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By Dennis Norman, on June 29th, 2010
Dennis Norman
UPDATE -July 2 – The President has signed the bill into law….It’s official, the deadline is September 30th to close..
UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will
Continue reading… House Passes Bill To Extend Closing Deadline For Home-Buyer Tax Credits
By Dennis Norman, on June 17th, 2010
Dennis Norman
UPDATE-July 1- GOOD NEWS! I Stand Corrected! Yesterday, before ending session, the Senate did PASS H.R. 5623 by Unanimous Consent…the bill now goes to the President for his signature and then will extend the closing date until September 30th…
UPDATE-June 30th-As the Willie Nelson song goes. “Turn out the
Continue reading… Senate Passes Key Amendment to Extend Closing Deadline for Homebuyer Tax Credit
By Dennis Norman, on June 15th, 2010
Dennis Norman
The deadline to purchase a home to qualify for the extended home-buyer tax credit was April 30th with a deadline of June 30, 2010 to close the sale. Since the deadline to purchase I have heard from many buyers with questions and concerns as they realize that, while they made the April
Continue reading… Closing Deadline For Homebuyer Tax Credits May Be Extended
By Dennis Norman, on May 3rd, 2010
61 Percent of Those Looking for or Considering Buying a Home Had No Plans to Use the Tax Credit
Dennis Norman
According to a survey from Better Homes and Gardens Real Estate, the majority of people looking for, or considering buying, a home had no plans to take advantage of the First-Time or Move-Up/Repeat Home Buyer
Continue reading… Home Prices and Interest Rates May Offset Loss of Tax Credits
By Dennis Norman, on January 15th, 2010
Dennis Norman
Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax season, along with instructions and guidelines for other documentation that must accompany your tax return.
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By Ted Gayer, on December 2nd, 2009
Ted Gayer, co-director of Economic Studies, Brookings Institute
According to this article, the Joint Committee on Taxation (JCT) has scored a Senate homebuyer tax credit at $16.7 billion. How does the JCT $16.7 billion cost estimate square with my previous back-of-the-envelope calculation of the cost of the tax credit of $73.9 billion?
For my calculation, I
Continue reading… More on the Homebuyer Tax Credit
By Dennis Norman, on December 1st, 2009
Dennis Norman
I have done several posts on the homebuyer tax credit and received and answered hundreds of questions about the tax credits on the various blogs I write for. There appears to be a lot of demand for the credits by homebuyers but also appears to be many questions. If you have questions about
Continue reading… Helpful homebuyer tax credit video from NAHB
By admin, on November 25th, 2009
First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify
WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.
The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying
Continue reading… New updated info from IRS on Homebuyer Tax Credit
By Dennis Norman, on November 23rd, 2009
Dennis Norman
National Association of REALTORS Report:
According to the latest report released today from the National Association of REALTORS(R), existing home sales in October jumped 10.1 percent to a seasonally adjusted-annual rate of 6.10 million units in October from a revised level of 5.54 million in September, and are 23.5 percent higher than the 4.94
Continue reading… Reports and headlines say home sales increased 10.1 percent in October, up 23.5 percent from a year ago; I say up 6.6 percent for the month and almost even with last year
By Ted Gayer, on November 11th, 2009
Publishers note: If you have been reading our blog for a while you are probably aware we have been supporters and advocates of the home-buyer tax credit as well as the extension and expansion of the credit, which happened last week. We realize however, there are people that do not support the credits for a
Continue reading… And now for the other side of the coin on the home-buyer tax credit
By Dennis Norman, on November 5th, 2009
Dennis Norman
UPDATE 11/06/09 5:14 p.m. – Thanks to Denis T who was commenting on this post, click here to go to the IRS site with information on the new tax credits.
UPDATE 11/06/09 1:00 p.m. – I just heard that a short while ago President Obama signed the bill into law. IT’S OFFICIAL! So if you are in
Continue reading… Home buyer tax credit extension update; House Passes Bill…On to President for approval
By Dennis Norman, on November 4th, 2009
Dennis Norman
UPDATE 11/05 2:00 pm – The House has passed the bill by a vote of 403 – 12 – It now goes to the President who is expected to sign today or tomorrow.
UPDATE 11/05, 12:35 pm- To read the section of H.R. 3548 that contains the details concerning the first-time home-buyer tax credit
Continue reading… Home buyer tax credit extension update; Senate Passes Bill
By Dennis Norman, on November 2nd, 2009
Dennis Norman
UPDATED: 6:15 pm Central Time-
The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to go back
Continue reading… Home buyer tax credit update-November 2, 2009
By Dennis Norman, on October 30th, 2009
Dennis Norman
In yesterday’s update I had some rather encouraging news about the possible extension of the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. The good news was that there is an agreement amongst the powers that be with regard to
Continue reading… Home buyer tax credit update-October 30, 2009
By Dennis Norman, on October 29th, 2009
Dennis Norman
I have been talking a lot lately about the first-time home buyer tax credit of $8,000 that has stimulated some home buying but is set to expire on November 30th. I have also shared the efforts by organizations such as the National Association of REALTORS, The Mortgage Bankers Associaiton, The National Association of
Continue reading… Home buyer tax credit update
By Dennis Norman, on October 26th, 2009
Dennis Norman
I think we all know by now how important the home-buyer tax credits have been for our industry, providing the only real increase in home sales that we have seen for some time. Unfortunately, the credits are set to expire November 30th.
Ron Phipps, First Vice President, National Association of REALTORS
Last week Ron Phipps,
Continue reading… NAR First VP Ron Phipps testifies before Congress to urge extension of home-buyer tax credits; warns of housing market freeze without credits
By Dennis Norman, on October 8th, 2009
Dennis Norman
By: Dennis Norman
The best available tool for sustaining the still-fragile housing market is the $8,000 homebuyer tax credit, (expires November 30) and it is essential that Congress extend the credit into 2010, the National Association of Realtors® testified at a hearing of the U.S. House Small Business Committee yesterday.
NAR Regional Vice President Joseph
Continue reading… Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery; HVCC a problem, Says NAR
By Dennis Norman, on October 7th, 2009
Dennis Norman
By: Dennis Norman
Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased.
The MBA
Continue reading… MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit
By Dennis Norman, on September 16th, 2009
Dennis Norman
By: Dennis Norman
The National Association of REALTORS®is calling upon its 1.2 million members to urge Congress to extend the home-buyer tax credit into next year.
According to NAR the $8,000 first-time home-buyer tax credit has brought 1.2 million new buyers into the market – 350,000 of whom would not have purchased a home without
Continue reading… REALTORS Urge Congress to Extend Homebuyer Tax Credits
By Dennis Norman, on July 21st, 2009
Dennis Norman
By: Dennis Norman
The National Association of REALTORS(R) is working hard to get the message out to consumers about home-buying opportunities in the current market.
One of the ways NAR is going this is by it’s “Real Estate Today” radio show which has been steadily increasing it’s local affiliates across the country and, just this
Continue reading… NAR working to get the word out on the first-time home buyer tax credit
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