It seems like so long ago, but it was just a year ago that the financial markets were melting-down and our whole economy was seizing-up. People and institutions world-wide stopped everything to try to understand what was happening. Every one of our massive investment banks went bankrupt, were forcibly sold-off, or morphed into something completely different under the intense heat of the moment. Following September, 2008’s explosive news, October, November, and December, were dark months for everyone.
We have seen much recovery since then, and October 2009’s Market Action Report continues to document incremental improvements every month in the Portland metropolitan housing sector. More… »
Posted by Administrator at 4:51 pm on November 17th, 2009.
Categories: Market Action Reports. Tags: Market Action Reports, Portland Metro RMLS News, Yamhill County Real Estate News.
Scenario 1
I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. Since the new law has gone into effect, will I qualify for the new $6,500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (Friday, November 06, 2009 – when the bill was signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
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Posted by Administrator at 2:12 pm on November 17th, 2009.
Categories: Real Estate News.
Q. Can homebuyers claim the tax credit in advance of purchasing a property?
A. No. The IRS has recently begun prosecuting people who have claimed credits where a purchase had not taken place.
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Posted by Administrator at 2:08 pm on November 17th, 2009.
Categories: Real Estate News.
Updated November 16, 2009
Summary:
The Homebuyer Tax Credit, due to expire on November 30, has been extended and expanded in an effort to stimulate the housing sector. The new law, effective November 6, 2009, will continue to offer an $8,000 tax credit for first-time home-buyers, and now allows a $6,500 credit for many other home-sellers who purchase.
First-time homebuyers receive an $8,000 tax credit
Repeat homebuyers receive a $6,500 tax credit
The extended deadline requires a signed purchase agreement by April 30, 2010 and property closing by June 30, 2010
The income limit is $125,000 individual/$225,000 married
The purchase price limit is $800,000
This credit will need to be paid back if you sell this home in less than 3 years.
More… »
Posted by Administrator at 2:04 pm on November 17th, 2009.
Categories: Real Estate News.
Updated November 6, 2009
Congress and the President have approved and signed a measure to continue offering a tax credit to first-time homebuyers and will offer a new tax credit to many buyers who already own homes. First-time homebuyers have been receiving tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, this legislation extends the credits to June 2010.
More… »
Posted by Administrator at 3:32 pm on November 6th, 2009.
Categories: Real Estate News.
Attached is the current Market Action Report for the month of September, produced by the Regional Multiple Listing Service (RMLS). This is the best local hard data available on the Portland Metropolitan markets. I have also included an couple of attachments for our core area, Yamhill County. One document looks at the current contingent sales (must sell first) and pending sales (accepted offer) as of 10/17/09. The other looks at closed sales for the past 30 days as of 10/17/09. Both documents sort the data first solely by price, and then by city/price. This gives you a chance to see what price ranges and locations are active. I can also provide more information about your particular interests, or more details on any area in Oregon, just let me know what is helpful for you.
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Posted by Administrator at 12:41 pm on October 20th, 2009.
Categories: Market Action Reports.
I have attached the April Market Action Report from the Regional Multiple Listing Service (RMLS). The report supplies good news and supports our contention that the market has changed direction and is in recovery. This month, before we discuss the report, I want to pause and acknowledge with empathy the toll exacted on our clients and our industry thus far.
The Effects Of The Past Two Years On Our Clients…
In our area we have been in a difficult market now for almost two years. In July/August of 2007 when American Home Mortgage suddenly went bankrupt, it was if we all were awakened by the jolt of a powerful earthquake. What could take down a skyscraper lender so quickly?
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Posted by Administrator at 2:53 pm on May 25th, 2009.
Categories: Market Action Reports.
February’s report is more good news! But if one does not think about it critically, it might not appear to be so.
Comparing Data with 2008:
We all know that 2008 was a bad year, first for the housing market, and then for the overall economy. Buyers were difficult to find anywhere, inventory continued to climb to record numbers, more and more sellers moved from default to foreclosure because they could not sell, and by the 4th quarter the patient was completely comatose. The national economy entered a recession in early 2008. There was still significant fall-out from the sub-prime debacle, oil prices shot up dramatically and grounded most people and robbed others of their economic viability, and in mid-September, the financial sector crashed, credit froze, most of the national investment institutions failed in one way or another; many banks were seriously undercapitalized requiring dramatic intervention of the US Government. Wow!
More… »
Posted by Administrator at 10:56 am on March 23rd, 2009.
Categories: Market Action Reports.
