts regarding our 'Shadow Market'

Home sales: Home sales increase, but foreclosures could mean more price declines -- South Florida Sun-Sentinel.com

Posted using ShareThis

11 Reasons to Market your Property During the Holidays

1. People who look for a home during the Holidays are more serious buyers!

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home.  Less demand means less money.

The Shadow Market

It sounds ominous and that's because it is.

Mortgage holders in Broward County now have more mortgages in arrears than ever.  They have not yet foreclosed on them and no one is quite sure what the reason for that may be.  However we do know one thing.  Eventually they will foreclose and the will put them on the market.  When that happens we will be flooded with more foreclosures than we've seen to date.

Short Sales Completed in 30 Days?

A colleague came to me this morning asking if I had heard anything about what's happening in California for short sales.  I hadn't heard anything but this gets interesting.

He heard a rumor (we all know what those are like) that the State of California is compiling legislation requiring mortgage holders involved in short sales to complete the process of approval within 30 days.  Wow, wouldn't that be a great thing!?!  I've Googled the topic but can't find anything referencing this good news rumor.

UNDER CONTRACT

Yesterday I was hired to sell a 3 bedroom/2 full bath home with carport, eat-in kitchen, laundry room, pantry with tons of cabinets, a huge screened porch perfect for enjoying South Florida weather in a fantastic location.  At about 1,500 square feet with fresh paint and a terrific floorplan, this home will not be on the market very long. 

The Expanded (and Extended) Homebuyer Tax Credit

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time buyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between the date the bill was signed (November 6, 2009) and April 30, 2010.

Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between the date the bill was signed by President Obama and April 30, 2010.

• Current home howners purchasing a home between the date the bill was signed by President Obama and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
• To qualify as a first-time buyer the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
  

Existing-Home Sales Surge in Many States in Third Quarter, Metro Prices Moderating

WASHINGTON, November 10, 2009

Most states continued to experience rising existing-home sales in the third quarter, with prices moderating in many metro areas, according to the latest survey by the National Association of Realtors®.

Total state existing-home sales, including single-family and condo, increased 11.4 percent to a seasonally adjusted annual rate1 of 5.30 million units in the third quarter from 4.76 million units in the second quarter, and are now 5.9 percent above the 5.01 million-unit pace in the third quarter of 2008.

Sales increased from the second quarter in 45 states and the District of Columbia; 28 states and D.C. saw double-digit gains. Year-over-year sales were higher in 32 states and D.C.