Homebuyer Tax Credit as Added Benefits for Armed Services

14 11 2009

According to the National Association of Realtors@ (NAR), the recent homebuyer tax credit extension expands benefits for the U.S. military.

Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes – to May 1, 20ll.

Another benefit is a waiver on the time of occupancy. Most homebuyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business.

“NAR is the leading advocate for private property and homeownership issues, and firmly believes that those who are in service to their country should be full participants in the homebuyer tax credit law,” says NAR President Charles McMillan. “These men and women are often hindered by hardships from full participation in the American dream of homeownership because their duty disrupts them in the buying and selling of a home.” NAR was a main advocate for the homebuyer’s tax credit extension into 2010 and its expansion to include present homeowners.

Under the tax credit extension, eligible first-time homebuyers can get a tax credit up to $8,000. Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years.

Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

Source: Florida Realtors

Foreclosure Rates Down in Jacksonville Florida

14 11 2009

Foreclosures in Florida declined slightly in October, both from September and from last October, according to figures from RealtyTrac. It was the first year-over-year decrease in foreclosures in the state since July 2006.

The foreclosure rate was down in Duval County as well — down 31 percent from September and 16 percent from October 2008. Duval was 25th in the state with one foreclosure for every 232 households.

Despite the dip, Florida held onto its position as third in the nation in foreclosures, with one foreclosure for every 168 households. Nevada led the nation with one foreclosure for every 80 households, followed by California with one for every 156 households.

Nationally foreclosures were down 3 percent from September but up 19 percent from October 2008.

Jacksonville Condo Market Benefits from FHA Easing Underwriting Guidelines

14 11 2009

FHA announced it will temporarily relax its underwriting guidelines and will extend spot approval until February 2010 for condo projects that have not been approved for FHA lending. It will increase number of Jacksonville condos that can be financed with FHA loans, investor ownership in condo can go up to 50%, and reduce a presale requirement in new construction to 30% down from 70%.

Jacksonville 3Q Homes Sales Up 28%, Median Prices Down 17%

11 11 2009

Existing homes sales in the Jacksonville metro area rose 28 percent in the third quarter of 2009, while existing condominium sales rose 53 percent, according to the Florida Association of Realtors.

During the third quarter, 3,377 single family homes were sold in Northeast Florida along with 435 condos. The median price for single family sales dropped 17 percent to $150,600 and the median price for condos dropped 22 percent to $114,600. Neither the single family home or the condo information included data from the Amelia Island-Nassau County Association of Realtors.

All of Florida’s metropolitan statistical areas reported increased sales of existing homes in the third quarter compared with the same period last year.

Statewide existing home sales rose 33 percent during the third quarter to 44,345. It was the fifth consecutive quarter that Florida has seen higher existing year-over-year homes. Statewide existing condo sales rose 56 percent to 14,797. The median price for existing homes dropped 22 percent to $145,400 and the median price for existing condos dropped 34 percent to $106,100.

Source: Florida Association of Realtors

%d bloggers like this: