About Hennepin County, MN

Market changes drastically from last year with pending and closed sales up significantly from this time last year.  Expect prices to show a slight bump due to frenzied first time buyer activity trying to get into a home before the now extended tax credit was to expire.  The volume of first time buyers entering the market and purchasing foreclosures at break neck speed with show as an aberration in the coming months as the rush will be over and we will enter into a seasonal slow down.  However, if your considering selling your property this summer, you may want to push your time frame up to earlier in the winter/spring market. Expect listings to start increasing in February.

 

Rates seem to be staying stable. However, the Fed has indicated that the economy may have slight improvement and that it may have to start raising rates in the next quarter or two to stem off inflation. First time buyer credit expires 11/30/09, but there are and still will be homes that are extremely affordable and over the winter months, could be had for less than you would save with the credit.

Visit our website at www.EricHelmers.com

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Mn homes contract for deed all areas in Minnesota and western Wisconsin.

We will Find You A Home---

Finding an affordable home on your own with flexible seller financing, low down payment requirements, contract for deed terms can be a difficult task, especially if you have less than perfect credit. We can help you find that dream home.

There are spectacular deals out there and now is probably one of the best times history to purchase a home- cabin-lake lot-waterfront town home- condo on the water, Now that lenders have tightened their lending practices is has made it even more difficult for home buyers to purchase a home and home owners to sell their homes.

We have homes all over Minnesota and western Wisconsin for sale contract for deed. From the twin cities metro area

To up north properties. Pine county mn-Washington county mn- Ramsey county mn-mille lacs county mn,Aitkin county mn-dakota county mn-anoka county mn-isanti county mn-chisago county mn-these counties have various homes contract for deeds. We serve the entire state of Minnesota.

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Congress both extended and expanded the First-Time Home Buyer Tax Credit program Thursday.

The White House says the President will sign it into law today.

The up-to-$8000 tax credit's expiration date has been pushed forward to spring, requiring homebuyers to be under contract by April 30, 2010, and to be closed by June 30, 2010.

The program's basic eligibility requirements remain the same:

• Buyers can't purchase the home from a parent, spouse, or child
• Buyers can't purchase the home from an entity in which they're a majority owner
• Buyers can't acquire the home by gift or inheritance
• All parties to the purchase must meet eligibility requirements

The new law includes some notable updates, however.

For one, the definition of "first-time home buyer" has been expanded to include most homeowners with at least 5 years in their current home. "Move-up" buyers like these are now eligible for IRS tax credits, but with a cap at $6,500.

This means that you don't have to be a true first-time home buyer to claim the "first-time home buyer tax credit".

Other eligibility changes include:

• The subject property's sales price may not exceed $800,000
• The subject property must be a primary residence
• Income thresholds raised to $125,000 for single-filers and $225,500 for joint-filer

And remember, the First-Time Home Buyer program grants a tax credit as opposed to a deduction. This means that a tax filer would receive a cash payment of $2,000 from the U.S. Treasury if his "normal" tax liability totals $6,000 and he was eligible for all $8,000 available under the new law.

The complete list of qualifying criteria is posted on the IRS website. Be sure to review it with a tax professional to determine your eligibility. Then mark your calendar for April 30, 2010.

It's 5 months away.

The Federal Open Market Committee voted to leave the Fed Funds Rate within its target range of 0.000-0.250 percent.

In its press release, the FOMC noted that the U.S. economy "has continued to pick up" since the September FOMC meeting and that housing market activity has increased.

It's the third consecutive post-FOMC statement in which the Fed speaks optimistically about the U.S. economy -- a signal that the recession is likely over.

The economy isn't without threats, however, and the Fed identified several in its announcement, including:

1. Ongoing job losses for American workers.
2. Reduced fixed investment by businesses.
3. Ongoing challenges for the financial markets.

The overall tone remained positive, however, as inflation appears to be held in check.

Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent "for an extended period" and to honor its $1.25 trillion commitment to the mortgage bond market.

The Fed plans to wind down its mortgage market support over the next 5 months, reaffirming its March 2010 exit date. For now, Fed support helps hold mortgage rates down.

Mortgage market reaction to the Fed's press release is negative overall. Mortgage rates are rising.

The FOMC's next scheduled meeting is December 15-16, 2009