“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Read the Best Real Estate Newsletter: Nove...

Read the Best Real Estate Newsletter: November 2009

Stephen Ledford's November Real Estate Newsletter
Your Dream Home Finder
"Your Real Estate Consultant who Cares"

Outstanding Customer Service
West USA Ahwatukee Office
Email: DreamHomeFinder@StephenLedford.com
Webpage: http://www.StephenLedford.com/
Cell: 602-743-4817

November 2009 Real Estate Update:
  • REO/bank own and short sales are accounting for 65% of all solds. REO/bank own inventory is down from the high.
  • There were 8,122 homes sold in October. This number is similar to the amount sold in October, 2004. The number is driven by more affordable prices and the home tax credit.
  • Here is a great summary on the Phoenix real estate market from W.P. Carey school of business.
  • Fannie Mae will allow homeowners facing foreclosure to stay in their homes and rent them for as long as a year, as part of the government's latest effort to help troubled borrowers, while keeping more foreclosed properties from hitting the housing market.
  • The biggest news in real estate market was the extension and expansion of the credit. Below are some of the major points.
  • Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500:
  • First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers.
  • First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000. Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. Military deadline: The deadline is extended by a year for members of the military who have served outside the <?xml:namespace prefix = st1 />U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.
  • Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
  • How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
  • Please contact me if you have any questions or need help finding your dream home.
  • Other good articles on the subject:
  • Congress expands home-buyer tax credit, extends jobless benefits
  • The Lowdown on Home-Buyer Tax Credits
  • More home buyers, not just first-timers, can get tax credit
  • Since I am not a CPA or lawyer, please check with your tax advisor and lawyer as needed.

Other good real estate articles:

Relocation Services - Do you know someone new or moving to Phoenix, AZ? - Send them the best Phoenix Welcome Package

"If you can dream it, you can do it" by Walt Disney
Posted Sunday Nov 15