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Home Buyer Tax Credit 2009

IRS Loses $513M to Tax Credit Cheaters

by Tayeb Realty GroupApril 18, 2011 Foreclosures

An investigator with the Internal Revenue Service says the government likely paid $513 million in home buyer tax credits to people who did not qualify for it, according to a new report released today by the inspector general. About $326 million went to more than 47,000 taxpayers who did not really qualify as first-time home [...]

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Expert Proposes Rewarding Good Borrowers

by Tayeb Realty GroupSeptember 13, 2010 Foreclosures

At least one mortgage financing expert thinks that the government ought to consider rewarding people who are in financially sound shape and who want to continue to pay their underwater mortgages on time. Keith Gumbinger, a vice president at the HSH Associates mortgage-consulting firm, told Fortune magazine that he wants the federal government to issue [...]

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Recipients of First Tax Credit to Begin Payback

by John TayebSeptember 13, 2010 Foreclosures

Borrowers who took advantage of the original 2008 home buyer tax credit must begin paying the credit back this year. The Inspector General for Tax Administration (TIGTA) says 950,000 owe money. The required payments are amortized over 15 years – $500 per year. If the property is sold, the credit must be paid at closing. [...]

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Owner Financing Can Expedite Sales

by John TayebAugust 27, 2010 Foreclosures

Owner financing can help sell a property even in this challenging market. Banks generally are willing to accepts rent credit for an option to buy as an acceptable down payment, but both buyers and sellers must follow these guidelines for Fannie Mae and Freddie Mac to sanction the transaction. The rental amount must be determined [...]

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Pending Home Sales Ease After Tax Credit

by Tayeb Realty GroupAugust 4, 2010 Home Buyer Tax Credit 2009

Pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator, declined 2.6 percent to 75.7 based on contracts signed [...]

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House Approves Tax Credit Extension

by Tayeb Realty GroupJuly 1, 2010 Foreclosures

The U.S. House on Tuesday agreed to give home buyers until Sept. 30 to close on eligible properties and still qualify for the home buyer tax credits. The current deadline requires buyers to close by June 30 in order to qualify. The Senate must still approve the measure. Supporters there are planning to tack the [...]

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Inmates Get $9.1 Million in Home Buyer Credits

by Tayeb Realty GroupJune 24, 2010 commercial real estate

More than 1,200 prison inmates, including 241 serving life sentences, applied for and received first-time home buyer tax credits, according to a Treasury Department report released Wednesday. Treasury said many filed multiple claims, even some outside the alloted time persiod, and received help from paid preparers. Altogether they fraudulently received $9.1 million in tax credits [...]

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Housing Woes Threaten Economy

by Tayeb Realty GroupJune 24, 2010 commercial real estate

Economists said May’s decline in home sales may weaken an already tepid economic recovery. New-home sales tumbled 33 percent last month, the biggest drop on record, according to the U.S. Commerce Department. “If there is a sharp decline not only in housing sales but in housing prices, that could threaten a recovery,” says Susan Wachter, [...]

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Home Prices in California Jump in May

by John TayebJune 20, 2010 Foreclosures

Median home prices in California rose to $278,000 in May, up 20.9 percent from May 2009, according to MDA DataQuick, which tracks real estate data in the state. Low mortgage rates and the tax credits encouraged the sales of lower- and higher-priced homes, pushing up the median price, says DataQuick President John Walsh. Walsh cautioned [...]

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Mortgage Applications Rise

by John TayebJune 17, 2010 Home Buyer Tax Credit 2009

For the first time in more than a month, the number of mortgage applications to purchase homes rose last week. On an adjusted basis, the Mortgage Bankers Association purchase index increased 7.3 percent compared to the previous week. On an unadjusted basis it was up 17.4 percent. Compared to the same week last year, applications [...]

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