Tax Credits Give Solar Power a Boost

A series of tax credits for wind, solar, geothermal, tidal energy and others was among the tenets of the October congressional financial rescue legislation.

The law increased the investment credit for solar from $2,000 to $7,500 for a buyer who spends $25,000 to install solar panels on his roof.

In states like California, Connecticut, and New Jersey, where the cost of power is considerable, the pretax compound rate of return on a typical home solar system will be greater than 15 percent per year, says Andy Black, CEO of OnGrid Solar, an industry research firm.

Home builders, including some of the biggest, such as Centex, Lennar, Pulte Homes, and Woodside Homes, are seeing advantages to including solar. All are developing successful communities where all of the homes have solar panels capable of making most if not all power.

Source: BusinessWeek, Adam Aston

West End/ Westview Homes for Sale

Fully renovated, move in condition homes! Awaiting your inspection. View the links below to see these great deals! These homes will pass FHA inspection. Beltline Community- speak with your mortgage officer about city funds for down payments!

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413 Karli Court, McDonough, GA  4bed/3baths Traditional $139K  http://www.postlets.com/res/4354275 

1556 South Gordon St, Westview-in town Atlanta 3bed/2bath Restoration + attic $169K http://www.postlets.com/res/4225188

Home Tour: http://www.flyinside.com/tour.php?id=44365  (SOLD)

 626 Willard Ave, Westview Atlanta 3bed, 2baths Renovation $120.9K http://www.postlets.com/res/4289274 (New Price)

Home Tour: http://www.flyinside.com/tour.php?id=44629

1184 Eggleston Ave Historic West End 3bed/2bath renovated with Loft 135K

http://www.postlets.com/res/4643963

1790 Laurelwood Drive -Adams Park- on Golf Course.. Investor Special 45K

 Next Up

1498 Westwood Ave (Westview) & Rogers; exquisite  rehabs by J.W. Kelly Properties, Grady Place.

Why This Autumn is a Great Time to Buy

This fall could be a particularly great time for first-time or buyers long out of the market to jump in, say a variety of real estate professionals.

Here are the reasons why:

  • Interest rates are likely to decline as Freddie and Fannie get government help.
  • The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It’s going to take some of that back come Jan. 1, when the loan limit will shrink to $625,500.

The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.

  • The tax credit will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don’t owe tax, will get the money as a refund.

The government’s definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.

Source: The Washington Post, Elizabeth Razzi

How the New First-Time Buyer Tax Credit Works

Under the new housing bill, home buyers who have not owned a home in the last three years will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500. Here’s how it works:

  • The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

  • This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

  • The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

  • High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

Source: Realtor Magazine

Candidates Disagree on Foreclosure Fix

Daily Real Estate News  |   February 20, 2008

As the presidential primary in Ohio approaches, Sens. Hillary Clinton (D-N.Y.) and Barack Obama (D-Ill.) are highlighting their different housing proposals. Voters in Ohio especially are concerned about the housing proposals because the state has one of the highest foreclosure rates in the nation.

Clinton insists that government intervention is necessary. She proposes ceasing foreclosure proceedings for 90 days to allow borrowers and lenders to work on modifications, instituting a five-year interest-rate freeze on adjustable-rate subprime mortgages for primary residences only, and the use of government-backed mortgages to refinance borrowers who can no longer manage their monthly payments.

Meanwhile, Obama says that government involvement will force lenders to put the brakes on making new loans and modifications. Instead, he is focusing on stricter penalties for predatory lenders, tax credits for mortgage interest, and a $10 billion fund dedicated to preventing foreclosure and assisting first-time buyers.

Source: The Wall Street Journal, Nick Timiraos (02/20/08)