The Wall Street Journal reported on June 11th that a bill to expand the homebuyer benefit has been introduced in the Senate.
The bill would increase the tax credit to $15,000 from the current $8000 credit for first time buyers.
The proposal would lift the income maximums and apply to all homebuyers, not only first time buyers.
The current tax credit applies to first time buyers only. First time buyers are defined as anyone who has not owned real estate for 3 years. Current income limits are $75,000 for a single person and $150,000 for a couple.
The current tax credit for first time buyers is set to expire on December 1.
While the proposed legislation has the potential to improve the real estate market, the elimination of income restrictions is controversial.
The bipartisan bill is estimated to cost another $35.5 billion over the $2 to $3 billion the current measure is expected to cost.
On June 19, 1985 slaves in Galveston, TX found out that they were free…fully two and a half years after The Emancipation Proclamation, which granted freedom to all American slaves on January 1, 1863.
Juneteenth commemorates this history and date.
At Juneteenth celebrations throughout the country, the horror of slavery is marked and African American history is honored.
The event will kick off with a parade.
There’ll be music, and food available for sale. This is a kid-friendly event.
Three lenders, Golden First Mortgage Cop., Beneficial Mortgage Corp., and Great County Mortgage Bankers are being investigated for allegedly violating FHA regulations. They are prohibited from originating FHA loans until the investigation is complete.
The suspension is likely to have a serious impact on the volume of loans these companies originate, as FHA loans are currently very popular.
FHA has increased its vigilance against unscrupulous lenders.
Dinosaur Discovery Day: Geocache and Earthcache Day
Saturday, June 13, 10 am to 2:30 pm
Dinosaur Ridge
16831 West Alameda Parkway
Morrison, CO 80465
New exhibit will be free all day.There’ll be kid-friendly activities including searching for fossils. Guides will be on site to help direct the activities and answer questions.
Free!
Denver Civic Center Tour
Sunday, June 14, 2009, 11 am
Meet at the Sea Lions Fountain on the north end of Civic Center Park (Broadway and Colfax)
Learn about the artistic and architectural history of Denver.
McStain Enterprises has filed for bankruptcy. The Louisville, Colorado company, known for its sustainable building practices and quality construction, could not survive the housing downturn. They report having had no sales from July through December of 2008.
On a more positive note, the Real Estate Resource Center, a local showing service, reports setting more showings on May 29th of this year than on any other day this year. This could be a seasonal adjustment and/or an indication that more buyers are entering the market.
Some adjustable rate mortgages, which historically adjust upward, will be adjusting downward. This will lower the monthly payments on those mortgages, and may allow some homeowners to stay in their homes.
Nationally, approximately 12% of homeowners are currently behind in their mortgage payments or in foreclosure. This is a record high since 1972, when statistics were first kept.
On May 26, 2009, The Denver Business Journal reported that Denver is one of 2 cities out of 20 that saw a small uptick in home prices (.10%) in March 2009 over February 2009. Denver prices declined in March 2009 over March 2008 by 5.5%, the smallest priced decline in the 20 cities surbeyed. The average price reduction in the 20 cities from March 2008 to March 2009 was 19.1%.
Some are predicting that Denver will recover from the real estate crisis before other cities. Indicators are mixed. We’ll see.
Cherry Creek Arts Festival
Fourth of July Fireworks!
The Wall Street Journal reported on June 11th that a bill to expand the homebuyer benefit has been introduced in the Senate. 
