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7.30.09
Breaking News! Congressman Dent Supports HVCC Moratorium
LVAR has heard loud and clear from our members that the implementation of the Home Valuation Code of Conduct (HVCC) is having adverse impacts on the housing market. Your concerns are consistent with the results of a recent survey conducted by the National Association of REALTORS® (NAR), which found that:
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76% of REALTORS® representing buyers or sellers indicated the time to obtain a completed appraisal increased after May 1;
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37% of REALTORS® reported lost sales;
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70% of REALTORS® reported an increased use of out-of-area Appraisers;
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50% of NAR Appraiser members reported a reduction in fees received by them, and 70% reported that consumers were paying higher fees;
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85% of NAR Appraiser members reported a perceived reduction in appraisal quality.
LVAR brought your concerns to the attention of our Lehigh Valley Congressman Charlie Dent. We are happy to report that your voice has been heard, and Congressman Dent signed on as a cosponsor to support legislation (HR 3044) that would impose an 18 month moratorium on the HVCC. The legislation now has 47 cosponsors and continues to gain support as REALTORS® across the country share their negative experiences with HVCC to their respective members of Congress.
7.29.09
Homebuyer Tax Credit – Understand the Deadline
$8,000 First Time Homebuyer Tax Credit: Sale Must Close by November 30, 2009 to Qualify
As part of the American Recovery and Reinvestment Act of 2009, a First-time Homebuyer Tax Credit of up to $8,000 is now available. But this special tax break ends soon!
The deadline for qualified first time homebuyers to receive the tax credit is November 30, 2009. Importantly, the property sale must close by this date in order to qualify. If settlement occurs after November 30, first time homebuyers will not qualify for the tax credit.
With appraisal requests and mortgage approvals sometimes taking longer than normal in the current market, LVAR wants to ensure REALTORS® and their clients are aware that the deadline to qualify for the tax credit is quickly approaching. The deadline is only four months away!
Click here for a free brochure of Frequently Asked Questions produced by the National Association of REALTORS®.
>More Tax Credit Info |