Image via Wikipedia

A smaller percentage of mortgages were delinquent and the rate of those entering the foreclosure process slowed in the fourth quarter of 2009, possible signs that the foreclosure crisis that has gripped many of the nation’s housing markets is finally starting to ease, a trade group has reported.

“We are likely seeing the beginning of the end of the unprecedented wave of mortgage delinquencies and foreclosures that started with the subprime defaults in early 2007,” said Jay Brinkmann, chief economist of the Mortgage Bankers Association, in a written statement.

The delinquency rate for mortgages on one- to four-unit residential properties was a seasonally adjusted 9.47% of all mortgages outstanding in the fourth quarter, down from 9.64% in the third quarter and up from 7.88% in the fourth quarter of 2008, according to the MBA’s quarterly delinquency survey.

Delinquencies include mortgages that are at least one payment or more past due but not yet in foreclosure.

Meanwhile, 1.2% of outstanding mortgages entered the foreclosure process in the fourth quarter, down from 1.42% in the third quarter and up from 1.08% in the fourth quarter of 2008. The percentage of mortgages at some point in the foreclosure process at the end of the fourth quarter was 4.58%, up from 4.47% in the third quarter and 3.3% in the fourth quarter of 2008.

The MBA survey covers about 44.4 million loans on one- to four-unit residential properties, or about 85% of all first-lien residential mortgage loans that are outstanding in the country. No doubt, the foreclosure nightmare isn’t over yet.

The percentages of loans 90 days or more past due and loans in foreclosure process set record highs in the fourth quarter, according to the report. Many of those loans more than 90 days past due are in loan modification programs, and some of them have been seriously delinquent for months waiting for modifications to get finalized.

But the good news is there are fewer problem loans actually entering delinquency—likely a result of fewer layoffs, Brinkmann said. “We normally see a large spike in short-term mortgage delinquencies at the end of the year due to heating bills, Christmas expenditures and other seasonal factors. Not only did we not see that spike but the 30-day delinquencies actually fell by 16 basis points from 3.79% to 3.63%,” he said. He added that the non-seasonally adjusted 30-day delinquency rate has only dropped three times in the past between the third and fourth quarter—”and never by this magnitude.”

Depending on the fate of seriously delinquent mortgages—whether they are cured with modifications or ultimately enter foreclosure—the percentage of mortgages somewhere in the foreclosure process could start to see a gradual decline in the second half of the year, he said during a conference call with reporters.

If normal seasonal patterns hold, there could be a bigger drop in the 30-day delinquency rate in the first quarter of 2010, Brinkmann said. That would be a positive sign for the months and years ahead. “The continued and sizable drop in the 30-day delinquency rate is a concrete sign that the end may be in sight,” he said. “With fewer new loans going bad, the pool of seriously delinquent loans and foreclosures will eventually begin to shrink once the rate at which these problems are resolved exceeds the rate at which new problems come in. “It also gives us growing confidence that the size of the problem now is about as bad as it will get,” he said.

According to the MBA data, Florida was the most problematic state, in terms of delinquencies. Twenty-six percent of Florida mortgages were one payment or more past due at the end of the year, and 20.4% of mortgages in the state were 90 days or more past due or already in the foreclosure process.

Image via Wikipedia

Studies have shown that may times putting money into the outside of your home produces a greater return than investing inside.

The following popular outside improvement projects will increase the curb appeal or value of a home: 

Adirondack chairs—Uniquely-American classic outdoor furniture is made entirely of wood and has a straight back and seat, which are set at a slant to sit comfortably on a hillside or mountain incline, but still be comfortable at any angle.

Gazebo—A gazebo can be freestanding or attached to a garden wall, roofed and open on all sizes to provide shade or shelter.

Planters and window boxes—Planters have become popular because they are both functional and ornamental. Additionally, some can be moved frequently to account for seasonal weather or just to create a change in scenery.

Picnic table—Picnic tables go well on a patio or a deck, but equally as well on the grass or under a tree in the yard. A traditional picnic table is all in one piece so that it wears well without a lot of maintenance.

Trellis—A trellis can function as a unique sun screen or it can be the framework for an outdoor hanging garden. Building it with pressure treated lumber can add life by minimizing rotting and other threats.

Trash can corral or compost bin—While many outdoor projects tend to be cosmetic in nature, here are two ideas that are both practical and pretty. With a trash can corral, you can hide unsightly trash cans and with a compost bin, you can reduce your own carbon footprint in a way that doesn’t take away from the visual appeal of the place.

Image via Wikipedia

Better Homes and Gardens recently revealed proprietary research and insights on what consumers are looking for in their next home and overall priorities guiding current and future home improvement projects.

In a speech at the NAHB International Builders Show, Eliot Nusbaum, Better Homes and Gardens Executive Editor Home Design, presented the results of the Next Home Survey along with reported trends from a nationwide network of field editors, the magazine’s Home Improvement Challenge and editorial coverage.

The survey of nationwide potential new home buyers and existing home owners who are planning improvements in the next few months found top priorities to include price, energy-efficiency, organization and comfort.

“Not surprisingly, we continue to see a ‘cents and sensibility’ approach when it comes to buying or improving a home, with practicality and price being top priorities,” said Nusbaum. “Today’s homeowner is also looking for a home that fits the entire family–from a multi-tasking home office, to expanding storage space needs, to a living room that can adapt to advancements in home entertainment and technology.”

Future Home Buyers

A Smaller and More Energy-Efficient Home

Continuing the “downsizing” trend, more consumers (36% in 2009; 32% in 2008) expect their next home to be “somewhat smaller” or “much smaller.”

A greener home will be a priority, with 87% planning to have high-efficiency heating/cooling in their next home and 86% planning to have high-efficiency appliances; 24.9% will have geo-thermal heat.

When asked how today’s housing market and economic turmoil have impacted priorities for their next home, 76% said energy-efficient heating and cooling systems will be “more important” and for 70%, Energy Star appliances will be “more important.”

Almost half (48%) say green building practices/materials will be “more important” when purchasing their next home.

An Organized, Multi-Tasking Home with No Wasted Space

The home office is a priority as 59% of consumers plan to have one in the home. Of those, only 28% want a separate dedicated home office space (compared to 64% in 2008), with one-third (33%) now wanting a more multi-purposed space, such as combined office/computer/hobby/craft/art room.

A well organized home is key, with 66% of respondents listing “no-space-wasted” design and 62% listing ample storage space as attributes that will take on more importance.

Also on the ‘wish list’ for the next home is: a separate laundry room (85%); an outdoor grilling and living area (68%); a kitchen with eating area (67%); and an extra bedroom with bath (65%).

America’s love affair with the large garage continues to flourish with 37% of consumers now wanting a 3-car or larger garage compared to 29% in 2008.

A Family-Friendly Home

Nearly two-thirds (62%) of consumers consider a comfortable family gathering space to be top priority in their next home.

Of lesser interest this year is a kitchen, family and everyday eating area combined in one space (49% vs 56% in 2008) replaced by significantly greater interest in a family room partially separated from the kitchen (42% vs 27% in 2008).

There is also an increased desire (51% vs 44% in 2008) for a wall-mounted flat screen TV in the main family living area and for networked computers/home entertainment center (48% vs 43% in 2008).

Home Improvers

“With the economy still a major concern, right now it’s more about the ‘got to’ improvements than the ‘want to’ improvements,” said Nusbaum. “The focus is now on low-cost improvements that will pack a big punch.”

With only 16% feeling “now is the right time to spend” on home improvements vs 38% saying “now is not the right time to spend,” 52% are focusing their efforts on needed repairs and maintenance.

Three-quarters (76%) say the economy has had an impact on their home improvement plans, with half (50%) having changed their home improvement plans during the last year.

Smaller projects prove to be the most popular, such as painting a room (54%), replacing/adding flooring or carpeting (38%), decorating/redecorating a room (35%) and landscaping the yard (30%).

Energy-efficiency is also a focus of future home projects, with respondents placing importance on installation of Energy Star windows/doors (34%), high-efficiency heating/cooling (31%) and Energy Star appliances (31%).

Image by Butte-Silver Bow Public Library via Flickr

Widespread teacher layoffs, larger class sizes and increased economic hardship for children are among the impacts California’s budget crisis and the recession have had on public schools and students, according to a report released Thursday.

Researchers at UCLA’s Institute for Democracy, Education and Access interviewed 87 elementary, middle and high principals across California to gauge the impact of the recession and budget cuts on student welfare and school learning environments.

Before the recession began, California K-12 public schools, which were among the nation’s best in the 1960s, already ranked near the bottom nationally in many measures of academic achievement and school quality.

The economic downturn and state budget crisis has undermined recent academic gains and widened the disparity between schools in rich and poor communities, said John Rogers, the institute’s director.

“It’s taken California several steps backward on the road to improvement,” Rogers said. “It’s also harmed the long-term prospects for California to rebuild a quality education system.”

The report, called “Educational Opportunities in Hard Times,” found that:

— 62 percent of principals reported that teachers in their schools had been laid off, threatened with layoffs or reassigned to other schools. The number of actual layoffs was four times greater at schools in poorer communities than wealthier communities.

— 67 percent reported that class sizes had increased, with 74 percent of elementary school principals reporting larger class sizes.

— 75 percent reported that summer school had been reduced or eliminated.

— 75 percent reported reductions in instructional materials and supplies.

— 70 percent reported cuts to professional development programs.

— 67 percent reported growing housing insecurity, which includes homelessness, families moving in together and families moving away for economic reasons.

— 51 percent reported an increase in the health, psychological or social service needs of their students.

Many principals are seeing the impact on rising unemployment and poverty on their students as parents lose their jobs and homes, according to the report. About two-thirds said their schools have referred students and families to health and social service providers.

Image by respres via Flickr

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan recently announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration’s commitment to addressing foreclosure. Secretary Donovan recently announced $2 billion in Neighborhood Stabilization Program grants to local communities and nonprofit housing developers to combat the effects of vacant and abandoned homes.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential home buyers,” said Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many home buyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan said.

In today’s market, FHA research finds that acquiring, rehabilitating and reselling these properties to prospective homeowners often takes less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” said FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping,” where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:

-All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
-In cases in which the sales price of the property is 20% or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.
-The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

For more information, visit www.hud.gov.

Image via Wikipedia

Do you have some—but not unlimited—cash for upgrades? Here are budget-minded enhancements to make your home stand out from the competition.

1. Tidy up kitchen cabinets.

“Potential buyers do open kitchen cabinets and look inside,” says Morrissey. “Home owners can add rollout organizing trays so when buyers peek in, they feel like there’s lots of room for their stuff.”

2. Add or replace tile.

“By retiling very inexpensively, you make a room look way cleaner that it was,” says Javier Zuluaga, owner of Home Repairs and Remodeling LLC in Tempe, Ariz. “Every city has stores that offer $1 to $2 tile, so home owners have to pay only for the low-cost tile and labor to replace a dated backsplash or add a new one. We also use inexpensive tile to upgrade bathrooms.”

3. Add a breakfast bar.

When a wall separates a kitchen from a family room, suggest cutting out an opening to create a breakfast bar. “In one home, there was a cutout in the wall between the kitchen and living room,” explains Matthew Quinn, a sales associate at Quinn’s Realty & Estate Services in Falls Church, Va., who handles estate and real estate sales for family members whose loved ones have passed away. “We left the structure of the cutout, added an oversized granite breakfast bar, and put chairs in front of it. That cost about $600.”

4. Install granite tile instead of a slab.

“Everybody is hot for granite kitchen countertops, but that can be a $5,000 upgrade,” says John Wilder, a general contractor and owner of Fence and Deck Doctor in New Castle, Ind. “Instead, home owners can put in 12-inch granite tiles for about $300 in materials and get very high impact for little money.”

5. Freshen up a bathroom without retiling.

“With a dated bathroom, I recommend putting in a new medicine cabinet for $100 to $150, light fixtures for about $100, a faucet for $50 to $75, and a vanity for $200 to $300,” says Wilder. “And instead of replacing the tile, the existing grout can be lightly scraped and regrouted, which leaves a haze that can be buffed out and will make the tile look brand new. Also install glass shower doors. A French door adds a lot of panache and elegance for $250, and people will notice the door, not the tile. With all that, you’ve done a bathroom remodel for $1,000 to $2,000.”

6. Freshen up the basement.

“If home owners have cement block or poured concrete walls in the basement, suggest they have a contractor fill in cracks with hydraulic cement and then paint with waterproofing paint,” recommends Wilder. “They can then add a top coat to add color. They can also paint the basement floor with a good floor paint, which spiffs it up. The basement may not be finished, but it’s no longer a damp dungeon.”

7. Add a room.

Look for large spaces that can be enclosed to create a new bedroom for just the price of creating a wall. “One time, we closed off a half-wall to an office and added a door to the other side of the room, thus creating another bedroom,” says Quinn. “That $400 procedure, which took a contractor one day, netted about $40,000 in the sales price.” Zuluaga has also added bedrooms inexpensively. “In a two-bedroom house, there was an archway that led to a third room that was used as a den,” he explains. “It had a dry bar where there would have been a closet, so we took out the dry bar and created a closet so the owners had a third bedroom.”

8. Spruce up cabinet fronts.

Suggest home owners update tired-looking kitchen cabinets. Reconditioning is the least expensive move for under $1,000. “If the wood is starting to look shabby from use or contaminants in the air, we take out the nicks and scratches, recondition it with oil, and put new hardware on,” explains Heidi Morrissey, vice president of marketing and sales at Kitchen Tune-Up in Aberdeen, S.D. For $1,500 to $4,000, owners can replace the cabinet doors and drawer fronts, and for $4,000 to $12,000, they can have all the cabinets refaced. “With refacing, owners can change the color of the cabinets by replacing the door and having a new skin put on the boxes,” says Morrissey. “If they have oak cabinets today, they can have cherry the next day.”

9. Replace light fixtures.

“In a foyer and in bathrooms and kitchens,” says Wilder, “replacing overhead light fixtures provides a lot of pop for a little money.” If the kitchen has track lighting, Zuluaga suggests the home owner spend $450 to $600 to have an electrician replace it with recessed canned lights on a dimmer switch to add ambience. For about $700, Zuluaga also suggests installing pendant lights over a kitchen island or peninsula.

10. Tech-up the garage.

“Sometimes we replace the garage door opener with a remote touchpad entry system,” says Zuluaga. “That costs about $425 and makes it look like a high-end system.”

The California State Building Standards Commission voted Tuesday unanimously b to adopt the 2010 California Residential Code, which includes the 2009 International Residential Code as established by the International Code Council in September 2008. The residential sprinkler requirement was voted into the 2009 IRC Code by building code officials from all over the United States, gaining more than two-thirds of the vote.

According to the National Fire Protection Association, 3320 people perished in fires in 2008 throughout the United States. According to the NFPA, there has never been a documented fire death in a fully operational sprinklered residence with working smoke detectors.

“It is a tragedy for our nation to have those kinds of preventable fire death losses,” said

Lake Valley Fire Protection District Fire Chief Jeff Michael.

For more information about the new building standards codes coming in 2011, contact the Lake Valley Fire Protection District, Fire Prevention Bureau at 530-577-3737.

 

RISMEDIA, —As part of the government’s high price-tag efforts to rejuvenate the flailing American economy, on November 6, 2009, President Barack Obama signed into law an expansion and extension of the home buyer tax credit.

With housing at the center of the country’s economic engine, extending the lifeline a little further for a little longer is being hailed as a significant measure by both economists and real estate leaders.

The estimated cost of the home buyer tax credit, part of the Worker, Homeownership, and Business Assistance Act of 2009, is $18.5 billion, yet another mind-boggling sum in a series of stimulus strategies. With that $18.5 billion comes great responsibility for real estate professionals—a responsibility to maximize the opportunity and help get the wheels of the housing market turning again.

“The extension and expansion of the home buyer tax credit was absolutely necessary for the housing market and, most importantly, the U.S. economy,” says Alex Perriello, president and CEO, Realogy Franchise Group. “Clearly, Congress and the Administration recognized that inaction on their part—and thus an expiration of the previous first-time home buyer credit—would have been extremely detrimental. We’re proud of the active role that Realogy management and brokers played in educating key policy makers in Washington about the economic benefits of extending and expanding the home buyer tax credit.”

“The extension of the tax credit—and its expansion to include qualified move-up buyers—offers additional hope for a struggling economy and unlimited opportunity for dedicated brokers and agents,” agrees Steve Brown, special liaison for Large Firm Relations, NAR, and broker/owner of Irongate Realty in Dayton, Ohio.

“Activity inspires people—this tax credit has stimulated the entire economy,” says Tami Bonnell, president of the U.S. Organization for EXIT Realty. “There was a glut of people who stood still, not sure what to do. Finally, especially with the addition of the existing homeowner portion of the credit, people are jumping onboard.”

According to Greg Rand, managing partner of Better Homes and Gardens Rand Realty in Westchester County, New York, the home buyer tax credit helped the real estate industry—nationwide—to a 2009 fourth quarter that marked the biggest increase in home sales in 20 years. “The media is finally beginning to pick up on what’s going on and is finally driving some positive consumer confidence. This is prompting people to start thinking about purchasing a home.”

Absorbing the Details…Quickly
As Margaret Kelly, CEO of RE/MAX International, Inc., explains, “Congress extended the tax credit and amended it to include repeat buyers in hopes of securing a more sustained real estate upswing. However, the narrow window suggests none of us should count on another extension.” With a deadline of April 30, 2010 (closing must occur by June 30), consumers need to act fast in order to capitalize on the expanded and extended credit. In order for consumers to act fast, brokers and agents must serve as a trusted guide.

“First and foremost, we cannot and should not assume that real estate consumers know what we know,” advises Perriello. “As real estate professionals, we are closest to the situation and it is imperative for the industry to aggressively impart our knowledge and promote the key facts about the home buyer tax credit in order to educate potential home buyers about the various details that may specifically apply to their specific situations.”

Here are the main points of the tax credit legislation:

-The Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.

-Who’s Eligible: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is defined as an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wishes to move to a different home (a “move-up” buyer), must have owned and resided in their residence for five consecutive years out of the last eight.

-Salary Requirements: Under the legislation, the income limits to qualify are the same for both first-time home buyers and current homeowners: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. According to Goldman Sachs, these income limits make almost all first-time home buyers eligible and approximately 70% of current homeowners eligible. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

-Credit Amounts: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less.

-Tax Facts: Provided the home-owner stays in the home for three or more years, the tax credit is a true credit and does not need to be repaid. The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return. Buyers can claim the credit on their 2009 taxes, even if the home is purchased in 2010, by filing an amended tax return.

-Fraud Prevention: The current tax credit legislation has built-in fraud measures, therefore, anyone claiming the credit must provide documentation to prove that the sale has closed, such as a copy of their HUD-1 Settlement Statement. The law also prevents anyone younger than 18 from claiming the credit.

Motivating Move-up Buyers
While the extended deadlines and increased salary caps of the tax credit are indeed a boon to first-time home buyers, the expansion of the tax credit to include current homeowners stands to have a significant impact on home sales.

According to Scott McDonald, president of RE/MAX Gateway in Chantilly, Virginia, and a member of the Top 5 in Real Estate Network®, “Over the last year, we have seen few move-up buyers as a result of lost equity, uncertainty of perceived value in the market as a result of foreclosures and short sales, and low consumer confidence. It is a matter of education on the Realtor’s part as well as the media to get the word out to our move-up market.”

“The expanded tax credit means that the gridlock caused by a stagnant ‘move-up’ market could be broken and the field could soon be wide open,” says Sherry Chris, president and CEO of Better Homes and Gardens Real Estate.

Ken Trepeta, director of Real Estate Services for the National Association of Realtors, explains that move-up buyers are eligible for the tax credit as long as the home being sold or vacated was their principal residence for five consecutive years within the last eight. “To elaborate, it must be the same home,” says Trepeta. “It is not enough that they have been homeowners for five consecutive years, they must have been in the same home for five consecutive years.” McDonald and Trepeta underscore the important fact that current homeowners need not sell their existing home in order to take advantage of the credit. They may keep it and rent it for additional profit.

Getting the Word Out
For the tax credit to succeed in buoying the real estate market, it is essential for brokers and agents to aggressively market the benefits—and the deadlines—of the legislation to consumers.

At Better Homes and Gardens Rand Realty, Managing Partner Joe Rand, an attorney, has developed a home buyer tax credit website­—www.homebuyertaxcredit.com—and a “Home Buyer Tax Credit Eligibility Test” that will let buyers know if they qualify. If they do, the program will provide an instant option to download the proper tax documents.

To get the word out about the website, the Rands are budgeting $100,000 of the firm’s marketing budget to broadcast media—specifically radio. “We’ve seen a lot of general interest in buying a home,” says Greg Rand. “Right now, if people aren’t aware or clear on the tax credit, they’ll seek out a source that explains it quickly—that, in turn, might just make our company a bit stickier.” Educating consumers on the tax credit is compulsory and many real estate experts are leading that charge.

“The bottom line for all consumers is ‘how does this impact me?’” says Bonnell. “We’re trying to help them answer that and we’re getting excellent results. I put on webinars to the general public—buyers, sellers, investors, etc.—twice on the second Tuesday of every month. On it, we go over the changes since the new adjustment. They can submit questions during the webinars and we typically answer them right there.”

Misunderstanding or confusion over the details of the tax credit can prevent many consumers from pursuing a home purchase. As Perriello says, “As professionals, it is our obligation to make sure we properly communicate the new tax credit details because an educated consumer is an empowered consumer.”

Great Expectations
Industry leaders have high hopes for the extended and expanded tax credit, believing it may be just what the housing market needs to make its way out of the trough in 2010. But time is of the essence—and that’s all part of the plan.

“It is important that there is a clear time limit for the tax credit because the purpose of this economic stimulus is to jump-start momentum in the housing market and the economy,” says Perriello. “The expanded home buyer tax credit is intended to provide an incentive for a broader pool of home buyers to make a home purchasing decision in the early part of the year. Otherwise, lacking the urgency of such a deadline, more potential buyers might stay on the sidelines.”

“We expect the tax credit to continue to encourage home buyers to enter the housing market through the extension dates, then the typical spring market should take hold and the housing industry will help carry us further out of the recession if conditions remain stable,” says McDonald.

“The extended and expanded home buyer tax credit should help increase demand, stimulate home sales and, ultimately, reduce inventory levels,” adds Perriello. “In turn, this should help stabilize home sales prices. Those are all necessary steps that need to occur before we can have a sustainable long-term recovery in the market.”

Read more: http://rismedia.com/2009-01-03/18-5-billion-reasons-to-make-the-home-buyer-tax-credit-work/#ixzz0cN1kZKd1 ]]> http://joeldameral.com/2010/01/12/why-a-tax-credit/feed/ 2 http://joeldameral.com/2010/01/11/snow-and-ski-report-week-of-11110/ http://joeldameral.com/2010/01/11/snow-and-ski-report-week-of-11110/#comments Tue, 12 Jan 2010 00:02:44 +0000 Joel Dameral /?p=183

Image via Wikipedia

A special weather statement forecasts two winter storms this week, on Tuesday night and Wednesday morning. They should bring gusty winds, along with mountain snow and valley rain.

“Significant snowfall is likely on the Sierra Tuesday and Wednesday, with total accumulations of 6 inches or more in the Tahoe basin …” the statement reads.

As the storm approaches, it is expected to scour the fog that has hovered over the lake all weekend, NWS reports.

Below is an extended forecast, complements of www.noaa.gov. Also included in this story is an update of snow conditions, lift information and operations at various Lake Tahoe ski resorts as of Monday, Jan. 11. Please check with individual ski resorts for latest conditions and operations.

Extended forecast

Today: Mostly cloudy, with a high near 47. South wind around 10 mph.

Tonight: A slight chance of rain before 4am, then rain and snow likely. Snow level 7200 feet. Cloudy, with a low around 34. South wind between 10 and 15 mph, with gusts as high as 25 mph. Chance of precipitation is 60%. Little or no snow accumulation expected.

Tuesday: Rain and snow likely before 10am, then snow. High near 41. Windy, with a south wind between 25 and 30 mph, with gusts as high as 45 mph. Chance of precipitation is 90%. New snow accumulation of 1 to 3 inches possible.

Tuesday Night: Snow. Low around 34. Breezy, with a southwest wind between 15 and 20 mph, with gusts as high as 35 mph. Chance of precipitation is 100%.

Wednesday: Snow showers, mainly before 10am. High near 38. West wind around 15 mph, with gusts as high as 25 mph. Chance of precipitation is 90%.

Wednesday Night: A 30 percent chance of snow showers, mainly before 10pm. Mostly cloudy, with a low around 25.

Thursday: Mostly sunny, with a high near 42.

Thursday Night: Partly cloudy, with a low around 31.

Friday: Partly sunny, with a high near 48.

Friday Night: A slight chance of snow showers. Mostly cloudy, with a low around 34.

Saturday: A slight chance of snow. Mostly cloudy, with a high near 43.

Saturday Night: A slight chance of snow. Mostly cloudy, with a low around 25.

Sunday: A chance of snow. Mostly cloudy, with a high near 37.