The Government Shutdown and How It Will Affect You
Everyone’s panicking about the government shutdown, which may happen this Friday at midnight, but what does it really mean for you and me? It isn’t as scary as it sounds — the government has shut down several times in the past. The most recent one occurred from Dec. 16, 1995 to Jan. 6, 1996, according to Reuters. The length of the shutdown (if it will happen) is still not clear, but it has historically ranged from a few days to months. Shutdowns happen when the government can’t come to an agreement about the budget when the federal funding is about to run out. What it basically means is that “nonessential” governmental services will temporarily be closed. Essential services like the military, police, fire department, and air...
Read MoreHome Buyer Tax Credit Repayment Begins for 2008 Buyers
Most home buyers who claimed the federal tax credit of up to $7,500 for buying their first home in 2008 are required to start repaying the credit in 15 annual installments, beginning with their 2010 tax returns. The credit—some form of which was offered for qualified home purchases in 2008, 2009 and 2010—has different repayment rules depending on when and under what circumstances the home was purchased. As tax season approaches, this may cause confusion among home buyers who received the tax credit. “It is important that home buyers consult a qualified tax professional to make sure they are receiving all the tax benefits as well as fulfilling the obligations of their home purchase,” said Bob Nielsen, chairman of the National Association of Home...
Read MorePending Home Sales At The Highest Levels Since April 2010
Another day, another strong report for housing. The Pending Home Sales Index climbed 2 percent in December, according to the National Association of REALTORS®. A “pending home sale” is an existing home under contract to sell, but not yet closed. Pending Home Sales are up for the fifth time in 6 months. The December reading is now its highest since the federal home buyer tax credit’s April 2010 contract deadline, and the figure is well north of the Pending Home Sales Index 3-year average. Coupling this data with December’s strong Existing Homes Sales report (+12%) and its strong New Home Sales report (+17%), it’s clear that the housing market has past its trough and is in Recovery Mode. Even consumer confidence is at an 8-month...
Read MoreNew Home Sales Reach 8-Month High
Sales of new homes rose sharply in December, posting a 17.5 percent gain from the month prior. According to the Department of Housing and Urban Development, New Home Sales climbed to 329,000 in December, besting November by close to 50,000 units on a seasonally-adjusted annual basis. Last month’s reading is an 8-month high for New Home Sales, and the latest in a series of signals that housing is improving in Kokomo and around the country. Note that December’s Existing Homes Sales and Building Permits reports also showed marked gains last month, climbing 12 percent and 6 percent, respectively. Furthermore, an interesting pattern is emerging in the price points of home sales. The highest levels of relative growth are occurring within the “move-up...
Read MoreHouse unanimously passes H.R. 5017 to save USDA financing!
PRESS RELEASE – Washington, DC – Today, the House Financial Services Committee unanimously passed H.R. 5017, the Rural Housing Preservation and Stabilization Act of 2010, introduced by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. This action clears the bill for consideration by the U.S. House of Representatives, which is expected to take up the bill as early as next week. The bill ensures the continued access of rural homebuyers to affordable mortgages through the U.S. Department of Agriculture’s (USDA) loan guarantee program. The financial crisis has spiked consumer interest in the program, tripling the number of loans annually made...
Read MoreHouse to review USDA extension options
On Thursday, April 22, 2010 the House of Representatives’ Financial Services Committee will consider several housing-related bills, including H.R. 5017, a bill introduced on April 14 that would make additional funding available for the Section 502 guaranteed mortgage loan program in Fiscal Year 2010. The mark-up will be broadcast live online via the Committee’s website beginning at 10 a.m. Eastern time. H.R. 5017, named The Rural Housing Preservation and Stabilization Act of 2010, would authorize up to $30 billion for the Section 502 guarantee program this year. (It has no provisions on rental housing preservation and is not related to H.R. 2876, The Rural Housing Preservation Act of 2009, which has been subsumed into H.R. 4868.) The program is...
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