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House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits

UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close..

UPDATE-July 1- GOOD NEWS!  I Stand Corrected!  Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing [...]

Senate Passes Key Amendment to Extend Closing Deadline for Homebuyer Tax Credit

UPDATE-July 1- GOOD NEWS!  I Stand Corrected!  Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th…

 

Dennis Norman

UPDATE-June 30th-As the Willie Nelson song goes. “Turn out the lights, the [...]

Closing Deadline For Homebuyer Tax Credits May Be Extended

Dennis Norman

The deadline to purchase a home to qualify for the extended home-buyer tax credit was April 30th with a deadline of June 30, 2010 to close the sale. Since the deadline to purchase I have heard from many buyers with questions and concerns as they realize that, while they made the April [...]

Home Prices and Interest Rates May Offset Loss of Tax Credits

61 Percent of Those Looking for or Considering Buying a Home Had No Plans to Use the Tax Credit

Dennis Norman

According to a survey from Better Homes and Gardens Real Estate, the majority of people looking for, or considering buying, a home had no plans to take advantage of the First-Time or [...]

Real Estate Investors: Video to help you use tax-credit to sell homes

Dennis Norman

In a challenging market like this, you have to pull out all the stops to sell your property; in addition you need to be aware of the tools and resources out there to help you do so.  One of the best resources currently available to sell homes is the newly extended and [...]

New updated info from IRS on Homebuyer Tax Credit

First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify

WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.

The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline [...]

Reports and headlines say home sales increased 10.1 percent in October, up 23.5 percent from a year ago; I say up 6.6 percent for the month and almost even with last year

Dennis Norman

National Association of REALTORS Report:

According to the latest report released today from the National Association of REALTORS(R), existing home sales in October jumped 10.1 percent to a seasonally adjusted-annual rate of 6.10 million units in October from a revised level of 5.54 million in September, and are 23.5 percent higher than [...]

And now for the other side of the coin on the home-buyer tax credit

Publishers note: If you have been reading our blog for a while you are probably aware we have been supporters and advocates of the home-buyer tax credit as well as the extension and expansion of the credit, which happened last week. We realize however, there are people that do not support the credits for a [...]

Home buyer tax credit extension update; House Passes Bill…On to President for approval

Dennis Norman

UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits.

UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law.  IT’S OFFICIAL!  So if you [...]

Home buyer tax credit extension update; Senate Passes Bill

Dennis Norman

UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow.

UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer [...]

Home buyer tax credit update-November 2, 2009

Dennis Norman

UPDATED: 6:15 pm Central Time-

The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to [...]

Home buyer tax credit update-October 30, 2009

Dennis Norman

In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. The good news was that there is an agreement amongst the powers that be with regard [...]

Home buyer tax credit update

Dennis Norman

I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association [...]

Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery; HVCC a problem, Says NAR

Dennis Norman

The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday.

NAR Regional Vice President Joseph [...]

MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit

Dennis Norman

Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased.

The MBA [...]

REALTORS Urge Congress to Extend Homebuyer Tax Credits

Dennis Norman

By: Dennis Norman

The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.

 

According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have [...]