Las Vegas Dawn Barrier Las Vegas Short Sale Real Estate Consult

Will the 1st Time Home Buyers Tax Credit Get Extended? Builders hope so......

Single-Family Starts Ease as Credit Deadline Looms

Read more: http://rismedia.com/2009-09-21/single-family-starts-ease-as-credit-deadline-looms/#ixzz0RrkMS7NY

RISMEDIA, September 22, 2009-Production of new single-family homes slowed in August 2009 as the expiration date for an important buyer incentive drew nearer, according to figures recently released by the U.S. Commerce Department. While overall housing starts rose 1.5% to a seasonally adjusted annual rate of 598,000 units for the month, single-family starts declined 3% to a rate of 479,000 units, ending what had been a five-month run of improvements.

"With the $8,000 first-time home buyer tax credit set to expire at the end of November, the window is now basically closed for being able to start a new home that can be completed in time for purchasers to take advantage of that," said Joe Robson, Chairman of the National Association of Home Builders (NAHB) and a home builder from Tulsa, Okla. "Builders are therefore pulling back on new construction at this time. Clearly Congress must act now to extend the tax credit if we are to keep the market moving toward a recovery."

"The tax credit has been helping buoy demand for new homes since its passage in February, but builders are concerned about what happens after it is gone," said NAHB Chief Economist David Crowe. "On top of the credit's impending expiration, builders continue to grapple with a severe lack of credit for housing production loans and inappropriately low appraisals that are tied to the use of distressed properties as comps - both of which blunted the tax credit's positive effect. Together, these three challenges threaten to completely stifle the upward momentum we've seen in the first half of 2009."

Read more: http://rismedia.com/2009-09-21/single-family-starts-ease-as-credit-deadline-looms/#ixzz0RrkMS7NY

Will the 1st Time Home Buyers Tax Credit Get Extended? Harry Reid & John Ensign Support it...

Senate bill (S. 1678) recently introduced that would create a six-month extension of the $8,000 federal tax credit for first-time homebuyers and move the current expiration date forward to June 1, 2010.

Read more: http://rismedia.com/2009-09-20/realogy-supports-new-bi-partisan-senate-bill-to-extend-first-time-homebuyer-tax-credit-for-6-months/#ixzz0Rl8ckpIn

We are all wanting to get an answer...but we will just have to wait and see.

The bill was introduced by U.S. Senator Benjamin L. Cardin (D-MD), along with Senators John Ensign (R-NV), Harry Reid (D-NV), Johnny Isakson (R-GA) and Debbie Stabenow (D-MI). The current tax credit provision for first-time homebuyers, passed as part of the American Recovery and Reinvestment Act, expires December 1, 2009. According to the most recent data from the Department of the Treasury, nearly 530,000 Americans have applied for the tax cut to help them purchase their first home. About 40% of all homebuyers this year will be eligible for the tax credit.

Read more: http://rismedia.com/2009-09-20/realogy-supports-new-bi-partisan-senate-bill-to-extend-first-time-homebuyer-tax-credit-for-6-months/#ixzz0Rl8oyDGq

LAS VEGAS HOMES ON MARKET REPORT- HOMES INVENTORY DROPS TO BELOW 9,000 September 20, 2009

Stats are on Resale Single Family homes only per the GLVAR MLS as of this evening.

Covers the Las Vegas Valley, North Las Vegas, Henderson area.

A bit about me

Certified Short Sale Professional

Dawn Barrier Email Dawn
Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

Las Vegas Short Sale

My Website

What does the term "Short Sale" mean and why does it take so long to process?

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First-time home buyers have just 12 weeks to find and close on a home to qualify for the $8,000 Federal tax credit before the November 30th deadline-Vegas Update - 09/15/09 09:16 AM

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Take Charge: Is Your Credit and Debt Profile Optimized? -

Article from RISMEDIA...read the full story

RISMEDIA, September 15, 2009-First-time home buyers have just 12 weeks to find and close on a home to qualify for the $8,000 Federal tax credit before the November 30th deadline. Those just beginning the process will have to beat the average time it takes to buy a home, a challenge smart buyers can meet even though it's taking longer today to close most transactions.

Two significant challenges first-time buyers face today include the potential for a lengthy process related to search and closing if not managed carefully at every step, and intensified competition. On average, first-time buyers search 12 weeks to find a home, while closing can take up to 60 days, depending on individual circumstances and local regulations. Additionally, the tax credit has proved to be extremely popular this year, since taking advantage of the first-time homebuyer's Federal tax credit and relevant state incentives is the most important reason motivating 10.8% of buyers today.

Realtor.com President Errol Samuelson explains, "The national median home today costs approximately 174,100. By moving quickly to find and close on a home by November 30, first-time buyers qualifying for the $8,000 tax credit can actually purchase this same home for only $166,100, an almost four and a half percent discount off of the price of a typical new home. Because affordability this year is at its highest level in 28 years, and the market offers an incredible selection of homes within reach of most first-time buyers, we expect their numbers to grow as they pursue today's once in a generation opportunity to become homeowners."

HERE IN VEGAS: The tax credit has helped move home inventory here in Las Vegas as well as lenders keeping foreclosures off the market,,,,maybe temporary though.

It also has created a problem for many first time homebuyers as they are getting out bid on homes they would like to purchase and since most first time homebuyers can only afford a certain amount, it is harder to win that bid. Even builder inventory has dwindled down.

This all maybe temporary as there are a lot of homes due to come on the market, it is just a matter of when, and if they wait too long to put them on the market, we may not have the tax credit so many buyers won't buy at that point. Many bills are trying to get passed to extend the tax credit, so it will be interesting to see what happens over the next 12 weeks.

Mountains Edge Home Wanted - Sellers give me a call if you think your home would meet my buyers needs...

I have a First Time Home Buyer who is looking for a nice home in Mountains Edge area.

The home must be able to close in time for the Tax Credit (deadline Nov 30th).

The home max price is $155,000. 3 bedrooms and 2 bath minimum.

Home Must be able to qualify for FHA financing.

A bit about me

Certified Short Sale Professional

Dawn Barrier Email Dawn
Century 21 Aadvantage Gold
2 offices to serve your needs (North and South)
Las Vegas, Nv
(702) 812-4550

Las Vegas Short Sale

My Website