Palm Springs Real Estate Market Update  02/23/2009

Good Monday Morning!

From Orlando,  Florida where I am attending The annual Keller Williams Realty convention.
This is 5 day training and networking session. About 9,000 agents from all over the US and Canada are here to grow to a higher level.
Currently Foreclosures/Bank Owned Homes for Sale ! properties have come to a stop.  Most of the Banks and lenders have stopped foreclosing on properties until March 5th. This is when the new stimulus package roles out for Home owners with hybrid  / Pay Option loans.  I will go more in detail on that in my monthly Real Estate Newsletter.  We will see more higher end homes foreclosing here in the Desert in the next 180 Days.

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Now if you are considering selling your home in a changing market ! Get an approximate value of your home or property e-mailed to your inbox within 24 Hours.
Palm Springs Mortgage Market Update:Tax Credit for Homebuyers

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  buyers will have to repay the credit if they sell their homes within three years.

Remember, as a general rule, negative economic news is good for interest rates, while positive news causes rates to rise.


Have An Awesome Week!

Rob Zwemmer