Senate Approves Tax Credit Extension, Expansion

The Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000. 

The legislation was included in a bill to extend unemployment benefits and is expected to be passed by the House today or tomorrow. President Obama is expected to sign the legislation when it's sent to his desk. 

Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers.Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

As always, please visit www.shawnfiler.com for more information on Seattle area Real Estate and Coldwell Banker Bain.

www.shawnfiler.com has been redesigned for Spring 2009

www.shawnfiler.com has just finished a redesign for Spring 2009, including new Real Estate Listings and information for the greater Seattle area. For more information on Shawn Filer, Seattle Luxury Real Estate, Coldwell Banker Bain, or Coldwell Banker Seattle, please visit www.shawnfiler.com

Website redesign for Spring 2009

www.shawnfiler.com has just been overhauled for the 2009 real estate year! Check out the new site for information on Real Estate in the greater Seattle area.

Where Prices Have Increased and Decreased the Most in 2008

U.S. Home values declined an average of 8.4 percent in the first three periods of 2008, down $2 trillion in total value, according to Zillow.com Real Estate Market Report, released this week.

Thirty of the 163 metropolitan statistical areas covered by Zillow, either showed gains in the median value of homes in the area or values stabilized.

Here are the 10 areas where values increased and declined the most.

Places Where Values Increased the Most

• Ithaca, N.Y., 5.6%
• State College, Pa., 4%
• Jacksonville, N.C., 3.9%
• Winston-Salem, N.C., 3.4%
• Bay City, Mi., 3.2%
• Rochester, N.Y. 3.1%
• Greenville, S. C., 2.8%
• Anderson, S.C. 2.7%
• Burlington, N.C., 2.6%
• Spartanburg, S.C., 2.0%

Places Where Values Decreased the Most

• Las Vegas-Paradise, Nev., -24.6%
• Bakersfield, Calif., -24.9%
• Madera, Calif., -26.2%
• Gainesville, Ga., -26.4%
• Riverside-San Bernardino-Ontario, Calif., -30.4%
• Modesto, Calif., -31%
• Salinas, Calif., -32.4%
• Merced, Calif., -32.5%
• Vallejo-Fairfield, Calif., -33.2%
• Stockton, Calif., -35.5%

Source: Zillow.com (12/15/08)

 

 

 

When Will Real Estate Bottom?

After one of the most challenging Real Estate downturns in history, many people have only one major question that they want answered... "when will we see prices hit bottom?"

We can only speculate about when the turnaround will take place, but most professional economists are hinting at a price bottom in the second quarter of 2009. In Seattle, we can expect home prices to dip another 6-10% between now and then - followed by a recover that will drift around the rate of inflation over the next several years. That being said, many properties, both distressed and otherwise, have already taken a huge hit on price. This fact, combined with record low interedt rates and near record high inventories create one of the best BUY NOW markets in history.

If you can qualify for a loan, which is still easier said than done for most people, then you should be out there right now looking for your next great investment. Until recently you needed almost 50% down on investment properties in order to receive enough income to have the building pay for itself. What are the numbers now??? let's just say that things are looking great for anyone with the means to buy!

For more information on Seattle Real Estate, Shawn Filer, or Coldwell Banker Bain, please visit www.shawnfiler.com

 

 

Real Estate Bottom???

After one of the most challenging Real Estate downturns in history, many people have only one major question that they want answered... "when will we see prices hit bottom?"We can only speculate about when the turnaround will take place, but most professional economists are hinting at a price bottom in the second quarter of 2009. In Seattle, we can expect home prices to dip another 6-10% between now and then - followed by a recover that will drift around the rate of inflation over the next several years. That being said, many properties, both distressed and otherwise, have already taken a huge hit on price. This fact, combined with record low interedt rates and near record high inventories create one of the best BUY NOW markets in history.If you can qualify for a loan, which is still easier said than done for most people, then you should be out there right now looking for your next great investment. Until recently you needed almost 50% down on investment properties in order to receive enough income to have the building pay for itself. What are the numbers now??? let's just say that things are looking great for anyone with the means to buy!

For more information on Seattle area Real Estate, Shawn Filer, or Coldwell Banker Bain please visit www.shawnfiler.com

Daily Real Estate News  |  September 5, 2008

Mortgage Volume Up 7.5%, Rates Down

The Mortgage Bankers Association reports a 7.5-percent increase in home loan demand during the week ended Aug. 29.

The index indicates a 10.5-percent jump in purchase applications and a more modest 2.1-percent rise in refinancing requests.

Additionally, the group's index tracking mortgages backed by the FHA surged 19.9 percent. Refi demand accounted for 34 percent of all application volume and adjustable-rate loans accounted for 6.6 percent--versus 35.2 percent and 7.9 percent, respectively, the prior week.

The report also shows a drop in the 30-year fixed mortgage rate to 6.39 percent from 6.44 percent and a decrease in the one-year adjustable mortgage rate to 7.11 percent from 7.15 percent, while the 15-year fixed rate edged up to 5.96 percent from 5.94 percent.

Source: MarketWatch, Amy Hoak (09/03/08)