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Sunday, December 13, 2009
Homebuyer Tax Credit Extended and Expanded!
Homebuyer Tax Credit Extended and Expanded!
Last month, a new Homebuyers Tax Credit bill was signed into law. The bill extends the tax credit for first-time homebuyers (FTHBs), as well as opens it up to current homeowners who are looking to buy. And even if you aren't looking to purchase - pass on this article to anyone you think might be in the market to do so. This is information that might benefit them greatly, and I'll be happy to be of service to them.
Here is a brief overview of the Homebuyers Tax Credit - and its benefits - based on the new bill.
Tax Credit for First-Time Homebuyers
FTHBs (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
What are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.
What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.
Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!
Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
Remember, the new tax credit program includes a number of details and qualifications. Call or email today if you have questions or would like to see if you can benefit from the tax credit...and email this article along to anyone else you feel it might benefit as well!
Thursday, September 24, 2009
U.S. stock market frets over fragility of housing market
Looming expiration of tax credit for new home buyers another concern
By Kate Gibson, MarketWatch
The U.S. stock market's underlying worry about the state of the troubled housing industry took hold Thursday, with equities tumbling on an unexpected drop in the sale of existing homes last month.
The National Association of Realtors reported home resales fell 2.7% in August after four consecutive months of gains.
Investors had expected Thursday's report to illustrate the gradual improvement recently seen in residential real estate, looking for signs that the brighter picture was "not just driven by incentives given to first-time home buyers," said Art Hogan, chief market strategist at Jefferies & Co.
"We have to cross the bridge from an economy growing from government stimulus to an economy that is self-sustaining. If investors have one concern, that's it," Hogan said.
The $8,000 government subsidy for new home buyers expires Nov. 30.
The coming expiration of the tax credit was expected to bring some weakening in sales, as the incentive likely "pulled a portion of existing home sales forward into the summer months," Omar Sharif, an analyst at RBS Securities Inc., wrote in a research note.
"While we still hold to that idea, it is not clear if the August drop reflects that dynamic or simply a modest pullback following the largest percentage gain in resales since at least 1999," he added.
On Wall Street, energy shares led the losses as the major stock indexes erased early gains in the wake of the disappointing housing data.
The Dow Jones Industrial Average ($INDU) slipped 45.80 points, or 0.5%, to 9,702.75. The S&P 500 Index ($SPX) dropped 9.77 points, or 0.9%, to 1,051.1. The Nasdaq Composite (COMP) declined 26.27 points, or 1.2%, to 2,105.15.
On Friday, the economic data will include another report on housing, with new home sales expected to climb about 2% to a seasonally adjusted annual rate of 433,000 in August, which would mark the fifth straight increase and the highest level in a year.
Kate Gibson is a reporter for MarketWatch, based in New York.
Wednesday, September 23, 2009
Sick, Elderly Man Threatens Bank With Bomb for Money
An elderly man accused of robbing a San Diego bank, pleaded not guilty to felony charges saying he did it to acquire money to save his home.
Michael Casey Wilson, 69, was arrested after the Bank of America branch in North Park, Ca was robbed.
It is alleged that he handed the bank manager a four page note saying he had C-4 explosives in his briefcase and demanded that money be handed over to him.
According to authorities, he walked out of the bank with over $100,000 but was arrested around an hour and a half later a few blocks away on the porch of a house.
Wilson is said to be a man with severe medical problems including severe arthritis, sleep apnea, heart problems and emotional issues, and he was in need of $50,000 so he could keep himself and his 73-year-old wife in their home.
"I've never done a bad thing in my life," Wilson told a television reporter. "But you get desperate; I guess you throw all that ... out the window."
Wilson, at five feet, eight inches tall, walks with a cane and was using an oxygen tank when he appeared in court.
He pleaded not guilty to three counts of robbery and one count of falsely reporting a bomb in San Diego County Superior Court, and remains in jail in lieu of $50,000 bail.
Wilson said, "It was 50-50. Well, if I get caught, I get caught. I'm dying anyway, so what difference does it make."
Wilson has no prior criminal record according to prosecutors, but if convicted, Wilson could be sentenced to up to seven years and eight months in prison.
Sent via BlackBerry from T-Mobile
Michael Casey Wilson, 69, was arrested after the Bank of America branch in North Park, Ca was robbed.
It is alleged that he handed the bank manager a four page note saying he had C-4 explosives in his briefcase and demanded that money be handed over to him.
According to authorities, he walked out of the bank with over $100,000 but was arrested around an hour and a half later a few blocks away on the porch of a house.
Wilson is said to be a man with severe medical problems including severe arthritis, sleep apnea, heart problems and emotional issues, and he was in need of $50,000 so he could keep himself and his 73-year-old wife in their home.
"I've never done a bad thing in my life," Wilson told a television reporter. "But you get desperate; I guess you throw all that ... out the window."
Wilson, at five feet, eight inches tall, walks with a cane and was using an oxygen tank when he appeared in court.
He pleaded not guilty to three counts of robbery and one count of falsely reporting a bomb in San Diego County Superior Court, and remains in jail in lieu of $50,000 bail.
Wilson said, "It was 50-50. Well, if I get caught, I get caught. I'm dying anyway, so what difference does it make."
Wilson has no prior criminal record according to prosecutors, but if convicted, Wilson could be sentenced to up to seven years and eight months in prison.
Sent via BlackBerry from T-Mobile
Sunday, September 20, 2009
Rates Remain Low
"Interest rates for fixed-rate mortgages eased for the third consecutive week and remained at 3-month lows," said Frank Nothaft, Freddie Mac vice president and chief economist.
"Interest rates for 30-year fixed-rate mortgages have averaged just above 5 percent through mid-September, which is roughly a percentage point below last year's average and suggests that 2009 may reach a record annual low since the survey began in 1971."
"Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the National Association of Home Builder's Housing Market Index."
Sent via BlackBerry from T-Mobile
"Interest rates for 30-year fixed-rate mortgages have averaged just above 5 percent through mid-September, which is roughly a percentage point below last year's average and suggests that 2009 may reach a record annual low since the survey began in 1971."
"Low mortgage rates are aiding new home construction. Housing starts for single family homes have increased consecutively over the five past months ending in July, although starts eased slightly in August. Moreover, homebuilder confidence improved for the third straight month in September, with all four regions showing positive gains, according the National Association of Home Builder's Housing Market Index."
Sent via BlackBerry from T-Mobile
Saturday, September 12, 2009
You are Being Brainwashed
This may sound crazy to you, but allow me to suggest the possibility that you have been totally brainwashed and you have unknowingly become your own worst enemy.
In fact, this is exactly what is happening to millions of people. And most likely, you are one of them. What I am talking about is the SUBLIMINAL and SUBCONSCIOUS programming you are getting - programming that is imprinted on your subconscious without your knowledge. I am not saying there is an organized conspiracy to program your mind. Some of the people that are spreading these negative messages don't even know they are doing it!
The problem is as you are exposed to these mind viruses, you are likely to be infected. Just as exposure to raw sewage can cause you to be infected with germs, microbes and other nasty things, prolonged exposure to the media will infect your mind with many nasty viruses. Society spends billions of dollars to protect us from biological and computer viruses. Yet a mind virus can be the most dangerous of all.
One of the best things you can do to prevent mind viruses is stop following the news. Don't watch TV, don't read newspapers or magazines that have the news in them. Why? Because they all make their money by selling fear, lack, scarcity and limitation. Bad news is what sells. Open the average newspaper and you will see that 90% or more of what you read is negative news. The percentage is about the same for radio and TV.
Do you really believe it is important to find out how many houses burnt down, how many people were robbed or killed in your city, state or another country? Do you really need to be reminded of the economic situation every day?
Being exposed to all this negativity creates a negative view of the world and negative thought patterns in your mind. When I tell people to skip the news, they invariably ask, "How willI know if there is a major world tragedy or natural disaster heading my way or terrorists striking near me?" Trust me. You will know about all the big stuff you need to know. Let's face it,the vast majority of your friends and neighbors follow the news so they can do the watching and reading for you. You still won't be able to escape it completely because most restaurants and shops now have the TV news on all day long.
So if something major happens, you will know about it. I haven't watched the news for the past several years. I don't read the newspaper either because I don't want or need to know about all the bad stuff. My life is about creating good stuff.
Read blogs like this one. Find positive news and information to fill your head with. Just imagine if everyone did this, people would buy things they need and the economy could repair itself. People would be more peaceable with one another. Eliminate the news media from your life for the next 30 days and see what I mean.
Paul
In fact, this is exactly what is happening to millions of people. And most likely, you are one of them. What I am talking about is the SUBLIMINAL and SUBCONSCIOUS programming you are getting - programming that is imprinted on your subconscious without your knowledge. I am not saying there is an organized conspiracy to program your mind. Some of the people that are spreading these negative messages don't even know they are doing it!
The problem is as you are exposed to these mind viruses, you are likely to be infected. Just as exposure to raw sewage can cause you to be infected with germs, microbes and other nasty things, prolonged exposure to the media will infect your mind with many nasty viruses. Society spends billions of dollars to protect us from biological and computer viruses. Yet a mind virus can be the most dangerous of all.
One of the best things you can do to prevent mind viruses is stop following the news. Don't watch TV, don't read newspapers or magazines that have the news in them. Why? Because they all make their money by selling fear, lack, scarcity and limitation. Bad news is what sells. Open the average newspaper and you will see that 90% or more of what you read is negative news. The percentage is about the same for radio and TV.
Do you really believe it is important to find out how many houses burnt down, how many people were robbed or killed in your city, state or another country? Do you really need to be reminded of the economic situation every day?
Being exposed to all this negativity creates a negative view of the world and negative thought patterns in your mind. When I tell people to skip the news, they invariably ask, "How willI know if there is a major world tragedy or natural disaster heading my way or terrorists striking near me?" Trust me. You will know about all the big stuff you need to know. Let's face it,the vast majority of your friends and neighbors follow the news so they can do the watching and reading for you. You still won't be able to escape it completely because most restaurants and shops now have the TV news on all day long.
So if something major happens, you will know about it. I haven't watched the news for the past several years. I don't read the newspaper either because I don't want or need to know about all the bad stuff. My life is about creating good stuff.
Read blogs like this one. Find positive news and information to fill your head with. Just imagine if everyone did this, people would buy things they need and the economy could repair itself. People would be more peaceable with one another. Eliminate the news media from your life for the next 30 days and see what I mean.
Paul
5 Ways to Stay Positive in Today's Market
1. Avoid toxic people. Who are the toxic people? Toxic people can be well-meaning people, but when they talk to you, they are coming from a negative attitude about money, finances, and especially about the current economy.
2. Avoid toxic work places. What is a toxic work place? A toxic company or workplace is where you worry about getting paid, you are not empowered to do your best and you feel helpless.
3. Avoid the media. Why? Remember that the intention of the media is to sell newspapers and magazines. The more they can paint a negative and fearful picture, the more their sales go up. Why subject yourself to negative spins on the economy when you can find just as much information to point to the positive?
4. Successful people do well in any market. Knowing that fact, none of us can continue to use the excuse about the market being bad. In fact, we know many people right now who in the last six months have doubled and tripled their incomes.
5. Remember that your success depends on your environment. The people or the company you're with needs to be supportive.
Today is the day . Make the changes and put yourself in a positive, healthy, wealthy environment.
Paul
2. Avoid toxic work places. What is a toxic work place? A toxic company or workplace is where you worry about getting paid, you are not empowered to do your best and you feel helpless.
3. Avoid the media. Why? Remember that the intention of the media is to sell newspapers and magazines. The more they can paint a negative and fearful picture, the more their sales go up. Why subject yourself to negative spins on the economy when you can find just as much information to point to the positive?
4. Successful people do well in any market. Knowing that fact, none of us can continue to use the excuse about the market being bad. In fact, we know many people right now who in the last six months have doubled and tripled their incomes.
5. Remember that your success depends on your environment. The people or the company you're with needs to be supportive.
Today is the day . Make the changes and put yourself in a positive, healthy, wealthy environment.
Paul
Friday, September 11, 2009
Bank Take Over
Chicago's Corus Bank taken over by regulators; year's tally of bank failures now at 91.
Paul
Paul
Mortgage rates remained historically low
Mortgage rates remained historically low over the past two weeks, keeping housing very affordable, said Frank Nothaft, Freddie Mac vice president and chief economist.
As a result, mortgage applications leapt 17 percent over the week ending September 4, led by a 23 percent jump in refinancing demand, according the Mortgage Bankers Association. In fact, nearly three out of five applications were for refinancing current loans.
While the economy lost 216,000 jobs during August, it was the smallest monthly job loss since August 2008. This and the Federal Reserve's latest Beige Book suggest that the economy may be on the road to recovery. (I tend to believe we will have another crash before a true recovery.)
Based on information up through late August, most Federal Reserve Bank districts noted that their business contacts remained cautiously positive that economic activity was stabilizing in July and August. Two out of the 12 districts also indicated that local house prices were firming.
Paul
As a result, mortgage applications leapt 17 percent over the week ending September 4, led by a 23 percent jump in refinancing demand, according the Mortgage Bankers Association. In fact, nearly three out of five applications were for refinancing current loans.
While the economy lost 216,000 jobs during August, it was the smallest monthly job loss since August 2008. This and the Federal Reserve's latest Beige Book suggest that the economy may be on the road to recovery. (I tend to believe we will have another crash before a true recovery.)
Based on information up through late August, most Federal Reserve Bank districts noted that their business contacts remained cautiously positive that economic activity was stabilizing in July and August. Two out of the 12 districts also indicated that local house prices were firming.
Paul
Tuesday, September 8, 2009
Saturday, September 5, 2009
New Website & Blog
Welcome to my blog. Since I have redone my website, I am also redoing my blog.
Stay tuned for regular posting and updates.
Have a safe and fun weekend!
Stay tuned for regular posting and updates.
Have a safe and fun weekend!
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