First-Time Homebuyer Credit Expands.

Homebuyers who purchase in 2009 can get
a credit of up to $8,000 with no payback requirement.

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

Updated January 13, 2010

SEARCH ALL ROCKLAND CONDOS … ALL THE LISTINGS … ALL THE TIME

OR search by neighborhood. The Red Star * means there are no condo developments in these locations or neighborhoods.

ALL ROCKLAND CONDOS … ALL THE LISTINGS … ALL THE TIME

Search For Any Residential Property Listed with the MLS

W E L C O M E to “one click” browsing

Listed Below Are the Most Searches Areas from our Visitors in the Past

Location	Property Type
Blauvelt	Condos/Townhouses & Single Family Houses
Congers	Condos/Townhouses & Single Family Houses
Nanuet	Condos/Townhouses & Single Family Houses
New City	Condos/Townhouses & Single Family Houses
Orangeburg	Condos/Townhouses & Single Family Houses
Pearl River	Condos/Townhouses & Single Family Houses

Rockland County NY Market Update

Below is an except from a report recently generated by Lawrence Yun, chief economist for the National Association of Realtors.

Yun said the market is under performing and hurting the broader economy. “We’ve added 25 million people to our population over the past decade and housing affordability conditions are the best we’ve seen since 1973, but household formation is much lower than expected,” he said. “Consequently, there is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery.”

The national median existing-home price³ for all housing types was $175,400 in December, which is 15.3 percent below December 2007 when the median was $207,000. There remains a significant downward distortion in the current median from a large number of distress sales at discounted prices, currently 45 percent of transactions; the median is where half of the homes sold for more and half sold for less. For all of 2008, the median price was $198,600, down 9.3 percent from $219,000 in 2007.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s an excellent time for first-time home buyers with good jobs. “The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”

The next Pending Home Sales Index & Forecast from NAR is scheduled for release February 3; release times are 10 a.m. EST.  For more information, please view existing-home sales data on REALTOR.org.