Tax Credits Have Been Pricey and Effective
As government program ends, the Treasury Department estimates that the credits helped 1.8 million people buy homes, though two-thirds went to people who would have bought homes anyway.
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Mortgage Volume Rises to Six-Month High
Applications increased 7.4 percent last week as the end of the home buyer tax credit approaches, according to the Mortgage Bankers Association.
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Service Members Get Extra Year for Tax Credit
The rule requiring buyers to repay the credit if they move within three years has also been waived for qualifying members of the U.S. military, foreign service, and intelligence communities if the government orders the transfer.
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High Rates May Spook Commercial Investors
Casual investors in commercial real estate are likely to exit the sector as debt becomes more expensive.
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Fannie Extends Distressed Property Deal
Fannie Mae will give buyers until June 30 to participate in a rebate program. Participants receive 3.5 percent of the final sales price to be used for closing costs or selected appliances.
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Mexican Real Estate Remains Hard Hit
Sales volume fell 70 percent in 2009, and property values within an hour’s drive of the U.S. border have declined 40 percent from their peak, according to industry experts.
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