Federal Tax Credit Used as Down Payment

At last week’s NAR Mid-Year Conference in Washington, HUD Secretary Shaun Donovan, said that the Federal Housing Administration (FHA) is going to permit its lenders to allow home buyers to “monetize” the $8,000 tax credit for first-time home buyers, to be used as a down payment. In his remarks to Realtors, Secretary Donovan indicated that details of this plan will be released shortly. This is an excellent move that further aids first-time buyers in their pursuit to purchase real estate as many first timers simply have not saved enough money to afford the lender required down payments. See the rest of the federal tax credit used as a down payment article.

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NAR Believes Real Estate Slump Ending

A couple of weeks ago, I referenced a cautiously optimistic outlook on the economy (”Real Estate Slump End in Sight?”) by NAR’s former Chief Economist John Tuccillo. At the end of last week, John sounded even more positive: “Real estate professionals who are in this for the long haul are back in business in a big way. All in all, the late summer beginning of the recovery appears to be right on track.” Continue reading the full NAR believes the real estate slump ending story.

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Real Estate Market Boosted by First Time Buyers

The National Association of REALTORS (NAR) says over 50 percent of March’s home sales were tied to first-time buyers, many of whom snapped up foreclosed homes and other distressed properties. Experts believe getting first-time buyers off the sidelines to take advantage of historically low interest rates and federal tax credits will reduce the glut of homes on the market and spark a recovery…see the full real estate market boosted by first time buyers article.

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Real Estate Slump End in Sight?

It’s the 10 trillion dollar question and there are quite a few opinions:

Over this past weekend, former NAR Chief Economist John Tuccillo posted a weblog entry (“Is the End in Sight?”) with a good analysis of several factors in the current economy and housing market. He seems generally hopeful…see the rest of the real estate slump end in sight story.

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Nationally Pending Home Sales Are Up

From NAR’s Research Division this past week:

Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 2.1 percent to 82.1 from a reading of 80.4 in January, but is 1.4 percent below February 2008 when it was 83.3…rest the rest of the pending home sales are up nationally story.

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So, What’s Up With This $8,000 Tax Credit?

Last week, as the world knows by now, Congress passed a rather large Economic Stimulus Bill, with President Obama’s signature expected this week. One of its features – a tax credit of up to $8,000 for “first-time home buyers” within a certain income range – is included. It would be incredibly bold of me to try to explain this incentive, so instead, I give you NAR President Charles McMillan’s explanation: First Time Home Buyer $8,000 Tax Credit

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