Anchorage, AK

Amid the gloom and doom of the real estate market of this day, with the average home price in America down by 32%, according to Luke Mullins, Moody's economy.com found the top ten housing markets for the next ten years.

According to Mullins, although there are booms and busts in the housing market, the housing outlook for the next ten years will show appreciation. If looked at in a long term perspective, housing will appreciate, although some places more than others. This is probably not good news for the house flippers out there, although I'm sure there are good steals to be had with the foreclosure situation that much of the United States is experiencing right now. Sidenote: Fortunately, Anchorage, Alaska's foreclosures accounts for less then 1% of the inventory. Contact a realtor to find Foreclosures in Anchorage Alaska.

Mark Zandi, chief economist at Moody's Economy.com, states, "In the long run--subtracting from the ups and downs of the business cycle-- house prices should grow at the rate of household income." To find homes in the Anchorage Alaska Area click here. Income growth is, of course, linked to the economic strength of an area. In Alaska the number of jobs in the last year has increased which is quite amazing during these turbulent times in our great country. The different industries in Alaska has helped to sustain and produce economic growth in Alaska. The different sectors in the Alaska economy include oil, natural gas, fish and seafood, minerals, sea travel, tourism, and the international airport. Anchorage is home to over 270,000 residents.

Here is a breakdown of The Top Ten Housing Markets for the Next Ten Years, these cities are predicted to experience of growth of 3.44% to 5.22% per year for the next ten years:

1. Bremerton and Silverdale, Washington 5.22%

2. Glens Falls, New York 4.71%

3. Fort Collins and Lovelands, Colorado 4.06%

4. Corvallis, Oregon 3.95%

5. Anchorage, Alaska 3.8%

6. Duluth, Minnesota 3.74%

7. Sandusky, Ohio 3.66%

8. Santa Fe, New Mexico 3.57%

9. Pittsfield, Massachusets 3.51%

10. Decatur, Illinois 3.44%

So if you enjoy being outside and want to experience the big, wild, life in Anchorage, Alaska, consider visiting us Alaskans. Our city, Anchorage, boasts wonderful eateries, a buzzing downtown, salmon fishing, halibut fishing one hour away, hunting is a short car ride south or north. Or come during the winter and go snowboarding, cross country skiing, or ice fishing. Anchorage, Alaska is a great place to raise your family!

In an attempt to jump start the economy, the Unitd States Congress passed a bill that was signed into law on February 17, 2009. The bill grants up to $8000 to qualifying first time home buyers. The bill does not supercede the $7,500 tax credit that was available in 2008. Anyone who bought a home in 2008 is eligible for the $7500 tax credit, which still has to be repaid in small increments.

The provision, which was intially introduced by Senator Johnny Isakson, a Republican from Georgia, started at a whopping $15,000. Woah, right? However, the initial provision was modified and that's what became the $8000 tax credit. I've gotten calls from people who bought a house last year asking if they would qualify for this new tax credit. The answer is no, the tax credit was effective the day it was enacted. According to Dietz, "...effective date of the... amendment is the date of enactment.... so if you've already completed a purchase, you would not be qualified for the new program."

Quick Facts:

1. Who is eligible for the tax credit? Anyone who has not owned a home in the last three years and is purchasing a home as their primary residence. Home purchase must take place after January 1, 2009 and before December 1, 2009.

2. How is the total amount of the tax credit determined? The tax credit is a percentage of the price of your home. It's 10% of the purchase price, up to $8000.

3. Are there income limits? Yes, as there are in most cases. For single taxpayers, the limit is $75,000. For married taxpayers filing a joint return, the limit is $150,000.

4. How is the tax credit different from the $7500 tax credit that was enacted in 2008? The tax credit of 2008 is an interest free loan that has to be repaid to the Government is small amounts.

5. How do I claim the tax credit? It's quite easy, you claim it on your income tax return. Be sure to mention the tax credit to your tax preparer, so you don't miss the chance to claim the $8000 tax credit of 2009.

6. What types of homes qualify for the tax credit? Any home that you use as your primary residence, e.g., condos, single-family homes, manuafactured homes....

For more info, refer to the IRS website. http://www.federalhousingtaxcredit.com/2009/home.html

If you live in the Anchorage, Alaska area and would like more information about the $8000 first time home buyer tax credit, contact me.

Anchorage, Alska Real Estate 907-720-4663

Anchorage Real Estate

The economy in Alaska is based upon many things. But let's not be foolish, we all know the main source of jobs in the great state of Alaska is oil based. We know that oil production and oil availability has declined by 50%. I am wondering what we as Alaskans are going to do to keep up w/ job losses when the oil industry goes away.....

If oil jobs dissapear, will alot of our population leave the state? This just made me think... what can we do in Alaska to make our state sustainable??? Let's sustain our future and jobs so that people can still make a living here. Let's sustain our economy!

This blog is open to comments by all.

The Alaskan portion of the Purple Heart Trail will be dedicated in a ceremony this Saturday (June 6, 2009) at 11 a.m. A ceremony will be held dedicating the portion of the Alaska Highway between Fairbanks and Delta Junction honoring those who have served their country and were awarded the Purple Heart Medal for their sacrifice. The ceremony will be held at the Delta Junction Visitor's Center.

Senator Johnny Ellis of Anchorage sponsored a bill to dedicate a portion of the Alaska Highway to the Alaska Legistature. The bill received a unanimous "yes"vote. As is fitting, Senator Ellis will be the keynote speaker at the dedication.

The date chosen for the dedication is quite significant, as it marks the 65th anniversary of D-Day. D-Day, the invasion of France on the Normandy Beach, was the beginning of the end of Word WarII conflict in Europe. June 6, 1944 saw many a brave serviceman earn a Purple Heart Medal with the sacrificing of their lives and blood.

The Vietnam Motorcycle Club will conduct a Fallen Warrior ceremony at the dedication to honor all those who have defended this country and paid the price with their lives.

The Military Order of the Purple Heart began working in 1992 to establish a nationwide trail as a tribute to the men and women who have served and given their all for our freedom. Since that time, 45 states have dedicated portions of their highways due to their efforts. I am very proud that our great State of Alaska is among them.

It is only proper and right that we dedicate a portion of our roadway to honor those who have paved the road to freedom and to keeping this country free with their bloodshed.

Freedom is never "free"!
Pauline Hofseth, your Anchorage real estate expert

D-Day Video

In the past two weeks, interest rates began to inch up slightly. This week, RealtyTimes.com reports that today's interest rate fell back. The current interest rate is 4.75% for a 30-year mortgage and 4.5% for a 15-year fixed rate. That report led to today's blog. Depending on your current interest rate, it just may be time for you to consider a refinance. If your loan's interest rate is around 6.5%, a refinance is definitely something you should check into.

* A reduction from a 6.5% to the current 4.75% interest rate would result in a savings of over $200 a month.

If that statement made you perk up your virtual ears, then I would like to remind you about the Making Home Affordable Refinance program sponsored as part of the recovery plan.

* You do not have to be in a distressed situation to take advantage of the program.

Anchorage is one of the places in the nation that the Making Home Affordable program can be of real benefit since our housing has not suffered the steep decline in values that other areas in the lower 48 have experienced. Both Making Home Affordable program and FHA will refinance the loan balance for homeowners who owe more than the property's current value.

* The Making Home Affordable program will refinance your loan balance if it is no more than 105% of the value of the home.
* FHA will refinance your loan balance if the first mortgage is less than 97% of the homes current value.

If you have equity in your home and pay PMI (Private Mortgage Insurance - insurance lenders require if the home was financed with less than 20% down), the savings could be even greater.

* PMI may no longer be required.

Most homeowners can take advantage of the government refinance loan programs.

* Making Home Affordable Program applies to Fannie Mae and Freddie Mac loans.
* FHA also offers a refinance program.

If you have a first and second mortgage, a refinance could eliminate your second mortgage.

* Make only one mortgage payment and save thousands of dollars in interest.

Check out all your options on the type of refinance which will best meet your circumstances and goals before you make a decision.

* Making Home Affordable Program
* FHA Refinance (even if your current loan is financed through FHA)
* An FHA Streamline (current loan must be FHA loan)
* Conventional refinancing through a mortgage lender

Taking advantage of today's refinancing opportunities may be a wise decision, but it does depend on your personal circumstance, finances and goals. I do think it is to the Anchorage homeowner's advantage to check out the possibility of a refinance. When considering a refinance you need to look at your long time goals.

* A refinance is not free. There are fees and points to consider.

According to the various economists and mortgage lenders, interest rates are not expected to decline any lower than 4.5%. However, they are expected to increase as the housing market improves, loan applications increase and the economy recovers.

Pauline Hofseth, your Anchorage real estate resource