Additionally, if you are a first time home buyer or you have not owned a home in the last three years, you may qualify for up to $8,000 in tax credits! These tax credits are available for homes purchased until 12/31/09 and can even be taken off your 2008 income tax (see your tax professional for details on how to file extensions or amended returns).

To fulfill your American dream of being a homeowner, contact Julie at 214-686-0685.

North Texas home values are fairing far better than the vast majority of the rest of the country. Between December 2007 and December 2008, home values in North Texas dropped by only 4.3 percent. North Texas ranks 2nd best in the areas surveyed.

The exports coming from the Lone Star State, which include chemicals, electronics, oil and transportation equipment, totaled more than $192 billion which represents a 14% increase over 2007. The largest export recipients include Mexico, Canada, China, Holland and Brazil.

According to Texas Governor Rick Perry, there’s a reason for this success. “Maintaining our rank as the nation’s top exporting state is proof positive that Texas has sound policies in place to cushion it from the effects of an economic downturn,” he said.
To hear more about the great state of Texas visit www.texaplex.com

According to Business Week, in December there was an increase in sales of existing homes. The inventory of unsold existing homes has dropped indicating that existing home sales may be stabilizing. Although, inventory may increase when home owners realize there are buyers out there.

The new stimulus package is offering an $8,000 tax credit to first time home buyers including home buyers who have not owned a home in more than three years. This tax credit and the historically low interest rates should help to keep boosting sales.

Source: Businessweek.com

Homeowners who purchase homes between January 1, 2009 and December 1, 2009 will qualify as long as they haven’t owned a home in the last three years. Additionally, to keep out speculators, you will be required to live in your home, as your primary residence, for three years or the tax credit will have to be repaid.

Individuals who make less than $75,000 or couples making less than $150,000 will qualify for the full $8,000 tax credit amount. Those with higher incomes may still qualify for a partial credit.

Source: CNN.com

According to NAR President Charles McMillan, who is also a Dallas based broker, jobs and tax cuts are going “to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners.” Additionally, the final bill raises the tax credit to $8,000 for first time home buyers plus it no longer requires repayment as stipulated in earlier legislation. NAR estimates more than a quarter of a million additional home sales could be realized , helping to stabilize the value of existing homes.

Also included in the bill are monies slated for neighborhood stabilization efforts to help communities purchase foreclosed properties to be rehabilitated to keep home values up.

Source: msnbc.com

Larry Summers, director of the National Economic Council wrote to congressional leaders last month that “We will implement smart, aggressive policies to reduce the number of preventable foreclosures by helping to reduce mortgage payments for economically stressed but responsible homeowners, while also reforming our bankruptcy laws and strengthening existing housing initiatives” . Summers also said that banks that receive bailout funds will be required to implement foreclosure prevention programs.

Looking beyond the bailout, it is likely the stimulus package will include a large tax credit for those buying homes. Additionally, Congress is looking to revamp the Hope for Homeowners program, which was originally designed to refinance struggling borrowers into government-backed Federal Housing Administration loans. Very few borrowers are showing interest partly because of its high fees. The hope is to make it more attractive by easing the terms for homeowners and providing incentives for servicers to participate.

Source: CNNMoney.com