Date Archives June 2010

Home Buyer Tax Credit Closing Extension Has Life – H.R. 5623

From (bolding mine): H.R. 5623 would extend the homebuyer tax credit of up to $8,000 for the purchase of a principal residence before October 1, 2010. … The bill would provide any homebuyer who entered into a contract on a home by April 30, 2010, but have been unable to go to closing within the required 60 days; the provision would extend the closing date for an additional 90 days. … Under current law, taxpayers who submit a bad check or money order to the IRS must pay a penalty of 2% of the amount of the check or money order. … ] This provision would extend the authority of the Department of Homeland Security to implement fees related to the recently-enacted Travel Promotion Act for one year, through fiscal year 2011.

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Albemarle County Schools Fighting Obesity Epidemic

“Even in a regular suburban neighborhood, we’re going to have more children walking to fewer bus stops, as opposed to some of the door-to-door service,” said Josh Davis, the schools’ transportation director. … I understand that not all area of Albemarle County have sidewalks or safe walking paths to bus stops or schools, but for those areas and neighborhoods that do have such infrastructure, why not walk a few more yards?

…I read an article on awhile back that said that in the 1960s, more than 90 percent of kids who lived within a mile of school walked or bicycled to school on a regular basis.

…The net result of all of this is that today an estimated 30 percent of all morning traffic is attributable to parents driving their kids to school, a practice that was virtually unheard of a couple generations ago.

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Discussing the Charlottesville Real Estate Market on WNRN – 27 June 2010

I’ll be discussing the state of the Charlottesville real estate market this weekend on WNRN . The following are some of the stories I was (re)reading earlier this week to prep for the show.

… Vacant Homes for Sale in Charlottesville and Albemarle – June 2010


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Apparently the Tax Credit Closing Extension is Dead. For Now

Despite shaving another $22 billion off the price tag of H.R. 4213 , the unemployment insurance, jobs and tax extenders bill, the Democrats this afternoon failed for the third time in three weeks to defeat a Republican filibuster.

…Spooked by concern about deficits, the Senate shelved a spending bill that included an extension of unemployment benefits, suddenly cutting off a federal cash spigot opened by President Barack Obama when he took office 18 months ago.

… “In effect, I think what we’ve done is pull ahead a lot of sales,” de Ritis said.

…Still, the number is so bad that it makes a decent case for an extension and retuning of the tax credit, de Ritis said. (hat tip: CR ) *editor’s note: I’m going to move this post to the sideblog shortly.

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Charlottesville is One of Five Best Places to Retire

We still don’t have sufficient senior-friendly housing to meet the current or anticipated demand. … Great place to find a job . (you’ll note that Charlottesville’s unemployment is lower than the national average ) (I’ve been asking for housing suitable for seniors – and all ages – for at least five years ) —

I would cite the article, but I’m unclear as to whether I can without submitting to their terms of service. I almost didn’t even point out the article because of this. 5 Great Cities for Retirees - Kiplinger Would I violate Fair Use if I choose to copy the text without their script/ad?

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When Evaluating the Charlottesville Real Estate Market, IGNORE National Data

Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.

…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard University’s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .

… Home Sales are Up 19% year over year in the Charlottesville MSA: Sales are up in Charlottesville MSA Year over year.jpg Homes sales are UP 14% in Charlottesville and Albemarle : Home Sales UP in Charlottesville and Albemarle - 2010 versus 2009.jpg One point: Charlottesville’s Unemployment is lower than the national average. Charlottesville's Unemployment is lower than the national average. Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: National Foreclosure data - Mildly irrelevant For Charlottesville, using RealtyTrac : Charlottesville Foreclosure Rate and Foreclosure Activity Information - may 2010 For Albemarle County, using RealtyTrac: Albemarle County Foreclosure Rate and Foreclosure Activity Information - Trends Albemarle County Foreclosure Rate and Foreclosure Activity Information - May 2010 What have median home prices done in Charlottesville over the past five years?

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