Archives for July 2010

Fannie Mae Increases Penalties for Borrowers Who Walk Away

News Release June 23, 2010 Fannie Mae Increases Penalties for Borrowers Who Walk Away Seven-Year Lockout Policy for Strategic Defaulters WASHINGTON, DC — Fannie Mae (FNM/NYSE) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will … [Read more...]

Real Estate Market Trend Report

Covers Prince William County/City of Manassas/City of Manassas Park thru June 2010. See chart here: http://images.magnetmail.net/images/clients/PWAR/attach/Marketstats610.pdf … [Read more...]

Virginia Sales Tax Holiday is August 6-8, 2010

July 15, 2010 Shop for School Tax-Free before School Begins, Virginia Sales Tax Holiday is August 6–8 School supplies selling for $20 or less per item and articles of clothing, including footwear, selling for $100 or less per item will be exempt from sales tax during the Virginia Sales Tax Holiday scheduled for Friday, August 6 through Sunday, August 8. Families with children in Prince William County Public Schools are encouraged to take … [Read more...]

Homebuyer tax credit eligibility expanded for those serving outside the U.S.

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed … [Read more...]

Real Estate News Update for July

The pace of writing sales contracts has subsided since the tax credit has ended but due to the extremely large number of loans to be processed the Federal Government has extended the law to ensure all buyers who qualify, do receive their tax credit. President Barack Obama signed HR 5623, the "Homebuyers Assistance and Improvement Act of 2010," a three-month extension on the closing deadline for first-time home buyers to receive the tax credit. … [Read more...]