Extended Home Buyer Tax Credit 2009/2010

The Basics:
Extended Home Buyer Tax Credit 2009/2010
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)President's Podcast: Tax Credit Extended (Nov. 5)
Who Qualifies for the Extended Credit?
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.
Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?
The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Is Available?
The maximum allowable credit for first-time home buyers is $8,000.
The maximum allowable credit for current homeowners is $6,500.
How is a Buyer's Credit Amount Determined?
Each home buyer’s tax credit is determined by two additional factors:
The price of the home.
The buyer's income.
PriceUnder the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.
Buyer IncomeUnder the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.
These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.


Information deemed reliable but not guaranteed.

Bond Market and Real Estate Market

Tuesday's bond market has opened in negative territory following a much stronger than expected piece of economic news. The stock markets are showing relatively minor gains with the Dow up 17 points and the Nasdaq up 4 points. The bond market is currently down 6/32, which should push this morning's mortgage rates higher by approximately .125 of a discount point.The Conference Board, who is a New York-based business research group, reported late this morning that their Consumer Confidence Index (CCI) for March stood at 52.5. This was a sizable increase from February's reading and higher than analysts had expected for this month. This means that surveyed consumers felt better about their own financial situations than many had thought. That can be considered bad news for bonds and mortgage rates because it indicates that they may be more willing to spend money, fueling economic activity.Tomorrow's only relevant data is February's Factory Orders. This data is similar to last week's Durable Goods Orders report, except that this report includes orders for both durable and non-durable goods, giving us a measurement of manufacturing sector strength. It is also the least important of this week's five reports. Unless it varies greatly from forecasts of a 0.5% increase, I suspect that it will be a non-factor in the mortgage market.Thursday and Friday brings us the most important data of the week. We will get the Institute for Supply Management's (ISM) manufacturing index late tomorrow morning and March's Employment report from the Labor Department early Friday morning. Both of those reports are considered to be highly important to the financial and mortgage markets, particularly Friday's data.If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Overview of South Carolina’s Labor Markets, February 2010 Data

FROM Dr. Don Schunk, Research Economist, Center for Economic and Community Development
E. Craig Wall Sr. College of Business Administration, Coastal Carolina University
For additional information, contact: Dr. Don Schunk, Research Economist, dschunk@coastal.edu (843) 655-0995

February 2010 data on employment and unemployment for South Carolina were released March 26th by the South Carolina
Employment Security Commission and the U.S. Bureau of Labor Statistics.

Highlights from February 2010 Data:

• South Carolina’s unemployment rate during February was unchanged from a revised 12.5% in January.
Similarly, the national unemployment rate held steady at 9.7% during January and February. These recent readings
are consistent with labor markets beginning to show some stability. For example, the total number of initial jobless claims filed in South Carolina between January and mid-March this year was about 77,000, roughly 40% below the 127,500 claims filed during the same period in 2009.
As shown in the accompanying graph, seasonally-adjusted initial claims in South Carolina peaked in March 2009 and have been generally falling since, signaling a slowing in the pace of layoffs and indicating that our labor markets are approaching stability. However, further increases in the
unemployment rate are still possible as previously discouraged workers begin to return to the labor force. Over the last year, I have tried to bring attention to broader measures of both unemployment and underemployment. For the U.S., the Bureau of Labor Statistics estimates that this broader measure (known as U6) was 16.8% in February. I am estimating that the comparable South Carolina measure of U6 was about 20.6% in February.

• Total employment is down about 1.3% between February 2009 and February 2010. For all of 2009, total employment statewide fell by 5.5%. While job losses have slowed, we continue to wait for new hiring to begin. The economy continues to be characterized by high levels of excess capacity – in housing, commercial and office space, industrial production, and retail activity. This excess capacity suggests that the economy can begin to grow -- and it is -- but without the need for new construction, expansions, or substantial hiring. Perhaps even more troubling, however, is that even if South Carolina began to see job growth return immediately at historically normal
rates of growth, it could be 2015 before we returned to the level of employment reached in early 2008. This is almost certainly too optimistic: just over one-third of all jobs created in South Carolina between 2002 and 2007 were in construction and other housing-related sectors, retail trade, and local government. These sectors are not likely to produce large numbers of jobs in the coming years. This suggests that it could take even longer for the state’s economy to recover all of the jobs lost during this recession.

Overall, this month’s report is the best we’ve seen since the recession began. The state’s jobless rate held steady even with some growth in the labor force. An economic recovery is underway, but significant challenges remain. State and local governments in South Carolina have yet to feel the full brunt of the budget crisis, and a significant portion of households continue to directly feel the pain of the recession. A recovery is forming, but I expect it to remain fragile for an extended period

Number of US states that claim test scores in their elementary schools are above national average: 50.

Eleanor Roosevelt was the only first lady to carry a loaded revolver

Short Sales Information from Edwin Gerace

SHORT SALE INFORMATION THAT YOU CAN USE..............

1. Starting April 5, some distressed homeowners possibly could qualify for $1,500 in relocation expenses.
2. short sale is the event when you must sell your property for a lower amount than what is owed on the outstanding mortgage balance. While putting your home up for a short sale is generally not something you want to do, in certain circumstance it is unavoidable and can actually be a sort of win-win situation for both the mortgage lender and homeowner. By selling your home as a short sale you will be able to limit the damage done to your credit score and also limit the losses on the lenders behalf as well.
3. The banks are then able to dictate the whole process of selling the homes by controlling, terms & conditions, and limiting the buyer's options to independent financing, title work, etc. These "Third Party or Bank Short Sales" utilize unscrupulous marketing practices to manipulate the market, techniques that are expressly forbidden by a realtor's "Code of Ethics". With the vast percentages of homes that are bank owned on the same market as those sold by private parties, the whole process is affected at the further expense to Americans, in reduced property values, impossible loan restrictions and a bulging inventory.
4. MDA DataQuick reported yesterday that the county’s median price in February rose $17,000 from the previous month to $322,000, its level for most of the second half of 2009. On a year-over-year basis, the median was up 13 percent, the best increase in five years
5. Washington, DC - On April 5, 2010, the Obama Administration and the U.S. Treasury Department will offically activate the HAFA (Home Affordable Foreclosure Alternatives) program, which gives struggling homeowners incentives to take advantage of two alternative options to foreclosure. A helpful web site, http://www.whatishafa.org/, has already been launched to explain the program. Through the program, homeowners are encouraged to do a short sale - in which the borrower and the mortgage servicer agree to sell the home for less than the value of the loan. They can also do a deed-in-lieu of foreclosure, in which the homeowner voluntarily gives the deed of the property to the servicer. Incentives include being fully released from future liability for the first mortgage debt, and $1,500 for borrower relocation assistance. There are also incentives for investors and lenders.

The key to Short Sales is to do one 2 things for a sucessfull

MANAGE EXPECTATIONS OF BUYERS AND SELLERS.

DOCUMENT AND COMMUNICATE WITH ALL PARTIES.

For imformation about the homes for short sale in your community contact Edwin Gerace at mail@609SOLD.com or Call 803-609-7653

For a Certified Short Sale Mediator Expert to guide you as a buyer or seller contact Edwin Gerace at mail@609SOLD.com or Call 803-609-7653

Lexington SC Homes for sale http://ow.ly/SNKe

******NEWS FLASH***** Rural Housing Lenders are projecting that the FUNDS to be out by April....... Call Edwin for alterntive fianancing oportunties

Off to talk to Town of Lexington Police Department about "Palmetto Heroes" Program and how it can give $7,000 to them when they buy a house. Great Thing SC State Housing is doing.

Palmetto Heroes FREE Grant MONEY $7,000

Offering a helping hand to “everyday heroes” so they may achieve homeownership is the aim of the “Palmetto Heroes” program announced by the South Carolina State Housing Finance and Development Authority. Under the program, eligible “Palmetto Heroes” namely teachers, law enforcement officers, and persons in emergency services can get a 5.125 percent interest rate through the South Carolina Housing ’s First-time Home Buyer Program. The $40 million initiative will also provide a down payment assistance loan of up to $7000 dollars. South Carolina Housing Executive Director Valerie Williams says the down payment assistance loan could even be forgivable over time, depending on the borrower’s income. Williams says everyday heroes give so much to others and they deserve a helping hand.

“This program is available to our teachers, law enforcement officers, fire fighters and first responders(meaning EMS workers) who are currently certified in their professions and reside and work in South Carolina or have a contract to begin working in the state within 60 days of closing.” Mortgage loans can be up to 30 years and are available through any of the South Carolina Housing’s network of more than 200 private sector lenders and brokers statewide. Williams says the program not only provides helping hand the everyday heroes across the state, it is an investment in the communities in which they live and work.

“We hope this will provide a recruitment incentive, and in some cases a retention incentive to enable them to work where they live. We not only commend these workers who are so vital to the future of our children and of our state, we are looking to invest in them by creating this program.”

South Carolina Housing is a self-supporting agency of state government and does not receive a state appropriation.

The program includes a $75,000 grant from South Carolina Association of Realtors to help each of the first 300 participants in the program with incidentals associated with purchasing a home. Nick Kremydas, CEO of SC Realtors, says far too often many public servants can’t find affordable housing in the communities that they serve. “

For details call Edwin Gerace @ 803-609-7653 or email mail@609sold.com

Have you seen the new posts on Edwin Gerace's Blog http://ow.ly/SNHe

Search homes for sale in Columiba SC by clicking http://ow.ly/13Mek

Implement a STEM Initiative in Lexington County School District 1, SC | Pepsi Refresh Everything

Yesterday I told you that Lexington County School District One’s Educational Foundation is competing for a $250,000 grant from the Pepsi Refresh Project, and needed your help.

We started out ranked 100 and something. This morning we had already moved up to 23rd! That is your work. You are doing a great job!

If you have not voted today, go vote for our project called, “Implement a STEM Initiative in Lexington County School District One, SC.”

In addition, remember to ask your friends and family to vote once a day, too!

Now go vote! Go to http://www.refresheverything.com/lex1STEMInitiative .


Implement a STEM Initiative in Lexington County School District 1, SC Pepsi Refresh Everything