“We have seen home buyer interest in FHA loans go from practically zero three years ago to upwards of 87% today,” said Christopher Gardner, founder and president of FHA Pros, LLC. “Despite this rapid rise in popularity, many buyers still do not fully understand the benefits of these loans, and we believe it’s time to change that.”

1. FHA loans are not only for lower-income borrowers. FHA loans are available to everyone. There is no maximum income restriction associated with FHA loans, but borrowers do need to substantiate income and assets by submitting proper documentation. This requirement ensures that borrowers are well-vetted and truly able to afford their future homes.

2. FHA loans are not only for first-time buyers. Many people believe FHA loans are available only to first-time home buyers, but this is not the case. Whether borrowers are making their first home purchase or their fifth, they can look to FHA loans as a home financing option.

3. FHA loans are not just small loans; in fact, loan amounts can be as high as almost $800,000. The government recently raised the maximum loan amount from its original cap of $362,790 to $793,750 as a way to help stabilize the housing market. The amount a buyer can borrow varies from county to county though. Later this summer, condo buyers interested in FHA loans can visit www.checkfhaapproval.com to instantly identify FHA-approved condo associations and review maximum loan amounts for a given location.

4. FHA loans are not affiliated with the section 8 housing program. While both programs are administered by the U.S. Department of Housing and Urban Development (HUD), FHA loans have nothing to do with low-income subsidized housing. FHA loans are simply mortgages insured by FHA. This insurance provided by the federal government allows lenders to lend more freely by assuring them that they will be repaid in the event of default. Most traditional lenders, including Wells Fargo & Co., JP Morgan Chase and Citigroup are able to provide FHA loans to their customers.

5. FHA loans are often more affordable than conventional loans. While FHA loans typically offer the same interest rates as other loans, borrowers benefit from a much lower down payment of as low as 3.5%.

6. FHA-approved condo developments are more desirable to buyers. With 87% of home buyers indicating that they plan to use FHA loans, condo associations that are not FHA approved are missing out on a significant pool of prospective buyers. Under rules in place since February 2010, an entire condominium development must now apply to HUD and be granted FHA approval before a buyer can purchase a unit in an association with an FHA loan or before an existing unit owner can refinance into an FHA loan.

Due to the general unwillingness of today’s lenders to extend credit with respect to conventional loans, many borrowers find that FHA is their best bet. Lenders don’t mind lending when the federal government (FHA) assures them of repayment.

Homeowners associations (HOAs) should note that although FHA-insured mortgages might be easier to obtain, they are not “risky” loans, due in large part to the strict “full documentation” requirements placed on borrowers. Individual buyers or sellers can initiate the approval process or current owners can encourage their HOA to apply.

7. FHA loans are assumable. In addition to lower down-payment and credit-qualifying requirements as compared to conventional loans, FHA loans are assumable. This means that when a seller with an FHA loan sells his or her property, the loan and its financing terms (interest rate) can be transferred to the new buyer. This unique feature will certainly make a property more valuable in times of rising interest rates.

Need more information, or want us to refer you to a top-notch local lender? Call The Jansen Team today at 402-330-5954.

If you would like information on how you can now purchase a home and take advantage of this once in a lifetime opportunity, please contact our team. We offer decades of experience and in-depth market knowledge. 
Our dedication will make your real estate experience smooth & stress-free one!

Here is the problem:  Most Real Estate agents cannot get your home onto the internet in a way that prospective buyers can find it.  Today, the competition on the internet is heavy and unless your agent is extremely web savvy and is investing significant money and resources into internet marketing, then the chances of finding your home on the internet are about the same as finding a needle in a haystack.  If your agent is just placing your home on their company web site then yes, your home will be on the internet, but nobody will find it.  

If you have an agent with internet systems similar to those employed by the Jansen Team then you can be assured that your home is getting extensive exposure on the internet and that it will be found by many prospective buyers. Your agent also must have web site content that is relative to your area and even more important, Real Estate in your area.  Web site visitors find most sites by entering search criteria into Google, Yahoo, etc. and there is a great deal of competition out there. Your agent must also place your home on Craigs List, You Tube and yes, even run ads on Facebook.  There is quite a learning curve to doing all of this, and we on the Jansen Team have embraced the latest technologies. The Jansen Team does all of this and even goes further by having leads routed to our cell phones where they are followed up on immediately.  If you think that selling a home without this kind of exposure is going to be easy in this market, then think again.  National home sale statistics tell the story.

If you are ready to sell, be it a residential home, condo, business, acreage or waterfront property, be assured that our team is prepared to market it effeciently and with today's top technology.

Many have asked us. is it a good time to sell my home?  Heck yes! Unless you are wanting to remain in your home for another 3-7 years.  Is it a good time to buy a home?  Heck yes!  Remember that we currently have historic low mortgage interest rates.  Higher mortgage interest rates in the future could negate any continued decreases in home values.  We may never see another buyers market with this good of conditions.  Every situation is different, but if you are considering selling a home in this area and buying a home in this area, you may want to take action while this opportunity continues.

Whether to buy or sell, a home, condo, land or commercial venture, our team stands ready to assist you with all of your real estate needs.

http://rismedia.com/2010-05-04/pending-home-sales-on-an-upswing/ 

http://realestate.msn.com/article.aspx?cp-documentid=23893063&GT1=35006

http://rismedia.com/2010-04-10/first-time-and-move-up-tax-credits-require-paper-trail-when-filing-taxes/

http://rismedia.com/2010-04-06/pending-home-sales-show-healthy-gain-hint-at-spring-surge/

Here are some suggestions:
1. Get to Know Your Market: Buyers can do that using Internet sites that permit you to see the homes currently on the market, and by finding a good real estate agent who is ready to expedite the shopping process. A capable agent can guide buyers through the home search process and save them a lot of time. New listings can be emailed to buyers as they are posted, and buyers should stay on top of the market on a daily basis, seeing what properties are coming onto the market and which ones have sold.

2. Line Up Your Financing:Talk to a reputable lender right away and go through the pre-approval process FIRST. Buyers need to know how much they can borrow. At today’s extremely low interest rates, that amount may be more than buyers imagined. Either way, the process will help buyers determine how much "spending power" they actually have.

3. Start Narrowing Your Search: With a large inventory of homes to choose from in this current market, buyers won’t have time to look at everything in their price range. By establishing specific criteria of the home they want, buyers can rule out homes that won’t fit their needs. Tell your real estate agent these  two criteria: Where do you want to live, and how much can you spend? When it comes to location, buyers should factor in their daily commute. Ideally, you can narrow you search to one or two communities quickly.

4.Separate Needs from Wants: Buyers can look at fewer homes if they can tell their agent what features the home they buy must have and what features would be nice but aren’t required. When it comes to must haves, start with the basics. How many bedrooms do you need? Will a two-car garage be sufficient, or do you need something larger? And don’t forget to consider the type of home. Are you interested only in a traditional two-story single-family detached dwelling, or would a ranch plan work just as well? 

5. Consider Condition: In today’s market, many of the best values are foreclosed homes that aren’t in perfect condition. Buyers should decide up front if they are willing to tackle a home that needs work, and if so, how much.Buyers often have a hard time articulating what they will accept when it comes to condition. Be upfront with your agent.

6. Keep Things in Perspective: As nice as it may be to get the tax credit, don’t let the desire to do so completely control your home search. Some buyers are quick to decide, and others aren’t. If you like to mull over important decisions, take the time you need. The tax credit is a fabulous incentive, but buying the wrong home can end up costing you a lot more.

7. Leave Time to Handle Standard Contingencies: The typical purchase contract may have several contingency clauses, for such things as a home inspection, obtaining financing and even the sale of the buyer’s current residence. Fortunately, standard contingencies in a contract won’t prevent it from qualifying for the tax credit. However, the more contingencies you have in a contract, the greater the risk that it won’t close.

8. Be Careful of Short Sales: If the home you want to buy is offered as a short sale, qualifying for the tax credit may become more difficult. Short sales require that purchase offers be approved by both the seller and the sellers’ lender, and lenders often are slow about responding. Waiting for lender approval could leave you without a binding contract on April 30.

Ready to start shopping or have a home to sell? Call The Jansen Team, we are always here to provide you with professional, friendly service!

 Your home not only needs to be priced correctly, but it also needs to show better than the competition!  The best priced, most attractive homes are the ones being sold.  Home staging is essential and the services of a professional home stagercan save you time on the market and put money in your pocket.  Also, making sure that your lawn and landscaping is in top condition can make a huge impact as well - this will be especially challenging due to the brutal winter conditions we wnr through. Most prospective buyers drive by first and that first impression from a drive by goes along ways towards the buyers wanting to look inside.  

 In this market, we council all of our home sellers carefully in regards to price, condition, staging and outside appearance.  The result is that the homes we represent sell for more money and in much less time than homes listed by any other area agents.  In this market this means more money in your pocket.

 Ready to sell? We offer a free, no-obligation market analysis. Give us a call, we'd love to chat about your real estate needs!

 “It’s the little things that tend to trip up people,” says Frank Lesh, former president of the American Society of Home Inspectors and owner of Home Sweet Home Inspection Co. in Chicago. “Some cracked caulk around the windows, or maybe a furnace filter that hasn’t been changed in awhile. It may not seem like much, but behind that caulk, water could get into your sheathing, causing mold and rot. Before you know it, you’re looking at a $5,000 repair that could have been prevented by a $4 tube of caulk and a half hour of your time.”

Maintenance affects property value

Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, overall property values are affected.

“If a house is in worn condition and shows a lack of preventative maintenance, the property could easily lose 10% of its appraised value,” says Mack Strickland, a professional appraiser and real estate agent in Chester, Va. “That could translate into a $15,000 or $20,000 adjustment.”

In addition, a house with chipped, fading paint, sagging gutters, and worn carpeting faces an uphill battle when it comes time to sell. Not only is it at a disadvantage in comparison with other similar homes that might be for sale in the neighborhood, but a shaggy appearance is bound to turn off prospective buyers and depress the selling price.

“It’s simple marketing principles,” says Strickland. “First impressions mean a lot to price support.”

Prolonging economic age

To a professional appraiser, diligent maintenance doesn’t translate into higher property valuations the way that improvements, upgrades, and appreciation all increase a home’s worth. But good maintenance does affect an appraiser’s estimate of a property’s economic age—the number of years that a house is expected to survive.

Economic age is a key factor in helping appraisers determine depreciation—the rate at which a house is losing value. A well-maintained house with a long, healthy economic age depreciates at a much slower rate than a poorly maintained house, helping to preserve value.

Estimating the value of maintenance

Although professional appraisers don’t assign a positive value to home maintenance, there are indications that maintenance is not just about preventing little problems from becoming larger. A study by researchers at the University of Connecticut and Syracuse University suggests that maintenance actually increases the value of a house by about 1% each year, meaning that getting off the couch and heading outside with a caulking gun is more than simply a chore—it actually makes money.

“It’s like going to the gym,” says Dr. John P. Harding, Professor of Finance & Real Estate at UConn’s School of Business and an author of the study. “You have to put in the effort to see the results. In that respect, people and houses are somewhat similar—the older (they are), the more work is needed.”

Harding notes that the 1% gain in valuation usually is offset by the ongoing cost of maintenance. “Simply put,” he says, “maintenance costs money, so it’s probably best to say that the net effect of regular maintenance is to slow the rate of depreciation.”

How much does maintenance cost?

How much money is required for annual maintenance varies. Some years, routine tasks, such as cleaning gutters and changing furnace filters, are all that’s needed, and your total expenditures may be a few hundred dollars. Other years may include major replacements, such as a new roof, at a cost of $10,000 or more.

Over time, annual maintenance costs average more than $3,300, according to data from the U.S. Census. Various lending institutions, such as Directors Credit Union and LendingTree.com, agree, placing maintenance costs at 1% to 3% of initial house price. That means owners of a $200,000 house should plan to budget $2,000 to $6,000 per year for ongoing upkeep and replacements.

Proactive maintenance strategies

Knowing these average costs can help homeowners be prepared, says Melanie McLane, a professional appraiser and real estate agent in Williamsport, Pa. “It’s called reserve for replacements,” says McLane. “Commercial real estate investors use it to make sure they have enough cash on hand for replacing systems and materials.”

McLane suggests a similar strategy for homeowners, setting aside a cash reserve that’s used strictly for home repair and maintenance. That way, routine upkeep is a snap and any significant replacements won’t blindside the family budget. McLane’s other strategies include:

Play offense, not defense. Proactive maintenance is key to preventing small problems from becoming big issues. Take the initiative with regular inspections. Create and faithfully follow a maintenance schedule. If you’re unsure of what needs to be done, a $200 to $300 visit from a professional inspector can be invaluable in pointing out quick fixes and potential problems.

Plan a room-per-year redo. “Pick a different room every year and go through it, fixing and improving as you go,” says McLane. “That helps keep maintenance fun and interesting.”

Keep track. “Having a notebook of all your maintenance and upgrades, along with receipts, is a powerful tool when it comes to sell your home,” advises McLane. “It gets rid of any doubts for the buyer, and it says you are a meticulous, caring homeowner.” A maintenance record also proves repairs and replacements for systems, such as wiring and plumbing, which might not be readily apparent.

John Riha has written six books on home improvement and hundreds of articles on home-related topics. He’s been a residential builder, the editorial director of the Black & Decker Home Improvement Library, and the executive editor of Better Homes and Gardens magazine. His standard 1968 suburban house has been an ongoing source of maintenance experience.

Source: HouseLogic/National Association Of Realtors

However, if you are looking for homes in Northwest Omaha with 3 bedrooms, 2 baths and at least a 1 car garage, on a budget of around $ 150,000, you will have many, many options. Should you see the possibly hundreds of homes that would match your wishes? Probably not. At this point, it is a wise idea to narrow your search further - by choosing your favorite areas or subdivisions, whether or not you'd like a fenced back yard, a whirlpool tub, updated appliances, etc. This will help define your needs and make your search a little less hectic.

Also, don't be afraid to fall in love with the right house! Sometimes you may see a property that fits all of your needs, has been maintained properly and is priced right. Don't ignore the gut feeling that you have found "the one". Ask your Realtor for advice and his or her opinion. They know the marketplace and correct pricing.

If you miss out on the "perfect house" due to multiple offers or simply not offering soon enough, don't be discouraged, you are becoming educated on how much house you can afford  and the market in general. When you see the home that is the right fit for you, don't hesitate - ask your Realtor to write the offer as soon as possible. Most likely if you love the home, so do many other buyers out there.

The number of homes you see before buying is going to vary with each individual. It's an exciting time- you're buying a house!! Enjoy the experience. We always tell our buyers that looking at homes is the easy part. If you are ready to make a move we would love to help - give us a call and let's get started!

Q:  I'm already a homeowner. If I buy another home after Nov. 6, 2009, to use as my principal residence, do I have to sell my home to qualify for the homebuyer tax credit?

A: No. If you meet all of the requirements for the credit, the law does not require you to sell or otherwise dispose of your current principal residence to qualify for a credit of up to $6,500 when you buy a  home to use as your principal residence. The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. (11/17/09)

This is a great opportunity for those homeowners that otherwise qualify for this credit but want to keep their current personal residence.

To get started on the right path to owning or selling a home (or both!), call The Jansen Team today! Or check out our video blog at www.GoJansenTeam.com.

Full List: America's Fastest-Recovering Cities

Though Omaha, Neb., seems second-rate to some, Warren Buffett may have been on to something when he chose it for the headquarters of his massive holding company, Berkshire Hathaway. According to our research, the city has hit upon a formula to weather the economic downturn better than any other in the country.

While no region has escaped the recession, in Omaha, three Texas metros, a handful of Northeastern manufacturing bases and select southern cities, diversified industry and relatively stable housing fundamentals have provided local residents with comparatively secure standards of living.

Omaha has had a healthy 1.3% gross metropolitan product (GMP) growth in the past year, and a low foreclosure rate (only one in every 3,246 housing units is in foreclosure), but it sails to the top spot on our list because of its unemployment rate: At 5%, the lowest of the metros we surveyed. Omaha's economy is less dependent on manufacturing than other Midwestern cities, and is boosted by a strong agriculture sector and growing biofuels industry. And while the city has a big stake in the financial industry--a factor that nearly spelled ruin for metros like New York--it doesn't specialize in the types of institutions that took big risks and chased exotic financial structures. Instead, it's home to roughly 30 insurance companies and regional banks like Mutual of Omaha.

Lone Star Luck
In No. 2 city San Antonio, home to four military bases, and Austin, our third-ranked city and the state seat of government, municipal jobs supplement Texas' robust energy sector. In Dallas (No. 6), it's a thriving tech industry that buffers it from energy highs and lows. Although Houston (No. 8) is invested mostly in oil, it has diversified its energy industry beyond oil rigs into refining and chemicals manufacturing.

Full List: America's Fastest-Recovering Cities

What's more, the state's housing prices never ascended to the unsustainable levels the rest of the country hit at the peak of the housing bubble. Thus, it didn't crash as hard. These factors have toughened the local economy against a recession that is inextricably tied to real estate.

"Texas didn't have as big of a boom," says James P. Gaines, research economist at the Real Estate Center at Texas A&M University. "So we're not having anywhere near the kind of bust."

Behind the Numbers
To form our list, we ranked the 100 largest Metropolitan Statistical Areas--geographic entities that the U.S. Office of Management and Budget defines and uses in collecting statistics--in five categories: unemployment rate, GMP (a measure of the size of a city's economy), foreclosures, home prices and sales rates.

We ranked September unemployment rates (the most recent available by metro) using data from the Bureau of Labor Statistics; the percentage of a metro's homes in foreclosure with September data provided by RealtyTrac; and the change in GMP between the first and second quarter of 2009 from the Brookings Institution's MetroMonitor. We also included the second-quarter 2009 year-over-year change in Freddie Mac's ( FRE - news - people ) Conventional Mortgage Home Price Index--a measure of housing price inflation--and the average days on the market for properties currently on sale (to measure sales rates), using data from Zillow.com. We then averaged the scores for each measure to arrive at an overall ranking.

While there is no foolproof method for resisting recession, a common thread in thriving cities is an economy fed by multiple industries. Former Northeastern industrial hubs like Pittsburgh, and Rochester, N.Y., while they may not seem the likeliest models of economic health, have been able to supplement industrial sector decline with a boost from public-sector jobs that have pumped up the economy even as the private sector declined. They land in the fourth and seventh spot on our list, respectively.

But Rolf Pendall, associate professor of city and regional planning at Cornell University, warns that for upstate New York, this promising news may be temporary.

"We've had government spending plugging the gap," he says. "But it's hard to say what's going to happen in the next two years if government spending has to get withdrawn a lot, as it might."

Pittsburgh's GMP grew .8% between the second quarter of 2008 and 2009, consistent with the .8% national average. Home prices there remained relatively stable while those in other cities plummeted because the area's prospects still seemed dim during the housing bubble and speculators looked elsewhere.

"These metros have been so troubled for so long," says Pendall, "that people didn't develop irrational exuberance about the prospects in their housing markets."

Cities where home prices that don't fluctuate wildly are particularly well-positioned to ride out this recession, because they were spared the domino effect of foreclosures, lost jobs and lost productivity. In San Antonio and Austin, quick sales rates (homes in these cities spend 54 and 73 days on the market respectively compared to a 100-day national median) and home prices that fall above the national average--Austin's median home price in September, for example, is a healthy $240,000, 7% higher than the average for the top 100 metros, according to data from Zillow.com--indicate that they escaped the perilous zeal for building, and lending, that swept the rest of the country between 2001 and 2007.

There's a lesson to be learned from these cities, some of which aren't economically thriving, but all of which are well-equipped to emerge from the recession in a similar position to where they started. Rather than chasing rising home prices or apparently plentiful jobs in one-industry towns, families looking for long-term economic stability should seek spots where industry is diverse and housing price shifts are benign.

Full List: America's Fastest-Recovering Cities 

http://www.forbes.com/2009/11/19/cities-recovery-unemployment-lifestyle-real-estate-top-ten.html

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Latest news:
Tax Credit Extension a Positive Step Toward Real Estate Recovery (Nov.5)
President's Podcast: Tax Credit Extended (Nov. 5) 

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 6, 2009 and April 30, 2010.
• Current home owners purchasing a home between November 6, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you or your client purchased a home between January 1, 2009 and the date the bill is signed by President Obama, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.

The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

1. The price of the home.
2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 6, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 5, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as 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.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit

For the first time, the legislation that was recently cleared makes move-up buyers as well as first-time buyers eligible for a credit. The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years. For homebuyers across the country, the expanded tax credit would allow more people to qualify for the credit. While two-thirds of American families own their own home, and most earn less than the income limits that have been established within the extension, more buyers may be eligible. Move-up buyers don't have to sell their current home to qualify for the new credit, but the money cannot be used to buy a vacation home. "It's only for a primary residence," said Regan Lachapelle, a spokeswoman for Sen. Harry Redi (D-Nev.), who helped engineer the deal. "In expanding the tax credit, we are helping first-time home buyers, as well as homeowners looking to move up to a new home, but we would exclude from the credit speculators who may have recently purchased a home intending to flip it for a fast profit," said Senator Max Baucus, Democrat of Montana and chairman of the Finance Committee.

The tax credit has fired-up the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2% higher than the 5.10 million-unit pace in September 2008. The legislation included provisions added to address complaints of fraud as well. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department's Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit

Read more: http://rismedia.com/2009-11-04/senate-clears-homebuyer-tax-credit-extension-may-pass-as-early-as-this-week

10 housing markets likely to rebound soon                                                                                                                                                          9-16-2009

Real estate forecasting service Local Market Monitor, which predicts housing market trends for investors and banks, forecasts that housing prices will decline an average of 5% through 2010. This prediction includes double-digit decreases in Phoenix, Miami, and Las Vegas.  But then the worst could be over, says CEO Ingo Winzer. As the recession eases, "We'll see good price increases in many markets," he reports.  In the following markets, home values are expected to remain level this year but increase in value next year:
 
    * Baton Rouge, La.
    * Buffalo-Niagara Falls, N.Y.
    * Dallas-Plano-Irving, Texas
    * Fort Worth-Arlington, Texas
    * Houston-Sugar Land-Baytown, Texas
    * Little Rock-North Little Rock-Conway, Ark.
    * Omaha-Council Bluffs, Neb.-Iowa
    * Pittsburgh, Pa.
    * San Antonio, Texas
    * Syracuse, N.Y.