The current first time homebuyer tax credit is set to expire on December 1, 2009. However, House Speaker Nancy Pelosi says that the governement may extend it and expand it.
There is consideration that they may increase the tax credit from $8000 to $15,000 and possibly include all purchases or purchases involving new home construction!
This would be a huge benefit to the housing market as well as to the economy as a whole. The National Association of Realtors has asked Congress to extend the credit due the estimated 350,000 buyers who would not of bought homes without the credit. They also indicate that it brough 1.2 million new buyers into the market! Wow!!!!
At least, lawmakers are requesting a 6 month extension on the original first time tax buyer credit. Even if you are not a first time buyer, the tax credit may still benefit you. Please give us a call or email us and we will be happy to answer any further questions you might have!
The InSight Team is here to help you make choices you can live with today....and in the future.
Blessings
Michele "MAC" A. Cole
Business Development Rep
www.wantinsight.com
Showing posts with label new construction. Show all posts
Showing posts with label new construction. Show all posts
Monday, October 12, 2009
Wednesday, July 22, 2009
More Encouraging Signs
I’m seeing less stridently negative headlines these days; how about you? Not so much doom and gloom; a bit more moderate. That in itself is what I consider good news!
We’ve all made lifestyle adjustments -- cutting back or eliminating non-essential spending, hiding the credit cards and paying cash, maybe even refinanced a mortgage loan into a lower rate to save a few hundred dollars a month.
Within the past few days additional positive news has surfaced – though not screaming headlines; maybe “page 2” style.
Monday, July 20 saw a economic survey released which indicated an easing in the economy, but not an end to the recession. Sara Johnson, IHS Global Insight’s managing director of global macroeconomics, said “ the survey provides new evidence that the U.S. recession is abating, but few signs of an immediate recovery”. She assisted the National Association for Business Economics with the analyzation of the survey.
The recession, which started in December of 2007, is the deepest in 30+ years, and also is the longest since the Great Depression. Most economists are looking to the second half of 2009 for the return of economic growth, but a sluggish recovery is what is expected. Also, the survey indicated a wide disagreement about if the economy had bottomed out or not. 55% of those surveyed said the bottom has not been reached, while 45% replied that the worst was over.
Also on Monday, new construction starts for single family homes were up for the second straight month. The numbers were higher than expected according to economists.
National real estate brokerage ZipRealty released inventory data indicating our housing market is beginning to stabilize. They look at 28 markets across the country. The drop in MLS-listed homes was 2.1% from May through June 2009. And, they saw a slight increase in the median list price, June over May. Many of the hardest hit markets, such as California, have seen dramatic decreases of inventory; 14 straight months of sales growth! And equally hard hit Florida has seen 9 straight months of sales growth too. The word this summer appears to be “affordability”.
With the first time buyers tax credit, historic low interest rates, declining inventory of homes, and increased buyer activity, we should see sales prices and homes values increase as we go into autumn.
Let InSight Mortgage Group analyze your specific financial situation and offer solutions customized to your needs. Don’t sit on the fence any longer; the time is NOW to take action. Please give us a call,913-642-3334 or email us at michele@wantinsight.com or dickw@wantinsight.com. Blessings
We’ve all made lifestyle adjustments -- cutting back or eliminating non-essential spending, hiding the credit cards and paying cash, maybe even refinanced a mortgage loan into a lower rate to save a few hundred dollars a month.
Within the past few days additional positive news has surfaced – though not screaming headlines; maybe “page 2” style.
Monday, July 20 saw a economic survey released which indicated an easing in the economy, but not an end to the recession. Sara Johnson, IHS Global Insight’s managing director of global macroeconomics, said “ the survey provides new evidence that the U.S. recession is abating, but few signs of an immediate recovery”. She assisted the National Association for Business Economics with the analyzation of the survey.
The recession, which started in December of 2007, is the deepest in 30+ years, and also is the longest since the Great Depression. Most economists are looking to the second half of 2009 for the return of economic growth, but a sluggish recovery is what is expected. Also, the survey indicated a wide disagreement about if the economy had bottomed out or not. 55% of those surveyed said the bottom has not been reached, while 45% replied that the worst was over.
Also on Monday, new construction starts for single family homes were up for the second straight month. The numbers were higher than expected according to economists.
National real estate brokerage ZipRealty released inventory data indicating our housing market is beginning to stabilize. They look at 28 markets across the country. The drop in MLS-listed homes was 2.1% from May through June 2009. And, they saw a slight increase in the median list price, June over May. Many of the hardest hit markets, such as California, have seen dramatic decreases of inventory; 14 straight months of sales growth! And equally hard hit Florida has seen 9 straight months of sales growth too. The word this summer appears to be “affordability”.
With the first time buyers tax credit, historic low interest rates, declining inventory of homes, and increased buyer activity, we should see sales prices and homes values increase as we go into autumn.
Let InSight Mortgage Group analyze your specific financial situation and offer solutions customized to your needs. Don’t sit on the fence any longer; the time is NOW to take action. Please give us a call,913-642-3334 or email us at michele@wantinsight.com or dickw@wantinsight.com. Blessings
Thursday, April 9, 2009
A GLIMMER of SUNSHINE
Demand for purchase loans rose the first week in April even though interest rates rose slightly from record lows, even outreaching the demand for refinancing. This gives hope to the hard-hit housing market as Spring approaches, generally the high season for purchases.
The Mortgage Bankers Association and various lenders have reported an increase in applications these past few weeks. We,at InSight Mortgage Group, have been blessed with many new applications. Many economists believe that our economy will begin to emerge from its slump when the housing market stabilizes. And the growing demand of refi’s due to the low rates available, can provide some relief to burdened consumers by providing them with lower monthly payments.
A ray of hope is actually found in Calilfornia, the hardest hit state in the housing bust. The median single family home price recently was down 41% from a year earlier and new home construction starts had almost disappeared. But, is the worst now over? Inventory is shrinking, investors are coming back, and sales volume is increasing.
More than 600,000 homes were purchased in February this year. The numbers show that the majority of the sales were bank owned foreclosures. And some areas, according to the California Association of Realtors spokesperson, are seeing slight increases in price per square foot, which is a hopeful indicator. The market is seeing an increase of investor purchased properties too.
The best indicator of positive change is in the inventory supply. A year ago it was 15 months, now it’s at 6.5 months! Generally a six-seven month supply of homes is considered a “normal” market. Nationally, the market has an overall 9.7 month supply.
And, according to the NAHB (National Association of Home Builders), model homes are seeing a lot more foot traffic due to combination of the first-time homebuyer credit, low interest rates, and affordable prices. Joe Robson, NAHB chairman, reports "consumer interest is increasing”. He also reported that approximately 1.5 M visitors have logged on to their website to learn more about the $8,000 tax credit for first time homebuyers.
And for us, locally the numbers are good too. According to the National Association of Realtors home sales in the Midwest jumped 14.5%. We should have the local Kansas City regional numbers for March soon.
If the hardest hit area begins to show signs of slight improvement, what does that mean for the rest us?
Call us at InSight Mortgage Group, 913-642-3334, for the good news on purchase and refinance rates. Please email me at michele@wantinsight.com with your good news stories to share. Have a blessed day.
The Mortgage Bankers Association and various lenders have reported an increase in applications these past few weeks. We,at InSight Mortgage Group, have been blessed with many new applications. Many economists believe that our economy will begin to emerge from its slump when the housing market stabilizes. And the growing demand of refi’s due to the low rates available, can provide some relief to burdened consumers by providing them with lower monthly payments.
A ray of hope is actually found in Calilfornia, the hardest hit state in the housing bust. The median single family home price recently was down 41% from a year earlier and new home construction starts had almost disappeared. But, is the worst now over? Inventory is shrinking, investors are coming back, and sales volume is increasing.
More than 600,000 homes were purchased in February this year. The numbers show that the majority of the sales were bank owned foreclosures. And some areas, according to the California Association of Realtors spokesperson, are seeing slight increases in price per square foot, which is a hopeful indicator. The market is seeing an increase of investor purchased properties too.
The best indicator of positive change is in the inventory supply. A year ago it was 15 months, now it’s at 6.5 months! Generally a six-seven month supply of homes is considered a “normal” market. Nationally, the market has an overall 9.7 month supply.
And, according to the NAHB (National Association of Home Builders), model homes are seeing a lot more foot traffic due to combination of the first-time homebuyer credit, low interest rates, and affordable prices. Joe Robson, NAHB chairman, reports "consumer interest is increasing”. He also reported that approximately 1.5 M visitors have logged on to their website to learn more about the $8,000 tax credit for first time homebuyers.
And for us, locally the numbers are good too. According to the National Association of Realtors home sales in the Midwest jumped 14.5%. We should have the local Kansas City regional numbers for March soon.
If the hardest hit area begins to show signs of slight improvement, what does that mean for the rest us?
Call us at InSight Mortgage Group, 913-642-3334, for the good news on purchase and refinance rates. Please email me at michele@wantinsight.com with your good news stories to share. Have a blessed day.
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