photo courtesy of Housing Watch

Interesting read….but as pointed out in the article, take it with a grain of salt.

Rules for IRS Credit

So you’ve lived in your home as your principal residence for the past 5 consecutive years during the previous 8 years…blah, blah, blah.  Now you intend to purchase another home as your principal residence and take advantage of the new $6,500 credit.

This article written by Kenneth Harney of the Washington Post provides the official IRS guidance you need to know.

As Marc Roth from Business Week reveals, what you pay in your interest rate the minute it starts to rise again may just be your, “Ah ha!” Moment.

As for being “stupid” if you don’t buy, well…….just remember I didn’t write the article.  So don’t shoot the messenger.

No doubt the loan process can seem daunting, but things just got a little easier with new rules requiring lenders to, “Spell it Out.”    And this article by Kathy Kristoff from the LA Times gives you the insight you need to be informed.

And if you really feel ambitious, the Department of Housing and Urban Development has published 52 pages of frequently asked questions on its website, trying to clarify the rules for brokers.

Will it help keep prices stable? Or will it add to the looming real estate slump?

Are you ready?

Home Sales are UP. Prices are Down.

You may have heard it from your friends, read it in the papers, or heard it on the news….existing homes sales are up! And just as recently as today by 10%.

Bloomberg.com has their say and it’s probably similar to all the tid-bits you’re getting.

Another blog that I have been following, the Calafia Beach Pundit, has a recent post that takes into appreciation the idea that it simply comes down to affordability.  I have long said that buyer’s today are looking for value, and once perceived, they jump.  So doesn’t it make sense that along with the tax credit extension, and the credit offered to the step-up crowd all help fuel sales?  Of course it does.  And with the volatility of the stock market still fueling a lack of confidence, we will most likely continue to see falling home prices well in to the first quarter next year which should help keep the sales up….and the inventory down.

Yourself, your appliances, your car, and your carpet all have life cycles right?  But how often do we think about the dwelling in which we live and how it too has a life cycle?

Well as you can imagine, this article from Lew Sichelman was rather amusing, yet very informative.  It made me think of my home a little differently.  But for you, it may make you think differently about how you buy next time.

Do you QUALIFY?

The tax credit for first-time home-buyers has been extended!  Click here for more details.

And a second credit benefits others: 1) Those looking to buy another home who have owned and lived in a home for at least five consecutive years of the last eight years and, 2) Those who sold a home and/or may have lost a home to foreclosure.  Click here for more details.

Yes, you too could qualify for a tax credit.

Today’s LA Times article in the Business section by Kathy Kristoff tells you what you need to know.  It’s worth reading over a cup of coffee, certainly if you are thinking about purchasing a home.

Interest Rates Falling!

Posted in the WSJ is an article indicating that traditional 30-year interest rates fell below 5% according to Freddie Mac.

This in conjunction with the extension of the first-time home buyer tax credit make it a very tempting time to buy.