First-time Home-buyer Credit Through 2010?

Everyone has heard about the possibility of Congress extending the first-time home-buyer credit into 2010.  That, no doubt, would help in moving the housing inventory.  Take a look at this Bloomberg article regarding the possible Extension of the First-time Home-buyer Credit:

Senate Democrats indicate that First time Homebuyers Tax Credit will be renewed until at least April of 2010!

Good news! It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and that it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing (even if the property is not closed) a home by April 30, 2010 to participate and receive the full credit available. The credit will be continued (but reduced by 2% each 90 days) through the end of 2010! The credit will be slightly lessened, but it will be renewed and this extension should allow the market to continue to recover into and through next summer’s selling season. Of course, there’s always the possibility that it could be renewed at that time, as well.

Here’s the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension

Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed — not closed — by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.

The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)

Interest Rates Effect Buying Power

I just read an interesting, informative, and thought-provoking article in the Wall Street Journal regarding the outlook of the real estate market over the next several years.  If you want to be “in the know”, read this article.

New Law For Foreclosures in Effect for Nevada

During the last legislative session in the State of Nevada, Assembly Bill 149 was introduced and finally passed.  This bill changes NRS 107 by restricting the mortgage holder’s ‘power of sale’ with respect to an owner-occupied house.   This bill give the homeowner the right to request mediation for loan modification. Once a homeowner requests mediation, the mortgage holder’s action taken to sell off the property under foreclosure must be stopped.  The mediation session, which can last up to 4 hours, must be conducted by a senior justice, judge, hearing master or other designee pursuant to rules adopted by the Nevada Supreme Court.  For more information, call us today!!  New Nevada Foreclosure Mediation Process will be helpful after you speak with us–we can summarize the procedure for you!