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SPRING 2009
May Existing Home Sales on Existing Trend
Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the National Association of Realtors®. May's increase was the first back-to-back monthly gain since September 2005.
Read More - Realtor.org
(Barometer Shows Hint of Optimism in N.C. Construction Sector
A barometer of construction activity in North Carolina and South Carolina registered a slight increase in the fourth quarter of 2008, reflecting increased optimism about labor availability, falling construction costs and improvement in commercial credit availability. http://www.bizjournals.com/triad/stories/2009/05/04/daily6.html
North Carolina....More Tax Credits Available for First-Time Buyers
Most potential homebuyers know about the widely publicized $8,000 federal tax credit for first-home purchases in 2009. What many don't know is that they also might qualify for the NC Housing Finance Agency's Mortgage Credit Certificate program, which provides an annual tax credit for as long as they own the home. http://www.homes4nc.org/MCCFlyer.pdf
PREDATORY LENDING
If passed by Congress, the Mortgage Reform and Anti-Predatory Lending Act of 2009 would end bonuses for brokers who steer borrowers into higher-priced loans, and require brokers to confirm borrowers' income. Proponents say it's a simple goal: Make sure homeowners can actually afford their loans. http://www.floridarealtors.org/NewsAndEvents/n2-042309.cfm
SHORT-SALE FORGIVENESS
In the not-so-distant past, a short sale meant the lender forgave part of the home seller's debt, but the home seller - many times to his or her surprise - had to pay federal taxes on the forgiven amount because the IRS treated it like income. Under new tax rules, however, the lender sends a 1099-C, Cancellation of Debt, to the home seller in most cases. The forgiven debt does not have to be included in taxable income, and it gets reported instead on Form 982. To be eligible for debt cancellation, the mortgage must have been a primary one on a principal residence; the cancellation occurred between 2007 and 2012; and the mortgage's principal balance must be less than $2 million ($1 million if filing separately). As with any tax matter, home sellers should keep all paperwork to back up their claim in case it's questioned. It's also a good idea to consult a tax attorney on any tax issue. For more information, go to www.irs.gov. © 2009 FLORIDA ASSOCIATION OF REALTORS
Several N.C. Cities Named Among ‘Best Metros’ in Forbes Ranking
Despite gloomy headlines, there are still some cities that remain attractive to businesses and North Carolina appears to be the clear winner. Raleigh, Durham and Asheville were all named among the top 10 “Best Metros” in the country, followed by Wilmington, Winston-Salem and Charlotte to round out the top 20. To view the complete list, follow the link. http://www.forbes.com/lists/2009/1/bizplaces09_Best-Places-For-Business-And-Careers_Rank.html
Are Banks Making Short Sales a Long Process?
Short sales are making up a larger percentage of distressed home listings in several of the harder hit markets around the country. Local real estate agents say banks are continuing to drag their feet on approval.
http://rismedia.com/2009-05-10/are-banks-making-short-sales-a-long-process/
Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development recently said.
http://www.realtor.org/rmodaily.nsf/pages/News2009052207?OpenDocument
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