IRS Clarifies What’s Needed to Claim Tax Credit

Daily Real Estate News  | February 22, 2010

IRS Clarifies What’s Needed to Claim Tax Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.
Continue reading “IRS Clarifies What’s Needed to Claim Tax Credit”

Tax Credit Ignites Early Spring Selling Season

Daily Real Estate News  | January 21, 2010

Tax Credit Ignites Early Spring Selling Season
The homebuying season is starting early this year, thanks to the expanded first-time and move-up homebuyer tax credit.

Typically, the busiest time for home shopping starts in March and continues through May, but this year buyers who want to take advantage of the tax credits have to hold a signed contract by April 30 and close the deal by June 30. Continue reading “Tax Credit Ignites Early Spring Selling Season”

July pending home sales rise to 2-year high

By ALAN ZIBEL, The Associated Press

8:45 a.m. September 1, 2009

WASHINGTON — A gauge of future U.S. home sales rose more than expected in July to the highest level in over two years as first-time buyers rushed to take advantage of a tax credit that expires this fall.

The report showed the housing market is rebounding faster than expected from its historic bust. Low prices and the looming expiration on Nov. 30 of a first-time homebuyers’ tax credit of up to $8,000 have spurred sales. Prices in much of the country have begun to rise from the depths of the slump. Continue reading “July pending home sales rise to 2-year high”

Entry-level housing affordability reached 67 percent in Q2 09

Friday, August 14, 2009
Quick Facts:
· C.A.R. First-time Buyer Housing Affordability Index stood at 67 percent in the second quarter of 2009 compared with 49 percent (revised) in the second quarter of 2008
· The median price of an entry-level home in California was $224,180 in the second quarter of 2009
· The estimated monthly payment including taxes and insurance was $1,330 in the second quarter of 2009
· The minimum household income needed to purchase an entry-level home in California in the second quarter of 2009 was $39,930 Continue reading “Entry-level housing affordability reached 67 percent in Q2 09”