The United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow pending transactions to move forward.  For those homeowners that have not been able to renew or get new flood insurance, check with your local insurance provider for information.  If you are worrided about the lapse in time that you haven't had coverage, the bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension. ...

July 2, 2010 by Amy Willis

Did you or someone you know file for first time home buyers tax credit?   The IRS has been rejecting first-time home buyer claims from anyone who shows a Form 1098 Mortgage Interest Expense in their prior year files. In many cases, the applicants are entitled to the credit because their previous mortgage interest deduction is for a timeshare, mobile home, boat, or other recreational property. If you know someone who is in this unfortunate position, here is some advice from Enrolled Agent Eva Rosenberg, who authors the Web site TaxMama.com. • Respond to the IRS immediately and tell them why their ...

June 18, 2010 by Amy Willis

Pending home sales have risen for three consecutive months in Corpus Christi homes, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the NATIONAL ASSOCIATION OF REALTORS®. Corpus Christi Realtors state that the Pending Home Sales Index, a forward-looking indicator, rose 6.0 percent to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4 percent higher than April 2009 when it was 90.6. That follows gains of 7.1 percent in March and 8.3 percent in February. Pending home sales are at the highest level since last October when the index reached 112.4 and first-time ...

June 10, 2010 by Amy Willis

Corpus  Christi Realtors agree when you compare the real estate downturn to the real estate market in the 1980s, Blumberg Capital Partners, which provides real estate investment management, finds similarities that lead the company to think now is an optimal time to buy.  The Coastal Bend and more specifically Corpus Christi Homes were recently featured as a great place to invest in real estate. Its analysts point out that the recession of the 1980s lasted 16 months, running from July 1981 to November 1982. Unemployment peaked in November of 1982 at 10.8 percent. From that point it took 38 months for the economy to recover fully ...

May 29, 2010 by Amy Willis

Corpus Christi realtors reported that existing home sales rose again with buyers motivated by the tax credit. The NATIONAL ASSOCIATION OF REALTORS® stated that improving consumer confidence, and favorable affordability conditions also fueled the increase in sales  Existing-home sales — completed transactions that include single-family, townhomes, condos, and co-ops — increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly ...

May 25, 2010 by Amy Willis

Lawrence Yun is Chief Economist and Senior Vice President of Research at the NATIONAL ASSOCIATION OF REALTORS® . He directs research activity for the association and regularly provides commentary on real estate market trends for its 1.2 million REALTOR® members. Dr. Yun creates NAR's forecasts and participates in many economic forecasting panels, including Blue Chip and the Harvard University Industrial Economist Council. He appears regularly on financial news outlets ...

April 30, 2010 by Amy Willis

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