About Vanderburgh County, IN

F.C. Tucker Emge Realtors Commercial division had the annual Sate of Real Estate Conference yesterday afternoon at the Center. The main emphases of the discussion were that the real estate market is local. Even tough we have seen price reductions the last year they are by far not as high as other markets. At the same time, Evansville has not seen the same increases as other markets.

Realtors discuss local market

EVANSVILLE, IN (WFIE) - With the credit crisis and falling home values what is the state of real estate here in our own backyard?

Hundreds of realtors gathered at the State of Real Estate Conference at the Centre Thursday night. It was an opportunity for realtors with different expertise to present how they think their facet of the market is fairing in the waning economy.

The bumpy economy has taken its toll on Tri-State commercial realty, especially after national chains have gone belly up and vacated their local stores, most in the newer shopping centers.

"We didn't really expect those to become available, especially since they were in brand new strip centers. High-end, high-dollar strip centers," said industrial and retail realtor Dannetta Hiatt.

But she says with more than a half-million people regularly heading into the Evansville area for shopping it will end up being a boom for Evansville.

"We always have an influx of people and I don't think that's going to change because of the smaller counties that surround," Hiatt said. "We've always been a test market. Evansville has always been a test market for retail and i think that will continue."

Another area realtors say is getting a lot of attention right now is the downtown area and some think it's about to make a big change.

"Busy, bustling, things happening all hours of the day," said office and redevelopment realtor Harris Howerton.

Harris Howerton says there's been a lot of interest there thanks to the announcement of the new downtown arena.

"There's going to be a lot of second and third floors used for residential and then the downstairs, what we will call common areas used for commercial, offices, retail and some eateries," Howerton said.

And when it comes to the Tri-State housing market realtors maintain their optimistic outlook.

Kevin Eastridge, president of F.C. Tucker Emge Realtors, says there isn't a surplus of inventory in our area but hopes President Obama's new stimulus package will help.

"If you buy a house and you're a first time buyer you get an $8,000 tax credit," Eastridge said. "If your tax liability for that year is less than $8,000 you get a check for the difference.

When it comes to last year's home sales the market was down 20 percent on the dollar figures compared to 2007.

Commercial realty experts anticipate continued growth near the new Wal-Mart in Newburgh this year and say Tri-Staters will see more value-added stores and restaurants like Dollar General, bulk stores, supermarkets and low- to mid-level restaurants.

Source: http://www.14wfie.com/Global/story.asp?S=9876285

Here we have the latest information on the American Recovery and Reinvestment Act of 2009 that passed this week. The PDF "Chart Highlight" below illustrates the differences between the tax credits of 2008 vs. 2009.

Please feel free to call me at 812-499-9234 of you have any questions.

Homebuyer Tax Credit

The bill provides for an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

Chart Highlighting the Major Modifications to the First-Time Homebuyer Tax Credit> (PDF: 309K)

NAR's Presentation: The 2009 First-Time Homebuyer Tax Credit (PDF: 319K)

In light of the fact that the Salamonella outbreak in peanutbutter is getting worse, the Indiana State Department of Health has installed a toll-free number 1-877-499-0017 for callers with concernrs.

We tought this is important for all our readers to know.

FOR IMMEDIATE RELEASE CONTACT: Elizabeth Hart

February 16, 2009 (317) 233-7090

STATE DEPARTMENT OF HEALTH ESTABLISHES TOLL FREE NUMBER TO ASSIST HOOSIERS WITH PEANUT BUTTER RECALL

INDIANAPOLIS - Effective Monday, February 16, a toll-free number ( 1-877-499-0017 ) will be available for Hoosiers without Internet access who need help identifying items on the expanded Peanut Corporation of America (PCA) recall. The recall list is available on the Food and Drug Administration (FDA) Web site at: www.fda.gov . National brand, jarred peanut butter found at grocery stores are not part of the recall.

There are more than 2,200 peanut-containing products listed on the FDA's searchable database. Also taking into consideration the number of cases of the current Salmonella Typhimurium outbreak strain in Indiana has increased from six on January 30 to nine on February 6, state health officials say they are concerned the public may not be aware that items in their homes have now been recalled.

" Salmonella can potentially cause severe infection," says State Health Commissioner Judy Monroe, M.D. "Hoosiers need to be aware of the growing list of recalled products related to the current Salmonella strain. People should not eat items on the recall list, but instead, should discard them immediately if found in their cupboards and thoroughly wash their hands. If the public sees a recalled item for sale at their local store, we ask that they notify the store manager immediately."

On February 12, the Texas Department of State Health Services ordered Peanut Corporation of America to recall all products shipped from its Plainview , TX plant since March 2005. This is in addition to the PCA expanded voluntary recall of all peanuts and peanut products processed in its Blakely, Georgia facility since January 1, 2007 . The PCA expanded recall includes all peanuts (dry and oil roasted), granulated peanuts, peanut meal, peanut butter and peanut paste but does not include national brand, jarred peanut butter sold at grocery stores.

The recall list is available at www.fda.gov by clicking on "Search Recalled Peanut Products." This list will be updated on a regular basis as additional recalls occur and information is received by FDA from the industry. For those without Internet access, information on the recall list is available by calling the Indiana State Department of Health at 1-877-499-0017, Monday through Friday from 8:15 a.m. to 4:45 p.m. EST.

For information about Salmonella and the current recall, go to
www.statehealth.in.gov or call 1-800-CDC-INFO.

Even though it is much too early to predict which way the long term mortgage rates will go we have seen a slight dip in the mortgage rate.

Freddie Mac has reported that a dip in the long-term mortgage rate this week offered home owners a refinancing opportunity.

This week's rates:

• Average interest on 30-year fixed loans fell to 5.16 percent from 5.25 percent last week.
• Interest on 15-year fixed loans also declined, slipping to 4.81 percent from 4.92 percent.

Here we have the key provisions of the stimulus legislation relating to real estate. House and Senate conferees have agreed upon a compromise stimulus package at a total cost of $789 billion. The House is scheduled to vote on the package today and the Senate will follow suit shortly thereafter, with the expectation that the legislation will reach President Barack Obama's desk by Monday, Feb. 16.

Key Provisions of the American Recovery and Reinvestment Act

Tax Provisions

•

· $8,000 first-time home buyer, true tax credit (no repayment) for the purchase of a

principle residence between January 1 and December 1, 2009. Recaptured if home is
sold within three years. Removes the restriction on the use of tax credit proceeds with
Housing Finance Agency-issued tax exempt mortgage revenue bonds.

•• Short-term gap financing for Low Income Housing Tax Credit (LIHTC) projects:

•1. Provision allowing states to turn in portion of 2009 LIHTC allocations for cash.

•2. Special appropriation of $2 billion in HOME funds.

•

· Up to a ten-year deferral of tax from business debt cancelled as part of a repurchase or

restructuring.

•

· 5-year carryback of 2008 net operating losses for businesses with gross receipts of less

than $15 million (three year average).

•• Extension of enhanced bonus depreciation.

•• Extension of increased small business expensing.

•

· Enhancements to the section 25C program for energy efficiency remodeling

improvements to existing homes.

•• One-year patch of the Alternative Minimum Tax.

•• Increase New Markets Tax Credit allocating authority for 2008 and 2009.

•• Delays for one year the start of 3% government contractor withholding requirement.

Appropriations Provisions

•

· $2 billion for full year payments to owners of Section 8 project based rental assistance

properties.

•

· $2.25 billion through HOME program and Low Income Housing Tax Credit program to

fill financing gaps.

•• $1 billion for CDBG.

•• $2 billion for Neighborhood stabilization program.

•• $1.5 billion for homelessness prevention activities (help with rents, etc).

•• $250 million for energy retrofitting and green investments in HUD assisted projects.

•• $1 billion for Section 502 direct loans under the Rural Housing Service.

•• $10.4 billion for Section 502 guaranteed loans under the Rural Housing Service.

•• $27.5 billion for highway spending.

Other Key Provision

• Increases in FHA, Fannie Mae and Freddie Mac loan limits to 2008 levels.