TORRANCE, Calif. – February 24, 2010 – The South Bay Association of REALTORS® expressed disappointment that the Senate Revenue and Taxation Committee failed to act today on a bill, SB x6 4 by Senator Roy Ashburn (R-Bakersfield) and Senator Ron Calderon (D-Montebello), that would have extended the homebuyer tax credit and would have expanded it to include the purchase of existing homes in addition to new residences. This important legislation could have potentially created new jobs and enabled more families to qualify for a home.
“This bill would have extended and expanded the $10,000 homebuyer tax credit at an important moment in our economy,” said Paul Clark, President of the South Bay Association of REALTORS®. “We encourage the legislature to continue addressing the need for housing and accessible housing finance solutions such as this tax credit.”
This state tax credit would increase the demand for both new and existing homes, create new jobs and enable more buyers to qualify for a home. The National Association of REALTORS® reported on February 11, 2010 that existing home sales saw strong gains nationwide and that the federal first-time home buyer tax credit was the dominant factor.
On November 6, 2009, U.S. Congress voted to extend and expand the first-time homebuyer tax credit under the “Worker, Homeownership, and Business Assistance Act of 2009”. For more information on this legislation, go to www.REALTOR.org.
The South Bay Association of REALTORS® represents, educates and advocates for approximately 3,800 REALTORS® living and working in the South Bay between El Segundo and San Pedro, Calif.
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Government Affairs news and updates from the South Bay Association of REALTORS. For more information, go to www.SouthBayAOR.com.
Thursday, February 25, 2010
Friday, February 19, 2010
Program to Shore Up HAMP Announced
On Feb. 19, President Obama is expected to announce a $1.5 billion program to prevent foreclosures for unemployed and/or underwater home owners in the hard-hit states of California, Arizona, Nevada, Florida, and Michigan.
The program also will assist home owners prevented by second liens from getting loan modifications.
This is the second time the administration has tried to make the Home Affordable Modification Program (HAMP) more effective.
Source: CNNMoney.com, Tami Luhby (02/19/2010); National Association of REALTORS®
The program also will assist home owners prevented by second liens from getting loan modifications.
This is the second time the administration has tried to make the Home Affordable Modification Program (HAMP) more effective.
Source: CNNMoney.com, Tami Luhby (02/19/2010); National Association of REALTORS®
Foreclosure Prevention Has Aided 116,000
The federal foreclosure prevention program has helped about 12 percent of borrowers who applied for help since the plans were announced a year ago, the Treasury Department says.
About 1 million borrowers initiated the application process, and as of January, about 116,000 home owners--12 percent--had their loans modified. But administration officials say another 76,000 applications have been approved and are awaiting signatures.
Another 830,500 home owners are currently in a trial modification review period during which banks make sure payments are feasible for the borrower and ensure the qualifications of the assistance program are met.
For those who qualify, the Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners' pre-tax income.
Nearly 60,500 people have been denied permanent modifications.
Source: CNNMoney, Tami Luhby (02/17/2010) and USA TODAY, Stephanie Armour (02/17/2010); National Association of REALTORS®
About 1 million borrowers initiated the application process, and as of January, about 116,000 home owners--12 percent--had their loans modified. But administration officials say another 76,000 applications have been approved and are awaiting signatures.
Another 830,500 home owners are currently in a trial modification review period during which banks make sure payments are feasible for the borrower and ensure the qualifications of the assistance program are met.
For those who qualify, the Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners' pre-tax income.
Nearly 60,500 people have been denied permanent modifications.
Source: CNNMoney, Tami Luhby (02/17/2010) and USA TODAY, Stephanie Armour (02/17/2010); National Association of REALTORS®
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