Real Estate Update
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October 2010
September 2010
July 2010
HOMEBUYER TAX CREDIT CLOSING DEADLINE EXTENDED
Coldwell Banker Heritage House
Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide.
The Senate has not yet voted on the amended bill itself. The House and Senate must resolve differences between versions of the bill before it becomes law.
The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.
The amendment does not extend the deadline for homebuyers to qualify for the tax credit, NAR said in urging lawmakers to approve it, but simply extends the deadline for closing transactions already in contract.
“Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs,” NAR President Vicki Cox Golder said in a statement.
California’s Govenor Approves Home Buyer’s Tax Credit Bill
The legislation allocates $200 million to new buyer tax credits. Half will fund credits for buyers of new unoccupied homes. The other half funds credits for first-time buyers who buy resale homes.
California Association of Realtors President Steve Goddard said the tax credit “will incentivize first-time homebuyers to purchase homes that have been abandoned, foreclosed upon, and returned to the lender, or have been sitting on the market for extended periods of time.”
In both cases, buyers can waive whatever state taxes they owe – up to $3,333 – in each of the three years after buying. The program begins with escrows that close May 1 or after. Buyers who close escrow before then, and those who closed after a similar 2009 tax break ended last July, are ineligible.
Read more: http://www.sacbee.com/2010/03/26/2634445/schwarzenegger-signs-extended.html#ixzz0jbQCGsQU
California Governor Approves Home Buyer’s Tax Credit Bill
Starting May 1, California homebuyers can claim up to a $10,000 tax credit.
The legislation allocates $200 million to new buyer tax credits. Half will fund credits for buyers of new unoccupied homes. The other half funds credits for first-time buyers who buy resale homes.
California Association of Realtors President Steve Goddard said the tax credit “will incentivize first-time homebuyers to purchase homes that have been abandoned, foreclosed upon, and returned to the lender, or have been sitting on the market for extended periods of time.”
In both cases, buyers can waive whatever state taxes they owe – up to $3,333 – in each of the three years after buying. The program begins with escrows that close May 1 or after. Buyers who close escrow before then, and those who closed after a similar 2009 tax break ended last July, are ineligible.
Read more: http://www.sacbee.com/2010/03/26/2634445/schwarzenegger-signs-extended.html#ixzz0jbQCGsQU
Are you Eligible for the Home Buyer’s Tax Credit?
Source: Fixr
