Based on the reports, there are also more multiple offers on new financial institution owned listings, short sales and averagely priced traditional sales. Part of the National Association of Realtors’ meeting last May was to advice Congress to extend the June 30 cut off to close escrow on contingent sales that pass for the homebuyers tax credit. what the realtors asked the congress is an extension of 120 days and the congressmen and senators are really considering on fulfilling the request. Presently, the realtors are awaiting the formal announcement of the extension.
Based on the statement of Robyn Yates of Windermere Real Estate, median home prices are back to where they were in 1998, and is now getting more investors. They’re buying different types of properties, which includes high rise condominiums that permit long-term condo renters. More than 40 percent of real estate sales over the past year are recorded to be cash purchases. It includes a 2.7-month supply of homes up in the market and closings down only slightly, Las Vegas is starting to see some upsurge in average sales price for single-family houses. The Government programs are now starting to gain popularity and creditors are slowly becoming more enthusiastic to deal with short sales as a replacement to home foreclosures.
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Glad to see the government in the US is trying to help home buyers, in the UK the government seems to be taking more of a hands of approach apart from some small initiatives to help first time buyers.
We are also glad that the US is doing their best to help those who cannot afford homes. Here a little west of you guys in California we actually have a special tax credit for our residence. Do other states have similar programs.
The US Presidemt Barack Obama recently extended the Home Buyer Tax Credit to help sell homes: In contrast, Forced health insurance costs will disqualify millions of middle class home buyers qualifying for mortgages. Home buyers that do not qualify for Gov. assistance to buy health insurance, will either have to offer lower prices for homes or Opt-Out buying health insurance to eliminate that debt, to qualify for mortgages. At stake, middle class home buyers support trillions in mortgages held by U.S. banks. Banks—already hold millions of defaulted mortgages. Disqualifying middle class home buyers may lower home selling prices erasing benefits of the First Time Home Buyer Tax Credit. Generally declining or stagnate home prices have caused job loss in construction and manufacturing. Current falling home prices continue to lower property taxes, forcing local governments to layoff workers and ask federal agencies for money; increasing federal deficits.
Yeah really I didn’t know this home buyers tax credit before the closure June 30 after I have read on some blogs. I really wish that there is some extension on this credit.
It is glad to hear that US Government is seeking ways to help people who cannot afford to buy or purchase the house.
I really think this is an excellent idea. The tax credit did more to encourage homebuying than anything else since the recession/housing crisis. Combined with the low mortgage rates we’ve been seeing the past couple of weeks, I think this could be exactly what we need to encourage people to buy property, especially cheap property like foreclosures, which absolutely must be bought up in LV if the market has a prayer of rebounding anytime soon.