EXTENSION OF $8,000 FIRST TIME HOMEBUYERS TAX CREDIT

Recently, the government has voted to extend the

first time home buyer tax credit through April, 2010.  Keep in mind that any buyers out there should click on and reference this website link regarding the “qualifications” for the tax credit.  There are income limits as well as your marital status which affect how much money you will get.

So, the extended tax credit, low interest rates, affordability and the fact that FHA is the predominate loan for first time buyers makes this a good market for people who are just coming in or have been fence sitting.

In addition, the federal government is extending a tax credit for current homeowners — those who have lived in their residence for 5+ years — in order to get people who were thinking of selling into a “maybe I should” mode.  This, of course, will depend on whether or not the homeowner has equity and is able to sell in a market with lender owned properties and short sales as competition.

You can search for homes directly through my blog site or feel free to contact me to discuss how you can take advantage of this program.

PHOENIX DROPS IN FORECLOSURE REPORT

According to the “Business Journal”, Phoenix has now

officially dropped from the top 10 on the list.  Now at #12, Phoenix saw fewer foreclosures in the 3rd Quarter.  This is a positive sign for the valley, but I don’t think is indicative of a market improvement just yet.  I know I should be more upbeat about this news, but it’s still too early.  We have to have a few quarters of positive before we can consider this a recover or a move in the right direction.

California continues to suffer.  I’ve also noticed a lot more California cars driving around.  Could this be that they are jumping ship?