Market Update-Tax Credit details delivered

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!

Published in: on November 7, 2009 at 16:23  Leave a Comment  
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Market Update-Greater Cincinnati Market

New Listings 162  
Back on Market 26  
Price Increases 5  
Price Reductions 116  
Pendings 71  
Solds 75  
Expireds 54  
Inactives 38  

We had our fall rush, 80% of the week showing daily triple digit pendings. More recently we have been experiencing 71-96 daily pendings.

I anticipate as a result of the stimulus, we will see a steady stream of action throughout the winter months and what will be a very fast past spring.

Hot Spots today feature- Deerfield Township & West Chester ea with 3. The action was very spread out today.

Published in: on November 7, 2009 at 14:11  Leave a Comment  
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Market Update-Financials (Interest Rates)

Frome 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

Published in: on November 7, 2009 at 06:18  Leave a Comment  
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Market Update-Tax Credit

 

From the Desk of Bob Klorer-Foundation Mortgage.
 
House has passed the tax credit extension (from info last evening)…bill to be signed by President tomorrow.
 
Once I have final details will forward out to everyone, however first time buyers definitely have until April 30th to purchase new home and I will get more specifics about existing home buyers who have owned within the last 5 years!

 

Published in: on November 6, 2009 at 14:41  Leave a Comment  
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Market Update-Financials & Tax Credit

From the Desk of Bob Klorer-Foundation Mortgage

 

The FED kept rates unchanged which was expected…key points to take away from the meeting;
 
-  No real inflation concerns
-  Rates will continue to remain low for an extended period of time
 
This means mortgage rates will remain at record lows!
 
Senate voted late today unanimously to extend the current tax credit and House is expected to vote on bill by weeks end…key points;
 
-  $8000 credit will be extended to contracts signed on or before April 30th (allowing for a 60 day close)
-  Home buyers who have owned existing property for at least 5 years will be eligible for $6500 credit with new home purchase
-  Income limitations raised for individuals from $75,000 to $125,000 and family wage earners from $150,000 to $225,000
 
The above is consistent with what came out of committee and looks like will be the final bill which will be passed and signed.
 
Great news for everyone as many over the last week to two weeks have been waiting for extension and this will allow for a more prosperous home buying season during a typically slower period of time through the winter months!

Published in: on November 5, 2009 at 15:09  Leave a Comment  
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Market Update-Greater Cincinnati MLS

New Listings 142  
Back on Market 28  
Price Increases 4  
Price Reductions 104  
Pendings 87  
Solds 91  
Expireds 29  
Inactives 33  

Hot Spots today-Union Township(Clermont County) and West Chester with 5,  Hillsboro 4, and Bridgetown 3.

 

Published in: on November 4, 2009 at 17:22  Leave a Comment  
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Market Update-Greater Cincinnati MLS (Weekend Review)

New Listings 178  
Back on Market 45  
Price Increases 5  
Price Reductions 145  
Pendings 99  
Solds 185  
Expireds 111  
Inactives 55  

That is by far the largest Solds we have reviewed since HFN started blogging (185). We can tell now that limit in activity with only 99 pendings today, as compared to upwards of 150 following a weekend.

I do belive the tax credit will be extended, however not expanded as propose to the Primary House this past week. We will know soon. Tomorrow is election day, for many it is a day of refreshment. Everyone one of us makes a difference when all added up!

I will be in a seminar tomorrow and Weds from 930-330pm.

Hot Spots today- Colerain-5, West Chester 4 and Forest Park with 3

Published in: on November 3, 2009 at 15:52  Leave a Comment  
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Market Update- Financials (Interest Rates)

 

A very volatile trading week in the equity markets, however long term interest rates stayed relatively stable.
 
30 year fixed rates are still averaging 5.125% for the week!
 
Still no finalization of the tax credit extension, however at this point everyone predicts that it is a given something will pass to extend the credit beyond November 30th expiration.
 
Key components of the revisions which are still being negotiated;
 
-  Extending credit to April 30th, 2010 (to be under contract) must close within 60 days of that date.
-  Consumers who have owned a home for a minimum of 5 years could be eligible for a credit up to $6500.
-  Increasing income limits for individuals and families so more affluent buyers could also qualify.
 
When the final details are released, I will forward out as soon as possible.
 
Those still looking to close by November 30th, please have them call as we will work hard to close your clients by month end!
From the Desk of Bob Klorer

 

Published in: on November 1, 2009 at 08:12  Leave a Comment  
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