Following are key points that perspective home buyers should be aware of when considering a home purchase under the tax credit program:

   1. A tax credit of up to $8000 is available for 1^st time home buyers purchasing on or after 01/01/2009 and on or before 04/30/2010.  In cases where a binding sales contract is signed by 04/30/2010, a home purchase completed by 06/30/2010 will qualify.

2. A tax credit of up to $6500 is available for repeat homebuyers who have owned
   a home for 5 consecutive years out of the prior 8 years.  The repeat homebuyer tax credit applies to houses sold after 11/06/2009 and on or before 04/30/2010.  In cases where a binding sales contract is signed by 04/30/2010, a home purchase completed by 06/30/2010 will qualify.  Please note that this only applies to a primary residence.
3. The income limits for sales occurring on or after 01/01/2009 and on or before 11/06/2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.
4. Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales accruing after 11/06/2009
5. Home prices above $800,000 are not eligible for either the first time homebuyer tax credit or the repeat home buyer tax credit.
6. Expanded tax credit benefits apply to members of the military, the foreign service and the intelligence community.
7. Home purchases in 2010 may be claimed on an amended 2009 tax return.
8. Persons who are claimed as dependents by a tax payer or who are under age 18 do not qualify for a tax credit.
9. Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit.  The IRS defines relatives as ancestors (parent, grandparent, etc.) lineal descendants (child, grandchildren, etc.) and spouses.
10. Married couples are not eligible to claim the first-time home buyer tax credit if either souse has previously owned a home.  They may, however, qualify for the repeat home buyer tax credit.
11. Neither the first time home buyer tax credit nor the repeat home buyer tax credit have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within 3 years after the initial purchase.
12. Taxpayers must submit a copy of the HUD-1 settlement statement and IRS From 5405 to claim either the first time homebuyer tax credit or the repeat home buyer tax credit.

House prices rose 0.2 percent in 3rd quarter: survey

Fri Dec 18, 3:05 pm ET

WASHINGTON (Reuters) – U.S. house prices rose in the third quarter, ending a two-year downward trend, and the housing market was now slightly undervalued, an independent survey showed on Friday.

IHS Global Insight's quarterly housing valuation survey showed prices were up 0.2 percent from the second quarter, led by a 2.1 percent rise in home prices in California.

A separate Federal Housing Finance Agency showed house prices rose 0.9 percent year-over-year in the July-September period. That was the first advance since the second quarter of 2007 when the housing market slide started.

The surveys are the latest evidence that the housing market, the main trigger of the worst U.S. recession in 70 years, is stabilizing. Home sales have been trending higher, boosted by low mortgage rates and prices, as well as a popular tax credit for first-time buyers.

The IHS Global Insight survey, which covered 330 metropolitan areas, showed prices rose in 169 markets and fell in the remaining 161. For the first time since the survey started in 2005, there were no metropolitan areas where prices were deemed to be "extremely" overvalued.

"For the nation as a whole, the housing market is now slightly undervalued, 8.6 percent when weighted by market value and 10.1 percent when weighted by housing units," IHS Global Insight said.

(Reporting by Lucia Mutikani; Editing by James Dalgleish)

The $8,000 Home Buyers Tax Credit Program has been extended and expanded.
The program extended to the home buyers with the Purchase Contract signed by the end of April 2010. It also expanded to include a $6,500 tax credit for existing homeowners who buy a new home after living in their current residence for at least 5 years.
 

$24 billion economic stimulus bill signed into law today 11/06/09 giving tax incentives to homebuyers. The House voted 403-12 to pass the bill, and Senate had approved it unanimously. See Yahoo News at: 

http://news.yahoo.com/s/ap/20091106/ap_on_bi_ge/us_jobless_benefits_homebuyers

Comment: The Tax credit program is good for homebuyers and economy in general. However, it's only a "stimulus" as it intended to be.
To solve the real estate problem, the most important issue is to create jobs for the unemployed people and lower the unemployment rate (currently 10.2%, highest since 1983 ?), create good jobs for young, newly graduated folks etc.
This won't be an easy task. But it's critical in order to solve this crisis. Some people that I talked to, had suggested that we should put much higher tax on products made  by companies that outsource to any foreign country, and give more incentives to the companies making products here in the U.S.

Congratulation to Jennifer Nguyen and the Nguyen family,
for the beautiful new home in Estates of Legends Ranch!

Being a homeowner is a major accomplishment in life,
an American dream came true!
However, being the owner of this wonderful lake-front acre-home with 6 bedrooms 4 baths and 3-car-garage in this Woodland prestige area, is even a greater success!

We wish you many many happy years in this home-sweet-home!

John Dinh
Columbia Trust Realty
"Helping Texans owns pieces of Texas since 1990"

We, Americans remember the 9-11 tragedy!
Support our troops and the U.S.-led coalition global war against Terrorism to wipe out the Taliban in Afghanistan, Osama Bin Laden and his Al-Qaeda terorists organization.

See the website of National September 11th Memorial and Museum at:

http://makehistory.national911memorial.org/

and News From Wikipedia on 9-11 terorists attack at :

http://en.wikipedia.org/wiki/September_11,_2001_Terrorist_Attack

Open House at VINA Auto 08/29/2009.
More than 30 people attended and had a good evening!

Today  is 09/09/09

Not only does the date look good in marketing promotions, but it also represents the last set of repeating, single-digit dates that we'll see for almost a century (until January 1, 2101), or a millennium (mark your calendars for January 1, 3001), depending on how you want to count it.

Though technically there's nothing special about the symmetrical date, some concerned with the history and meaning of numbers ascribe powerful significance to 09/09/09. 

For cultures in which the number nine is lucky, Sept. 9 is anticipated – while others might see the date as an ominous warning.

As the final numeral, the number nine holds special rank. It is associated with forgiveness, compassion and success on the positive side as well as arrogance and self-righteousness on the negative, according to numerologists.

As part of his obsession with numbers both mathematically and divine, and like many mathematicians before and since, Pythagoras noted that nine in particular had many unique properties.

Any grade-school- er could tell you, for example, that the sum of the two-digits resulting from nine multiplied by any other single-digit number will equal nine. So 9x3=27, and 2+7=9.

Multiply nine by any two, three or four-digit number and the sums of those will also break down to nine. For example: 9x62 = 558; 5+5+8=18; 1+8=9.

Sept. 9 also happens to be the 252nd day of the year (2 + 5 +2) ...

So do you have special plans this 09/09/09?