I get an automatic foreclosure list from HomeSteps.com, A Freddie Mac Unit, emailed to me weekly for my area. Lately I noticed the list has consistently had less homes on it. There were 11 listed on June, 10, 8 listed on June 17 and 8 listed today, compared to nearly double that earlier in the year. (Hindsight: Wish I would have tracked the number of homes that were listed on there from the beginning.)
I hope this decrease is an indicator that less people are losing their homes and/or more banks are working with their customers to keep their home!
Home prices and interest rates are still low. Locking into a low priced home with a fixed low interest rate is a good hedge against future inflation!!!
If you haven’t already heard, the feds are trying to generate home sales by offering tax credits to home buyers!
Currently, first time home buyers can get a Homebuyer Tax Credit of up to $7500 if the home buying their primary residence and they close between April 9, 2008 and July 1, 2009. Basically, this “credit” has to be paid back one payment a year, due at tax time. It’s like a 0% interest loan.
But wait!! A new tax credit has been proposal that would increase the credit to $15,000, remove the pay back feature on the credit and might extend it to all home buyers. It is still not clear if the buyer must be a first time home buyer.
There’s also talk of another provision to help all creditworthy homeowners refinance their mortgages at rates of 4.5 percent or lower.
And there’s talk of a proposed tax credit if you buy a new car. (Detroit’s gotta love that!)
Stay tuned for the final rendition of this bill.
Please consult a tax professional regarding all your tax matters.