Senate Passes Homebuyer Tax Credit Extension

The Senate passed the homebuyer tax credit extension today, allowing those who were under contract by April 30, 2010 to move past the original deadline of today, June 30, 2010 to settle by September 30, 2010.

NASDAQ reported this wonderful news a short time ago.

The House voted in favor of the homebuyer tax credit extension yesterday. The Senate voted unanimously today. President Obama must still sign it into law.

What a wonderful thing for those approximately 180,000 homebuyers who were unable to settle today due to circumstances out of their control.

House Votes to Extend Tax Credit Three Months Now in Senate Hands

In a last effort push, the House voted to extend the tax credit three months and the decision to be put into law is now in Senate hands.

The House voted 409-5 in favor of bill H.R. 5623.

This would be a welcome relief for the estimated 180,000 homebuyers who would lose out on the tax credit due to no fault of their own because they are unable to settle by tomorrow’s deadline.

The Associate Press quotes Representative Sander Levin, chair of the House Ways & Means Committee:

“We owe this to the people who have essentially followed the rules who are caught by a closing date.”

The bill enters the Senate for vote now, hopefully passing in this attempt, separating this issue from the others that caused it to fail in passing prior to now.

The countdown is on with one day until the deadline to close passes.

Up to 180,000 Homebuyers May Lose Tax Credit if Not Extended

Up to 180,000 homebuyers may lose the tax credit if the deadline is not extended past June 30, 2010 — and not by any fault of those buyers.

NAR reports that in Maryland, that number is around 2,630 homebuyers.

This is due to waiting on short sales, foreclosures, or lender delays, none of which these homebuyers have any control over.

According to NAR President Vicki Cox Golder,

“These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline,” said Golder. “It would be a tragedy for them not to be able to complete the purchase in time to claim the credit.”

This is bad news for these qualified buyers who have done everything in their power to meet all deadlines for the tax credit that they are eligible to receive.

98 Maryland High Schools Rank in Newsweek Survey

98 Maryland High Schools ranked in a Newsweek survey out of 27,000 high schools across the country.

Only 6% of all high schools (about 1,600) make the list.

Baltimore County Public Schools had 12 schools on there!

The Baltimore Sun reported on the list, stating the Baltimore County Schools that made it and their ranking:

Dulaney, 253; Towson, 334; Carver Center for Arts, 470; Eastern Tech, 564; Pikesville, 590; Hereford, 632; Catonsville, 951; Western, 1,179; Owings Mills, 1,240; Loch Raven, 1,302; Franklin, 1,457; Perry Hall, 1,525.

Towson High School was ranked at # 334, and Dulaney High at 253. Many Towson homes are in the Towson High School district, and many Cockeysville and Hunt Valley homes are in the Dulaney High school district.

To be certain of a particular Baltimore County home’s school district, www.bcps.org has a link to discover what schools a particular home is set to attend. One thing to be aware of, though, is that homes can be redistricted at any time.

If you are considering buying homes based on Baltimore County school districts, these scores are a great beginning to discover what may be a good fit for you.

Contact me today for Baltimore County real estate.

Johns Hopkins Hospital Job Openings

Johns Hopkins Hospital has 400 job openings on its main campus.

The main campus is located on Broadway past Fells Point and Canton in Downtown Baltimore.

The chief operating officer, Judy Reitz, states that this does not include openings some of its’ other campuses.

They are also building new patient towers to be opening in January 2012, which could bring as many as 1,000 new jobs to the area.

Johns Hopkins Hospital employs over 6,000 people.

The Baltimore Business Journal reports that the jobs listed as open include:

rehabilitation specialists; administrative assistants; nurse managers; lab technicians; pharmacists; computer programmers; and equipment managers. Reitz said the hospital also is always looking for registered nurses, housekeepers, security guards and cafeteria workers.

This is great news for the Baltimore real estate market, because this could mean people moving into the area and possibly buying houses to take advantage of the incredibly low interest rates and low housing prices.

Tax Credit Not Extended

The tax credit extension bill did not pass in the Senate today. Those qualifying buyers who wish to receive the credit MUST close by next Wednesday, June 30, 2010.

Most Foreclosures Not Underwater

A recent study by RealtyTrac finds that most foreclosures are not underwater.

Less than 50% of foreclosed properties are underwater, which is an interesting statistic in this real estate market with many short sales and homes’ values being less than the price people paid for them.

A major component that RealtyTrac found to be behind this percentage is job loss, creating the lack of income to be able to continue paying their mortgage. They estimate that for every 6-10 job losses there is one foreclosure. Another is the number of adjustable rate mortgages resetting between now & 2011. There are $2.5 trillion in loans that are ARM mortgages.

This helps to illustrate their point that in 2009 there were 2.8 million foreclosures, and but are predicting that number to be 3.8 million this year.

The Baltimore real estate market is definitely a part of this trend, with foreclosures and short sales on the rise. If you are in distress, please contact a real estate professional to avoid foreclosure. There are alternatives.

75% of HAMP Loan Modifications will Redefault

A new report by Fitch Ratings states that 75% of HAMP loan modifications will redefault in the future.

The issue is that the HAMP (Home Affordability Modification Program) loan modifications do not address the other debt that the borrowers have, therefore still having issues, despite their mortgage amounts and payments being reduced.

CNNMoney.com shared this report and found that this is not an unusual rate on re-defaults.

What lenders recommend at the point of re-default is related to the HAMP loan modification program’s sister program, HAFA program, which helps distressed homeowners try to avoid foreclosure with alternative routes.

If you are in a distressed situation, or would like more information on either HAMP or HAFA, please contact me today to avoid Baltimore foreclosure.

Lenders Using Facebook and Twitter for Borrower Information

Lenders are using Facebook and Twitter, plus other social media sites, to find borrower information to decide on whether they will provide them with funding.

It doesn’t appear to be happening widely in the home mortgage world yet, and lenders must be very careful not to violate the Fair Credit Reporting Act.

As the Huffington Post reports,

RapLeaf said its analyses were not used for credit decisions. Lending Club said it does use information from social networks–but “only to confirm people’s identities and minimize fraud.”

This may be true, but if you lose your job and put it on Facebook, they can find that. Keep in mind, though, that if your circumstances change from the time you apply to the time you close, (i.e. you lose your job), you must notify your bank immediately, because you will not want to be committing mortgage fraud — unintentionally or not.

What this shows is that any information you put out on social media networking sites can be seen anywhere. Even if your privacy settings are high, some of your information can still be viewed. Always be careful what you put on Facebook and other sites. Be careful!

Hunt Valley Farmers Market, Koopers Wagon and IcedGems Cupcakes

Hunt Valley Farmers Market has opened and Kooper’s Wagon and IcedGems Cupcakes truck were there to celebrate.

A few of my online friends planned a “tweetup” to enjoy some burgers and sweet treats!

It was a hot day so we sat in the shade.

The kids ran around and had fun!

This day was a sneak peek before it officially opened in June. The Farmers Market showcases local wares like beef from local farms, as well as goodies from small shops and food from the area.

We have had our Kooper’s Burger Wagon burgers before, but this was our first taste of IcedGems Cupcakes. We will be back! We split a half dozen, and they are fantastic, delicious bites of heaven!

Two kids enjoyed the birthday cake flavor, and agreed that it tasted just like the real, yummy thing. Another had the PB&J, which has jelly in the middle and peanut butter icing. Another thumbs up. I was disappointed that the one I had been drooling over, the margarita one, wasn’t on “tap” for the day, but ended up with the “Key West”, which is a key lime pie in a cupcake. It was fantastic! I also had a mocha coffee, which was delicious as well. Next time, I am hoping for the “Midnight Mint” or the margarita.

Iced Gems travels daily, but plans to be at the Hunt Valley Farmers Market on a regular basis.

The Hunt Valley Farmers Market is Thursdays from 11 am – 2 pm June through October.

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