Geo Properties Inc.

Archive for June 2010

Jun/10

22

May Home Sales Continue Climb

Warwick, RI – June 22, 2010…May sales statistics released today by the Rhode Island Association of Realtors showed sales and median price of existing single family homes and condominiums up year over year.  Single family home sales were up marginally from 666 home sales in May 2009 to 667 last month.  Median price rose five percent from $190,000 May 2009 to $199,900.  Condo sales surged 22 percent and median price rose 14 percent to $181,925.  The median price of single family homes and condominiums sold through conventional means, not foreclosure or short sale, was $228,500 and $208,500 respectively. (more…)

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Jun/10

18

Senate approves home tax credit extension

By ANDREW TAYLOR
Associated Press Writer

updated 3:37 p.m. ET, Wed., June 16, 2010

WASHINGTON – The Senate on Wednesday approved a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. (more…)

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There has been a national discussion occurring to extend the closing date for buyers who are under contract by April 30th but who are unable to close by June 30th. The Senate just passed an amendment to HR 4213 to approval this extension until September 30th. The House has passed a similar bill, but the House and Senate bills need to be reconciled. NAR has indicated that as many as 1/3 of buyers may not be able to close by June 30th, due to the sheer volume of closings occurring. This legislation – if passed – will NOT extend the time frame to be eligible to qualify for the tax credit – that date has come and gone, as it was April 30th.

Source: http://www.rirealtors.org/NewsAndEvents/newsarticle.asp?newsID=1111

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Jun/10

16

Pending Homes Sales Continue Gain

Pending Home Sales Continue Gain

Click on the link above to watch the latest on Pending Homes Sales.

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