Real Estate Headlines

Existing home sales rebound to two-year high
NAR: Home sales jump to two year high; largest monthly increase in 26 years.

Potential extension of the Home Buyer Tax Credit
“Insider” speculation; the $8,000 Tax Credit will be extended, but phased out.

U.S. homebuyer tax credit fraud called “disturbing”
$8,000 Tax Credit fraud revealed…up to 90,000 undeserving recipients might cloud future funding.

Microsoft profit beats expectations
Microsoft says company has “passed the bottom of the economy”.

Real Estate Headlines

Index shows U.S. home prices increase from 1Q to 2Q, Seattle up
U.S. home prices post first quarterly increase in three years; Seattle prices up slightly.

Typical King County family can again afford median-priced house
This year, for the first time since 2004, the typical King County family again can afford the typical King County house.

The push to extend first-time buyer’s tax credit
Kenneth Harney looks at the prospects of extending beyond November of this year.

Real Estate Headlines

Data show housing market starting to recover
NAR reports sales of previously occupied homes rose for the third month in a row in June.

Home sales keep climbing
For the first time in five years, sales of previously occupied homes rose for the third consecutive month in June while foreclosure sales and the glut of homes on the market both declined.

FHFA Monthly House Price Index shows U.S. prices slowly increasing
The Pacific Region, which includes Washington and Oregon, shows a 2.7% increase.

Housing Starts Rise an Unexpected 3.6%
Construction was started on more new homes in June than in any month since November, a signal that the housing market was improving.

Report: U.S. house prices up 1.6% in May
A study of home prices showed they rose 1.6 percent in the United States in May.

Changing home prices in the Top 100 metros
Seattle shows a only 6.6 % loss since Peak!

Pending Home Sales Record Fourth Straight Monthly Gain
So I went back to old news from July 1st – still good news!

Real Estate Headlines

Mortgage rates fall for second week
Good news for consumers after several weeks of increases.

FHA and VA mortgages at highest market share since 1990
One overlooked aspect to these mortgages is full assumability. Think how valuable a mortgage at 4.75% might be in a 7.75% future market!

More Seattle neighborhoods considered affordable
A glass half empty or half full article…you decide.

Real Estate Headlines

Homes sales show signs of life in parts of Seattle
The Seattle real estate market is experiencing several pieces of great news, among them: Green Lake, Ballard and North Seattle.

Microsoft stock up 50% from the low!
The stock market continues it’s charge. With so many local homebuyers affected by MSFT, it’s a big positive to have their stock leading the tech rally.

$15k homebuyer tax credit on the way?
It looks like the $15k tax credit proposal is back on the table. This time there would be no income restrictions and it would be for ALL buyers!

Real Estate Headlines

Prices rise in King County!
No, this is not a typo! The median price edges slightly higher in the month of May.

Mortgage rates continue to rise
For a 2nd straight week, mortgage rates increase due to economic optimism…buyers and refinancers beware.

Moody’s Economy.com predicts Washington, Oregon will lead the nation out of recession
Northwest job growth predicted to resume toward the end of this year, not 2010.

Real Estate Headlines

Home prices drop, but pace of decline slows considerably
FHFA report shows that some areas of the country are even seeing price increases.

Existing homes sales rise 2.9% in April
In keeping with our local trend, nationwide sales of existing homes continue to rise.

Survey: Most economists see recession end in ‘09
More than 90 percent of economists predict the recession will end this year.

Will investors continue to buy our treasury bills?
Faced with a record supply, investors grapple with whether or not our government debt is still a “value” play. The answer to this quetion will dramatically impact mortgage rates in the next few years.

Real Estate Headlines

Rates on 30-year mortgages tie record low

Fixed mortgage rates continue to be extremely attractive for buyers and homeowners looking to refinance. Affordability reigns!http://www.seattlepi.com/business/1310ap_mortgage_rates.html

 However…buyers beware! Treasury rates rise to a 5 month high

That aforementioned ‘window’ of historically low rates that Buyers now enjoy could be closing. Despite government intervention, long-term treasury rates continue to march steadily higher. http://stockcharts.com/h-sc/ui?s=$TYX

Good News for First Time Homebuyers

Looking to buy your first home, condo or townhouse? Or, haven’t owned property in the past three years? Now you can benefit from the government’s new and improved $8,000 first-time homebuyer federal income tax credit, part of this year’s stimulus package.

 For more information, visit our Frequently Asked Questions page.

Feature	2009 First-Time Homebuyer Federal Income Tax Credit
Amount of Credit	The amount of the tax credit is the lesser of 10% of the cost of the home or $8,000.
Eligible Property	Any single-family home (including a condo or townhouse) may be an eligible property under the tax credit, provided it will be used as the homebuyer’s principal residence.
Refundable	The $8,000 tax credit is a clean refundable credit – unlike the one that was passed last summer, which required a repayment. If you qualify as a first-time buyer (i.e., haven’t been a homeowner in the past three years), then you can claim the $8,000 to reduce your tax burden. If the $8,000 is greater than the tax you owe, then you will get a refund check for the difference.
Income Limit	In order to be eligible for the full tax credit, the homebuyer must have an annual adjusted gross income of no more than $75,000 ($150,000 on a joint return). A homebuyer with an annual adjusted gross income above that level and up to $95,000 ($170,000 on a joint return) is eligible for a reduced tax credit.
First-Time Homebuyer Only	The tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse), must not have owned a principal residence in the three years prior to purchase of the eligible property.
Repayment	There is no repayment of the tax credit by the homebuyer.
Recapture	If the eligible property is resold within three years of purchase, the entire amount of the tax credit is recaptured on the sale.
Effective Date	The First-Time Homebuyer Federal Income Tax Credit is effective for purchases on or after January 1, 2009, and before December 1, 2009.
Source: National Association of Realtors®