CONGRESS EXTENDS HOMEBUYER TAX CREDIT!

Bill extends homebuyer tax credit into next year.

By Tami Luhby, CNNMoney.com senior writer

NEW YORK (CNNMoney.com) -- New homebuyers are poised to see the $8,000 tax credit extended into mid-next year.

The legislation extends the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure would apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The credit would be available only for the purchase of principal residences priced at $800,000 or less.

The bill would raise the adjusted gross income cap to$125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn. "The kind of jobs that can make a difference."

The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.

Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.

By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.

"The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first vice president, in Senate testimony last month.

Tax Credit Provides Outstanding Opportunity for Home Buyers

A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

http://www.federalhousingtaxcredit.com/2009/faq.php

BAYOU BOOGALOO

The Mid City Bayou Boogaloo is this weekend and I can't wait. This is truly one of the best festivals in the city. The band line up is always great, its on the underutilized beautiful Bayou St. John and best of all it's FREE!! I having been volunteering at the beer booths since the begining and we have a blast. The last two years our beer booth has been hosted by my other business the Mid City Yacht Club. This is how they pay for the festival and keep it free so come see us and buy lots of beer. They also have an art market and lots of food vendors so come hungry and enjoy yourself. See you there!

Friday, May 22nd 5pm-9pm
Saturday, May 23rd 11am-9pm
For more information www.thebayouboogaloo.com

Soft 2nd Mortgage for "1st Time" Home Buyers

Finally, New Orleans is getting some help in the rebuilding department. The New Orleans Finance Authority has some fantastic programs to help first time home buyers -- but don't stop reading there-- they have expanded the definition of "first time home buyer." If you owned before Katrina, but have rented since, you are considered a first time home buyer in these programs. In addition, divorcees and widows are considered first time home buyers.

You can get up to $65,000 in the form of a "soft second mortgage" which you'll NEVER have to pay back if you stay in the home in good standing for ten years! That means on a house that costs $165K in New Orleans, a good size home in this market, you could end up only having a mortgage that you pay against for $100K, usually only $550 a month for principal and interest (P&I), depending on your circumstances. Talk to our agents -- we are the best in the business as locals very much invested in finding solid home buyers to rebuild our city!

NEW ORLEANS IS THE PLACE TO LIVE!

Things have been going so fast for Urban Vision that we've been neglecting our blog. That stops today!

Welcome to our fabulous listings website, also a place to get to know us as agents and broker. I'm MJ Sauer, owner and broker for Urban Vision. I'm a New Orleans local, working the real estate arena here for the past 10 years.

We have just wrapped up French Quarter fest here in New Orleans, and now it's time for Jazzfest. This is the best place to live. Plus, it's crawfish season! Does everyone know that Urban Vision's offices are located atop of our bar, the Mid-City Yacht Club, where we have free crawfish boils every friday night starting at 5pm? Stop by! You will surely need a beer to cool your lips.

MJ

p.s. Also, more helpful New Orleans tips: take note my husband has the best home theater company in town, NOLA Smart Wire! He's the best, really.