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February 2009

Home Buyers $8,000 Tax Credit

Attorney Darren Welsh has an informative post on his legal blog regarding the first time home buyers credit of $8,000 which was modified as part of the recently passed legislation "American Recovery and Reinvestment Act of 2009". Las Vegas accountant, Diane Clough explains the tax credit... read more..... TGIF Legal Tip: First Time Buyer $8,000 Tax Credit In a nutshell: Changes the 2008 $7500, repayable credit to $8000 and no repayment (tax credit - “refundable”) Good for purchases of principal residence on or after January 1 to December 1, 2009 Only first-time home buyers are eligible (defined as anyone who... Read more →

Stimulus Plan; Recovery and Reinvestment Act - Resources for REALTORS

Here are some links to various resources concerning the Stimulus Plan, the American Recovery and Reinvestment Act of 2009, the Homeowner Affordability and Stability Plan. If you want to recommend any other useful resources to add to this post - just post your comment and link! NAR's resource page - Unlock America's Economy (Links to articles, NAR President's Podast series, and other good information to keep you informed and updated) Stay informed about how and where the money is being distributed from the recently passes American Recovery and Reinvestment Act. Visit the site for timelines, graphics, charts and updates... Read more →

NAR Discussion Housing Provisions of American Recovery and Reinvestment Act of 2009

In the February 17 video podcast, 2009 NAR President Charles McMillan, NAR's Chief Lobbyist Jerry Giovaniello and NAR's Chief Economist Lawrence Yun discuss the housing provisions in the new economic stimulus law and their impact on the housing market and the overall economy. Read more →

Las Vegas to Lead the Nation Out of Housing Crisis?

Kathryn Bovard wrote an excellent post yesterday on her Zen Real Estate blog, reporting on NAR's chief economist Dr. Lawrence Yun's prediction that Las Vegas would lead the country out of the housing crisis. Dr. Yun cited to key reasons... 1.The Las Vegas home prices are under market and 2. The Stimulus Plan Read Kathryn's full post for more.. Today Chief Economist Predicts Las Vegas Real Estate Market to Lead the Nation Out of Housing Crisis Read more →

Las Vegas, Nevada Real Estate & Foreclosure Report for January 2009

Nevada continues to have the highest number or foreclosure filings for all US states according to Realtytrac records and defines foreclosure filings as: ".... documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank)." "Nevada foreclosure activity in January decreased 4 percent from the previous month, but the state continued to register the nation’s No. 1 foreclosure rate, with one... Read more →

President Obama stays connected through blogs, websites and social media

I really love how President Obama continues to use social media outlets to stay connected to the people! The latest addition to the mix is where you can stay informed about how and where the money is being distributed from the recently passes American Recovery and Reinvestment Act. Visit the site for timelines, graphics, charts and updates The President has promised Accountability and Transparency... "This is your money. You have a right to know where it's going and how it's being spent. The American Recovery and Reinvestment Act will be carried out with full transparency and accountability -- and... Read more →

January 2009 Las Vegas Real Estate Fast Facts Courtesy of Larry Murphy, SALES: Existing home sales reached 2,737 - a 71.1% increase over last January. Unfortunately, that was an 11.7% decline from December's totals. New homes fared far worse. The average number of sales per subdivision totaled 0.81 - the lowest in this century. The total of 284 new home sales is a number not seen in decades in this market. It is a 66% decline from last January and a drop of 55.1% from December. There were only 10 closings in the vertical market (hi-rise/mid-rise). PRICES: While the... Read more →

Las Vegas Real Estate Market Report: 02/11/09

Las Vegas Real Estate Market Report: 02/11/09 This is the latest Las Vegas Real Estate Market Report from (National Association of Residential Real Estate Investment Advisors). For the week of February 11, 2009, data is obtained from the Greater Las Vegas Association of Realtors MLS. Single Family Residence (SFR) Available – 15,937 (-171 , Last Week 16,108) Under Contract – 5,976 (+365 , Last Week 5,611) Days of Supply – 80 (-6 , Last Week 86) Short Sales – 7,349 (+117 , Last Week 7,232) Condominiums and Town Homes (CONDO/TH) Available – 4,537 (+2 , Last Week 4,535) Under... Read more →

President Obama Unveils $75 Million Foreclosure Prevention Plan

President Obama unveiled his $75 Billion plan to stem the foreclosure crisis in the country. The "Homeowner Affordability and Stability" plan proposes to help between 7-9 million families restructure & refinance their mortgages to avoid foreclosure. Highlights of President Obama's plan to reduce mortgage foreclosures: Allow an estimated 4 million to 5 million currently ineligible homeowners who get their mortgages through Fannie Mae or Freddie Mac to refinance at lower rates. Create incentives for lenders to work with borrowers to modify the terms of subprime loans at risk of default and foreclosure. Take "major steps" to keep mortgage rates low... Read more →

A succesful eMarketing strategy must have: Compelling reason(s) for prospect to contact you over other agents Benefits for prospect Specific offers, reports Calls to action Lead capture ability Measuring & Tracking capability Steps for Internet & eMarketing Success 1. Create & Maintain a great “Destination” Website Customer-Centric not Agent-Centric - "Image style branding is out" People don’t want to be sold, they want to be helped and get information Internet = access, information, instant Offer what the consumer wants Easy & accessible Search for listings (IDX) Photos & virtual tours Reports, local market data Neighborhood, community, school information Foreclosure, short... Read more →

$15,000 Home Buyer Credit - Stimulus Bill Passes in Senate

A sampling of blogs today reporting on the Senate's passage of the revised Stimulus Bill with some commentary and conversation regarding the $15,000 Home Buyer Credit. Wall Street Journal Developments Blog FAQ: Senate Stimulus Bill’s Home Buyer Tax Credit The Senate bill modifies an existing $7,500 home buyer credit, repealing a provision that requires buyers to pay it back. Major differences include... The Senate version is nonrefundable, meaning you can only receive the credit if you owe federal income taxes. The existing credit is refundable, meaning you get a check from the government even if you don’t owe income tax.... Read more →