Homebuyer Tax Credit

There are 2 new tax credits being introduced in 2009. Here is a chart showing features of the new Homebuyer Tax Credit in California and the Federal Tax Credit. The chart compares the two and describes benefits of the credits. Click on the image below for an enlarged version and more information about this new tax credit.
 

Five Biggest Real Estate Myths Video

This is a great video that was recently on the Today Show on NBC.  Real estate contributor Barbara Corcoran gives the facts on the myths about buying and selling your home.

Barbara Cororan says the Five Biggest Real Estate Myths are:
1. Sellers today are desperate.
2. Don’t buy before prices have bottomed.
3. You can’t buy a home with less than 20% down.
4. Now’s the absolute worst time to sell!
5. Before you refinance shop around.

Click on the link below to watch the video.

 

Homebuyer Tax Credit

The Housing and Economic Recovery Act of 2008 was passed by the House on July 23, 2008. Shortly following the House, the Senate and the President signed the bill. This bill includes a Homebuyer Tax Credit.  The credit is in the amount of $7500 that would be available for any qualified purchase between April 9, 2008 and June 30, 2009.  The credit is repayable over 15 years (making it, in effect, an interest free loan). Click on the links for more information about this homebuyer tax credit.

Chart Homebuyer Tax Credit

First Time Homebuyer Tax Credit

Wall Street Journal Market Watch Article

Here is an interesting article from the Wall Street Journal about interest rates today. The article states that even though interest rates are getting lower, it is becoming more and more difficult to obtain a home loan. This article was written by Amy Hoak and was published on September 14, 2008. Click here to read article.

“Mortgaged America” Article

This is an interesting article I found from the American History magazine October 2008 issue. It compares the condition of our country with its mortgages today compared to during the Great Depression. This article shows that homeowners faced with loss of their property today is 1.4% and states that this number “pales in comparison” to the 10% during the Depression. This article also explains that the other potential crisis is the amount of personal equity in homes and the fact that about half of homeowners in the U.S. owe more on their mortgages than their property is currently worth.

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