In addition to the above information……this just in.
If you or someone you know has been serving in the military or the government outside the USA for 90 days, starting December 31, 2008, and ending May 1, 2010, they will qualify for an extension of this tax credit for one year. This means they must be under contract by April 30, 2011 and close by June 30, 2011.
Go to irs.gov for more information.
Stop Double Taxation, Protect Your Home
Existing Home Sales Report
The number of existing home sales declined nationally in February despite gains in the Northeast and Midwest. Sales were down 0.6% for the month of February, according to the National Association of REALTORS (NAR). Although levels dropped this winter, existing homes sales are on pace to reach 5.02 million units in 2010, which is up 7% from the 4.69 million-unit pace from February 2009.
Weather definitely played a part in the slowdown, says NAR chief economist Lawrence Yun. “Some closings were simply postponed by winter storms, but buyers couldn’t get out to look at homes in some areas and that should negatively impact near-term contract activity,” he said. “The key test for a durable recovery comes in the next few months as the tax credit deadline approaches. “If we see a surge in home buying comparable to last fall in the months leading up to the original tax credit deadline, then enough inventory should be absorbed to ensure a broad home price stabilization.”
Many buyers are taking advantage of the low mortgage rates available from today’s banks. Freddie Mac reported in February that a 30-year, conventional fixed rate mortgage was hovering in the high-4 to low-5 percent range.