Archive for July 2010
A real estate tax provision was included in the health care reform tax bill, but rumors are flying about what it involves and who will be affected. The tax is targeted at upper income taxpayers (who make more than $200,000 a year) who ALSO make a substantial profit on the the sale of their home (more than $500,000 profit).
For an easy to understand article on the provision, go to: http://www.washingtonpost.com/wp-dyn/content/article/2010/07/15/AR2010071506964.html
Under Contract Homes on the Rise
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes that went under contract increased more than 15% in June 2010 after dropping in May.
May’s decline came after a rush of homebuyers entered the market in April, attempting to beat the deadline for the Homebuyer Tax Credit. To qualify for the credit, buyers had to have a house under contract by April 30, and close by June 30.
The last minute rush overwhelmed many lenders, and more than 180,000 buyers nationwide were in danger of losing their credit. So, Congress just extended the closing deadline for those buyers to September 30, to give lenders time to process the sales.
In the Portland area, the Homebuyer Tax Credit pushed the number of homes under contract in April to the highest in two years.
Median Sales Price Edges Up, Homes Sell Faster
The average median price inched up 0.42% in June to $240,000.
And the homes sold faster, the average days on market was 76, down 9 days from a year ago when the average time it took to sell was nearly 3 months.
According to statistics from the Regional Multiple Listing Service (RMLS), the number of homes that went under contract increased more than 15% in June 2010 after dropping in May.
May’s decline came after a rush of homebuyers entered the market in April, attempting to beat the deadline for the Homebuyer Tax Credit. To qualify for the credit, buyers had to have a house under contract by April 30, and close by June 30.
The last minute rush overwhelmed many lenders, and more than 180,000 buyers nationwide were in danger of losing their credit. So, Congress just extended the closing deadline for those buyers to September 30, to give lenders time to process the sales.
In the Portland area, the Homebuyer Tax Credit pushed the number of homes under contract in April to the highest in two years.
Median Sales Price Edges Up, Homes Sell Faster
The average median price inched up 0.42% in June to $240,000.
And the homes sold faster, the average days on market was 76, down 9 days from a year ago when the average time it took to sell was nearly 3 months.
This report is developed monthly and is based on information from The Regional Multiple Listing Service (RMLS) for the period stated above. Residential properties only in RMLS areas 141-156.
