About New Castle County, DE

An interesting piece of history that is still alive and active is the Wilmington and Western Railroad in southwest Wilmington, DE. It dates back to the 1860s when it was chartered to move supplies back and forth between the mills on the Red Clay Creek to the Port of Wilmington. It ran all the way from Landenberg, PA to the riverfront. Today it is still running and is a wonderful attraction for the whole family. It runs from the Greenbank Station at Prices Corner out to Mt. Cuba in Greenville where it stops long enough that you can have a picnic. There's a beautiful view of the Red Clay Creek and a park like area where you can relax at the Mt. Cuba stop.

Some of the typical events they offer are the Mt. Cuba Express as mentioned above, the Hockessin Express where the train stops in Hockessin, DE for a half hour layover. The Hockessin Express is quite a bit longer than the Mt. Cuba Express. They also offer a Mother's Day Brunch, Hayride Express, Wild West Robbery, Back Burner Dinner Train and MANY more special events! It's a gorgeous ride especially in the fall of the year. You can even charter the train for Birthday Parties, Weddings or whatever YOUR special event may be! The Wilmington and Western Railroad cabooses are great for kids birthday parties and they are even available during the off season. The station also has it's own museum. The Wilmington and Western Railroad has a lot to offer and they are always looking for volunteers. If you like trains and history it's perfect thing to do!

The Wilmington and Western Railroad experience is really like you are in a different era of the 19th Century and the ride is so unique especially from the viewpoint of the train. Enjoy the views of the historic Wooddale Covered Bridge, the beautiful Red Clay Creek, Brandywine Springs Park and lots more as you travel through the beautiful and scenic Delaware countryside. Take your family or just yourself and enjoy a relaxing and beautiful trip back in time on the Wilmington and Western Railroad.

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For Buyers who may be on the fence as to buying now or waiting until next year, here is a simple calculation that can help make your decision easier. Let's say that your buyers are waiting for the prices of homes to drop another 5%. Over the same time frame interest rates increase by 1%. A simple example of why to buy now is as follows

• Purchase price today 200,000 at 5% interest gives a principal and interest payment of $1073.

• Waiting until the price drops 5% but the interest rate is 6% gives a principal and interest payment of $1139.

$66 per month may not seem like alot but it becomes almost $8000 after 10 years and $8000 is what every first time home buyer is trying to get. It is just a simple math problem.

NEW Homebuyer Tax Credit! Here is the skinny:

•1. Tax Credit Extended to April 30, 2010.

•2. Sales contract must be binding by April 30^th and settlement must occur prior to July 1, 2010.

•3. Income limit qualification has increased to $125,000 for single and $225,000 for married persons.

But wait... There's more:

•4. A new Tax Credit of $6,500 was added for homeowners who do not qualify as first timers!

•5. Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

Are you working with a borrower who is currently serving in the Armed forces? If the military personnel is/was stationed outside the United States for 90 days or more, they receive a separate extension.

•6. Service period must have occurred between January 1, 2009 and May 1^st 2010.

•7. The time line is extended ONE YEAR -

•a. May 1^st, 2011 for a binding contract.

•b. July 1, 2011 settlement date.

Larry Hultberg - Delaware Realtor 302-530-9186

I was a little upset last week that Congress had almost let the First Time Home Buyers Tax Credit lapse before they acted on it. Yesterday both houses did what needed to be done. They extended and expanded the tax credit. It appears that Congress also thought outside the box. To incent current homeowners to become move up buyers, this bill may have expanded the real estate market activity exponentially. We have had very underwhelming spring seasons for 4 years now and this may change the outlook and opportunities that help potential sellers get off the fence. Kudos to our Washington leaders.

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Nov 5, 11:10 AM EST

Congress set to expand homebuyer tax credit

By STEPHEN OHLEMACHER
Associated Press Writer

WASHINGTON (AP) -- Buying a home is about to get cheaper for a whole new crop of homebuyers - $6,500 cheaper.

First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday.

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. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.

"We are still in a world of economic hurt, and Congress must continue to act boldly and creatively," said Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee. "With the right mix of tax breaks and investments we will get through this recession and get folks working again."

The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes. While the measure passed the Senate by a 98-0 vote, Sen. Kit Bond, R-Mo., questioned its efficiency in stimulating home sales.

"For the vast majority of cases, the homebuyer tax credit amounted to a free gift since it did not affect their decision to purchase a home," Bond said. "And for the small minority of buyers whose decision was directly caused by the credit, this raises the question of whether we are subsidizing buyers who may not have been able to afford buying a home in the first place."

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.

Expanding the tax credit for money-losing companies is projected to cost $10.4 billion.

The business tax break would allow money-losing companies to use current losses to offset taxable profits earned in the previous five years, giving them refunds of taxes paid in those years. Under current law, businesses with annual gross receipts of more than $15 million can claim losses back only two years.

The tax break would help industries suffering losses in 2008 or 2009, including retailers, homebuilders and newspapers. Congress included a scaled-back version of the tax break - for companies with revenues of $15 million or less - in the economic recovery package enacted in February. The new tax break would be available to companies of any size, providing a quick source of cash.

The U.S Chamber of Commerce has been a big backer of the tax break for money-losing companies.

"It frees up capital that they can use to maintain jobs and potentially even hire new people as the economy returns," said Caroline Harris, senior tax counsel for the U.S. Chamber of Commerce.

The tax breaks would be paid for largely by delaying a tax break for multinational companies that pay foreign taxes. It was passed in 2004 and originally was to have taken effect this year, but would now be delayed until 2018.

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The bill is H.R. 3548.

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On the Net:

Congress: http://thomas.loc.gov

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