Greg George

Extra, extra! Read all about it. As of last night in a vote of 98-0, the bill to extend the tax credit for home buyers was extended! As Ive said before, i felt this was a MUCH needed request, and should help keep the economy from further slipping into the gutter. For most of us in the real estate business, it makes me happy like a kid in a candy shop!

And that is Happy! :-) ---------------------->>>>>>

So, what doe this mean to you? Real estate professionals should see additional activity in lookers, and buyers. The new credit has also allowed non-first time buyers to take advantage of this credit up to $6500 as well.

As the general public hears of the extension, this should continue to keep the housing market moving, and as a result, trim back the additional months of supply currently listed in the market.

The new rules to this bill are as follows:

Buyers who have owned their current homes at least five years would be eligible, subject to income limits, for tax credits of up to $6,500. Prices less than $800,000, and income less than $125,000 individual/$225,000 joint.

First-time homebuyers - or people who haven't owned homes in the previous three years - will get up to $8,000. To qualify, buyers have to sign purchase agreements before May 1 and close before July 1.

For both of these options, the credit applies to 10% of the price of your home. if price is $50,000, the max credit would be $5000. Maximum for first timers is $8000. Repeat buyers is $6500.

According to analyst, this bill will cost the government approx $10.8 Billion in tax revenues. So, take advantage of this while you can. Home prices are low, plenty to choose from, and mortgage rates are delightful!

Give me a call or email for more information!

Thanks for reading!

Maybe im the last to know, but thought i should put it out there that Mooresville, NC has a curbside recycling pickup service. If you already knew this, my apologies. If you didnt, then now you know :-).

Although i wouldnt consider myself a recycling nazi, or an over the top environmentalist, i do feel it is important to keep our trash/waste products in mind. Every year, American only, use 38 million water bottles alone. This doesn't include soda, Gatorade, etc. So if you consider the space a 6 pack of water takes up in your car, how much space 38 million bottles takes up a year........ That's alot!

So, if you are in the Mooresville, NC area, try this link, Think Green Recycling.

Its very cheap, and a good way to be considerate of the trash and waste we create.

Hello All.

Great News! Mortgage applications on purchases have increasedfrom the downturn of last week. As we approach crunch time on the existing Tax Credit, and the economy continues to surprise us at every turn, mortgage applications are moving up again. Rates on 30 year fixed loans hover just below 5%, and positive economic indicators say things are doing better, rather than worse. The snapshot below from the Mortgage Bankers Assoc shows refinances drooping amid an increase of purchase business.

This is somewhat of a suprise, as economist projected the slowing of home sales due to the tax credit ending in the near future.

As a side note, news sources say the vote to extend the first time buyers tax credit should take place today, and will likely be extended.

Interest rates remain very good, and seem to be on a small down trend based on the last 90 days. The below is an industry average chart.

Stay tuned for more mortgage insight, and news. Input is welcome, and thanks for reading!

So today, the senate's top repubublican and democrat leaders agreed that it was moving to pass the extension of the $8000 tax credit. CNBC stated that this was basically a done deal, and would be voted on by end of this week.

Details are not final, but the extension would continue to at least April, 2010.

At this point, it is not voted in, however, the only thing holding this vote back is an unrealted unemployed insurance benefit vote that is part of this package.

Stay tuned for more information. Of course, for up to the minute informaiton or your loan approval in any of the 50 states, give me a call.

Mortgage Applications plummet last week, Week of Oct 16th, 2009. As the November 30 deadline comes to near for many First Time Home Buyers, the home shoppers have put on their proverbial brakes!

In the week of Oct 16th, 2009, mortgage applications, industry wide took a 13% down turn on average.

The concern is that the up and coming buyers may not have time to complete their transactions before the $8000 Tax Credit. Is this a justified concern? Well yes it is. However, as you can see in Tax Credit Extension, Charlie Wrangle, of the Ways and Means committee has proposed this extension should be extended.

So whats the hold up, i ask? Vote it in, increase the credit, make it more available. Anything to move more money through the market at this point is a plus. The economy is slow/slowing overall. Home sales, despite the tax credit efforts, are off by 30%+.

Im thinking the government should have considered this decision to extend sooner than now. It was initiated to stimulate economic growth. It worked a little bit, and now as it goes extinct, the market is slowing again, and it may take another several weeks for them to decide to keep the tax credit.

Lets go, Washington DC. Make the vote, and let everyone know that you support housing growth, and economic stimulation without having to spend Trillions to get it going. Extending the tax credit is a no brainer.........

Just my $.02!