Last week, Senate Majority Leader Harry Reid, D-Nev., said he would support a measure to give additional time for first-time home buyers to close on their purchases and still receive a tax credit for up to $8,000. Repeat buyers were also eligible for a credit of up to $6,500.

Buyers had until April 30, 2010 to have a signed sales contract in hand and until June 30 to close the sale. Reid proposes to extend the closing deadline to September 30, 2010.

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According to the National Association of Realtors (NAR), homes sales for the month of April exceeded expectations, in part due to the home buyers tax credit offered by the Obama administration. The tax credit program for first-time and repeat home buyers expired April 30. Home sales rose 7.6 percent over the previous month.

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RealtyTrac, Inc., an online venue for foreclosure sales, reports that across the U.S. there were roughly 334,000 foreclosure filings for the month of April, 2010. Foreclosure filings consist of default notices, scheduled auctions and bank repossessions.

That number represents a 9 percent decrease from March, and a 2 percent decrease from April 2009.

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April 30 saw the end of the first-time home buyer and repeat home buyer tax credit sponsored by the federal government. Although it’s gone, its impact did not go unnoticed by brokers and real estate agents. Last year, Coldwell Banker Real Estate LLC conducted a survey of its agents to find that 34 percent of potential home buyers reported the tax credit was the primary reason they were looking to buy a house or condominium.

To keep that trend going, Coldwell Banker has initiated its Buyer Bonus Event.

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Many first-time home buyers who were under contract by April 30, 2010, will reap the benefit of the tax credit offered by the government. Extended last November, and broadened to include repeat home buyers,  this program has now expired.

That is, except for home buyers presently serving in the U.S. military and other government agencies.

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After a strong March showing and a surprise upward-revision for February, housing starts are, once again, trending better.

It’s yet another signal that the housing market nationwide is stabilized.

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The request for multi-generational housing is on the rise, according to Coldwell Banker Real Estate LLC. In an online survey conducted in January, CB brokers and agents reported a growing trend of home buyers and sellers seeking what used to be known as “mother-in-law quarters.” The results were gauged over the past 12 months.

Of the 2,360 Coldwell Banker agents surveyed, 37 percent noted increases in home buyers looking to purchase homes to house more than one generation of their family. An equally high percentage - 36.9 percent - of home buyers in Florida were seeking a multiple generation home.

Why all the interest?

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According to the National Association of Realtors®, “distressed homes” represented nearly two of every five home sold in January 2010. Clearly, real estate investors are taking advantage of good deals on cheap property.

This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home - just make sure you do your research first. There are plenty of ways for investors to get burned.

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“Like sand through the hourglass, so goes the days …” leading up to the expiration of the Federal government’s home buyer tax credit. Home purchasers must have a signed contract by April 30 and a closing date no later than June 30.

First-time home buyers can receive a tax credit of 10 percent of a home’s purchase price up to $8,000. Existing homeowners looking to downsize or upgrade, are eligible for a tax credit of up to $6,500.  Their existing home will have had to be their permanent residence for five consecutive years out of the past eight.

Other stipulations: Credit would be limited to individual buyers who earn less than $125,000 annually and married couples who have a combined yearly income of up to $225,000. The tax credit can only be used for homes purchased for $800,000 or less.

Spokesperson for the National Association of Realtors (NAR) Walt Molony attributes last year’s sale of 2 million existing homes to the first-time home buyer tax credit. NAR chief economist Lawrence Yun anticipates that the tax credit could add another 1.5 million sales to this year’s total.

The Internal Revenue Service (IRS) provides detailed information for both first-time and existing home buyers here.

Posted by Sharon Walker

Last week, government-run Fannie Mae (FM) announced it would pay for closing costs on purchases of foreclosed homes in its inventory by qualified buyers. That inventory amounts to nearly 50,000 properties.

With so many buyers taking advantage of tax credits, coupled with low mortgage interest rates, Fannie Mae is hoping to clear away some of that vast inventory and help home buyers in the process.

The largest U.S. mortgage finance company is offering as much as 3.5 percent in closing cost assistance or an equal amount on the purchase of new appliances. Properties have to be pre-qualified before an offer can take place. Fannie Mae’s inventory is listed on HomePath.com, a website created by the lender to sell its foreclosed homes. The offer is good through May 1, 2010.

Fannie Mae sold 89,691 foreclosed homes during the 3rd quarter of 2009. Terry Edwards, executive vice president of credit portfolio management for FM, said in a statement, “Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover.”

Posted by Sharon Walker