WASHINGTON - The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released January data for the Administration's Home Affordable Modification Program (HAMP), demonstrating that the number of homeowners receiving immediate relief and converting to permanent modifications continues to rise. More than 116,000 homeowners now have permanent modifications, nearly doubling the number from December, which also marked record progress. An additional 76,000 permanent modifications have been offered, and are waiting only for the borrower's signature. In total, Over 1 million homeowners have started trial modifications and nearly 1.3 million offers for trial modifications have been extended to homeowners.

It's going to be a Great Fast Action OT.

Go USA, should be a Great Period.

Local home sales start 2010 with 29% rise

Image via Wikipedia

(Crain’s) — Chicago-area home sales started the year with a jump, but distressed sales continued to push down prices.

In the nine-county Chicago region, 3,922 single-family homes and condominiums were sold last month, a 29.2% increase over January 2009, according to a release Friday from the Illinois Assn. of Realtors.

In the city, sales rose 31.1% last month, to 1,202 compared with 917 in January 2009, the Realtors said.

“We are seeing an accelerated spring market despite the snow and cold in Illinois with the homebuyer tax credit the driving factor for rising home sales," Mike Onorato, president of the association and broker-owner of Onorato Real Estate in Coal City, said in the release.

The median price in the Chicago area — at which half the homes sell for more and half for less — fell to $175,000 in January, a 5.4% decrease from last year, according to the release.

In Chicago, the January median price of $195,000 was similarly down 4.9% compared with January 2009. However, the statewide median price rose slightly, to $145,300 compared with $145,000 in January 2009, the Realtors association said.

“Foreclosed properties continue to exert downward pressure on median prices in Chicago but much less so in Illinois," Dr. Geoffrey J. D. Hewings, director of the Regional Economics Applications Laboratory (REAL) of the University of Illinois, said in the release. "There is evidence that median price increases will moderate in the state over the next three months (February, March and April), remaining about the same as those a year earlier; for Chicago, the median prices will be about six percent below comparable prices.” Statewide, sales rose 14% last month to 5,483 homes.

The Illinois Assn. of Realtors’ sales figures include new and existing homes. The nine-county Chicago Primary Metropolitan Statistical Area consists of Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will.

Ask me how I'm building 9+ opt-in lists with one link. http://bit.ly/OnlineList

Are You Looking For Something For Your Child To Do???

kidwinks.com was born out of frustration. As two moms of young children, we were looking for fun, unique, age-appropriate things to do with our kids. And we were tired of saving a bunch of paper listings - we wanted to have everything in one place! When we couldn’t find a resource that had everything we were looking for, we decided to create one ourselves. What we have come up with is kidwinks.com; a site for anyone who has young children in their life. We hope you like it.

Related articles by Zemanta

• Kiz Club Learning Resources for Kids (teachinglearnerswithmultipleneeds.blogspot.com)

Bringing the Dream of Homeownership Within Reach

Image via Wikipedia

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Related articles by Zemanta

• Home buyer tax credit deadline approaches (seattlecondosandlofts.com)
• First-Time Home Buyer Tax Credit Gets Obama Nod (usnews.com)
• Federal Tax Credit Extended & Expanded (heidiwhite.com)

Protecting the Mortgage Interest Deduction

Image via Wikipedia

On February 1, President Obama released his budget proposal for 2011. Consistent with its proposed FY 2010 budget, the Administration's again has recommended limiting the value of the mortgage interest deduction (MID) for upper income taxpayers by, in effect, converting the deduction to a 28% tax credit for those individuals currently in the 33% or 35% tax brackets.

The mortgage interest deduction has been part of U.S. tax policy since the federal tax code was first enacted in 1913. It is a remarkably effective tool that facilitates homeownership. While only about 30% of all taxpayers in any given year itemize their deductions, more than 3/4 of homeowners utilize the deduction over the period they own their home. For this reason, NAR is 100% opposed to the provision that modifies the MID and prepared to use its formidable array of resources against its enactment.

Under current law, interest paid on up to $1 million of mortgage debt, plus interest paid on home equity loans or lines of credit of up to $100,000 may be deducted. These caps apply to the combined indebtedness on a principal residence and one additional residence. As currently drafted, the Administration's proposal would change the MID by reducing the economic benefits of mortgage deductibility for families earning over $250,000 (AGI) and on single taxpayers earning over $200,000 (AGI).

In the past, most Members of Congress have supported our views and also opposed changes to the MID. Senator Max Baucus, Chairman of the Senate Committee on Finance, and Representative Charles Rangel, Chairman of the House Ways and Means Committee, along with their other colleagues, pointed out in 2009 that changes to itemized deductions were ill advised stating "some of the reforms and offsets contained or referenced in the budget, such as the limitation on itemized deductions, raise concerns and will require more study as we determine the best policies for getting America back on track."

Today's housing market, while improving, cannot absorb any negative signals, no matter what the income level of the taxpayer and no matter what market segment of housing might be affected. As we did in 2009, NAR will launch a multi-phase plan of action to eliminate this provision from the budget plan. NAR has already sent letters to Members of the House of Representatives and the Senate and will continue to protect the MID.

Related articles by Zemanta

• 2009 Federal Tax Laws Updates (slideshare.net)
• 7 most overlooked tax deductions (msnbc.msn.com)
• Major Income Tax Changes for 2009 Returns (usnews.com)

The federal government hopes to give Americans a nudge to go appliance shopping. It has set aside $300 million in stimulus funds to offer rebates to those who buy energy-efficient appliances.
Energy efficient = savings
Replacing a 16-year-old refrigerator could trim your annual utility bills by $75. An upgraded furnace or central air conditioner can also yield big savings and might qualify you for up to $1,500 in federal energy tax credits in 2010.

Illinois home sales up 35.6 percent in 4th Quarter. Statewide home sales increased 35.6 percent in the fourth quarter, while statewide median home prices were down 5.5 percent during the same period, according to the latest IAR home sales report. Year-end sales for 2009 were down 1.4 percent and the year-end statewide median home price declined 14.6 percent from the year before.

January foreclosures down from December; still higher than a year ago. U.S. foreclosure activity dropped 10 percent in January, but was 15 percent higher than January 2009, according to RealtyTrac. Illinois posted the nation’s fourth highest foreclosure filing total with 18,120 – a 2 percent increase over December and a 25 percent increase from January 2009.

Condo Unit Owners Insurance Now a Requirement for Mortgages

A recent new loan requirement is that a borrower must obtain a condominium-unit-owners insurance policy —also known as HO-6 insurance. This is a good thing; you want your new condo to be covered in case something happens! HO-6 covers the interior walls, electrical wiring, plumbing fixtures, kitchen cabinets, counter tops, wood floors and carpet. Unless the condominium master policy provides interior unit coverage; coverage may not be less than 20% of the assessed value. I do suggest that you ask for additional insurance, which falls under HO-6, to include special assessment coverage.

A & N Mortgage Services

Illinois Fourth Quarter Home Sales Finish Strong

Up 35.6 PercentBuyer Market Conditions Continue as 2010 Begins:

Fueled by the tax credit incentive, home sales rebounded in the latter half of the year with Illinois buyers gaining some long-awaited confidence bolstered by low mortgage interest rates and moderating home prices. According to the Illinois Association of REALTORS® (IAR) fourth quarter 2009 report, Illinois home sales (which include single-family homes and condominiums) totaled 29,822 in the fourth quarter, up 35.6 percent from 21,986 home sales in the same period a year ago. For the year 2009, total sales were down 1.4 percent with 107,613 homes sold compared to 109,195 sales in 2008.

In the Chicagoland Primary Metropolitan Statistical Area (PMSA) total home sales (single-family and condominiums) were up 44.9 percent in the fourth quarter of 2009 to 19,947 homes sold compared to 13,765 home sales in the fourth quarter of 2008. For the year, total home sales in the Chicagoland PMSA reached 69,373, nearly even with 69,406 home sales in 2008. The region’s fourth quarter 2009 median price was $187,000, down 13.0 percent from $215,000 in the fourth quarter of 2008. The Chicagoland PMSA median home sale price for 2009 was $196,000, down 18.3 percent from $240,000 in 2008.

According to the IAR report, total home sales (single-family and condominiums) comparing 4Q09 to 4Q08 were up in 72 of 99 Illinois counties reporting with 49 of 99 counties posting median price increases. The following Illinois counties reported both sales and median price increases for the quarter: Champaign sales up 51.0 percent, median price up 6.0 percent to $143,950; Kankakee sales up 13.8 percent, median price up 2.4 percent to $128,000; Peoria sales up 7.7 percent, median price up 1.1 percent to $110,000; Sangamon sales up 44.5 percent, median price up 8.1 percent to $115,000; and Williamson sales up 13.4 percent, median price up 16.2 percent to $97,000.

In the city of Chicago, total home sales (single-family and condominiums) in the fourth quarter were up 43.7 percent to 5,639 sales compared to sales of 3,925 in the fourth quarter of 2008. The city of Chicago median price in the fourth quarter was $215,000 down 11.5 percent from $243,000 in the same period for 2008.

For the year, home sales in the city reached 19,401 in 2009, down 7.4 percent from 20,946 sales in 2008. The 2009 median price was $225,000, down 22.4 percent from $290,000 in 2008.

Getting last min. Sun before heading home.

Nicahabana Cigars

Just listed: 1111 South Pleasant Hill Gate, Waukegan, IL 60085 for $254,000

Just listed: 1111 South Pleasant Hill Gate, Waukegan, IL 60085 for $254,000

Morning from Tampa Area.

Four Steps to Follow If You Are Missing a W-2

Image via Wikipedia

Getting ready to file your tax return? Make sure you have all your documents before you start. You should receive a Form W-2, Wage and Tax Statement from each of your employers. Employers have until February 1, 2010 to send you a 2009 Form W-2 earnings statement. If you haven’t received your W-2, follow these four steps:

1. Contact your employer If you have not received your W-2, contact your employer to inquire if and when the W-2 was mailed. If it was mailed, it may have been returned to the employer because of an incorrect or incomplete address. After contacting the employer, allow a reasonable amount of time for them to resend or to issue the W-2.

2. Contact the IRS If you do not receive your W-2 by February 16th, contact the IRS for assistance at 800-829-1040. When you call, you must provide your name, address, city and state, including zip code, Social Security number, phone number and have the following information:

• Employer’s name, address, city and state, including zip code and phone number
• Dates of employment
• An estimate of the wages you earned, the federal income tax withheld, and when you worked for that employer during 2009. The estimate should be based on year-to-date information from your final pay stub or leave-and-earnings statement, if possible.

3. File your return You still must file your tax return or request an extension to file by April 15, even if you do not receive your Form W-2. If you have not received your Form W-2 by April 15th, and have completed steps 1 and 2, you may use Form 4852, Substitute for Form W-2, Wage and Tax Statement. Attach Form 4852 to the return, estimating income and withholding taxes as accurately as possible. There may be a delay in any refund due while the information is verified.

4. File a Form 1040X On occasion, you may receive your missing W-2 after you filed your return using Form 4852, and the information may be different from what you reported on your return. If this happens, you must amend your return by filing a Form 1040X, Amended U.S. Individual Income Tax Return.

Form 4852, Form 1040X, and instructions are available on the IRS Web site, IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Related articles by Zemanta

• 2009 Tax Information for Advantage Energy Income Fund (newswire.ca)
• Solving 1099 Problems (freelanceswitch.com)

Just got done playing golf in Tampa area, Wind.

In Tampa, going to the Golf Course.

Around the Home – Recycle Your Way to Less Waste

Image via Wikipedia

The easiest way to do your part and help the environment is to simply recycle. It’s also one of the most effective ways to conserve natural resources, create less pollution and reduce the amount of waste sent to the landfill.

Seventy-five percent of the waste we generate in American homes is recyclable but less than 35% is actually making it to a recycling center. The following steps are simple practices you can put into place to help you do your part and make a habit of recycling.

Make It Easy: Most of us keep our recycling bins outside or in the garage, which isn’t always convenient. Put other containers throughout your home to serve as recycling bins—especially in places where it’s easy to forget to recycle. One of those places is the bathroom. Think of all the empty shampoo bottles, toilet paper rolls, and even those cardboard soap boxes that usually get tossed in the trash. In your home office, have another basket to collect paper for recycling. By spreading out small containers for recycling around the house, the entire family will be more inclined to think twice before throwing something in the garbage.

Know Your Numbers: All plastic containers have a little number inside recycling arrows located on the bottom which identifies the type of plastic used to make the product. Many local curbside recycling programs accept products marked with a No. 1 or No. 2 but some take all seven types of plastic.

It Makes Cents: Throwing aluminum cans in the trash is like throwing money out the window. Recycled aluminum is turned into new cans in less than 90 days and it can be recycled over and over again. It takes 95% less energy to make a can from recycled materials and produces 97% less water pollution. So choose beverages in aluminum and recycle every can.

Speak With Your Wallet: Filling your curbside-recycling bin is just the beginning. Complete the circle by seeking out products made from recycled content—especially post-consumer content. That’s the materials you recycle and not the scraps on factory floors.

(c) 2010, The Charlotte Observer (Charlotte, N.C.).

Related articles by Zemanta

• A Worthwhile Cause (perezhilton.com)

More U.S. Homeowners Expected to Remodel in 2010

After a year of steady declines in home remodeling, the Spring 2010 U.S. Remodeling Sentiment Report reveals a 13% increase in the number of homeowners who say they will remodel in the next 12 months. This increase follows a 5% increase in last year’s Spring 2009 report. The continuing upward swing in remodeling sentiment indicates that 2010 will show a strong increase in remodeling activity.

The Spring 2010 Sentiment Report, a survey of 5,000 homeowners in the U.S. who are considering remodeling, also shows that the recession has had several impacts on U.S. homeowners. These include:

-The most popular projects in the past–remodeling the kitchen and bathrooms–have decreased in popularity, as adding a bathroom has taken the honors of the most popular project. This makes sense since, for many homeowners, updating an existing room can be put off because it is often seen as a “luxury,” while for many, the addition of a bathroom is a necessity due to changes in the needs of the family.

-Interest in do-it-yourself projects, both the actual building as well as acting as their own general contractor, has remained steady throughout the economic downturn.

-Economizing on the cost of materials is growing in popularity at the same time, as fewer homeowners are reporting they will use expensive materials for their remodel. The percentage of homeowners reporting they will use average costing materials remains the same.

-The number of homeowners reporting they are “excited” about remodeling has climbed to an all-time high of 54%, which is primarily due to homeowners who aren’t excited about remodeling choosing to put their plans on hold to wait until the recession is over. This may be a costly choice for homeowners since the cost to remodel now is as much as 20% lower than in 2006, according to a special cost to remodel study published earlier this year.

Summary Results from the Report

Homeowners who report they: 2008 2010
Plan to hire a general contractor 66% 64%
Plan to do some of the remodeling work 67% 66%
Are excited about remodeling 48% 54%
Plan to remodel a bathroom 49% 42%
Plan to remodel the kitchen 55% 48%
Plan to add a bathroom 49% 53%

RISMEDIA, January 30, 2010

Related articles by Zemanta

• Home Renovations Are On The Rise - CalFinder Remodeling Plays Matchmaker for Homeowners and Contractors (prweb.com)
• Read About Bathroom Remodeling Adventures on iBaths.com (prweb.com)

3 Factors to Take Into Consideration Before Jumping Into Housing Market

Image by Getty Images via Daylife

If you have a good job and good credit, the next few months might be a good time to go house hunting. Fence-sitters take the risk that Congress may let a rich tax credit expire, and that interest rates may rise. Buyers and sellers should consider the following factors as they consider jumping into the housing market.

Lenders are insisting on credit scores of 640 to 660 for loans sold to Fannie Mae, Freddie Mac and 580 for FHA guaranteed loans. Those standards are higher than the federal agencies themselves insist on. FHA—which guarantees loans for people with low down-payments—has been raising its own insurance charges to borrowers and demanding higher premiums from people with poor credit scores.

RISMEDIA, February 6, 2010—(MCT)—

Related articles by Zemanta

• New FHA Requirements: Party On! (usnews.com)

Top 5 Reasons to Buy a Home in 2010

1. Housing Affordability Is at Record High Levels Each month the National Association of Realtors issues its “Housing Affordability Index,” which measures the ability of the average family to afford the average home. In November 2009 the national affordability index was 167.7. This means that if a family with the median income of $60,034 wanted topurchase a median-priced existing single-family home at $171,900 (witha 20% down payment of $34,380), they would have 167.7% of the qualifying income needed to purchase that home.
2. Interest Rates Are at Historic Lows
   In the 1990s rates were higher than 10 percent. This look back through
   time makes it easy to see that today’s mortgage rates are relatively low.
   Take the first step toward a home purchase and contact me for a credit-checked priorityBuyer® preapproval to see exactly how much you can borrow with today’s
   interest rates.2
3. Tax Credits Available for a Limited Time
   · First-time homebuyers have until April 30, 2010, to take
   advantage of the federal tax credit of up to $8,000!3
   · Repeat Homebuyers: Repeat homebuyers have until April 30,
   2010, to take advantage of the federal tax credit up to $6,500!3
   · Renovations: Buying a home that needs a new roof, windows, or
   insulation? Qualified homeowners may receive a tax credit for
   30% of renovation costs, up to a maximum of $1,500, for
   energy-efficient improvements to their current primary
   residence.
4. Inventory of foreclosure and short sale properties
   Also called real-estate owned or REO, lender-mediated, lenderowned,
   or non-traditional, these properties may appeal to bargain
   hunters looking for that hidden gem.
5. Inventory of homes overall is at a 7-month supply
   nationally.5 It is a buyer’s market!
   More sellers than buyers in the marketplace can mean more
   choices and more bargaining power for buyers.
   

I am driving in the snow. It stinks to get caught behind a plow that is throwing salt.

President's Budget Provides Funding for Fire Service Programs

Image via Wikipedia

The White House today unveiled the president's proposed budget for Fiscal Year 2011. The proposal includes $305 million for the Staffing for Adequate Fire and Emergency Response (SAFER) grant program, $305 million for Assistance to Firefighters (FIRE Act) grants, $28 million for Urban Search and Rescue (US&R) and more than $2 billion to state governments and urban areas to improve their emergency response capabilities.
In proposing $305 million for SAFER, President Obama noted that Congress is likely to add an additional $500 million for SAFER as part of an emergency jobs package. The House of Representatives included the $500 million for SAFER in a jobs bill that it approved in December, and the Senate is expected to include SAFER funding in its version of this emergency bill. The total proposed for SAFER funding would therefore rise to $805 million between the emergency spending and the regular Fiscal Year 2011 appropriation process.
The $805 million proposed for hiring fire fighters is on top of the $420 million that Congress approved for Fiscal Year 2010 and the $210 awarded for Fiscal Year 2009.
"Congress and the new administration have designated more than $1 billion for fire fighter jobs over the past three years. This stands in sharp contrast to the previous administration, which proposed zero funding for SAFER and attempted to kill the program each year," says IAFF General President Harold Schaitberger.
The president's budget proposal now goes to Capitol Hill, where Congress is likely to change funding levels for many of the programs. Historically, Congress has approved more for the FIRE Act and SAFER than the president proposed, and the IAFF will be working with its allies in the House and Senate Appropriations Committee to grow the funding levels for these programs.
"We treat the president's proposal as a baseline," explains Schaitberger. "Our job is now to make the case to congressional appropriators why we need even more money than the White House recommends."

Related articles by Zemanta

• Obama's $3.8 Trillion Budget Heading to Congress (abcnews.go.com)

Jim Breuer explains what happens when you mix alcoholic beverages.