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.

OUR PICK OF THE WEEK:

$499,900 A DIAMOND IN THE ROUGH!

Almost 1 Acre . . . This home offers lots of potential with its over-sized rooms, additional detached 3-car garage with studio & rough plumbing, fantastic property, neighborhood & location!  Roof 2007; interior/exterior video-camera security system.

Hurry!

The data relating to real estate for sale on this web site comes in part from the REDX^SM Program of the Greater Hudson Valley Multiple Listing Service. Real estate listings held by brokerage firms other than Rockland County Real Estate are marked with the REDX^SM logo.

Copyright 2008 Greater Hudson Valley Multiple Listing Service. All Rights Reserved.

Existing-Home Sales Decline in Economic Uncertainty
(reprinted from my newsletter)Existing-home sales weakened against a backdrop of an eroding economy, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, expected a decline. “The quickly deteriorating conditions in the job market, stock market, and consumer confidence in October and November have knocked down home sales to another level. We hope the home sales impact from the stock market crash turns out to be short-lived, as was the case in 1987 and 2001,” he said.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.09 percent in November from 6.20 percent in October; the rate was 6.21 percent in November 2007. Last week, Freddie Mac reported the 30-year rate fell to 5.19 percent – the lowest on record since the series began in 1971.

Despite an overall softening in sales, there has been a solid trend of rising activity in California, Nevada, Arizona and Florida markets. “Sales are rising only in areas with large numbers of distressed properties as bargain hunters take advantage of discounted home prices,” Yun said.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said it’s crucial to enact sufficient housing stimulus to spark an economic recovery. “We need more than low interest rates to encourage enough buyers to enter the market and meaningfully draw down inventory, which would stabilize home prices – that, in turn, would help the economy to recover,” he said.

The national median existing-home price for all housing types was $181,300 in November, down 13.2 percent from November 2007 when the median was $208,800. There remains a significant downward distortion in the current price from a large number of distress sales at discounted prices; the median is where half of the homes sold for more and half sold for less.

Source: The National Association of Realtors®

OUR PICK OF THE WEEK:

PRIDE OF OWNERSHIP.   MINT CONDITION.

ABOUNDS IN THIS 3 BEDRM, 2BA SUNNY RANCH LOCATED OFF A DEAD END ST.  LARGE LIVING ROOM WITH FIREPLACE.  OVERSIZED EAT-IN KITCHEN WITH ABUNDANT CABINETRY.  DINING ROOM WITH DOOR LEADING TO DECK OVERLOOKING LEVEL FENCED IN PROPERTY.  CEDAR CLOSET, SKYLITE, RECESSED LIGHTING, ALL ANDERSEN WINDOWS.  CENTRAL AIR.  LARGE HEATED BASEMENT WAITING TO BE FINISHED.  PLENTY OF STORAGE.   HOME BUILT IN 1990 ON A 1961 FOUNDATION.

© 2008 Greater Hudson Valley Multiple Listing Service.  All rights reserved. The data relating to real estate for sale on this website comes in part from the REDX Program of the Greater Hudson Valley Multiple Listing Service. (MLS) Real Estate listings held by brokerage firms other than Rockland County Real Estate, LLC are marked with the REDX logo.

$529,900

Our Pick of the Week is this very pretty 4 bedroom 1.5 bath colonial with a “rocking chair porch” sitting pretty on an almost 1/2 acre cul-de-sac. This home features eat-in-kitchen w/new stainless steel appliances, counters & oversized window with views to a very private backyard. New carpeting, wood & parquet floors, french doors & antique wood beams are just some the things that make this truly a special home. Close to shopping & transportation. This is a great location! Clarkstown Schools.

Low Taxes at $8,641.00

© 2008 Greater Hudson Valley Multiple Listing Service. All rights reserved. The data relating to real estate for sale on this website comes in part from the REDX Program of the Greater Hudson Valley Multiple Listing Service. Real Estate listings held by brokerage firms other than Rockland County Real Estate, LLC are marked with the REDX logo.

NANUET NEW YORK RENTAL PROPERTY IN AMBER FIELDS : Coach Bus to NY City Steps From YOUR FRONT DOOR – 2BR.2.5 Baths – Fireplace – Granite Countertops. Hardwood Floors – Whirpool Bath – Immediate Occupancy. Click on Image For More.

$2295.00

Immed. occupancy.Terrific commute to NY City.Express Bus to NY City steps away from your front door. Mint Tri-level. Largest Center Unit. 9Ft Ceilings. Wood Flrs,W-W Carp,Updated Kitn (Appliances,Cabs,Granite Counter&Sink), Sep.Dining Area.W/Dyr & Wtr Cond Syst.Sliders 2 Deck/Paved Patio.Bright/Spacious Bedrms. Jacuzzi/Master bt.FR Down xcellent 4 Offc, Xtra BR,xercise area, or Home Theatre.Outstanding
Gas Fireplace withcustom wall units. Security
System. Storage Galore. 2 Zone Gase Heat
Tennis/Playground/Clubhouse.

FICO Scores vs. Credit Scores

fico scores vs credit scores

When you apply for a loan, the interest rate that the lender charges you on that loan is determined by something known as a fico score.

Per Suze Orman: Every single person alive (once they have a credit card or apply for any type of credit) has a credit report AND a FICO score. You should be aware that there are three credit reporting bureaus. They are:

1. EQUIFAX
2. EXPERIAN
3. TRANSUNIONEach one of these bueaus has a FICO score attached to it. Therefore you can have as many as 3 FICO scores.

EVERY MOVE YOU MAKE when you pay a creditor, gets reported to one of this bureaus. It’s up to the creditor which bureau they report to. Therefore, its possible that your credit card payment history would be on one bureau, your car loan on another and your mortgage on still another (or any combination of the above).

Remember: (excerpted from: myFico.com) Lenders use a number of facts to make credit decisions, including your FICO® score. Lenders look at information such as the amount of debt you can reasonably handle given your income, your employment history, and your credit history. Based on their perception of this information, as well as their specific underwriting policies, lenders may extend credit to you although your score is low, or decline your request for credit although your score is high.

Here’s what you need to know: Since rate follows risk, if your FICO score is high the interest rate charged on the loan is lower – if you FICO score is low the interest rate the lender charges you is higher. Read the rest of this entry »