Tax Credits May See Extension
The home buyer's tax credit has been wildly popular. It gave both first time and previous home buyers a sizable tax credit provided that they sign a purchase contract no later than the end of April and close no later than the end of June.
It was so successful, that pending home sales (contracts signed but not yet closed) rose 22.4% when compared to April 2009. However, with increased underwriting turn times, many people that met the requirement by signing a contract before the end of April will not be able to close in time. Under the current law, they would lose their tax credit.
Senator Harry Reid is offering an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that would extend the closing time from June 30th to September 30th. Note: If you did not sign a contract by April 30th then there is no extension for you. It is only for those that signed a contract in time but just can't close on time. It remains to be seen if his proposal will pass, I will keep you posted. This might be great news for some homebuyers in Boise, Eagle, Meridian, and other locals in Idaho's Treasure Valley!
Consumer Confidence Reaches a High Point
According to a newly released report by Reuters/University of Michigan, their Consumer Confidence index rose again to a reading of 75.5. This is the best reading this year and the best reading since January 2008.
It shows a picture that consumers are more confident in how they perceive their economic outlook. A higher consumer confidence number generally signifies that consumers are more willing to spend. This is important because consumer confidence is one of the largest factors in home demand.
I specialize in home loans for first time home buyers, move up buyers, second home purchases, and resort lending. The loan products available to my clients include FHA, IHFA, VA, Conforming Conventional, Jumbo and Super Jumbo Portfolio.
My primary markets are Ada County (Boise, Eagle, Meridian, Kuna, Star), Canyon County (Nampa, Caldwell, Middleton), and Valley County (Cascade, Donnelly. Tamarack, McCall).
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