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Archive for the ‘Economy’ Category
$8000 First Time Buyer Credit Expiring
Posted in Economy , Foreclosures , REO
The federal income tax credit of $8,000 for first time home buyers is set to expire on December 1, 2009. The American Recovery and Reinvestment Act of 2009 authorizes this credit for persons who have not owned a home during the previous 3 year period and want to purchase a primary residence. Congress is debating the issue of extending this credit into 2010 because of the positive effect it has had on the real estate market. Here in Myrtle Beach and across the nation, there has been a measurable increase in home sales over the last 4 months, with many foreclosure and REO properties being snapped up by eager buyers.
With the tax credit available immediately to use for a down payment or closing costs through a short term loan program, many people who otherwise would not qualify for mortgages are able to get into a home and this boost is fueling the resurgent market. All the paperwork for this credit and closing must occur before December 1st, so anyone wanting to take advantage of this program need to begin the process as soon as possible.
Myrtle Beach’s Record Breaking Foreclosure Auction
Posted in Economy , Foreclosures , REO
Earlier this month Horry County hosted what is believed to be the largest foreclosure auction in county history . Site Tech Systems, a Garden City company that specializes in gathering, consolidating and analyzing real estate information, estimates that over 600 lots, homes, condos, commercial real estate and land parcels were up on the foreclosure auction block. Many people in attendance could not remember an auction this size at any time in the past. The nearly 6 hour ordeal found buyers snapping up bargain real estate and lenders buying back REO properties from foreclosed loans.
The recent attempts by the government to modify loans to prevent foreclosure is not going as smoothly as planned adding to the mounting home crisis. Sales have been climbing over the last few months this summer, but many analysts continue to believe the crisis has not seen its last days.
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