Chuck Barberini Real Estate

Home buyers hoping to take advantage of a lucrative federal tax credit would get three extra months to complete their purchases under a proposal introduced in the Senate on Thursday. Senate Majority Leader Harry M. Reid (D-Nev.) co-authored a proposal that would allow those eligible for the tax credit to close on a home by Sept. 30 to give lenders more time to process a crush of applications. Reid and his co-sponsors hope to attach the measure to a separate bill moving through the Senate that would extend a variety of tax breaks as well as emergency unemployment benefits. But even if senators succeed in attaching the tax-credit initiative, Democrats are still struggling to assemble the votes needed to pass the overall tax bill. To qualify for the tax credit -- $8,000 for some first-time buyers and $6,500 for certain current homeowners -- buyers must have signed a contract by April 30 and close on the their transactions by June 30. The National Association of Realtors said many h...

[1] RISMEDIA, June 7, 2010—Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator, rose 6.0% to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4% higher than April 2009 when it was 90.6. That follows gains of 7.1% in March and 8.3% in February.

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Martinez Realtor Chuck Barberini - Financial Reform Bill Senate Passes Financial Reform Bill The Senate on Thursday approved the most extensive overhaul of the banking system since the 1930s. The legislation must still be reconciled with the House bill passed in December. Measures in both bills that directly affect property transactions include: Limits on the ability of mortgage lenders to penalize borrowers who pay off loans early. Stated-income loans would be effectively eliminated. Lenders would be required to obtain proof from borrowers that they can pay for their mortgages. Buyers would be required to provide tax returns, payroll receipts, or bank documents. Lenders and brokers will be prohibited from pushing borrowers to accept loans with higher interest rates or with risky features. Source: The New York Times, Gregg Hittand Damian Paletta (05/20/2010)