Message from the NOCBOR PresidentMessage from the NOCBOR President
John Burt, GRI
I have heard alot of different things about the home buyers tax credit extension. I went to NAR’s web site and found this article to help with the confusion. It is being reproduced in its entirety. Please note that by time this is published, the extension may have passed.
Today, NAR expresses its thanks on behalf of
“As the leading advocate for homeownership and housing issues, NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the home buyer tax credit. Now we urge the Senate and the House to act quickly to pass this legislation and ease the minds and pocketbooks of these home buyers,” said NAR President Vicki Cox Golder The measure was offered as an amendment to H.R. 4213, a tax extension bill now in the Senate.
NAR estimates the number of home buyers who have qualified for the tax credit and met the contract deadline of April 30, but who would not be able to close their transaction by the June 30 deadline, could go as high as 180,000. REALTORS® have reported as many as one-third of qualified applicants have been notified by lenders that their mortgages will not close before June 30 due to the sheer volume of applications in the pipeline.
“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a work-flow jam with the lenders or other delays and might not be able to complete the purchase of their homes,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”
Golder said she also wanted to make this clear: “This amendment does not extend the deadline for home buyers to qualify for the tax credit; it extends the deadline for closing the transaction, from June 30 to September 30. Since these applications were already in the pipeline and figured into the program’s cost, the extension of the closing deadline should not incur any further government costs.”
NOCBOR is growing and now has approximately 2,350 Primary REALTOR® members. What that means for us, the members, is that by increasing our membership, we can keep our local dues the least expensive in the metropolitan
The MAR convention is September 30 – October 1 at the Soaring Eagle Hotel in
The market seems to be looking up. The latest report can be seen in full at www.realcomp.com, but the highlights are:
Highlight Synopsis of Sales (0510vs. 0509)
All Realcomp MLS total sales volume for May increased by 19.2% from May of last year, totaling $626,266,042.
May’s median sales prices for these areas increased as follows: ALL MLS increased by 52.0%; from $50,000 in 2009 to $76,000 in 2010, City of Detroit increased by 58.3%; from $6,000 in 2009 to $9,500 in 2010, Macomb County increased by 25.0%; from $64,000 in 2009 to $80,000 in 2010, Oakland County increased by 41.6%; from $85,000 in 2009 to $120,400 in 2010, and Wayne County increased by 129.4%; from $17,000 in 2009 to $39,000 in 2010
Analysis:
On-market inventories continue to decline in most areas (38,344 in May, 2010 compared to 50,181 in May 2009) Non-foreclosure sales outpaced foreclosure sales.
Keep up the good work and happy selling:)
Real Living
248-628-7700
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
