Featured Article May 26, 2010 - Impact study shows ports aided economy in recession Almost 9,000 new port-related jobs added statewide since the last study was conducted three years ago, read more... Feb. 23, 2010 - Military gets extension of first-time homebuyer credit
For civilians, the first-time homebuyer credit runs out on April 30, 2010. In order to qualify, you must identify a property by that date and then close on the deal by June 30, 2010. But The Lost Angeles Times reports there's a special one-year extension of this credit for active military. The brave mean and women in our armed forces will have the opportunity to identify a property by April 30, 2011 and close on it by June 30, 2011. Read more...> Anytime you have a program like the first-time homebuyer credit, it creates artificial demand in the marketplace. When it ends, housing will go through a hangover much like the car market did after Cash for Clunkers. Therefore, military members will have a strategic advantage by waiting to buy until after the program's initial expiration for the general public in April 2010. In related news, military families that have sacrificed so much frequently face the added burden of having to move posts every three years or so. That means, of course, buying a home at each duty station and selling the home at your previous post. The federal stimulus package actually offers compensation for those military homeowners who are forced to sell at a loss -- for up to 95% of that loss. This applies to a primary residence purchased before July 1, 2006. |