| July shows home sales skyrocketing to a two year | | | | is a decrease from last year so there is a bright spot. |
| high. Could this be the beginning of the housing | | | | Company downsizing and layoffs is fueling the late |
| recovery? The $8000 Tax Credit has had a huge | | | | payments and defaults. The risks of default on home |
| impact on home sales. The National Association Of | | | | mortgages will stay on the front burner as long as |
| Realtors estimates that over two million new home | | | | unemployment and layoffs continue. As the economy |
| buyers will take advantage of the First Time Home | | | | continues to right itself and companies begin to hire |
| Buyers Tax Credit. Many of these first time buyers | | | | again, this will slow. |
| would not have decided to purchase this year but did | | | | The mortgage defaults and the recovery are both |
| not want to miss out on the $8000. The program ends | | | | broad based throughout the country. The Tax Credit |
| on December 1st. This means that you have to | | | | has added to the fact that housing affordability is at |
| actually close on your home by December 1st. To | | | | record highs. |
| close you must have a contract thirty to forty five | | | | This is a great time to be a home buyer. Housing |
| days out. There is still plenty of time to find a home, | | | | prices are affordable. Mortgage rates are at historic |
| negotiate the contract and close by December 1st. But | | | | lows. The government has an $8000 Tax Credit. |
| don't wait to long. Some believe that the government | | | | Some cities have stimulus money they are adding on |
| will extend the government program but at this time no | | | | to the $8000. In Fort Worth Texas the city is giving |
| one knows. | | | | $25,000 if you buy a foreclosure in certain zip codes. In |
| The NAR calculates that home sales rose 3.2 percent | | | | some of these areas the subdivision is less than five |
| in July 2009.This is the the highest rise since June of | | | | years old. It is a great area and a great opportunity to |
| 2007. A sign that the bottom has been hit and on the | | | | get into your dream home and have $32,000. This |
| upturn. Also a sign that the program or a similar | | | | money can be used to pay for your down payment. |
| program needs to be implemented or there may be a | | | | You could also put the $32,000 down on you loan and |
| sharp decline in home sale during the first quarter of | | | | have instant equity in your home. This is a great |
| 2010. | | | | opportunity that will not last forever. The time is right. |
| Some of the good news of increase home sales was | | | | There are homes to choose from. Mortgage rates are |
| the fact that mortgage defaults and late payments | | | | low. The government is giving incentives to spice up |
| continue to rise across the country. The FDIC states | | | | the deal. It is a situation that won't last forever. Don't |
| there insured banks bought back $1.9 billion in defaulted | | | | miss out... |
| mortgages during April, May and June of this year. This | | | | |