From the Desk of Bob Klorer
Financial markets as of now are relatively flat which is somewhat surprising based upon the unemployment rate exceeding 10% for the first time in over 25 years…
Stock market and bond markets are almost unchanged currently.
Thirty year fixed rates continue to trade in the 5.00 to 5.125% range fairly consistently as of right now and should for a period of time with the FED indicating no worries regarding any inflation in the near term!
Big news for the week, however is the extension of the Homebuyer Tax Credit…big win is for existing home buyers whom have owned there current home as a primary residence over the past 5 years…also, keep in mind that these home owners purchased prior to 2004 and for the most part bought prior to the rapid appreciation seen in home prices. These potential move-up buyers should be in a much better position to purchase than most due to not buying at the height of the Real Estate market.
Again, a quick re-cap of homebuyer tax credit changes effective December 1st thru contracts written April 30, 2010…
- $8000 first time buyer tax credit unchanged (again definition is not owning a principal residence 3 years prior to purchase)
- Income limits increased for single home buyers to $125,000 and married home buyers to $225,000
- $6500 credit for those who have owned principal residence for minimum of five years
If you should have any questions on any of the above, please feel free to contact me at anytime.
Have a great weekend!
