Tax Credit for Home Buyers

President Bush has signed the Housing and Economic Recovery Act of 2008, a bill that will assist an estimated 400,000 homeowners facing foreclosure by allowing them to refinance their current mortgages with a Federal Housing Administration-backed loan. The bill also permanently increases the conforming loan limit to as high as $625,500.

Another par of the bill includes a temporary tax credit for first-time home buyers of up to $7,500 for those who purchase between April 9, 2008, and July 1, 2009. This credit is available to anyone buying their first home or anyone who has not owned in three years. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit. A home is eligible for the credit if it is any residence that will be used as a primary residence (single-family, townhouse, condo, etc.)

Information from www.utahrealtors.com

Government agency ranks Utah no. 2 in home price increases

A respected index that tracks housing prices throughout the U.S. ranked Utah No. 2 in home price appreciation for the first quarter of 2008. Numbers from the Office of Federal Housing Enterprise Oversight show Utah home prices were up 5.58 percent during the first three months of the year, only behind Wyoming where home prices were up 6.34 percent. Four Utah metropolitan statistical areas also ranked high, being among the top 25 appreciating markets in the country:

No. 6: Provo-Orem with appreciation of 6.76 percent

No. 9: Ogden-Clearfield with appreciation of 6.64 percent

No. 15: Logan with appreciation of 6 percent

No. 22: Salt Lake with appreciation of 5.39 percent

We are now open

We are proud to announce the grand opening of BLACKSTONE REAL ESTATE. We are able to service all of your real estate needs, buying or selling a home, property management as well as investments. We look forward to serving  your needs.