Economic Stimulus Regarding Real Estate - Passed through House

There has been much information about the Economic Stimulus Package and how it affects realestate. According to NAR, some key provisions as it relates to real estate are summarized below. The United States House of Representatives passed, on a vote of 244-188, HR 1, the American Recovery and Reinvestment Act of 2009.

• Restoration of the 2008 Loan Limits for FHA, Fannie Mae and Freddie Mac to 25% of median home price up to a limit of $729,750
• Elimination of the repayment provision of the $7,500 first time home buyer tax credit
• Expansion of tax-exempt housing bonds
• Increased funding for the Rural Housing Service program
• Additional funding for neighborhood stabilization activities under the Community Development Block Grant program
• Incentives to promote weatherization and energy efficiency
• Retrofitting federally assisted housing for energy efficiency

The House has also addressed a number of housing issues in legislation revamping the Trouble Asset Relief Program (TARP). Among the housing provision off interest in the TARP Reform and Accountability Act of 2009, HR 384 are:
• A mortgage buy-down program to reduce rates below current prevailing market rates
• Increased foreclosure prevention and mitigation efforts
• Ensuring liquidity in the residential and commercial mortgage markets
• Streamlining efforts to "unclog" the credit markets and increase the availability of credit to worthy customers.

This still has been signed off by Obama, but it is working through the system!

For all your Winter Park Real Estate needs, contact Winter Park Partners.

Tollfree 866-538-8666
www.winterparkpartners.com

Government Bail-out for Home Owners

Before you file your taxes this year, don't forget about the $7500 tax credit for first-time home buyers, which was enacted by the 2008 American Housing Rescue and Foreclosure Act. Designed to help stimulate interest in the housing market, this temporary provision provides a first-time home buyer (someone who hasn't owned a home in the last three years) a tax credit of up to $7500 for homes purchased between April 8, 2008 and July 1, 2009. Basically the tax credit, which must be repaid over 15 years, is an interest-free loan from the government to help you offset the costs of home ownership.

But here's the best part. The law allows qualified taxpayers to take the credit against either their 2008 or 2009 taxes. This means, if you qualify, you can buy a house this year before July 1st and receive the credit on the 2008 tax returns you're filling out right now. Imagine having an extra $7500 in cash to pay bills or credit cards or even pay for renovations on your new home. If you choose to utilize the credit on your 2009 returns, your tax professional can help you reduce income tax withholding up to the amount of the credit. This will help you to increase your take-home pay throughout the year to save money for a down payment for a qualified purchase before July 1st.

There are certain income restrictions and rules for repayment, but give us call today to learn more about this valuable government program for first-time home buyers.

(Info provided by Greg Palmer)

Now's the time for Winter Park!!!

The ski slopes at the Winter Park Ski Area are open and full of that great white stuff! There are rooms and condos available for rent at great prices!

Now's the time to come to the closest major resort to the Colorado Front Range, avoid driving in bumper to bumper traffic at the Eisenhower Tunnel and have a blast!

Winter Park real estate is some of the best priced resort real estate in the country and now's the time to be out there looking.

Loan rates are incredible and the inventory is plentiful. Many sellers are ready to wheel and deal on their condos, land and single family homes.

Call one of the Team Winter Park Partners and learn the ins and outs of a great real estate experience! 866-538-8666.

Happy Skiing and great real estate buys lie ahead!

Consumers Remain Confident in Housing

Despite troubles plaguing the housing market and the overall economy, there is some good news in NAR’s 2008 National Housing Pulse survey. As home prices continue to fall in some areas of the country the number of consumers who report having concerns about housing affordability fell to 39%, the lowest level in the past six years. That’s down from 48% last year and a high of 51 percent in 2005.

The survey also finds that a majority of Americans 85% believe buying a home is till a good financial decision, down two percentage points from last year. Two-thirds say now is a good time to buy a home, up nearly 12% from 2007.

In most markets there are some really great buys out there now, and the Winter Park / Fraser Valley has great pricing and good deals. We still remaining as one of the most affordable Ski Resort markets in Colorado.

Call team “Winter Park Partners” to get information and pricing in our area.

Statistic and information provided by CRS and NAR.