My New Blog

http://www.brokeragentsocial.com/article.php?article_id=523

Some much needed reform to a process that was too inconsistent from lender to lender. 

US Senators Near Deal On Extending Home Buyer Tax Credit

By Jessica Holzer, Of DOW JONES NEWSWIRES

WASHINGTON -(Dow Jones)- U.S. senators are nearing a deal on a measure to extend the first-time home buyer tax credit through next April and expand it to some buyers who already own a home.

Under the deal, certain "step up" buyers who have lived in their current home for at least five years would also qualify for the tax credit, according to lobbyists close to the negotiations.

The deal comes amid heavy housing industry pressure to extend the tax credit, which is set to expire Dec. 1 unless Congress acts. The measure, which proponents hope to offer as an amendment to legislation extending jobless benefits, could receive a Senate vote this week.

Under the measure, the credit would run through April 30 of next year, though sales contracts in force by that date would be eligible as long as the deal closes within 60 days. The credit would amount to 10% of the sales price, with a maximum of $7,290. The current credit has a cap of $8,000.

To qualify, first-time home buyers must make no more than $75,000 a year or $ 150,000 for couples. For step up borrowers, the income caps are $125,000 for individuals and $250,000 for couples.

http://rismedia.com/2009-10-15/foreclosure-activity-increases-5-in-third-quarter/

Activity is up in foreclosure filings again and 2010 looks to be another big year in distressed sales and listings.  Rumors abound from agents and mortgage companies talking about the amount of homes that have been foreclosed on and are being held by the banks and will be released in early 2010.  Don't look for too many to pop up during the slowest time of the year, Halloween thru the end of the year.

http://www.azcentral.com/business/articles/2009/10/11/20091011biz-snapshot1011.html

Despite nearing the end of the 8k First-time home buyer tax credit housing numbers continue to improve, especially in the FHA category which is roughly less then 350k.  For agents short sales and the long wait times associated with them, continue to be a thorn as I closed a property last week that we have been under contract since March of this year.  Glad to see it work out but tiring nonetheless.