More about Tax Credit fomebuyers

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You heard it right: the program that's paying first time homebuyers AND those who purchase their replacement home, is set to expire in less than 3 weeks. Here are some facts about it:

• Credit amount up to $8,000
• For any home purchase where a sales contract is signed by April 30, 2010 and closes by June 30, 2010
• Available on single-family detached homes, townhomes and condominiums
• The tax credit does not need to be repaid unless the home is sold within the first three years after purchase

This program will NOT be extended anymore so if you think of buying a home, you need to start acting now. Please contact us!

Short Sales made easier under HAFA program

On Monday, April 5th, Obama administration released new federal program meant to prevent more foreclosures in the U.S. Under HAFA (Home Affordable Foreclosure Alternatives), homeowners who are unable to retain their home, will get help with short sale process.

The program allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds and acceptable closing costs).It also requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed). HAFA also provides financial incentives: $3,000 for borrower relocation assistance; $1,500 for servicers to cover administrative and processing costs; and up to a $2,000 match for investors for allowing a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders.

courtesy: National Association of Realtors Government Affairs Division.

Good News about Jobs (Finally!)

U.S. economy added 162,000 non-farm payrolls in March 2010. That was most jobs added in the last 3 years. The total of jobs added includes 48,000 of temporary 2010 Census hiring. The unemployment rate stayed unchanged at 9.7%.

This graph shows the unemployment rate and the year over year change in employment vs. recessions (courtesy of calculatedriskblog.com). Click for large image.