NAR Monthly Report
NAR reports that December saw a monthly decrease in sales, but prices and sales rose in 2009 compared to 2008. We had a surge in home sales and prices from September all the way through November, due to the tax stimulus ans seasonal sales.
Sales of existing homes, condos and co-ops fell 16.7% abut are above the 08 December numbers by 15%. Given that this is the first annual gain, by NARs numbers, its encouraging. NAR goes on to note that the extended tax credit and seasonal strength will no doubt see us through another increase and perhaps a positive year.
Expanded and Extended Tax Credit
Some Pointers
1. First Time Home buyers: A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after January 1, 2009 and on or before April 30, 2010.
2. Repeat Home buyers: A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010.
3. Income limits: for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
4. Home Price Limits Imposed: Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.
5. Family Relatives: Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit.
6. Married couples: are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home.
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