TAX CREDIT DEADLINE IS APPROACHING!

WHAT YOU NEED TO KNOW
As part of its plan to stimulate the U.S. housing market, Congress last fall approved the Extended Home Buyer Tax Credit. This extended the deadline for the First Time Home Buyer Tax Credit from November 30, 2009 to April 30, 2010 and expanded it to include repeat buyers.

WHAT'S THE DEADLINE?
To qualify, first time and repeat buyers must have a binding written contract by April 30 and close by July 1.

HOW MUCH MONEY IS AVAILABLE?
The maximum allowable credit for first time home buyers is $8,000. The maximum for repeat buyers, also referred to in the legislation as "long-time residents", is $6,500.

WHAT PROPERTIES ARE ELIGIBLE?
The Extended Home Buyer Tax Credit may be applied to primary residences, including single-family homes, condos, town homes, and co-ops.

HOW DO BUYERS GET THE BENEFIT?
Buyers can apply the credit to their 2009 tax return, filed on or before April 15, 2010, file an amended 2009 return or apply the credit on their 2010 return, filed on or before April 15, 2011.

WHO QUALIFIES?
To qualify as a first-time home buyer, the purchaser or his or her spouse may not have owned a residence during the three years prior to the purchase. To qualify as a repeat buyer, current home owners must have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

ARE THERE INCOME LIMITS?
The new law raises the income limits for people who purchase homes after Nov. 6, 2009. The full credit will be available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000 -- or $225,000 and $245,000 for joint filers -- are eligible for a reduced credit. Those with higher incomes do not qualify.

FREE WEBINAR
Sign up for a free webinar, "Distressed Sales and Home Buyer Tax Credit". It takes place March 25, 3p.m. Eastern. At REALTOR.org/realtormag, click Webinars.

Source Realtor Magazine, March 2010

THINGS ARE LOOKING BETTER!!

A better-than-expected report on pending home sales and strong results from home builder D. R. Horton (DHI) helped ease concerns about the housing market and lift stocks today.

The National Association of Realtors' index of pending home sales rose 1% in December after tumbling 16.4% in November. Pending sales reflect deals that have been signed but not completed. Sales were up 10.9% from the same month a year ago. The index has risen for nine out of the past 10 months as buyers work to take advantage of homebuyer tax credits extended by the government to prop up the market.

D.R. HORTON SWINGS TO PROFIT
D. R. Horton's shares were up $1.27, or 10.7%, to $13.18 after the nation's second biggest home builder posted its first quarterly profit in nearly three years. The Fort Worth company said it swung to a profit of $192 million, a huge improvement from the net loss of $62.6 million it posted in the same quarter a year ago.

"Market conditions in the home building industry are still challenging," D.R. Horton chairman Donald Horton said in a statement. "However, new home inventory remains low, interest rates are favorable and housing affordability is near record highs."

Source: MSN Money Market Dispatches 2/2/2010 (updated at 2:10 p.m. ET)

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