Chris Johnson - REALTOR Daytona Beach, Florida

There's been so much confusion about the First-Time Home Buyer Tax Credit so I thought I would copy the material I found on REALTOR.org to add some clerfication as to what the most modification means to First Time Home Buyers.

The homebuyer tax credit is one of 10 key provisions of the American Recovery and Reinvestment Act signed by President Obama into law on Feb. 17, 2009.

The bill provides for a $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.

First-Time Home Tax Credit Explaination (PDF) (Can right click and click 'save target as' to save to your computer)

Frequently Asked Questions (PDF) (Can right click and click 'save target as' to save to your computer)

Download the IRS First-Time Homebuyer Tax Credit Form 5405 (PDF) (Can right click and click 'save target as' to save to your computer)

In an effort curve further contractings in US economy the Federal Reserve decided to buy up nearly $2 Trillion of non-traditional assetts while leaving key interest rates low.

"Job losses, declining equity and housing wealth and tight credit conditions have weighed on consumer sentiment and spending," the Fed's monetary-policy committee said this afternoon in announcing its move.

Now the Fed previously stated it planed to buy just $600 Billion in mortgage bonds, U.S. Treasury Bonds and other securities on the open market, but is now planning closer to tripple that amount at $1.75 Trillion.

So, how does this affect housing? In the short run...offen these policies impact mortgage rates causing them to lower. In this case...rates should be back a records lows. Experts are saying this could lower 30 year mortgage rates as low as .25 %.

Daytona Multiple Listing Service (MLS) inventory level for Residential properties remained flat between week ending March 7th to March 16th. This morning Daytona Beach MLS reports to have 5,628 residential real estate listings. This is up 2 properties from 10 days ago. So Far in March 2009 there have been 81 single family home sales and 106 total residential properties sold (which includes single family homes, condos, town homes and mobil ).

Daytona Multiple Listing Service (MLS) inventory level for Residential properties dipped between week ending Feb 28th to March 6th. Tonight Daytona Beach MLS has 5,627 residential real estate listings. This is down 99 properties from last Friday.

In February there were 178 single family home sales in the Daytona MLS. There were a total of 249 residential properties sold in Daytona Beach MLS.

So Far in March 2009 there have been 42 single family home sales and 55 residential properties sold (which includes single family homes.

If we keep this pace of roughly 249 sales a month we have roughly 23 months of inventory.

Thanks to by buy LT...I've got a better understanding of why we are in the mess we are in after watching this Must See Video..

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

For other information, please visit my blog at http://christhepro.blogspot.com/