"Life Is Like A Cup Of Coffee"

Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com

Home Sales Rise on Tax Credit, Favorable Market

Buyers responding to the home buyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums, and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle-class housing wealth that may have been wiped out without the housing stimulus measure.”

Rise in Inventories, Prices

Total housing inventory at the end of March rose 1.5 percent to 3.58 million existing homes available for sale, which represents an 8.0-month supply at the current sales pace, down from an 8.5-month supply in February. Raw unsold inventory is 1.8 percent below a year ago, and is 21.7 percent below the record of 4.58 million in July 2008.

“Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably,” Yun said. “In fact, foreclosures are selling quickly, especially in the lower-price ranges that are attractive to first-time home buyers.”

A parallel NAR practitioner survey shows first-time buyers purchased 44 percent of homes in March, up from 42 percent in February. Investors accounted for 19 percent of transactions in March, unchanged from February; the remaining sales were to repeat buyers. All-cash sales remain elevated at 27 percent in March, the same as in February.

The national median existing-home price for all housing types was $170,700 in March, up 0.4 percent from March 2009. Distressed homes, typically sold at a 15 percent discount, accounted for 35 percent of sales last month – unchanged from February.

“With home values stabilizing, a revival in home buying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears,” Yun said.

A Great Time to Buy

NAR President Vicki Cox Golder said buying conditions are in near-perfect alignment. “Even with tougher loan standards, historically low mortgage interest rates with affordable prices and a sense that the market is turning have created optimal conditions in much of the country,” she said.

“With the fast-approaching April 30 deadline to get a contract in place for the tax credit, REALTORS® are working harder than ever to negotiate transactions, arrange services and complete paperwork,” Golder said. “Because many repeat buyers need to sell their current home first, many will be purchasing later without the tax credit but now have the benefit of a more buoyant housing market.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 4.97 percent in March from 4.99 percent in February; the rate was 5.00 percent in March 2009.

Single-family home sales rose 7.3 percent to a seasonally adjusted annual rate of 4.68 million in March from a level of 4.36 million in February, and are 13.3 percent above the 4.13 million level a year ago. The median existing single-family home price was $170,700 in March, up 0.6 percent from March 2009.

Regional, Metro Area Performances

Single-family median prices rose in 14 out of 20 metropolitan statistical areas reported in March in comparison with a year earlier. Five metro areas experienced double-digit increases, including San Diego, St. Louis, and Boston.

Existing condominium and co-op sales increased 3.1 percent to a seasonally adjusted annual rate of 670,000 in March from 650,000 in February, and are 39.3 percent higher than the 481,000-unit level in March 2009. The median existing condo price was $170,600 in March, which is 0.7 percent below a year ago.

Regionally, existing-home sales in the Northeast increased 6.0 percent to an annual level of 890,000 in March and are 25.4 percent higher than a year ago. The median price in the Northeast was $249,800, up 8.9 percent from March 2009.

Existing-home sales in the Midwest rose 7.2 percent in March to a pace of 1.19 million and are 15.5 percent above March 2009. The median price in the Midwest was $139,300, up 0.2 percent from a year ago.

In the South, existing-home sales increased 7.1 percent to an annual level of 1.97 million in March and are 13.9 percent higher than a year ago. The median price in the South was $154,800, up 5.2 percent from March 2009.

Existing-home sales in the West rose 6.6 percent to an annual rate of 1.30 million in March and are 14.0 percent above March 2009. The median price in the West was $209,400, down 7.9 percent from a year ago.

Source: NAR


Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com

New Home Sales Jump in March

Sales of new homes rose 27 percent in March compared to February, the U.S. Commerce Department announced Friday. It was the largest monthly increase since April 1963, when sales jumped 31.2 percent.

In addition, the National Association of REALTORS® reported last week that sales of previously owned homes rose 6.8 percent.

Economists attribute the figures to buyers taking advantage of the $8,000 tax credit scheduled to expire at the end of this month.

“In simple terms, housing is a bargain again, and buyers are responding,” Michael D. Larson, a real estate and interest rate analyst at Weiss Research, wrote in a research note. “That is unambiguously good news for the market going forward.”

Source: The New York Times, Christine Hauser (04/23/2010)



Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com

Real Life Shutter Island For Sale: Former Government Lab Off Long Island To Hit the Market

Here's an interesting Earth Day project for the very wealthy and extremely ambitious: Plum Island, an 840-acre stretch of land just off the tip of the North Fork of Long Island, is expected to go on the real estate market soon after serving as a hazardous government germ lab for the last 55 years.
The facility that used to be on the historic island has been moved to Manhattan (the town in Kansas, not the island in New York, heh), and now the federal government is conducting studies and taking steps to put the property up for sale. The Times talked to some locals and folks who spent time in the Plum Island Animal Disease Research Center, which, FYI, was a biosafety Level 3 pathogen lab specializing in the study of contagious animal diseases, all of whom explain why rumored projects like real estate developments, Hamptons-y resorts and a Native American casino won't work.

In addition to the labs—which, buyers beware, will require a multi-million dollar cleanup—the island also has a historic lighthouse (pictured) and the remains of Fort Terry. And whenever a strange animal washes up on a beach along the Long Island Sound, people point ominously at Plum Island. And when kids in surrounding towns misbehave, their parents threaten to send them to Plum Island. It's basically Shutter Island, plus The Island of Dr. Moreau, and Jurassic Park, rolled into one. Also, it's mentioned in Silence of the Lambs as a possible site for Hannibal Lecter's supervised vacation. Start your bidding! (Curbed)




Source: TheLMagazine.Com -Article Written By Benjamin Sutton


Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com

Free Concert To Raise Census Awareness on Long Island, April 24

Free Concert To Raise Census Awareness on Long Island, April 24



You’ve heard the reasons to fill out your 2010 Census forms: more cash for your community, better political representation, and funds for infrastructure projects, to name a few. But there are likely people in your life—family, friends, neighbors—who know less about the benefits of the census than you do.

Want to raise awareness about the ongoing count without sounding pedantic?

Invite someone to the “Be Counted, Represent” free concert, which will feature Pacha Massive, a bilingual cumbia/dub/funk/trip-hop band, and Los Reyes del Bajo Mundo, a socially minded Salvadoran hip-hop group. The concert takes place on Saturday, April 24, at the Brentwood campus of Suffolk County Community College.

Festivities will be hosted by Celines Toribio, a Domincan-born actress and TV personality who was one of People en Español’s top 50 most beautiful people in 2008. In addition to great music and a breathtaking host, attendees will be treated to a free $25 value iTunes card featuring free music and census information.

Scroll down for more information about the event, which will be organized by Voto Latino and sponsored by Long Island Wins. You can also visit the “Be Counted, Represent” Facebook page, where you can confirm your attendance, and start stalking chatting with other guests.


WHAT:
Official U.S. Census partner and leading Latino youth civic engagement organization, Voto Latino, will bring its “Be Counted, Represent” census initiative to Long Island with a special FREE concert. The event features leading Latin artists, participation from elected officials and partner organizations. The event will serve to motivate Latino youth to participate in the Census and talk to their friends and family about the importance and benefits of participation. All attendees will also receive a free $25 value iTunes card featuring free music and census information.

WHO:
PACHA MASSIVE
(critically acclaimed bilingual cumbia/dub/funk/trip-hop band that was recently MTV Tr3s’ “Artist of the Month”)

REYES DEL BAJO MUNDO
(Salvadoran-American hip-hop act with positive lyrics whose music has been featured on HBO’s
“Entourage” and many other TV shows)

Hosted by CELINES TORIBIO
(Dominican born actress, model, TV & radio personality and passionate community advocate)

Partner Organizations
Suffolk County Community College
Association of Latin American Students
Hagedorn Foundation
Long Beach Civic Association
Long Island WINS
NALEO
SEPA Mujer
Suffolk Community Council
Local Elected Officials
400 young Latino and American college students and fans who are motivated to “be counted” in the 2010 census

WHEN:
SATURDAY, APRIL 24TH, 2010
3:00PM (doors open at 2:30pm)

WHERE:
Van Nostrand Theatre
Suffolk County Community College (Grant Campus)
1001 Crooked Hill Rd
Brentwood, NY 11717

WHY:
Latinos comprise the largest and fastest growing ethnic group in the country and in New York State. Long Island municipalities that fail to ensure a proper and complete count will lose millions of dollars in federal aid as the Census is used to distribute federal funding for a wide variety of programs including education, housing and transportation. As the nation’s largest minority, Latinos have been historically under-counted by the census for a variety of reasons, including a lack of bilingual information for Spanish speakers, mistaken fears of immigration raids and too few Latino census workers. Voto Latino’s Census initiative seeks to redress these issues by creating a powerful online media tool as well as a high profile, celebrity-driven national PSA campaign and on the-ground special events that inform and motivate Latinos to be counted.



Cynthia Rodriguez Licensed Sales Associate www.cynthiarodriguez.realpartner.com www.cynthiarodriguezonline.com www.cynthiarodriguez.listingbook.com cynthiarodriguezrealtor@gmail.com

http://www.visualtour.com/show.asp?T=2170432

http://www.visualtour.com/show.asp?T=2170432

Cynthia Rodriguez
Licensed Sales Associate
www.cynthiarodriguez.realpartner.com
www.cynthiarodriguezonline.com
www.cynthiarodriguez.listingbook.com
cynthiarodriguezrealtor@gmail.com

Realty Times - Mortgage Rates Ease a Bit This Week

Realty Times - Mortgage Rates Ease a Bit This Week




McLean, VA – Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.6 point for the week ending April 15, 2010, down from last week when it averaged 5.21 percent. Last year at this time, the 30-year FRM averaged 4.82 percent.


The 15-year FRM this week averaged 4.40 percent with an average 0.7 point, down from last week when it averaged 4.52 percent. A year ago at this time, the 15-year FRM averaged 4.48 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.08 percent this week, with an average 0.6 point, down from last week when it averaged 4.25 percent. A year ago, the 5-year ARM averaged 4.88 percent.

The 1-year Treasury-indexed ARM averaged 4.13 percent this week with an average 0.5 point, down from last week when it averaged 4.14 percent. At this time last year, the 1-year ARM averaged 4.91 percent.

"After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low," said Frank Nothaft, Freddie Mac vice president and chief economist. "The Federal Reserve (Fed) indicated in its April 14th regional business survey that consumer prices generally remained level and producers had difficulty passing along increases in some raw materials. This will likely keep inflation at bay as evidenced by the 1.1 percent growth in core consumer prices for the 12-months ending in March 2010, which was the lowest annual increase since January 2004."

"Low mortgage rates continue to help stabilize the housing market. The Fed noted that residential activity increased while home prices were stable across most of its 12 Districts over the six weeks prior to April 5th. In addition, credit standards remained generally unchanged across the nation, while credit quality was mixed according to the report."


Source:Realty Times-Published: April 16, 2010

Cynthia Rodriguez
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www.cynthiarodriguezonline.com
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Ten Important Facts about the Extended First-Time Homebuyer Credit

Cynthia Rodriguez
Licensed Sales Associate
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www.cynthiarodriguezonline.com
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Ten Important Facts about the Extended First-Time Homebuyer Credit

IRS Special Edition Tax Tip 2009-13

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies.

Here are the top 10 things the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.

You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.

If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.

For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.

A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.

The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.

The IRS will issue a December 2009 revision of Form 5405 to claim this credit. The December 2009 form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.

No credit is available if the purchase price of the home exceeds $800,000.

The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.

A dependent is not eligible to claim the credit.
For more information about the expanded First-Time Homebuyer Credit, visit IRS.gov/recovery.


Links:

First-Time
Homebuyer Credit

IR-2009-108, First-Time Homebuyer Credit Extended to April 30, 2010; Some
Current Homeowners Now Also Qualify

YouTube Videos:

Recovery: New Homebuyer Credit - November 2009

Consejo Tributario: Consejos Tributarios de Fin de Año Noviembre 2009

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