Extended Home buyer stimulus

http://www.hud.gov/news/release.cfm?content=pr09-153.cfm&CFID=19692528&CFTOKEN=37556350
This is the Hud website for questions and answers.
The stimulus package extended: What does this mean for you?

House & Senate Approve Home Buyer Tax Credit Extension!
Yesterday afternoon, the House voted 403-12 in favor of extending the first-time homebuyer tax credit through April 30, 2010. Today’s vote was following Wednesday’s 98 to 0 approval of the bill in the Senate.

The bill is now en route to President Obama’s desk, where it may be signed as early as today (Friday). The Dodd-Lieberman-Isakson amendment included in this bill extends and expands the federal tax credit for first-time homebuyers. The amendment extends the tax credit through April 30, 2010, with an extension of 60 days available if a binding contract is in place prior to the deadline. The $8,000 credit will be extended to income limits from $75,000 for single filers and $150,000 for joint filers to $125,000 and $225,000. Also included in the amendment is a $6,500 tax credit for existing homeowners who have lived in their current residences for at least five years. The home’s purchase price must be below $800,000.

Taxpayers may claim the credit for purchases completed in 2010 on their 2009 income tax returns. Remaining in the bill is the provision that home buyers do not have to repay the credit provided as long as the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

New construction for single family up

Local homebuilding activity dipped in October with fewer planned housing units in the pipeline, but some pockets of the metro are showing signs of a strong rebound in single-family construction.

The Keystone Report, which tracks permit activity in the 13-county metro area, shows that Twin Cities municipalities issued 368 residential building permits for 445 housing units in October. October 2008 saw 267 permits for 711 housing units.

One of the bright spots was Shakopee, which led the metro area with 53 permits for 55 units. In October, Shakopee’s single-family construction activity was up fivefold compared with October 2008, when it produced 11 permits for 11 new housing units.

Shakopee’s year-to-date numbers through October — 263 permits for 280 housing units with a total value of $55.97 million — are roughly three times as much activity as last year (87 permits, 96 units, $5.6 million total value through October), according to the Keystone data.

“When you begin to see things improving, it is generally a few more places this month, a few more places next month,” said Elliot Eisenberg, senior economist for the National Association of Home Builders. “That is what we are seeing in the Twin Cities.”

Blaine (30 permits, 47 units), Woodbury (23 permits, 40 units), Maple Grove (26 permits, 26 units) and Lakeville (20 permits, 20 units) rounded out the top five. Year-to-date numbers are down sharply in Minneapolis, St. Paul, Edina, and Plymouth, among other cities, according to Keystone.

When new construction is up, historically we see an upswing in existing home prices. The last quater was good for the twin cities area, home prices rose 3.5%.

What does this mean for you? If you are a seller and are moving up in price, now is the time to get your existing home sold so that you can benefit from the % increases in value,in a more exspensive home. If you are a first time buyer, the time is now when there are so many good deals out there and programs in financing that can help you get the home you desire.

I am always available for consultations, call Madonna 651-270-2939