GOOD NEWS ABOUT HOME SALES

Home sales for November 09 up way up from a year ago.

Single family entire MLS was up 17% in sales and 14% in average price
Condo sales for entire MLS were 57$ in sales and 1% in average price

Lucas County single family was up 21% in sales and 15% in average price
Condo sales were up 79% in sales but were -5% in average price.

Source: Toledo Board of Realtors

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CONGRESS HAS EXTENDED AND EXPANDED THE HOMEBUYER TAX CREDIT

Congress has extended and expanded the homebuyer tax credit. So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.  Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.  The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns. The income limits for both tax credits have been raised to $125,000 for single buyers and $225,000 for married couples.

Compare the differences between the current tax credit and extended and expanded version. (PDF: 30KB

Source:  toledo board of realtors ENEWS EXTRA

FROM:       Charles McMillan, NAR President

Jerry Giovaniello, NAR Senior Vice President Government Affairs

DATE:       29 October 2009

RE:           Tax Credit Extension and Expansion

Senate leaders of both parties and key Senate Finance Committee members and

staff, and tax credit sponsors Dodd-Lieberman-Isakson have agreed on extending

and expanding the housing tax credit.

However, there is no agreement on how to attach this tax credit to the

pending Unemployment Insurance bill, or whether to offer the tax credit

agreement on another bill, or whether to bring the agreement to the Senate

floor and vote upon it as a separate, stand alone bill.

After Senate action, the tax credit must go to the House of Representatives for action.

…

NAR and TBR will continue to update you as developments warrant.

source:  …Toledo Board of REALTORS, 2960 S. Republic Blvd., Toledo Ohio 43615

WASHINGTON – Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November.

Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.

Read the full story at link below:

http://www.msnbc.msn.com/id/33522046/ns/business-real_estate/

RISMEDIA, October 26, 2009—Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of Realtors®. Existing-home sales–including single-family, townhomes, condominiums and co-ops–jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2% higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

…

Midwest
Existing-home sales in the Midwest jumped 9.6% in September to a pace of 1.25 million and are 7.8% above a year ago. The median price in the Midwest was $147,600, which is 1.0% below September 2008.

Read more: http://rismedia.com/2009-10-25/big-rebound-in-existing-home-sales-shows-first-time-buyer-momentum/#ixzz0VKd6vVJc

To: All REALTORS®

From: Charles McMillan, 2009 NAR President

Re: Tax Credit Extension/Expansion Gains Momentum

Dear Fellow REALTOR®,

With Congress moving quickly on a number of key issues, I wanted share some important news that you won’t read in the newspapers.

In my latest podcast, I explain why momentum is building – both in Congress and the Administration – in support of extending and possibly expanding the $8,000 first-time homebuyer tax credit.

http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_credithealthreform_20091020

My podcast also provides updates on other important activities in Washington, D.C., this week:

• First, NAR’s federal political coordinators are in town to urge Congress to act now on the tax credit.  If you haven’t yet sent a letter to your Representatives and Senators, please go to the REALTOR® Action Center now and answer the call. We are so close – please keep pushing!

http://takeaction.realtoractioncenter.com/campaign/hbtc?qp_source=dotorg&LID=RONav0019

• Second, NAR First Vice President Ron Phipps also was on Capitol Hill to testify before the Senate Banking Committee on the need to extend the tax credit and to address several remaining challenges in the real estate market.  I urge you to read Ron’s testimony and stay engaged in these issues in the months ahead.

http://www.realtor.org/fedistrk.nsf/files/testim_sbhua_102009.pdf/$FILE/testim_sbhua_102009.pdf

• Third, NAR continues to actively engage in the debate over healthcare reform.  We are meeting with key lawmakers and urging them to make sure the needs of small business owners and employees are a priority.  When a final bill emerges, NAR will take a position and explain exactly how the provisions will impact you – our members.

http://www.Realtor.org/healthreform

On behalf of NAR, I thank you all for your participation in our ongoing advocacy efforts.  Thanks to you we are starting to see real progress in our markets and the economy.  I look forward to celebrating our success with all of you in San Diego, as we chart a new course, “United Toward Tomorrow.”
Sincerely,

Charles McMillan
CIPS, GRI
2009 NAR President

Lucas County Auditor Anita Lopez wants you to know:

You can now file an informal appeal of the valuation of your property over the phone.

#######

Dear Lucas County Property Owner,

By now you should have received your 2009 Triennial Update Notice of Value Change.  As you may be aware, the Auditor is responsible for determining and updating all property values for Lucas County, every three years.

The purpose of this letter is to clarify your role in the valuation process as well as any possible misconceptions that property owners may have regarding the process.

The value indicated on your 2009 notice is as of January 1, 2009.  If you feel that your value is TOO HIGH or TOO LOW, please call our office immediately so that we can work with you to determine the validity of your value.  The deadline to complete a property review is October 2, 2009. YOU DO NOT NEED TO WAIT FOR THE LUCAS COUNTY BOARD OF REVISION TO CHALLENGE YOUR VALUE.  Our office can make the necessary changes prior to the issuance of your next tax bill so that your tax bill is based on an accurate value.

Additionally, please review the data indicated on your 2009 notice.  If this data is incorrect, it WILL impact your value as well as your tax bill.  If errors are found, you may be entitled to a refund for overpayment in taxes, under Ohio Law (ORC Section 319.36) up to five years.

Please take a few minutes to review your property value and data and provide feedback to us at (419)213-4406 prior to the October 2, 2009 deadline.

Sincerely,

Anita Lopez