nowshowingmn » For Buyers

Mortgage rates and prices could be tested

agentprosearch — Tue, 02 Mar 2010 03:11:09 +0000

With the government about to cease the program to purchase mortgage backed securities the fate of mortgage rates and the somewhat leveling market will be tested. Whether the demand for housing will be strong enought to stand on it’s own is remained to be seen. This article from CNN Money explains the factors that will test this 2010 real estate market. With the credit for 1st and 2nd time homebuyers counting down I have one tip for sellers out there – Price Your Home Right!

CNN Money Full Article

Chaska Foreclosure Impact 2010

agentprosearch — Mon, 04 Jan 2010 21:02:52 +0000

Looks like their are 91 properties that either have an upcoming foreclosure sale (aka -sheriff sale, auction sale) proving the foreclosure problem is not quite over. Whether your a buyer or a seller in Chaska your real estate agent should be informing you of the potential properties coming down the foreclosure pike that will potentially affect your real estate transaction.

Chaska - Auction and Bank Owned Homes

First-time Home Buyer Tax Credit Update

agentprosearch — Tue, 03 Nov 2009 00:00:29 +0000

1. NAR provided the latest update on the Senate’s action to extend and expand the home buyer tax credit.

After a long week of negotiation, an agreement on the scope of the expansion and extension has been reached. A vote will occur in the Senate this week, and the package will then go back to the House. The House is expected to accept the Senate amendments, vote on the package and send it to the President for signature. The White House has indicated that President Obama will sign the legislation.

The agreement on the extension and expansion of the credit is as follows:

Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
New anti-fraud limitations are imposed.

If you have not yet responded to the Call for Action to all members of Congress, do so at www.realtoractioncenter.com.

2. The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was an important victory for market stability across the board.

Tax Credit Extension Considered in Senate

agentprosearch — Mon, 26 Oct 2009 20:08:27 +0000

Senate Majority Leader Harry Reid, a Nevada Democrat, is supporting a four-month extension of the home buyer tax credit.

Two other proposals in the Senate would, respectively, extend the credit through June and, most generously, increase the deduction to $15,000 and open it up to all home buyers and those with higher incomes.

One or more of these proposals is likely to come up for a vote in the next week attached to a measure that would extend unemployment benefits for 20 weeks.

Source: The Wall Street Journal, Corey Boles (10/23/2009)

First time homebuyer credit extension

agentprosearch — Mon, 21 Sep 2009 14:13:22 +0000

Track the process of the first time homebuyer credit extension. National and local realtor associations are working to rally their membership to contact government officials to urge them to pass this legislation.

See the status of this bill – H.R. 1993: 2009-2010 First-Time Homebuyer Credit Extension Act of 2009

111th CongressThis is a bill in the U.S. Congress originating in the House of Representatives (“H.R.”). A bill must be passed by both the House and Senate and then be signed by the President before it becomes law.

Bill numbers restart from 1 every two years. Each two-year cycle is called a session of Congress. This bill was created in the 111th Congress, in 2009-2010.

The titles of bills are written by the bill’s sponsor and are a part of the legislation itself. GovTrack does not editorialize bill summaries.