The United States House of Representatives has just passed  HR 5623, the Homebuyer Assistance and Improvement Act of 2010, by a vote of 409-5!!  This bill extends the deadline for closing tax credit eligible transactions from June 30 to September, 30, 2010.   The bill moves to the Senate where the outcome is much less certain.   ...
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A bill to extend the authority for the National Flood Insurance Program (NFIP) to Sept. 30, 2010 has been passed by the U.S. House of Representatives. Lenders have refused to close loans on properties that required flood insurance, since the insurance program expired May 31. The bill would make flood insurance coverage retroactive and would include all approved applications since that date. The bill heads to the U.S. Senate for their vote. ...
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©Chicago Tribune 2010 The HAMP program for struggling homeowners now finds itself struggling. As the number of homeowners receiving help slumps, many are getting mortgage assistance outside of the Obama rescue plan. Read more.  ...
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The Senate has adopted Senator Harry Reid's (D-NV) amendment to the pending jobs and extenders legislation (HR 4213) that would extend the closing date for the homebuyer tax credit from June 30, 2010 to September 30, 2010. The amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8000 and $6500 tax credits. The amendment creates no new eligibility for the credit.  Passage of the amendment (on a vote of 60 - 37) attaches the provision to HR 4213. That legislation is subject to a procedure that will require 60 votes in order to pass. Two efforts to secure the 60 votes have failed. HR 4213 has been withdrawn from consideration for the p ...
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On June 1, 2010, Fannie Mae and Freddie Mac each released guidelines for implementing the Treasury Department’s Home Affordable Foreclosure Alternatives Program (HAFA). These new guidelines apply instead of the HAFA guidelines for non-GSE mortgages. Servicers are required to implement these policies no later than August 1, 2010. While largely consistent with the HAFA guidelines for non-GSE mortgages, Fannie and Freddie have each made some important differences. Click here to learn more.  Additional Resou ...
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Real estate brokers and agents with a typical residential listing agreement for the sale of a property are not required by law to respond to census enumerator's questions about the occupants of such property. That's the conclusion of NAR consultations with the U.S. Census Bureau. NAR has heard from a growing number of residential brokers and agents that census workers, in some cases, were aggressively seeking information about the occupants of homes among their listings. Some census workers claimed that the law requires brokers and agents to respond to such inquiries. In fact, Census Bureau officials acknowledge that the law does not generally apply to the "ordinary" case o ...
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The U.S. Supreme Court derailed a key part of Arizona's campaign finance system on Tuesday by at least temporarily blocking extra money for publicly funded candidates outspent by privately financed rivals or targeted by independent groups' spending.The court said in a brief order that it will prevent the state from using its system of so-called matching funds at least until the justices decide whether to hear the full appeal of opponents of the key provision of the state's campaign funding system. Distribution of matching funds was to start June 22, but it could be the fall before the court decides even whether to accept the case. Arizona's primary election is Aug. 24. < ...
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Once again, Congress left town without reauthorizing the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing programs. The NFIP is now expired. The Section 502 Rural Housing program has exhausted its funding and lenders have stopped accepting applications.Please take a second and respond to NAR's Call For Action on these important issues!Call for Action on these important issues!Visit: http://takeaction.realtoractioncenter.com/campaign/nhip_rhs_two  enter your email address and prefix and hit the send button. Let the REALTOR voice be heard! ...
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©The Daily Courier 2010  Realtors and development interests are urging the Arizona Corporation Commission to repeal a policy that enables Arizona Public Service to charge for utility line extensions.They said the policy harms homeowners in the pocketbook and hurts the economy as well. They seek to reinstate a free service for line extension for as much as 1,000 feet as long as it costs no more than $25,000."It is arbitrary, and we are dealing with a monopoly (utility company)," Holly Mabery, first vice president of the Arizona Association of Realtors, said during a meeting Tuesday evening. "If 100 homes are built, it is equal to 112 jobs."Mabery, a Cottonwood-ba ...
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The Internal Revenue Service issued new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. The guidance makes clear that small businesses receiving state health care tax credits may still qualify for the full federal tax credit. Additionally, the guidance allows small businesses to receive the credit not only for regular health insurance but also for add-on dental and vision coverage. Notice 2010-44 provides detailed guidelines, illustrated by more than a dozen examples, to help small employers determine whether they qualify for the credit and estimat ...
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