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August Existing Home Sales are Highest Since The Tax Credit Expired in 2010

Existing home sales for August increased 7.8% to 4.82 million homes. This is up from 4.47 million homes in July. This represents the most homes sold since the homebuyer tax credit expired in 2010.

Existing Home Sales is a measure of the selling rate of pre-owned single-family homes, collected by the National Association of Realtors from 650 realtor associations. The data is timely and is used in conjunction with the new home sales release from the Census Bureau. Sales of existing (or pre-owned) houses account for roughly 84% of all houses sold. Sales of new houses account for the other 16%. Simply, the volume of sales indicates housing demand.

Existing Home Sales April - Aug 2012

Existing Home Sales April – Aug 2012

Maryland Homestead Tax Credit Application Deadline Approaching

Attention Maryland homeowners, you will lose your Homestead Property Tax Credit if you don’t reapply and that could cost you big. Even if you have received the tax credit for years, a 2007 law requires all homeowners to submit a one time application to establish eligibility for the credit.  Your credit will expire if you don’t renew by years end.  Maryland SDAT reports more than 100,000 Maryland homeowners that still have not replied to notices and reminders.

The Homestead Tax Credit is not mean guaranteed savings for everyone but it does put a cap on the amount your property taxes can increase annually on owner occupied residential property.  Homeowners who do not apply by year’s end will lose eligibility for the credit and will be stuck with a full value tax bill for 2013 even if you reapply for the following year.

You can find out if you have already filed your application by looking up your property here: http://sdatcert3.resiusa.org/rp_rewrite/  Enter your county, click on the Street link then enter your street number and street name.  You do not need to enter street type (street, avenue, lane, etc).  Once you find your property, scroll to the bottom of the page to see the status of your Homestead Application.  If it says “approved” with a date you are good to go.

If you still need to file, you can request the state to email a Homestead application to you with an access number to file electronically by sending an email request to hcredit@dat.state.md.us.

More information from the Maryland State Department of Assessments & Taxation is available here: http://www.dat.state.md.us/sdatweb/homestead.html

Mortgage Market Guide – Labor Day Week

Mortgage Market Guide

This week’s Mortgage Market Guide has been posted and can be viewed here:

http://www.mmgweekly.com/w/index.html?SID=4cb811134b9d39fc3104bd06ce75abad

Fannie Mae Survey says Americans’ Expect Home Prices, Rents and Mortgage Rates to Rise

Americans’ Expectations Align to Encourage Home Buying

Respondents Expect Significant Rental Price Rise

WASHINGTON, DC – More consumers may be looking to purchase homes with a shift in several key housing market indicators, according to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey.  More Americans now expect both home rental and home purchase prices to increase over the next year.  Nearly half of consumers expect higher rental prices, the highest number recorded since monthly tracking began in June 2010.  Thirty-three percent expect home prices to increase, up 5 percentage points since last month, and the highest percentage recorded in over a year.  In addition, confidence in consumers’ views of their own finances is stabilizing—for three straight months—44 percent believe their personal finances will get better over the next year.  These trends may be providing Americans with an increased sense of urgency to buy a home as 73 percent of Americans now believe it is a good time to buy a home, up from seventy percent in February.

Read the release in its entirety here: http://www.fanniemae.com/portal/about-us/media/corporate-news/2012/5690.html

Emergency Homeowners Loan Program (ELHP) offers aid to struggling homeowners

EHLP spells HELP for nearly four million homeowners behind on their mortgage payments.  The billion dollar program offers loans of up to $50,000 that do not need to be repaid if applicants meet certain qualifications.

Application information is available from the NeighborWorks America website: http://ehlp.nw.org/

Read the SmartMoney.com story here: http://www.smartmoney.com/spend/real-estate/more-money-for-struggling-homeowners-1309312646029/

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