Washington, August 21, 2009
For the first time in five years, existing-home sales have increased for four months in a row, according to the National Association of Realtors®.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 7.2 percent to a seasonally adjusted annual rate1 of 5.24 million units in July from a level of 4.89 million in June, and are 5.0 percent above the 4.99 million-unit pace in July 2008. The last time sales rose for four consecutive months was in June 2004, and the last time sales were higher than a year earlier was November 2005.
Lawrence Yun, NAR chief economist, said he is encouraged. “The housing market has decisively turned for the better. A combination of first-time buyers taking advantage of the housing stimulus tax credit and greatly improved affordability conditions are contributing to higher sales,” he said.
The monthly sales gain was the largest on record for the total existing-home sales series dating back to 1999.
“Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint,” Yun said.
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.22 percent in July from 5.42 percent in June; the rate was 6.43 percent in July 2008.
An NAR practitioner survey showed first-time buyers purchased 30 percent of homes in July, and that distressed homes accounted for 31 percent of transactions.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said the first-time buyer tax credit is working. “In addition to first-time buyers, we’re also seeing increased activity by repeat buyers. While many entry-level buyers are focused on the discounted prices of distressed homes, they’re also freeing some existing owners to sell and make a move,” he said.
“Realtors® are the best resource for consumers in these changing market conditions because the transaction process has become more complex. Since it’s now taking longer to complete a home sale, first-time buyers who want to take advantage of the $8,000 tax credit should try to make contract offers by the end of September,” McMillan said. “Otherwise, they may miss the November 30 closing deadline.”
Total housing inventory at the end of July rose 7.3 percent to 4.09 million existing homes available for sale, which represents a 9.4-month supply2 at the current sales pace, which was unchanged from June because of the strong sales gain. Raw inventory totals are 10.6 percent lower than a year ago when the number of unsold homes was at a record.
The national median existing-home price3 for all housing types was $178,400 in July, which is 15.1 percent lower than July 2008. Distressed properties continue to weigh down the median price because they typically sell for 15 to 20 percent less than traditional homes.
Single-family home sales increased 6.5 percent to a seasonally adjusted annual rate of 4.61 million in July from a pace of 4.33 million in June, and are 5.0 percent higher than the 4.39 million-unit level in July 2008. The median existing single-family home price was $178,300 in July, which is 14.6 percent below a year ago.
Existing condominium and co-op sales jumped 12.5 percent to a seasonally adjusted annual rate of 630,000 units in July from 560,000 in June, and are 5.9 percent above the 595,000-unit level a year ago. The median existing condo price4 was $178,800 in July, down 18.9 percent from July 2008.
Regionally, existing-home sales in the Northeast surged 13.4 percent to an annual pace of 930,000 in July, and are 3.3 percent higher than July 2008. The median price in the Northeast was $236,700, down 15.0 percent from a year ago.
Existing-home sales in the Midwest jumped 10.9 percent in July to a level of 1.22 million and are 8.0 percent above a year ago. The median price in the Midwest was $157,200, which is 5.9 percent less than July 2008.
In the South, existing-home sales rose 7.1 percent to an annual pace of 1.95 million in July and are 5.4 percent higher than July 2008. The median price in the South was $164,500, down 7.1 percent from a year ago.
Existing-home sales in the West slipped 1.7 percent to an annual rate of 1.13 million in July, but are 1.8 percent above a year ago. The median price in the West was $202,300, which is 28.0 percent below July 2008.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
# # #
NOTE: Any references to performance in states or metro areas are from unpublished raw data used to analyze regional trends; please contact your local association of Realtors® for more information.
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.
Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.
3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.
4Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.
Existing-home sales for August will be released September 24. The next Pending Home Sales Index & Forecast is scheduled for September 1; release times are 10 a.m. EDT.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data in this release, other tables and surveys also may be found by clicking on Research.
Tuesday, August 25, 2009
Thursday, July 2, 2009
Brookings report ranks Raleigh-Cary strongest metro in N.C.
Triangle Business Journal - by Cameron Snipes
A report by the Brookings Institution that gauges the impact of the recession on metropolitan America has listed the Raleigh-Cary metro area as the strongest in North Carolina, and among the top 40 in the nation.
Brookings’ MetroMonitor ranks the nation’s 100 largest metro areas based on their economic performance as judged by six key indicators – employment, unemployment rates, wages, gross metropolitan product, housing prices and foreclosure rates.
The listing is broken down into five groups of 20. The groups are listed as strongest, second-strongest, middle, second-weakest and weakest. The report covers the entire first quarter of 2009.
The Greensboro metro was listed in the report as one of the country’s second-weakest metros, while Charlotte was among the 20 middle metros.
Here’s how the Raleigh-Cary metro are fared in key data: The percentage change in employment from peak employment to first quarter 2009 was negative 2.9 percent; the percentage change in the unemployment rate from the first quarter 2008 to the same quarter in 2009 was 4.6 percent; the percentage change in gross metropolitan product from peak GMP to first quarter 2009 was negative 1.1 percent; and the real percent change in housing prices from first quarter 2008 to first quarter 2009 was 2 percent.
Four of the top five strongest performing metros, according to the report, are in Texas. They are San Antonio, Austin, Houston and Dallas. Oklahoma City was the other representative on the top five list. On the other hand, four of the five weakest are in Florida. They are Bradenton, Tampa, Lakeland and Jacksonville. MetroMonitor determined that Detroit was the weakest-performing metro in the country.
The MetroMonitor, which will be released on a quarterly basis, bills itself as an interactive barometer of the health of America’s metropolitan economies and looks at national economic statistics to portray the diverse metropolitan trajectories of recession and recovery across the country.
A report by the Brookings Institution that gauges the impact of the recession on metropolitan America has listed the Raleigh-Cary metro area as the strongest in North Carolina, and among the top 40 in the nation.
Brookings’ MetroMonitor ranks the nation’s 100 largest metro areas based on their economic performance as judged by six key indicators – employment, unemployment rates, wages, gross metropolitan product, housing prices and foreclosure rates.
The listing is broken down into five groups of 20. The groups are listed as strongest, second-strongest, middle, second-weakest and weakest. The report covers the entire first quarter of 2009.
The Greensboro metro was listed in the report as one of the country’s second-weakest metros, while Charlotte was among the 20 middle metros.
Here’s how the Raleigh-Cary metro are fared in key data: The percentage change in employment from peak employment to first quarter 2009 was negative 2.9 percent; the percentage change in the unemployment rate from the first quarter 2008 to the same quarter in 2009 was 4.6 percent; the percentage change in gross metropolitan product from peak GMP to first quarter 2009 was negative 1.1 percent; and the real percent change in housing prices from first quarter 2008 to first quarter 2009 was 2 percent.
Four of the top five strongest performing metros, according to the report, are in Texas. They are San Antonio, Austin, Houston and Dallas. Oklahoma City was the other representative on the top five list. On the other hand, four of the five weakest are in Florida. They are Bradenton, Tampa, Lakeland and Jacksonville. MetroMonitor determined that Detroit was the weakest-performing metro in the country.
The MetroMonitor, which will be released on a quarterly basis, bills itself as an interactive barometer of the health of America’s metropolitan economies and looks at national economic statistics to portray the diverse metropolitan trajectories of recession and recovery across the country.
Tuesday, June 16, 2009
Great opportunities for first-time home buyers
Today’s market presents incredible opportunities for first-time home buyers. Because first-time buyers aren’t concerned with selling an existing home, they have more flexibility in entering the market. Attractive home prices, plentiful inventory, low interest rates and desirable loan programs make this an optimal time for entry-level buyers.
In addition, the Housing and Economic Recovery Act of 2008 allows first-time home buyers to take a $8,000 tax credit from the purchase of a single-family home, town home or condo through December 31st, 2009.
According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, the median age of first-time home buyers was 30, with an income of $60,600. The typical first-time buyer purchased a home valued at $165,000, with a down payment of 4 percent, and plans to stay in that home for 10 years. More than two-thirds of buyers used savings for their down payment, and 92 percent of first timers chose a fixed-rate mortgage.
If you’re considering your first home, now is the best time in history to make your move. Please contact me to discuss loan programs and special incentives available to help you become a homeowner.
In addition, the Housing and Economic Recovery Act of 2008 allows first-time home buyers to take a $8,000 tax credit from the purchase of a single-family home, town home or condo through December 31st, 2009.
According to the 2008 National Association of Realtors Profile of Home Buyers and Sellers, the median age of first-time home buyers was 30, with an income of $60,600. The typical first-time buyer purchased a home valued at $165,000, with a down payment of 4 percent, and plans to stay in that home for 10 years. More than two-thirds of buyers used savings for their down payment, and 92 percent of first timers chose a fixed-rate mortgage.
If you’re considering your first home, now is the best time in history to make your move. Please contact me to discuss loan programs and special incentives available to help you become a homeowner.
Tuesday, June 9, 2009
The Most Important Questions in Real Estate Today
Common Sense Answers from Real Estate Expert Steve Harney
How do I price my house to sell in today’s market?
Your Allen Tate Realtor® is your best resource in helping you understand what it will take to sell your home timely and at the maximum value. Your Realtor can provide you with a comparative market analysis of recent home sales in your area, and offer helpful tips to market your home in top condition. Successful sellers are willing to price their home at or below market value, and reduce their listing price accordingly if it remains on the market. Research shows the longer a home is on the market, the lower the sales price when the home sells.*
How do I know that now is the right time to buy?
If you are employed, have decent credit and some money set aside for a down payment, then this is one of the best times in history to purchase a home.
Interest rates are at an all-time low; there’s a great inventory of homes, priced to sell; and there are a wide variety of loan programs available. Additionally, first-time home buyers with adjusted gross incomes of $75,000 for single filers and $150,000 for joint filers are eligible for an $8,000 federal tax credit for homes purchased in 2009. That’s a great opportunity.
How do I sell my house at the price I need to move up?
If you have equity in your existing home, you can leverage that equity to move up. Most North and South Carolina home owners who purchased their homes before 2005 will still be able to recoup their investment and potentially see some return. Sellers need to understand that if they are willing to take less on their existing home, they will very likely be able to purchase a new home at the same discount or better. Sellers simply need to get past the mindset that they “deserve” the same price as their neighbor, who sold his home two or three years ago. It’s a different market today, and it is very unlikely that will happen.
Will interest rates continue to fall?
Low interest rates are designed to stimulate the economy by encouraging consumer confidence. The interest rates we’ve been seeing since last summer are at a 25-year low. So when interest rates begin to rise, it’s a sign that the economy is improving. We’re already seeing some small increases in interest rates. Buyers who are waiting for “the bottom” may find themselves disappointed when their ideal home is sold to a more eager buyer. The reality is that we will not know when we have hit “bottom” until it has passed.
What do I need to know about mortgages?
Contrary to popular belief, mortgage money is still available, but more documentation is required than ever before. You’ll also need a down payment, but there are several loan programs which require only 3-to-5 percent down. There are several excellent programs targeted to first-time buyers, as well as federal loan programs, if you qualify. As always, it makes good sense to pre-qualify for a mortgage before you start shopping, so you know how much home you can afford. Your Allen Tate Mortgage Consultant would be happy to answer your mortgage questions and guide you through the pre-qualification process.
*National Association of Realtors 2008 Profile of Home Buyers and Sellers
How do I price my house to sell in today’s market?
Your Allen Tate Realtor® is your best resource in helping you understand what it will take to sell your home timely and at the maximum value. Your Realtor can provide you with a comparative market analysis of recent home sales in your area, and offer helpful tips to market your home in top condition. Successful sellers are willing to price their home at or below market value, and reduce their listing price accordingly if it remains on the market. Research shows the longer a home is on the market, the lower the sales price when the home sells.*
How do I know that now is the right time to buy?
If you are employed, have decent credit and some money set aside for a down payment, then this is one of the best times in history to purchase a home.
Interest rates are at an all-time low; there’s a great inventory of homes, priced to sell; and there are a wide variety of loan programs available. Additionally, first-time home buyers with adjusted gross incomes of $75,000 for single filers and $150,000 for joint filers are eligible for an $8,000 federal tax credit for homes purchased in 2009. That’s a great opportunity.
How do I sell my house at the price I need to move up?
If you have equity in your existing home, you can leverage that equity to move up. Most North and South Carolina home owners who purchased their homes before 2005 will still be able to recoup their investment and potentially see some return. Sellers need to understand that if they are willing to take less on their existing home, they will very likely be able to purchase a new home at the same discount or better. Sellers simply need to get past the mindset that they “deserve” the same price as their neighbor, who sold his home two or three years ago. It’s a different market today, and it is very unlikely that will happen.
Will interest rates continue to fall?
Low interest rates are designed to stimulate the economy by encouraging consumer confidence. The interest rates we’ve been seeing since last summer are at a 25-year low. So when interest rates begin to rise, it’s a sign that the economy is improving. We’re already seeing some small increases in interest rates. Buyers who are waiting for “the bottom” may find themselves disappointed when their ideal home is sold to a more eager buyer. The reality is that we will not know when we have hit “bottom” until it has passed.
What do I need to know about mortgages?
Contrary to popular belief, mortgage money is still available, but more documentation is required than ever before. You’ll also need a down payment, but there are several loan programs which require only 3-to-5 percent down. There are several excellent programs targeted to first-time buyers, as well as federal loan programs, if you qualify. As always, it makes good sense to pre-qualify for a mortgage before you start shopping, so you know how much home you can afford. Your Allen Tate Mortgage Consultant would be happy to answer your mortgage questions and guide you through the pre-qualification process.
*National Association of Realtors 2008 Profile of Home Buyers and Sellers
Friday, May 29, 2009
Update on the $8,000 Federal Housing Tax Credit
Here is today's announcement from HUD. However, only 10 states are currently set up to "monetize" the tax refund and North Carolina is not one of them.
DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME FHA plan will stimulate new home sales and help stabilize housing market
WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to 'monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.
"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.
According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.
Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.
For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.
###
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.
DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME FHA plan will stimulate new home sales and help stabilize housing market
WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to 'monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website
"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."
Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.
According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.
Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.
For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.
###
HUD is the nation's housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov
Tuesday, May 12, 2009
Allen Tate's Job Loss Protection Program
For Potential Buyers
You know it’s a great time to buy a home. But are you holding back because you’re
worried that you could lose your job?
The Allen Tate Job Loss Protection Program* offers buyers up to six months of
mortgage payments (up to $1,800 per month) if you lose your job within the first 24
months after closing. Job Loss Protection is available on Allen Tate Company listings
and on homes purchased through an Allen Tate Realtor, offered by participating sellers.
There’s no cost to you – just the benefit of peace of mind.
Ask me about properties in your desired area with Job Loss Protection.
*Certain conditions apply.
For Active Sellers
You have a beautiful house, in a nice neighborhood and you’ve priced it to sell. So what
else can you do to make your house stand out from the crowd?
Here’s a great new option from Allen Tate: Job Loss Protection.
The Job Loss Protection Program* pays the mortgage for the buyer for up to six months
(up to $1,800 per month) if they lose their job within the first 24 months after closing.
The seller pays $500 (at closing) to offer the program, a small investment that
encourages buyer interest and showings. Your participating property is identified with a
special “JL” icon on our Web site, allentate.com.
Job Loss Protection is only available on Allen Tate Company listings and on homes
purchased through an Allen Tate Realtor, offered by participating sellers.
If the buyer does not want the program, or is not eligible (must work at least 30 hours,
not be self-employed or active military, must be eligible for state unemployment
benefits), there is no cost to the seller.
Ask me how to add the benefit of Job Loss Protection to your listing.
*Certain conditions apply.
Learn More by Visiting, http://www.allentate.com/DesktopDefault.aspx?pageid=51&pagealias=ATWresults#jobloss
You know it’s a great time to buy a home. But are you holding back because you’re
worried that you could lose your job?
The Allen Tate Job Loss Protection Program* offers buyers up to six months of
mortgage payments (up to $1,800 per month) if you lose your job within the first 24
months after closing. Job Loss Protection is available on Allen Tate Company listings
and on homes purchased through an Allen Tate Realtor, offered by participating sellers.
There’s no cost to you – just the benefit of peace of mind.
Ask me about properties in your desired area with Job Loss Protection.
*Certain conditions apply.
For Active Sellers
You have a beautiful house, in a nice neighborhood and you’ve priced it to sell. So what
else can you do to make your house stand out from the crowd?
Here’s a great new option from Allen Tate: Job Loss Protection.
The Job Loss Protection Program* pays the mortgage for the buyer for up to six months
(up to $1,800 per month) if they lose their job within the first 24 months after closing.
The seller pays $500 (at closing) to offer the program, a small investment that
encourages buyer interest and showings. Your participating property is identified with a
special “JL” icon on our Web site, allentate.com.
Job Loss Protection is only available on Allen Tate Company listings and on homes
purchased through an Allen Tate Realtor, offered by participating sellers.
If the buyer does not want the program, or is not eligible (must work at least 30 hours,
not be self-employed or active military, must be eligible for state unemployment
benefits), there is no cost to the seller.
Ask me how to add the benefit of Job Loss Protection to your listing.
*Certain conditions apply.
Learn More by Visiting, http://www.allentate.com/DesktopDefault.aspx?pageid=51&pagealias=ATWresults#jobloss
Thursday, May 7, 2009
Federal Housing Tax Credit Explained
http://www.youtube.com/watch?v=suiAfys53aU&feature=channel_page
Wednesday, April 22, 2009
Sell Your House in as Little as 7 Days with an Online Auction
Allen Tate Realtors - 1-800-Sell-Now
3201 Glenwood Ave Suite 101, Raleigh, NC 27612
Visit us online at: www.1800sellnow.com or www.jayalderson.com
Sell Your House in 7-21 Days using our Online Auction Method
The online auction method of marketing and selling Real Estate involves more than just making a sale. It involves orchestrating a business transaction and entering into a commitment to meet the needs of sellers, buyers and Realtors® alike. The object is for the outcome to be positive for all parties involved, so please consider the points.
Visit us online at: www.1800sellnow.com or www.jayalderson.com
Sell Your House in 7-21 Days using our Online Auction Method
The online auction method of marketing and selling Real Estate involves more than just making a sale. It involves orchestrating a business transaction and entering into a commitment to meet the needs of sellers, buyers and Realtors® alike. The object is for the outcome to be positive for all parties involved, so please consider the points.
Benefits to Seller
-Buyers come prepared to buy-Quick disposal reduces long-term carrying costs, including, taxes & maintenance
-Assurance that property will be sold at or near true market value
-Exposes the property to a large number of pre-qualified prospects
-Accelerates the sale
-Creates competition among buyers - auction price may exceed the price of a negotiated sale
-Requires potential buyers to pre-qualify for financing
-The seller knows exactly when the property will sell
-Eliminates numerous and unscheduled showings
-Takes the seller out of the negotiation process
-Ensures an aggressive marketing program that increases interest and visibility
Benefits to Buyer
-Properties are usually purchased at fair market value through competitive bidding
-The buyer knows the seller is committed to sell
-In multi-property auctions, the buyer sees many offerings at a single event
-Buyers determine the purchase price
-Auctions eliminate long negotiation periods
-Auctions reduce time to purchase property-Purchasing and closing dates are known
-Buyers know they are competing on the same terms as all other buyers
-Buyers know they are competing on the same terms as all other buyers
-Buyers receive comprehensive information on property via due diligence packet
You can reach our team at any time (24/7):
Phone: Toll Free at 1-800-735-5669 (1-800-SELL-NOW)
Email: jay.alderson@1800sellnow.com
Online: http://www.1800sellnow.com/
You can reach our team at any time (24/7):
Phone: Toll Free at 1-800-735-5669 (1-800-SELL-NOW)
Email: jay.alderson@1800sellnow.com
Online: http://www.1800sellnow.com/
Tuesday, April 21, 2009
Jay Alderson Has Secured Exclusive Licensing Rights To 1-800-SELL-NOW In Wake County, North Carolina
Wake County, North Carolina area home sellers have a new number to call to sell their house NOW. 1-800-SELL-NOW
1-800-SELL-NOW, which matches real estate professionals across the country to motivated home sellers, today announced that it has awarded the rights to 1-800-SELL-NOW to Jay Alderson for Wake County, North Carolina.“We're pleased to have Jay and the entire team join the 1-800-SELL-NOW program. It is CRITICAL that we have the right partner to help the local home sellers and we are thrilled to have Jay working with us in the area. This market is an important and strategic location for us. We know that Jay and the team are valuable assets to the area home sellers,” said Kent Clothier, president and CEO of 1-800-SELL-NOW.
Home sellers in Wake County can be connected directly with their office by calling 1-800-SELL-NOW or visiting http://1800sellnow.com/wake.html
Wake home sellers that want to sell their real estate property can call 1-800-SELL-NOW or visit us online at http://1800sellnow.com/wake.html to sell their house now.
1-800-SELL-NOW, which matches real estate professionals across the country to motivated home sellers, today announced that it has awarded the rights to 1-800-SELL-NOW to Jay Alderson for Wake County, North Carolina.“We're pleased to have Jay and the entire team join the 1-800-SELL-NOW program. It is CRITICAL that we have the right partner to help the local home sellers and we are thrilled to have Jay working with us in the area. This market is an important and strategic location for us. We know that Jay and the team are valuable assets to the area home sellers,” said Kent Clothier, president and CEO of 1-800-SELL-NOW.
Home sellers in Wake County can be connected directly with their office by calling 1-800-SELL-NOW or visiting http://1800sellnow.com/wake.html
Wake home sellers that want to sell their real estate property can call 1-800-SELL-NOW or visit us online at http://1800sellnow.com/wake.html to sell their house now.
Saturday, April 11, 2009
Allen Tate Co. is Top Carolinas Based Real Estate Firm
Allen Tate Company is the top real estate firm based in the Carolinas and ranks #6 among the country’s largest independently owned, non-franchised brokers, and #11 among all brokers, based on closed transactions sides for 2008, according to the REAL Trends 500 report. The annual report, which ranks the country’s top 500 independent real estate firms, will be published in May 2009 by REAL Trends, the nation’s leading publisher of trends and analysis of the residential real estate brokerage industry.
Allen Tate Company closed 15,364 transaction sides in 2008 to earn the rankings. The company also ranked #9 among independent brokers and #17 in the country among all brokers, based on its 2008 closed sales volume of $3.64 billion.
“We’re extremely pleased to retain our ranking as the top firm based in the Carolinas, but it’s also an honor to be ranked high among our peers nationally,” said Pat Riley, president, Allen Tate Company. “I’m always impressed by the number of our clients who relocate here from across the county and are already familiar with Allen Tate’s name and reputation. The REAL Trends 500 ranking is just further validation that we’re doing a great job for them.”
Allen Tate Company closed 15,364 transaction sides in 2008 to earn the rankings. The company also ranked #9 among independent brokers and #17 in the country among all brokers, based on its 2008 closed sales volume of $3.64 billion.
“We’re extremely pleased to retain our ranking as the top firm based in the Carolinas, but it’s also an honor to be ranked high among our peers nationally,” said Pat Riley, president, Allen Tate Company. “I’m always impressed by the number of our clients who relocate here from across the county and are already familiar with Allen Tate’s name and reputation. The REAL Trends 500 ranking is just further validation that we’re doing a great job for them.”
Tuesday, April 7, 2009
The Healthiest Housing Markets for 2009
Builder, in conjunction with Hanley Wood Market Intelligence, debuts its metric for determining
markets with the best and least potential.
By:
Boyce Thompson
www.MoneyAndMarkets.com Feedback - Ads by Google
With most economists and builders expecting a national market decline this year, this may not seem like the best time to be selecting the "healthiest" markets in the country. Virtually every market was down last year. But a close look at the numbers reveals that some markets have way outperformed others during the last four years and are likely to continue to do so this year.
When the housing market stages its official recovery, the markets listed on the following pages are likely to lead the parade. It may take a year or more for the weakest markets--where burgeoning foreclosure sales are still pounding new home values, making building and selling new homes an exercise in futility-- to finally stage a turnaround. We’ll present that list next week.
The healthiest markets have many things in common. Most of them are great places to live, either close to the ocean, mountains, or major universities. Most of them didn’t have a huge run-up in prices during the boom and aren’t experiencing rampant deflation during the bust.
To compile these lists, we analyzed the top 75 housing markets in the country. We ranked them based on population trends and job growth, perennial drivers of housing demand. We also examined what’s happened with home prices; many of the healthiest markets have managed to hold the line on home values. And finally, we considered the rate building permits, which may be the single best ongoing indicator of builder confidence in a market. We combined all these metrics to produce a score for each market. Here are the top 15, in reverse order.
15. Myrtle Beach, S.C.
2008 total building permits: 3,211
Though permit activity dropped sharply last year, Myrtle Beach remains one of the hottest markets in the country, especially when you analyze the number of permits pulled per resident. Only 263,287 people live in the Myrtle Beach metro area, which until recently had been growing its population by nearly 5 percent a year. That means builders pulled one permit for every 82 residents. A steady influx of people, many of them retirees, are drawn by close proximity to the ocean and 117 golf courses at last count. That has helped keep home prices steady; they
fell only 10 percent last year to a very affordable $174,800. Most of the home building is split between Brunswick and New Hanover counties. Jobs are dependent on the tourist industry, though, and the metro area was rocked last year when a $400 million rock-and-roll themed amusement part, Hard Rock Park, opened and then filed for bankruptcy. Myrtle Beach added jobs last year, but as of December employment was decreasing at a 4.2 percent
rate compared to a year earlier.
14. Wilmington, N.C.
2008 total building permits: 3,551
Wilmington has the second highest ratio of permits pulled per resident, behind only Myrtle Beach. The population here, 352,919 by Census estimates, has been growing at a 4 percent annual rate for the last five years, well above the national average. Primary residents are drawn by a four-season climate, close proximity to Atlantic beaches, and affordable housing. Median home prices, at $198,700, are just about the national average. The area gave back 1,000 jobs last year, after gaining 19,000 the previous three years. Wilmington has had a 60 percent decline in permit activity since 2005, around the national average, but its track record for population growth helps it make this list.
13. Charlotte, N.C.
2008 total building permits: 12,231
People and businesses must love Charlotte, because they are moving there at a high rate. The metro area of 1.74 million has grown its residents by 4 percent annually over the last five years, one of the highest rates in the country. They are drawn by relatively affordable housing for the east coast—median home prices are only $210,900, and they’ve only "corrected" downward by only 4.2 percent in the last year. A strong fourth quarter helped Charlotte record 12,231 permits last year, only a 44 percent decline since 2005. Charlotte’s strength relative to other markets led the investment banking firm UBS to predict last year that it would be one of the first
markets to recover from the housing downturn. Charlotte is still a single-family market, with 62 percent of the residential activity in stand-alone homes. The job market in this banking hub contracted last year, after growing 3 to 5 percent annually the previous three years.
6. Raleigh, N.C.
2008 total building permits: 11,386
Another state capital with multiple universities, Raleigh was still adding jobs at a 1.9 percent annual rate though the third quarter of last year. With a population of more than 1 million, it also has one of the highest rates of population growth of any top metro market in the country over the last five years: nearly 5 percent annually. Though the price of a median home here, $221,900, is above the national average, it is well below other cities in the mid-Atlantic and Northeast. The metro area has added roughly 68,000 jobs since 2005, and employment held steady last year. With a glut of national builders in the market, locals such as Dixon Kirby have experimented with different looks and styles to keep sales alive.
markets with the best and least potential.
By:
Boyce Thompson
www.MoneyAndMarkets.com Feedback - Ads by Google
With most economists and builders expecting a national market decline this year, this may not seem like the best time to be selecting the "healthiest" markets in the country. Virtually every market was down last year. But a close look at the numbers reveals that some markets have way outperformed others during the last four years and are likely to continue to do so this year.
When the housing market stages its official recovery, the markets listed on the following pages are likely to lead the parade. It may take a year or more for the weakest markets--where burgeoning foreclosure sales are still pounding new home values, making building and selling new homes an exercise in futility-- to finally stage a turnaround. We’ll present that list next week.
The healthiest markets have many things in common. Most of them are great places to live, either close to the ocean, mountains, or major universities. Most of them didn’t have a huge run-up in prices during the boom and aren’t experiencing rampant deflation during the bust.
To compile these lists, we analyzed the top 75 housing markets in the country. We ranked them based on population trends and job growth, perennial drivers of housing demand. We also examined what’s happened with home prices; many of the healthiest markets have managed to hold the line on home values. And finally, we considered the rate building permits, which may be the single best ongoing indicator of builder confidence in a market. We combined all these metrics to produce a score for each market. Here are the top 15, in reverse order.
15. Myrtle Beach, S.C.
2008 total building permits: 3,211
Though permit activity dropped sharply last year, Myrtle Beach remains one of the hottest markets in the country, especially when you analyze the number of permits pulled per resident. Only 263,287 people live in the Myrtle Beach metro area, which until recently had been growing its population by nearly 5 percent a year. That means builders pulled one permit for every 82 residents. A steady influx of people, many of them retirees, are drawn by close proximity to the ocean and 117 golf courses at last count. That has helped keep home prices steady; they
fell only 10 percent last year to a very affordable $174,800. Most of the home building is split between Brunswick and New Hanover counties. Jobs are dependent on the tourist industry, though, and the metro area was rocked last year when a $400 million rock-and-roll themed amusement part, Hard Rock Park, opened and then filed for bankruptcy. Myrtle Beach added jobs last year, but as of December employment was decreasing at a 4.2 percent
rate compared to a year earlier.
14. Wilmington, N.C.
2008 total building permits: 3,551
Wilmington has the second highest ratio of permits pulled per resident, behind only Myrtle Beach. The population here, 352,919 by Census estimates, has been growing at a 4 percent annual rate for the last five years, well above the national average. Primary residents are drawn by a four-season climate, close proximity to Atlantic beaches, and affordable housing. Median home prices, at $198,700, are just about the national average. The area gave back 1,000 jobs last year, after gaining 19,000 the previous three years. Wilmington has had a 60 percent decline in permit activity since 2005, around the national average, but its track record for population growth helps it make this list.
13. Charlotte, N.C.
2008 total building permits: 12,231
People and businesses must love Charlotte, because they are moving there at a high rate. The metro area of 1.74 million has grown its residents by 4 percent annually over the last five years, one of the highest rates in the country. They are drawn by relatively affordable housing for the east coast—median home prices are only $210,900, and they’ve only "corrected" downward by only 4.2 percent in the last year. A strong fourth quarter helped Charlotte record 12,231 permits last year, only a 44 percent decline since 2005. Charlotte’s strength relative to other markets led the investment banking firm UBS to predict last year that it would be one of the first
markets to recover from the housing downturn. Charlotte is still a single-family market, with 62 percent of the residential activity in stand-alone homes. The job market in this banking hub contracted last year, after growing 3 to 5 percent annually the previous three years.
6. Raleigh, N.C.
2008 total building permits: 11,386
Another state capital with multiple universities, Raleigh was still adding jobs at a 1.9 percent annual rate though the third quarter of last year. With a population of more than 1 million, it also has one of the highest rates of population growth of any top metro market in the country over the last five years: nearly 5 percent annually. Though the price of a median home here, $221,900, is above the national average, it is well below other cities in the mid-Atlantic and Northeast. The metro area has added roughly 68,000 jobs since 2005, and employment held steady last year. With a glut of national builders in the market, locals such as Dixon Kirby have experimented with different looks and styles to keep sales alive.
Sunday, March 29, 2009
New Tax Credit Now Available for Home Buyers
As part of the new economic stimulus plan as passed on February 13, 2009, Congress has created a new federal tax credit to provide an incentive for first-time home buyers. This legislation is a further positive step to help stabilize the current housing market and make the dream of home ownership more attainable for many Americans.
A tax credit of $8,000 will be available for first-
time home buyers who purchase a principal residence through December 1, 2009. The provision is retroactive to purchases made on or after January 1, 2009.
This new tax credit replaces the previous $7,500 first-time home buyer tax credit created by the Housing and Economic Recovery Act of 2008.
-Who qualifies for the "new" tax credit?
First-time buyers purchasing a principal residence are eligible in addition to any taxpayer who has not owned a home during the three years prior to the date of purchase. The credit is subject to certain income restrictions.
-Are there income restrictions?
Yes. The income restriction is based on the tax filing status of the purchaser's tax return. Individuals with a "single" Form 1040 filing status are eligible for the credit if their adjusted gross income is no more than $75,000. Individuals who file a joint return may have income of no more than $150,000.
-Is the amount of the credit tied to the price of the home?
Yes. The credit is for 10 percent of the cost of the home, up to a limit of $8,000.
What's the definition of "principal residence?"
Generally, a principal residence is the home where an individual spends most of his/her time. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of dwelling.
-Are there restrictions on the location of the property?
Yes. Eligible property must be located in the United States. Property outside the U.S. is not eligible for the credit.
-What is different from the prior credit?
Unlike the prior credit (which was structured like a 15-year interest-free loan), it is a true tax credit because the money is not required to be paid back (unless the home is sold within three years).
-How do I apply for the credit?
There is no application or approval process. Eligible purchasers will claim the credit on the appropriate IRS Form 1040 tax return and/or on any special forms the IRS might devise.
-Can I use the credit amount as part of my down payment?
No. Presently, there is no mechanism available for claiming the credit any earlier than the 2009 tax return that will be filed in 2010. Congress tried to devise a mechanism that would allow pre-funding of the credit, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
-Is there any way to get cash flow benefits before I file my 2009 tax return?
Any first-time home buyers who believe they would be eligible for all or part of the credit would be allowed to make adjustments to their income tax withholding (through their employers) or to their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases, the take-home pay would increase.
Source: Potomac Partners, Washington D.C.
A tax credit of $8,000 will be available for first-
time home buyers who purchase a principal residence through December 1, 2009. The provision is retroactive to purchases made on or after January 1, 2009.
This new tax credit replaces the previous $7,500 first-time home buyer tax credit created by the Housing and Economic Recovery Act of 2008.
-Who qualifies for the "new" tax credit?
First-time buyers purchasing a principal residence are eligible in addition to any taxpayer who has not owned a home during the three years prior to the date of purchase. The credit is subject to certain income restrictions.
-Are there income restrictions?
Yes. The income restriction is based on the tax filing status of the purchaser's tax return. Individuals with a "single" Form 1040 filing status are eligible for the credit if their adjusted gross income is no more than $75,000. Individuals who file a joint return may have income of no more than $150,000.
-Is the amount of the credit tied to the price of the home?
Yes. The credit is for 10 percent of the cost of the home, up to a limit of $8,000.
What's the definition of "principal residence?"
Generally, a principal residence is the home where an individual spends most of his/her time. The term includes single-family detached housing, condos or co-ops, townhouses or any similar type of dwelling.
-Are there restrictions on the location of the property?
Yes. Eligible property must be located in the United States. Property outside the U.S. is not eligible for the credit.
-What is different from the prior credit?
Unlike the prior credit (which was structured like a 15-year interest-free loan), it is a true tax credit because the money is not required to be paid back (unless the home is sold within three years).
-How do I apply for the credit?
There is no application or approval process. Eligible purchasers will claim the credit on the appropriate IRS Form 1040 tax return and/or on any special forms the IRS might devise.
-Can I use the credit amount as part of my down payment?
No. Presently, there is no mechanism available for claiming the credit any earlier than the 2009 tax return that will be filed in 2010. Congress tried to devise a mechanism that would allow pre-funding of the credit, but found that pre-funding would require cumbersome processes that would, in effect, bring the IRS into the purchase and settlement phase of the transaction.
-Is there any way to get cash flow benefits before I file my 2009 tax return?
Any first-time home buyers who believe they would be eligible for all or part of the credit would be allowed to make adjustments to their income tax withholding (through their employers) or to their quarterly estimated tax payments. Individuals subject to income tax withholding would get an IRS Form W-4 from their employer, follow the instructions on the schedules provided and give the completed Form W-4 back to the employer. In many cases, the take-home pay would increase.
Source: Potomac Partners, Washington D.C.
Thursday, March 19, 2009
Raleigh-Cary is fastest growing metro area in U.S.
Residents living in the Raleigh area now have proof they have a slew of new neighbors. The city and its Cary suburb make up the fastest growing metropolitan area in the country, according to federal statistics released Thursday.
The combined population of North Carolina's capital city and its family-friendly suburb increased to 1.1 million people between July 2007 and July 2008 - a 4.3 percent jump, according to the U.S. Census Bureau data.
Local government leaders in Raleigh and Cary attribute the growth to top hosipitals, universities and Research Triangle Park, a sprawing business complex with more than 170 research and development companies and more than 50,000 employees.
Saturday, February 14, 2009
Housing and the Obama Stimulus Package - Status Report
Here's our take on the Stimulis Bill and Treasury announcements made this week. We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.
So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.
In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).
We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.
While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.
Sincerely,
Charles McMillan, CIPS, GRI
2009 NAR President
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