Welcome back!

While many debate the merit of the first-time homebuyer tax credit, it appears that Senate leaders have come to a tentative deal to not only extend the first-time homebuyers’ tax credit that was originally passed earlier this year, but also to expand it to current homeowners who want to move.

The latest version calls for the credit to be offered on home purchases under contract by April 30th, 2010 and closed by June 30th, 2010. The plan also calls for increasing the income limitations to $125,000 for an individual and $250,000 for couples, up from $75,000 and $150,000 under the current program.

The current proposal also targets the “move-up” buyers or individuals who have lived in their current home for five or more years. The tax credit for the move-up homebuyers  would have the maximum of $6500.

More than 1.2 million borrowers through October 9th have claimed almost $8.5 billion of the $13.6 billion set aside for first- time homebuyer tax credits this year, according to U.S. Treasury data.

This is still very preliminary, but just wanted to keep everyone up to speed on this.

As politicians love to do, this measure is expected to be added as part of a bill to extend unemployment benefits, among other things. That measure has been a point of disagreement for some time. So we’ll have to wait and see where this goes, but we’ll keep you posted.

[where: 30080]

[where: 30339]

The week in review:

In typical rollercoaster fashion, home loan rates came down slightly the first couple days of the week but ended up higher by the end of the week. Rates increased about .125% by Friday.

What to expect:

It’s a big week for mortgage rates. Beginning Tuesday, the Treasury starts a record sized round of auctions which continues to flood the market with supply. If the auctions are not well received, expect rates to move upward.

We also have a number of scheduled economic reports including the GDP Report and a key report on inflation. Weak economic news generally causes home loan rates to go down.

Breg-ometer:

Next 7 Days: Largely depends on auction results
Next 30 Days: Hanging on to low rates
Next 90 Days: Rates up

Courtesy of:

Bob Bregitzer

Southeast Mortgage

[where: 30080]

If you’re looking for wow-factor, then look no further. This townhome is located in Providence, a master-planned gated community complete with parks, a dog park, playground, tennis courts, swimming pools, a fabulous clubhouse, which includes a billiards room.

The townhome is located right in front of one of Providence’s pocket parks, so it’s townhome living, but a park for your own enjoyment. And backs up to a wooded preserve.

You’ll love the upgrades in this home. Hardwood floors on main, lots of recessed lighting, enhanced trim on the stained maple cabinetry, built-in bookcases vaulted ceiling and more.

This home has so much to offer and when combined with the neighborhood communities, you’ll feel like you’re living at a resort, but have the convenience of only being a couple miles outside the Perimeter.

This gated community is convenient to I-285 and a quick commute to the Perimeter, Buckhead, Midtown, Downtown or the airport.

To learn more about this Smyrna Vinings townhome, click on the Virtual Tour above, check out the property flyer or contact us directly. Click here to schedule a showing.

This 3BR/2.5BA townhome is located at 6308 Providence Valley Drive, Mableton, GA 30126 and is offered at $245,000 and is a must-see.

Exclusively marketed by:

Aaron Hofmann

Keller Williams Realty

770-653-9601

aaron@SmyrnaVinings.com

SmyrnaVinings.com

[where: 30126]

The Smyrna Business Association is back again with one more exciting Alive After Five for the month of October. This will be held at Regions Bank on Concord Road.

This networking event will be held on Thursday, October 29, 2009 from 5:30-7:30 pm.

Admission is free. Enjoy an evening of networking with industry professionals in a comfortable, upscale and entertaining atmosphere.

Don’t miss out on this fun event! Appetizers, door prizes and a cash bar.

Location:

Regions Bank, 888 Concord Rd, Smyrna, GA  30080

Be sure to bring plenty of business cards.

Don’t miss it!

Technorati Tags: Smyrna Business Association, Pizza Fortunato, Smyrna Vinings Events

[where: 30080]

The week in review:

Home loan rates rose last week by about .25%. One big factor was the Consumer Price Index coming in higher than expected, which indicating inflationary pressures.

What to expect:

This week we will get another report on inflation with the Producer Price Index. If the report shows higher inflation than expected, rates could continue the climb. The other report worth noting is the Initial Jobless Claims Report. Less job losses than expected could push mortgage rates higher.

With rates moving up quickly over the last week, if these reports come in without a surprise number, we could see rate tick down just a bit.

Breg-ometer:

Next 7 Days: No real change

Next 30 Days: Pressure is upward

Next 90 Days; Rates up

Courtesy of:

Bob Bregitzer

Southeast Mortgage

[where: 30339]