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How the New First-Time Buyer Tax Credit Works

August 28th, 2008 4:55 PM

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works:

The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.
This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.
The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.
High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Posted by Greg Renfrow on August 28th, 2008 4:55 PMPost a Comment (0)

Inventory of Memphis area homes beats odds

August 26th, 2008 10:21 AM

While inventory levels of homes for sale are up nationally, the Memphis area has continued to see a decline.

Local inventory is down more than 7 percent from levels in July 2007, Memphis Area Association of Realtors officials said Monday.

Although local home sales are still down from last year, moderating inventory is an early sign that conditions are stabilizing in the local market, MAAR said.

Nationally, however, the number of unsold properties hit an all-time high, the latest indication that the worst housing slump in decades is far from over.

The good news was that sales of existing homes rose 3.1 percent in July, surpassing expectations, according to the National Association of Realtors.

But prices were down, with the median price for a home sold in July dropping to $212,000, down by 7.1 percent from a year ago.

Despite the third monthly sales increase this year, the number of unsold single-family homes and condominiums rose to 4.67 million, the highest number since 1968, when NAR started tracking the data.

That represented an 11.2-month supply at the July sales pace, matching the all-time high set in April.

Until the national inventory level is reduced to more normal levels, analysts say, the housing slump is likely to persist.

The inventory level is being driven higher by a massive wave of mortgage foreclosures.

Between 33 and 40 percent of sales activity is coming from foreclosures or other distressed properties, estimated Lawrence Yun, chief economist at the Realtors group.

The Commercial Appeal
Tuesday, August 26, 2008

Posted by Greg Renfrow on August 26th, 2008 10:21 AMPost a Comment (0)

Rates Drop Slightly

August 26th, 2008 7:24 AM

Rates Drop Slightly

Freddie Mac reports a drop in the 30-year fixed mortgage rate to 6.47 percent during the week ended Aug. 21, down from 6.52 percent during the prior three weeks. Meanwhile, the 15-year fixed mortgage rate slipped to 6 percent from 6.07 percent a week ago. Over the same period, the five-year adjustable mortgage rate fell to 5.99 percent from 6.02 percent, and the one-year ARM rose to 5.29 percent from 5.18 percent.

[SOURCES: Freddie Mac; Information, Inc.]

Posted by Greg Renfrow on August 26th, 2008 7:24 AMPost a Comment (0)

New Mortgage Law Has Buyers Scrambling

August 22nd, 2008 1:17 PM

Daily Real Estate News | August 18, 2008

New Mortgage Law Has Buyers Scrambling

Housing industry observers expect that prospective buyers will scramble to take advantage of seller-funded down-payment assistance before a federal ban on such programs takes effect on Oct. 1.

The federal housing bill signed into law in July sews up a loophole that allows nonprofit organizations to gift mortgage down payments, and industry experts believe markets that have relied heavily on the programs could see new-home sales cut by as much as half.

Seller-funded downpayment assistance has served as a surrogate for subprime loans in some ways and has helped builders put first-time and low-income buyers into new homes.

"We will eventually go back to the mind-set of a society where you have to have 3 percent up-front to buy a home," says Phoenix real estate analyst Jim Belfiore.

Source: Poughkeepsie Journal (N.Y.) (08/18/08)

Posted by Greg Renfrow on August 22nd, 2008 1:17 PMPost a Comment (0)

Mortgage Rates week ending July 31

August 4th, 2008 1:18 PM

Mortgage Monitor
Freddie Mac Primary Mortgage Market Survey for July 31 and change from previous week:

30 Year Fixed
Rate Change
6.52% down .11

15 Year Fixed
Rate Change
6.07% down .11

Posted by Greg Renfrow on August 4th, 2008 1:18 PMPost a Comment (0)

Just Listed! 700 Holly Memphis, TN 38104

August 1st, 2008 6:02 PM

$139,900.00
700 Holly

Memphis, TN 38104

Beds: 2.0	Rooms: 2
Baths: 2.00	Sq. Ft.: 1343.00
Garage: 0	Built: 1940

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Greg Renfrow
Kendall Haney Realty Group
901-725-1968
www.gregsellsmemphis.com

Visit this listing at Here

Posted by Greg Renfrow on August 1st, 2008 6:02 PMPost a Comment (0)