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Saturday, March 21, 2009

WSJ , Cracking a Valuable Homebuyer Credit & Energy Tax Credits

  • up $500 this year to $8000
  • max out at $70k purch price
  • need not be "house"
  • need not be "your first home"
  • need not be paid back like last years credit
  • limited window for purchases

How Your Home May Qualify for Bailout Cash aka:Energy-Efficient Upgrades Yield Valuable Tax Credits

  • The credits fall into two primary camps. One is energy efficiency, which covers certain improvements to an existing home's structural elements, such as windows and insulation, as well as for the purchase of qualifying high-efficiency heating, cooling and water-heating equipment.
  • The second is for renewable energy, which includes solar, wind, geothermal (heat generated from the earth) and fuel-cell technologies (which convert the chemical energy of a fuel, such as hydrogen, into electricity). In a nutshell, the energy-efficiency tax credit increases to 30% of qualifying costs from 10%, and the cap also rises to $1,500 from $500.

Sunday, March 08, 2009

Outside buyers drawn to Detroit's foreclosed homes

Jeff Karoub and Corey Williams / Associated Press

DETROIT -- Welcome to Landlord Nation, where foreclosure notices are plentiful and for-sale signs offer at least 1,800 homes for under $10,000 that once were worth at least 10 times more.

In extreme cases, homes are on sale for $1 or less, which has enticed investors to Detroit from as far away as the United Kingdom and Australia.

"In the past few months, I've picked up 10 new clients from out of state that are buying in bulk," said Mike Shannon, a suburban Detroit real estate agent. His office specializes in foreclosures in a city that's among the national leaders.

"They're coming to us, saying 'Look, I want to buy 50, 100, 1,000.' They want to own every decent and cheap house they can find."

............... read on................