I came across this article today from the Florida Home Builders Association. It is about a possible extension of the $8000 tax credit for first time home buyers. The National Association of Home Builders is mounting the lobbying effort and has supplied a link for people who want to help.
I you are a first time home buyer and need help in the Orlando mortgage market go to OrlandoMortgageCentral.com
President’s MessageBy Jay CarlsonDespite the notoriety being given to the Cash for Clunkers program, the most effective way to stimulate the economy and create jobs is for Congress to extend and enhance the $8,000 first-time home buyer tax credit, which is due to expire on Dec. 1. Extending the program for an additional year and making it available to all home buyers would create an additional 21,027 jobs in Florida. As people buy more homes, this creates a positive ripple effect across our community. In the first year alone, new-home buyers typically purchase more than $12,000 on appliances, televisions, furnishings, carpets and other upgrades for their house. All of this translates into increased economic activity up and down Main Street. On a national level, extending and enhancing the home buyer tax credit would spur an additional 383,000 home sales, generate the production of more than 80,000 homes and perhaps most importantly, create nearly 350,000 jobs in the coming year. That’s just the right prescription to get the American economy back on track. Housing accounts for more than 15 percent of the nation’s gross domestic product and can serve as the catalyst to put America back to work. One of the best things that Congress can do to restore a full-fledged recovery is to work to restore the health of the housing industry. We are calling on lawmakers to do their part by taking action on the home buyer tax credit, helping to resolve appraisal problems that have been slowing home sales and urging regulators to restore the flow of credit so that builders can get back on the job. I encourage you to join this effort. The National Association of Home Builders has created resources to help you get involved. Simply visit www.nahb.org/revivehousingnow and learn how you can easily communicate to your members of Congress. For this effort to be successful housing’s voice must be heard loud and clear…your help is essential in these efforts. Thank you.President’s MessageBy Jay CarlsonDespite the notoriety being given to the Cash for Clunkers program, the most effective way to stimulate the economy and create jobs is for Congress to extend and enhance the $8,000 first-time home buyer tax credit, which is due to expire on Dec. 1. Extending the program for an additional year and making it available to all home buyers would create an additional 21,027 jobs in Florida. As people buy more homes, this creates a positive ripple effect across our community. In the first year alone, new-home buyers typically purchase more than $12,000 on appliances, televisions, furnishings, carpets and other upgrades for their house. All of this translates into increased economic activity up and down Main Street. On a national level, extending and enhancing the home buyer tax credit would spur an additional 383,000 home sales, generate the production of more than 80,000 homes and perhaps most importantly, create nearly 350,000 jobs in the coming year. That’s just the right prescription to get the American economy back on track. Housing accounts for more than 15 percent of the nation’s gross domestic product and can serve as the catalyst to put America back to work. One of the best things that Congress can do to restore a full-fledged recovery is to work to restore the health of the housing industry. We are calling on lawmakers to do their part by taking action on the home buyer tax credit, helping to resolve appraisal problems that have been slowing home sales and urging regulators to restore the flow of credit so that builders can get back on the job. I encourage you to join this effort. The National Association of Home Builders has created resources to help you get involved. Simply visit www.nahb.org/revivehousingnow and learn how you can easily communicate to your members of Congress. For this effort to be successful housing’s voice must be heard loud and clear…your help is essential in these efforts. Thank you.
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Bolstered by affordable interest rates and low prices, nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level since the series began 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.3 percent of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5 percent during the previous quarter and up from 55.0 percent during the second quarter of 2008. "The increase in affordability -- along with the $8,000 federal tax credit for home buyers -- is stimulating demand, particularly among young, first-time buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market." Indianapolis, once again, was the most affordable major housing market in the country during the second quarter. Almost 95 percent of all homes sold were affordable to households earning the area's median family income of $68,100. Indianapolis has now topped the affordability list 16 consecutive quarters. Please visit www.nahb.org/hoi for tables, historic data and details.
If you are in the Orlando new home market and need help with the Orlando mortgage process go to Orlando Mortgage Central.
July was a great month for the real estate market in the U.S.
According to the National Association of Realtors, home sales nationally posted an unexpectedly large increase of 7.2% during the month of July, the largest monthly jump in over a decade. What could cause such a sudden boost in home buyer confidence? Attractively priced abundant inventory, and government subsidized monies.
After nearly a year of financial meltdowns in and around the real estate sector, inventory has been high due to large scale foreclosures and short sales, forcing housing prices in some areas to hit levels not seen since the 90's. This has resulted in tens of thousands of entry level U.S. homes coming on the market at price points perfect for the first time home buyer; whom the U.S. government is currently quite keen to help with the recently passed first time home buyer tax credit program.
This fantastic program enables qualified home buyers the ability to recoup 10% of the purchase price of a new (for them) home, or $8,000, whichever is less , via a government funded credit. This is a fantastic opportunity for anyone looking to buy a home, and one for which is almost impossible for first time home buyers to pass up. Couple this with the aforementioned low priced properties (be they foreclosures, short sales, or just adjusted market value) and you have the recipe for July's gigantic increase in home sales. This increase made July the strongest month for U.S. real estate sales since August of 2007, with a seasonally adjusted annual rate of 5.24 million sales! And not only was July the strongest month for said real estate sales, but also the fourth consecutive month for which home sales increased in the U.S. (June's increase totaled an equally impressive 4.89 million sales!)
Coupled with the equally successful Cash for Clunkers program, it looks as though the first time home buyers tax credit has helped to jump start the United States economy to a point where, with just a bit more work and continued consumer confidence, the U.S. may finally be ready to exit the global recession; joining the economies of Japan, Germany, Hong Kong, and France among others whom are beginning to post full scale economic growth for the first time in many, many months.
Recently, in an effort to jump-start the housing market in North America, an $8,000 tax credit incentive was offered to new first time homebuyers. There are several restrictions on this tax credit incentive that can go a long way in encouraging renters to take that first step towards first time homeownership. To qualify as a first-time homebuyer, the taxpayer cannot have owned a home within the three years prior to purchasing the new property. The tax credit is not a standard $8,000 across the board for all qualified homebuyers. It is calculated at being the sum of 10% of the sell price of the home; up to a maximum of $8,000. -The first qualification requirement is, aside from the obvious requirement of needing to be a first-time homebuyer, is that the home must be purchased after the 1st of January, 2009 and before the 1st of December, 2009. The home can be a new build or an existing build; that is not an issue to be taken into consideration. -There is an income limitation on the tax credit; the household income is limited to single first-time homebuyers who make $75,000 or less, and $150,000 or less limit for married homebuyers. -The home must be the primary residence of the person(s) making the purchase; it cannot be a rental property or a second home such as a vacation property. The home can be a single-family home, an apartment, or even a mobile home; the type of structure is not really relevant as is related to this tax credit. The first-time homebuyer tax credit is a true credit and not a tax deduction; this means that the $8,000 will not need to be repaid to the government at a future date, with one exception. This exception is if you sell the home within three years of making the initial purchase. The tax credit will go towards any federal taxes that you owe at the end of the year. Should you not have any owed federal income taxes to offset then the credit will be issued to you in the form of a check with the rest of your tax refund. Claiming the first-time homebuyer tax credit is a very simple process; it can be claimed on your federal income tax return. Your tax preparer will be able to assist you in ensuring that you meet all of the qualifications. You can claim the tax credit on either your 2008 or your 2009 tax return; just so long as your home was purchased between January 1st, 2009 and December 1st, 2009. If you have already submitted your tax return statement for 2008 and wish to now claim the credit for 2008, you can file an amended tax return to ensure that the credit applies to 2008. If you have been sitting on the fence with making the final decision to purchase your first home, take the $8000 tax credit into consideration. It just might make great financial sense for you to take advantage of the credit while it is available to you.
Ryan F - Real Estate and Mortgage professional. Bringing you the latest information on the best mortgage deals that can be found online today.
If you are thinking about a new home in Orlando but are concerned that we have not reached the bottom of the Orlando new home market this article has some facts and numbers that show the new home market is slowly coming back.
New numbers from the U.S. Commerce Department show that production and permitting of new single-family homes continued on an upward trajectory in July. But substantial declines on the multifamily side dragged down the overall numbers, with combined single- and multifamily starts down 1 percent to a seasonally adjusted annual rate of 581,000 units and combined single-and multifamily permits down 1.8 percent to a 560,000-unit rate. "The latest report marks a fifth consecutive month of improvement in single-family housing starts and a fourth consecutive month of improvement in single-family permits," said NAHB Chief Economist David Crowe. "This is exactly in keeping with our latest member surveys, which indicate that builders are cautiously optimistic about single-family sales conditions over the next several months. That said, the significant drop-off in multifamily construction and permitting shown in recent months' reports may be a harbinger of the financing challenges facing all home builders going forward. A severe lack of credit for acquisition, development and construction financing, along with other issues tied to low appraisals and the upcoming expiration of the first-time buyer tax credit, could derail the progress made so far. Government action is required to ensure that housing can help generate jobs and economic growth in the days ahead." Single-family housing starts posted a 1.7 percent gain to a seasonally adjusted annual rate of 490,000 units in July, while single-family permits registered a 5.8 percent gain to 458,000 units. Both of these were the highest levels registered since October of 2008. Meanwhile, multifamily starts tied a record low set in April of this year, falling 13.3 percent to a 91,000-unit rate. Multifamily permits fell 25.5 percent to 102,000 units.
If you are in the Orlando new home market and need help with the Orlando mortgage process contact OrlandoMortgageCentral.com.
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