New HOA / Condo laws go into effect today

Renting?  Paying your rent on time?  Effective July 1, 2010 if your landlord isn't paying the required HOA / Condo fees, under Florida Chapter 720, you may be obligated to pay the fees directly or face eviction!

Homebuyer tax credit set to expire today

Under current law, eligible homebuyers who qualified for the tax credit of up to $8,000 by having a valid contract to purchase a home on or before April 30, 2010 must close on the home no later than today to qualify for the credit.  (To date, Congress has unsuccessfully attempted to pass a bill extending the required closing date to September 30, 2010.  However, the House has just passed HR 5623 and it could get a vote in the Senate as early as today.)  Most of the qualifying homes that haven't closed are short sale homes and buyers should have been keenly aware that sellers' lenders can take months to approve (or reject)  the transaction.  Unless the law changes, if those homebuyers don't close by end of business today they will lose the tax credit.

More on toxic Chinese drywall...

More local information is provided on the toxic Chinese drywall issues in this video from ABCactionNews.com:

New Florida law gives toxic drywall victims property tax relief

Florida law (HB 965) was recently signed by Governor Crist and gives property tax relief to victims of toxic Chinese drywall.  Owners of single family homes have to provide documentation to their county property appraiser's office and the assessed value of the building may be reduced to $0.  For additional information, read the following Tampa Tribune article:  http://ow.ly/1XSFe

First time homebuyers in final days of tax credit

First time homebuyers have less than two weeks to qualify for the tax credit of up to $8,000. The homebuyers have until April 30th to be under contract on a home and close on it before June 30th.  The rush is on for some to meet the deadline.

Homebuyers thinking small

New homebuyers are going small:

NAR launches new website for homeowners

The National Association of Realtors has launched a new "beta" website for homeowners called HouseLogic with information on "everything you need to protect, maintain, and enhance the value of your home":  http://www.houselogic.com/

Homebuyer tax credit extended and expanded

Congress has passed an extension of the $8,000 tax credit for qualifying first time homebuyers and expanded it for a $6,500 credit for qualifying homebuyers who are not first time home buyers.   It is anticipated that the President will sign the bill as soon as tomorrow.  The National Association of Realtors has provided a comparison of the existing and new programs and brief summaries at this link.  More details to follow.

Short sale delays threaten to cost many $8,000.

First time home buyers who are eligible for the tax credit up to $8,000 and are under contract on short sale homes are feeling the pressure of the November 30 deadline. It is unfortunate that the sellers' lenders don't feel pressure to give a timely response on Short Sales! (Contracts on short sale homes must be approved by the seller's lender(s) and that can take as long as seven months!)
James Thorner, real estate expert of the St. Pete Times writes: "An estimated 1.4 million home buyers across the country, including 106,000 in Florida, have claimed the credit already. But with the deadline less than two months away--and little indication so far that Congress will extend the freebie--real estate agents and home builders are warning buyers away from shilly-shallying with the bank." (on short sales). Full Story from the St. Pete Times

Tampa New Home Builder Survey

J.D. Power & Associates has released the results of the 2009 new home builder customer satisfaction study for Tampa. Topping the Tampa list for customer satisfaction is Pulte Homes; followed by Standard Pacific Homes. Full Tampa Study

Tampa home inventories continue decline

Inventories of homes on the market continue to decline according to information reported by the Greater Tampa Association of Realtors. At its peak, the highest months of inventory reported was 24.9 in January, 2008. The amount of inventory reported for July, 2009 (the most recent data reported) was 8.2; the lowest reported since June, 2006.