July 2010 Real Estate Newsletter

July 20, 2010

Tax Credit Closing Date Extended

**This does NOT mean that anybody who got into contract after April 30th, 2010 will be eligible for the tax credit. It simply means that those properties that were put into contract by the April 30th deadline have longer than June 30th to close. According to the IRS website:

Updated July 6, 2010, for changes to the deadline for closing on home purchases.

Legislation enacted in July 2010 extended the closing deadline from June 30 to Sept. 30, 2010, for eligible homebuyers. Legislative changes in November 2009 expanded and extended the credit and also added documentation requirements for claiming the credit. Due to increased compliance checks by the IRS, failure to submit documentation will slow down the issuance of any applicable refund.

See IRS Website for more info here.

2010 Market Stats

**Ada County 2010 Stats by Month

**Ada County 2010 Stats by Quarter

**Canyon County 2010 Stats by Month

**Canyon County 2010 Stats by Quarter

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Meridian Makes the List - In a Good Way

10 Best Towns for Families: 2010

Meridian, Idaho

Population: 45,295
Median Income: $66,888
Median Home Price: $177,000
Households with Children: 47%
Student/Teacher Ratio: 20:1
Great Schools Rating: 7

The population has quadrupled in the last decade, but for Debbie and Mark Bennett that just means there's more Meridian to love. "It's still a place where people value a low-key, no-fuss lifestyle," says Mark, 54, a real estate agent. "Everything is comfortable here."

See full article here...

IHFA Announces New Homebuer Tax Credit Program

IdaMortgage.com, brought to you by Idaho Housing and Finance Association, announces new Homebuyer Tax Credit Program. This program could save your clients more than $10,000 over a ten-year period!

New Homebuyer Tax Credit Program:

- Income tax credit of up to 20% of the mortgage interest paid each year for the first ten years; maximum of $2,000 per year
- Can be used with IdaMortgage loan products
- First-time homebuyer requirements apply
- $500 fee from borrower
- Available for a limited time only
- Can be used to help borrowers qualify

To learn more about this exciting new program, please visit www.IdaMortgage.com or contact us at 1-800-219-2285.

Information courtesty of Ada County Association of Realtors.

NAR Market Watch

2010 1st Quarter

Have a fun and safe weekend!

Tax Credit Extension Update

After a close brush with the deadline, Congress has passed the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.

Information Courtesy of Ada County Association of REALTORS.