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Articles tagged with: tax credit

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[26 Sep 2011 | No Comment | 2,124 views]
Sales up, prices down again in central Arkansas

It’s not exactly a trend yet, but the expanded August housing market report for central Arkansas shows that prices were up and sales were down for the second straight month.
Before getting into that, it’s important to point out that we’ve expanded the central Arkansas housing market reports we post monthly at First Arkansas News by adding a couple of counties — Jefferson and White.
Those two counties aren’t in the proper Little Rock-North Little Rock-Conway Metropolitan Statistical Area (MSA), but they are close enough to the region to be relevant to …

Business, News, Real Estate »

[17 Aug 2011 | One Comment | 2,889 views]
NWA Homes sales up in apples-to-apples comparison

For the first time in a couple of years, we can finally start getting an idea of the shape of the housing market.
Why? In April 2008, the federal government started offering tax credits for first-time home buyers. Those credits influenced homes sales through the first half of last year as they were substantial, indeed. By the time the tax credit program expired last year, first-time buyers were eligible for up to $8,000 in cash from the IRS while qualified repeat buyers could claim up to $6,500. In the last round …

Business, News, Real Estate »

[4 Jun 2011 | One Comment | 2,017 views]
Saline County home prices up for April, year

Contrary to expectations, home prices in Saline County were up in April and for the year compared to average sales prices in 2010 and 2009.
Why is that unusual? There were tax credits in place for qualifying home buyers in 2010 and 2009 — one might expect home prices from a time when the federal government wasn’t paying people to buy homes to be down when compared to times when buyers got cash when purchasing houses. That hasn’t happened in Saline County so far, where the average sales price of new …

News, Politics »

[6 Jul 2010 | 2 Comments | 1,854 views]
It’s official — home buyer tax credit extended to Sept. 30

A few days ago, First Arkansas News reported that Congress had passed a bill extending the closing deadline for the home buyer tax credit from June 30 to Sept. 30.
Shortly after that article was published, a commenter asked for further proof of the accuracy of the article. Another commenter asked if the legislation had been signed into law by President Barack Obama.
While the story was sourced very well, one question remained — would Obama sign the extension into law? He did that on July 2 and here’s a release from …

Commentary, Politics »

[30 Jun 2010 | 22 Comments | 5,987 views]
Home buyer tax credit extended by Congress

This just in — the tax credit for first-time and repeat home buyers has been extended by Congress, according to this Associated Press (AP) article.
The legislation will now go before President Barack Obama for approval. Assuming he signs the legislation and it becomes law, buyers sweating the June 30 deadline to close on homes and receive a credit can relax a bit — they will have an extra three months to finalize their purchases.
We’ve had one home buyer tax credit or another since 2008. The credit was modified and extended …

Features and such »

[27 Jun 2010 | 3 Comments | 2,243 views]
It’s oddly quiet when it comes to Rural Development

For the past couple of months, both mortgage bankers and Realtors throughout Arkansas – and the nation – have been waiting to hear news about more federal money heading for the United States Department of Agriculture’s Rural Development.
We’ve not heard a whole lot about that program from politicians in Washington lately and that’s odd.
The Rural Development program has been a boon to real estate sales in Arkansas. Simply put, people buying homes backed by that program have been able to secure now uncommon “zero down” mortgages.
Here in Arkansas, people purchasing …

Business, News, Real Estate »

[24 Jun 2010 | 3 Comments | 2,267 views]
Criminals con IRS through home buyer tax credit

It seems yet another group is out to defraud the IRS by improperly claiming first-time home buyer tax credits.
This time it’s people who can’t get sent to jail for tax fraud because, well, they’re already there. According to this CNN article, over 1,200 prison inmates – including 241 serving life sentences – received $9.1 million in tax credits reserved for first-time home buyers. Furthermore, over $28 million was improperly distributed in home buyer tax credits, according to a Treasury Department report released Wednesday.
For those not familiar with the first-time home …

Business, News, Real Estate »

[2 Jun 2010 | One Comment | 1,043 views]
Homes sales up 25 percent in April

Arkansas homes sales went up for the second month in a row, thanks to people rushing to beat the April 30 deadline for a first-time home buyer tax credit of up to $8,000 and a repeat buyer credit of up to $6,500.
The Arkansas Realtors Association’s latest housing market report shows that sales improved by 25 percent in April compared to the same month a year ago. Average sales prices went up only slightly and sales through April were up 11.7 percent compared to the first four months of 2009.
What will …