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2009-02-06T13:02:00.000-08:00

FIRST TIME HOME BUYER TAX CREDIT

2009-01-28T13:16:00.000-08:00

Have you just recently bought your first home, or your first home in the last 3 years? If so read on how you may be eligable for up to a $7500.00 tax credit. If you plan on buying a home soon you may still be eligable too!

First Time Home Buyer Tax Credit

Frequently Asked Questions About The First Time Home Buyer Tax Credit

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first ¬time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, you are advised to consult a qualified tax or legal professional about your unique situation.

1. Who is eligible to claim the $7,500 tax credit?

First time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after April 9, 2008 and before July 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs.

2. What is the definition of a first time home buyer?

The law defines "first¬ time home buyer" as a buyer who has not owned a principal residence during the three¬ year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first time home buyer.

3. How do I claim the tax credit? Do I need to complete a form or application?

Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. No other applications or forms are required. No pre¬approval is necessary; however, prospective home buyers will want to be sure they qualify for the credit under the income limits and first¬time home buyer tests.

4. What types of homes will qualify for the tax credit?

Any home purchased by an eligible first ¬time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single ¬family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats.

5. Instead of buying a new home from a home builder, I have hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?

In contrast, for newly constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.

Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after April 9, 2008 and before July 1, 2009.

6. What is "modified adjusted gross income"?

Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above ¬the¬ line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040¬EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign ¬housing deductions, student ¬loan deductions, IRA¬ contribution deductions and deductions for higher education costs.

7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

Possibly. It depends on your income. Partial credits of less than $7,500 are available for some taxpayers whose MAGI exceeds the phase out limits. The credit becomes totally unavailable for individual taxpayers with a modified adjusted gross income of more than $95,000 and for married taxpayers filing joint returns with an AGI of more than $170,000.

8. Can you give me an example of how the partial tax credit is determined?

Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phase out to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first¬ time home buyer tax credit that is available to this couple, multiply $7,500 by 0.5. The result is $3,750.
Here’s another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer’s income exceeds $75,000 by $13,000. Dividing $13,000 by $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $7,500 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,625. Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.

9. Does the credit amount differ based on tax filing status?

No. The credit is in general equal to $7,500 for a qualified home purchase, whether the home buyer files taxes as a single or married taxpayer. However, if a household files their taxes as "married filing separately" (in effect, filing two returns), then the credit of $7,500 is claimed as a $3,750 credit on each of the two returns.

10. Are there any circumstances for which buyers whose incomes are at or below the $75,000 limit for singles or the $150,000 limit for married taxpayers might not be able to claim the full $7,500 tax credit?

In general, the tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $7,500. For most first ¬time home buyers, this means the credit will equal $7,500. For home buyers purchasing a home priced less than $75,000, the credit will equal 10% of the purchase price.

11. I heard that the tax credit is refundable. What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that taxpayer qualified for the $7,500 home buyer tax credit. As a result, the taxpayer would receive a check for $6,500 ($7,500 minus the $1,000 owed).

12. What is the difference between a tax credit and a tax deduction?

A tax credit is a dollar ¬for¬ dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $7,500 in income taxes and who receives a $7,500 tax credit would owe nothing to the IRS. A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $7,500 in income taxes. If the taxpayer receives a $7,500 deduction, the taxpayer’s tax liability would be reduced by $1,125 (15 percent of $7,500), or lowered from $7,500 to $6,375.

13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) Program?

No. The tax credit cannot be combined with the MRB home buyer program.

14. I live in the District of Columbia. Can I claim both the DC first¬ time home buyer credit and this new credit?

No. You can claim only one.

15. I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.

16. Does the credit have to be paid back to the government? If so, what are the payback provisions?

Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.

17. Why must the money be repaid?

Congress’s intent was to provide as large a financial resource as possible for home buyers in the year that they purchase a home. In addition to helping first ¬time home buyers, this will maximize the stimulus for the housing market and the economy, will help stabilize home prices, and will increase home sales. The repayment requirement reduces the effect on the Federal Treasury and assumes that home buyers will benefit from stabilized and, eventually, increasing future housing prices.

18. Because the money must be repaid, isn’t the first time home buyer program really a zero interest loan rather than a traditional tax credit?

Yes. Because the tax credit must be repaid, it operates like a zero¬ interest loan. Assuming an interest rate of 7%, that means the home owner saves up to $4,200 in interest payments over the 15 year repayment period. Compared to $7,500 financed through a 30 year mortgage with a 7% interest rate, the home buyer tax credit saves home buyers over $8,100 in interest payments. The program is called a tax credit because it operates through the tax code and is administered by the IRS. Also like a tax credit, it provides a reduction in tax liability in the year it is claimed.

19. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

20. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?

Yes. If the applicable income phase out would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.

21. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2008 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment. Buyers should adjust their withholding amount on their W¬4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

NAHB is providing the information on this web site for general guidance only. The information on this site does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
Copyright © 2008 National Association of Home Builders. All rights reserved.

800¬368¬5242
Washington, DC 20005
202¬266¬8200
1201 15th Street, NW

NEW UPSCALE HOME

2009-01-09T13:33:00.000-08:00

Take a look at this beauty! Please call with any questions or to schedule your private showing.

2008-12-16T10:46:00.000-08:00

If you or someone you know is interested in buying a home in the next few months take a look at this program offerred by the United States Department of Agriculture. Many parts of Deschutes County qualifies for this particular loan, and you don't have to be a first time home buyer to qualify for the 102% financing!

Welcome to the USDA Income and Property Eligibility Site

This site is used to determine eligibility for certain USDA home loan programs. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA.

View the whole article and their webpage here...

USDA Rural Development.com

The Best Places to Raise Your Kids 2009

2008-11-11T15:21:00.000-08:00

Oregon
Bend

Nearest city: Bend
Population: 69,349
Median household income: $62,868

The mountain town, on the eastern edge of the Cascade Range on the Deschutes River, is a popular destination for adventure tourists. Popular outdoor sports here include hiking, camping, rafting, fishing, skiing, and rock climbing.

Runners-up:
Hillsboro
Springfield

Courtesy of Business Week

Really, What Are The Numbers?

2008-11-10T17:34:00.000-08:00

Some facts to know:

• More than 1000 banks closed in 1930 – only 14 U.S. banks have been taken over in 2008
• There are 76 million households in the U.S. that own their home - 24 million of these homes are free and clear
• There are 52 million homes with mortgages - 97.2% of these are not in foreclosure, 93.8% of these homes are current on their payments

On a sobering note:

• Over 20% of homeowners with a mortgage owe more than their home is worth
• 40% of all foreclosures are non-owner occupied
How did we get here?

Decade Homes Sold High Homes Sold Average

1970’s 3.9 million 3 million
1980’s 4 million 3.3 million
1990’s 4.9 million 3.9 million
2000’s 7.1 million 5.6 million
Resale numbers – the above does not include new home sales.

Sources: Wall Street Journal / Moody’s Economy.com / RealtyTrac / NAR / Forbes

Is now a good time to buy?

2008-11-10T17:07:00.000-08:00

Have you ever heard of CyberHomes.com? If not you need to take a look. You can follow statistics for a community or neighborhood in your area to get a larger picture of the overall economic outlook. I found this buy/sell indicator the other day for Bend and thought it would be wise to share this with my friends.

This is an outlook going back to 1970. As you can see the horizontal line is an indicator of the housing market at any given time. Above the line indicates a sellers market, below the line is a buyers.

Please click on the link below to get a different perspective than what you think I can give you.

Cyberhomes.com

HAPPY HUNTING

Obama ushers in new era

2008-11-05T12:38:00.000-08:00

By Michael D. Shear and Robert Barnes / The Washington Post
Published: November 05. 2008 4:00AM PST

President-elect Barack Obama walks on stage to deliver his victory speech at his election night party at Grant Park in Chicago, Tuesday night, Nov. 4, 2008.
AP Photo/David Guttenfelder

WASHINGTON — Barack Obama was elected the nation’s 44th president Tuesday, riding a reformist message of change and an inspirational exhortation of hope to become the first African- American to ascend to the White House.

Obama, 47, the son of a Kenyan father and a white mother from Kansas, led a tide of Democratic victories across the nation in defeating John McCain, a 26-year veteran of Washington who could not overcome his connections to President Bush’s increasingly unpopular administration.

“If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our time, who still questions the power of our democracy, tonight is your answer,” Obama told a throng of supporters during a victory celebration in Chicago’s Grant Park at 9 p.m.

He added: “It’s been a long time coming, but tonight, because of what we did on this day, in this election, at this defining moment, change is coming to America.”

Obama became the first Democrat since Jimmy Carter in 1976 to receive more than 50 percent of the popular vote and made good on his pledge to transform the electoral map.

McCain congratulated Obama in a phone call shortly after 8 p.m. and then delivered a gracious concession to his supporters in Phoenix. “We have had and argued our differences,” he said of his rival, “and he has prevailed.”

“This is a historic election, and I recognize the special significance it has for African-Americans and the special pride that must be theirs tonight,” McCain said.

Democrats take reins

Obama’s victory also ushered in a new era of Democratic dominance in Congress, even though the party fell short of the 60 votes needed for a veto-proof majority in the Senate. In the House, Demo- crats made major gains, adding to their already sizable advantage and returning them to a position of power that predates the 1994 Republican revolution.

Democrats will use their new legislative muscle to advance an economic and foreign policy agenda that Bush has largely blocked for eight years. Even when the party seized control of Congress two years ago, their razor-thin margin in the Senate had allowed Republicans to hinder their efforts.

Obama overpowered McCain in a pair of states — Ohio and Pennsylvania — that the campaigns had spent months courting as the keys to victory, and he passed the needed 270 electoral votes just after 8 p.m., with victories in California and Washington state.

The Democrat easily won most of the Northeast and mid-Atlantic states that normally back Democrats, including New Hampshire, and ran strong in states that are normally solid for Republicans, such as Virginia, Indiana and Florida.

Bush called Obama at 8:12 p.m. to offer his congratulations, the White House said. “Mr. President-elect, congratulations to you,” Bush said, according to the White House. “What an awesome night for you, your family and your supporters.”

A massive crowd of cheering supporters gathered in Grant Park, and horns blared and people celebrated in downtown Chicago when television announcers called the race for the senator from Illinois.

Obama melded the pride and aspirations of African-Americans with a coalition of younger and disaffected voters drawn to his rhetorical style, and a unified base of Democrats worried about the economy and frustrated with the war in Iraq.

The election was in many respects a referendum on Bush, who polls show is the most unpopular president since such surveys began in the 1930s, because of his administration’s handling of the economy, Hurricane Katrina and the wars in Iraq and Afghanistan. Bush has not been seen with McCain since May, and the president has made no public appearances since late last week.

McCain’s top strategist acknowledged the team’s difficulties as the candidate returned to Arizona from his final campaign stop in New Mexico.

“I think we did our absolute best in this campaign in really difficult circumstances, we had a — we had some tough cards to play all the way through, and we hung in there all the way,” senior adviser Steve Schmidt told reporters.

During a sometimes chaotic race, McCain promised voters that he would reform a broken and corrupted Washington, and bring change that he said the American people demand. But his economic and national security proposals largely echoed Bush’s policies, a charge that Obama made repeatedly.

Republicans watched Tuesday as the electoral map turned blue in places where they have labored for a decade to cultivate a permanent, conservative voter base that would ensure presidential victories.

How we voted

The president-elect will immediately confront a national financial crisis, an unpopular war and a world reeling from economic uncertainty.

Obama is the fifth-youngest man elected to a first presidential term, after Theodore Roosevelt, John F. Kennedy, Bill Clinton and Ulysses S. Grant. He is the 16th senator to ascend to the office, and the first since Kennedy’s election in 1960.

In a sign that Obama’s ethnicity did not hold him back, he won as large a share of the white vote as any Democrat in the past two decades, although he still fell short of a majority. Preliminary exit polls showed him winning about 43 percent of white voters, while Sen. John Kerry won 41 percent in 2004 and Vice President Al Gore won 42 percent in 2000.

McCain styled himself as a maverick but ran a largely traditional Republican campaign that eroded his brand among independents, the majority of whom voted for Obama on Tuesday. Obama won 60 percent of self-described moderates, who had once formed the core of McCain’s support.

Obama appeared to have made huge gains among Hispanic voters, earning about two-thirds of their support, according to exit polls. He also captured 96 percent of black voters.

Obama also captured a majority of both men and women, a rarity for a Democrat in a presidential campaign.

McCain appeared to have performed more poorly than his Republican predecessors, especially among young people. He earned about 30 percent of voters aged 18 to 29; in 2004, Bush captured 45 percent of that group.

Staff writers Michael Abramowitz and Juliet Eilperin contributed to this report.

Thank you to all the people and parties that contributed to this article.

What does Warren Buffett say??

2008-10-24T16:50:00.000-07:00

Buy American. I Am.

By WARREN E. BUFFETT Published: October 16, 2008

THE financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.

So ... I’ve been buying American stocks. This is my personal account I’m talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100 percent in United States equities.

Why? A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation’s many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.

Let me be clear on one point: I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month — or a year — from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.

A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30 percent. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. The market hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor’s best friend. It lets you buy a slice of America’s future at a marked-down price. Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.

You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain. But some investors did. The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy. Today people who hold cash equivalents feel comfortable. They shouldn’t. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash accounts.

Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”

I don’t like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I’ll follow the lead of a restaurant that opened in an empty bank building and then advertised: “Put your mouth where your money was.” Today my money and my mouth both say equities.

Warren E. Buffett is the chief executive of Berkshire Hathaway, a diversified holding company.

Money Market Recap and Forecast

2008-10-20T10:40:00.000-07:00

MMRecap for Oct. 20

Signs that the credit markets may be clawing their way out of the deep freeze had a negative effect on Treasuries. Buoyed by the Dow's 900+ point gain on Monday, investors believed the worst was over, as was the need for safe havens. After a holiday Monday, bonds opened Tuesday to a selling frenzy, sending yields, which move inversely to price, above 4% -- the highest since July. And mortgage rates rose with them.

But the worst wasn't over, as evidenced by huge equity losses on Wednesday. Weak economic reports had little impact on Treasuries, which were warily eyeing multi-billion dollar auctions of government debt to fund the bailout.

Wednesday's first report, the September producer price index (PPI), which checks for inflation in wholesale prices, posted a second straight decline -- down 0.4%. But the core rate, which excludes food and energy prices, rose by a stronger-than-expected 0.4%.

Retail sales in September were dismal, registering the biggest drop in three years. Sales fell a steep 1.2%. Excluding auto sales, they were down 0.6%, with furniture, home furnishings, electronics and department stores hit hardest. And the NY Empire State index of manufacturing conditions hit a new low, falling to -24.6 from -7.4 the previous month.

These two reports spurred some buying in Treasuries, but the inflation warning from the PPI core rate curbed traders' enthusiasm for bonds.

Thursday was mixed, with first-time unemployment claims falling for the second straight week. Claims were down 16,000 to 461,000 during the week ended Oct. 11 after spiking at 497,000 two weeks prior. But the four-week average continued its climb, hitting 483,250, as did continued claims, which rose to 3.7 million. Separately, the consumer price index, which checks for retail inflation, found none in September and the closely watched core rate rose by only 0.1%. But two horrendous reports followed.

Industrial production for September withstood its biggest decline since 1974, falling 2.8%. Yes, the hurricanes and the Boeing strike factored in, but production is down. And the Philadelphia Fed October index of manufacturing conditions backed that up, posting its largest one-month drop on record. It fell to -37.5 from +3.8 in September. Treasury yields slid.

Friday's housing report revealed huge declines. September housing starts hit a 17-year low. The annual rate fell to 817,000 units -- down from 892,000 in August, while building permits plunged to 786,000 from 845,000. The University of Michigan/Reuters' preliminary consumer sentiment survey defied analysts' expectations of 64.5 by plummeting to 57.5 from 70.3 three weeks ago.

The Mortgage Bankers Association noted that during the week ended Oct. 10 volatility in the market held mortgage rates down early in the week, but when yields began climbing, refinancing dried up. However, refis rose 12.5% while purchases edged down 0.3%.

There are only three reports due this week, but with the markets moving on every news item regarding the credit crisis, it likely will be active.

Leading economic indicators, due Monday, take a look at the nation's economy three to six months ahead. There has been no indication the economy will pick up, and the September outlook reinforces that notion. Economists predict a 0.3% decline -- a slight improvement over the 0.5% drop in August, but not a trend-changing number.

The next report comes Thursday: first-time jobless claims for the week ended Oct. 18. Even though claims have dropped for two consecutive weeks, high numbers indicate severe problems in the labor market.

The final report, existing home sales (EHS) for September, is expected to show a slight increase. Analysts believe sales will edge up to an annual rate of 4.93 million units from 4.91 million in August. This, paired with an up tick in pending home sales, offers hope that monthly EHS declines may be behind us.

Courtesy of Dana J Bruce
Mortgage Banker with
Cascade Capital

Private Acreage in the Pine Forest

2008-09-09T20:58:00.000-07:00

To view this home’s VIRTUAL TOUR visit us here….
LiveInBendOregon.com
To schedule your private showing contact me anytime.

John Ropp
Principal Broker, GRI
Century 21 Gold Country
Bend, Oregon
541-771-6564
Licensed Oregon Broker/Realtor

PRICE REDUCED 2.7 ACRES CLOSE TO TOWN

2008-08-01T10:11:00.000-07:00

ASKING $398,098

Come view this custom home located in Bend’s popular NW neighborhood of Whispering Pines. Situated on 2.7 elevated acres overlooking the Central Oregon high desert this home is ideal for the city goers looking for small acreage close to town. Approximately 15 minutes from downtown, the local airport, shopping and the Medical District. Features include 2244 square feet of living space, 3 large bedrooms, 3.5 bathrooms, separate living and family rooms, large office space, a double attached garage, fully covered wrap-a-round front, side and back deck, new hot tub, kid’s play structure, tile, wood and carpeted floors and tile and marble countertops. 1 acre is fully fence-in perfect for letting kids play and dogs run wild. A fenced off garden area keeps the deer out. Easy access to highway 97 and traffic noise CANNOT be heard from this property!

To view this home’s VIRTUAL TOUR visit us here….

LiveInBendOregon.com

To schedule your private showing contact me anytime.

John Ropp
Principal Broker, GRI
Century 21 Gold Country Bend
Bend, Oregon
541-771-6564
Licensed Oregon Principal Broker/Realtor

ASKING $398,098

Builder's Own Custom Home

2008-07-10T14:02:00.000-07:00

This is a custom beauty! Builder’s primary residence located in a quiet cul-de-sac on a large 15,000 sq ft lot. Custom features on this property are endless, starting with solid granite counter-tops, hardwood floors, custom fixtures & stainless steel appliances. Custom ceramic sinks in master bath by local artist, John Kinder, vaulted ceilings in main living area with beautifully exposed beams. Many inviting outdoor living spaces with a Tuscan feel, extensive decking, fire pit & gorgeous water feature! Plenty of privacy throughout home and lot!

To schedule your private showing contact me anytime.
John Ropp
Broker, GRI
Century 21 Gold Country Bend
Bend, Oregon
541-771-6564
Licensed Oregon Broker/Realtor

Obama, McCain Seek to Fix Housing Problems

2008-07-10T14:00:00.000-07:00

Daily Real Estate News | July 7, 2008
Obama, McCain Seek to Fix Housing Problems

Which candidate would do a better job of handling housing prices?

According to a recent AP-Yahoo News poll, 25 percent of those surveyed said Barack Obama and 17 percent thought John McCain. But nearly 30 percent said neither.

Both Obama and McCain envision the Federal Housing Administration providing new, cheaper mortgages to distressed home owners.

Obama wants to create a $10 billion fund to counsel distressed home owners before they slide into foreclosure; help people sell homes they bought but could not afford; and team with state governments, community groups, and lenders to ensure loans can be modified in a timely manner to avoid foreclosure or bankruptcy.

McCain sees a more limited government role. "In some cases, lenders and borrowers alike were caught up in the speculative frenzy that has harmed the housing market," the Arizona senator said. "It is not the responsibility of the American public to spare them from the consequences of their own bad judgment."

Although most voters think the next president will have a "great deal" or "some" influence over housing prices, there is unlikely to be a quick fix.

"The odds of that are slim to none," says Cal Jillson, political science professor at Southern Methodist University. If the next president can make people more optimistic about the future, "the slow rebuilding of confidence will help to increase home values," he contends.

Source: The Associated Press, Jeannine Aversa (07/06/08)

Driving for the Cure

2008-06-26T08:12:00.000-07:00

With the help of many local friends, Chris was able to secure 15 spots for the "Susan G Komen Drive for the Cure". This particular leg we started our drive here in Bend at 7am and ended up in Bellevue, WA at 3pm, and 340 miles later!

The BMW Ultimate Drive is a grassroots program that gives community members the opportunity to get involved in the breast cancer movement. For every mile driven during the BMW Ultimate Drive event, $1.00 is donated to Komen, with a minimum guaranteed donation of $1,000,000. Developed by BMW in partnership with Komen, a fleet of specially badged BMWs crisscross the country visiting participating BMW Retail Centers. The drive will start in February and continue through December 2008, inviting consumers to get behind the wheel and help contribute to the breast cancer movement.

For more information on this program visit their website here...

www.SusanGKomenfortheCure.com

Pit stop on our way to Bellevue.

Signing the signature car.

Men At Work

2008-06-03T15:51:00.001-07:00

John Ropp and Chris Quinn hard at work helping some client's unload a truck full of miscellaneous materials. Their 2000 mile treck across the country wore them out! Can you say "Full Service" Real Estate?

If this is the kind of service you are looking for please call us anytime and visit us online at LiveInBendOregon.com

What do the owners of this truck load have to say?.....

“My husband and I met with several area realtors while we were in Central Oregon and left our contact information before we returned to the Midwest.

John and Chris were the only ones who consistently kept in contact with us, allowing us to find the home we were looking for before we relocated. They used both email, web sites and phone contact to keep us informed and reassured throughout the process. Their patience and persistence was very evident, and they always made themselves available - sometimes for up to 5 or 6 phone calls in one day!

They provided the little details on life in the Bend area that immediately made us feel more at home, as well as answering the big questions when it came time to make our offer on the property and complete the closing.

We highly recommend John and Chris to anyone who is looking for a home in Central Oregon, no matter where they currently live. ”

Thank you,
Joe and Carol Ingram

Memorial Day 2008

2008-05-30T09:33:00.000-07:00

Playin' a little disc golf at Hyzer Pines disc golf course in Sisters, OR. Represented here are some of Central Oregon's most outgoing young professionals enjoying the holiday "Hyzer" style!

Great News For Real Estate Professionals

2008-05-30T09:02:00.000-07:00

This win for NAR over the DOJ comes during trying times for real estate professionals. Current economic conditions among other factors have brought much of the market to a stand still; this win couldn't have come at a better time! Please read on...

Daily Real Estate News | May 27, 2008
NAR, DOJ Agree on MLS Policy

NAR has reached a favorable settlement with the U.S. Department of Justice, resolving the litigation between them over the display of listings from the MLS on brokers' virtual office Web (VOW) sites. The final order, to be filed with the federal district court in Chicago today, validates NAR's long-standing Internet data exchange (IDX) policy and strengthens the membership rules governing multiple listing services.

"This is clearly a win-win for the real estate industry and the consumers we serve," says NAR President Richard F. Gaylord. "Today I can say with clear knowledge, underscored by DOJ's settlement compromise, that the real estate industry is dynamic, entrepreneurial, and fiercely competitive."

The order caps a three-year long battle between NAR and the Justice Department, which filed a lawsuit against the association in 2005 calling it anti-competitive for brokers to have unlimited say in where and how their clients' listings are displayed on other brokers' VOWs.

The final order expressly provides that NAR does not admit any liability or wrongdoing, and NAR will make no payments in connection with the settlement. The terms of the agreement preserve and strengthen the MLS as a means for broker-to-broker cooperation intended to serve real estate professionals who list or sell property in that MLS.

"This will ensure that MLSs are used for what they were originally intended to do, which is help real estate professionals find buyers for people who want to sell their homes," says Laurie Janik, NAR's general counsel.

NAR will be reinstating an updated version of its VOW policy, which governs the use of MLS data for brokers who offer brokerage services online by requiring customers to register with the brokerage before they can search for homes. That policy was rescinded in 2005 when certain provisions were challenged by DOJ.

The revised policy continues to protect the rights of sellers who do not want their property or their property's address displayed on the Internet, and also protects sellers from having false information about their listings appear on the VOWs of a member of the MLS. Among other things, the revised policy requires brokers hosting others' MLS data on their site to turn off features — such as home value estimates and blogs — surrounding a listing at the request of the seller.

The agreement requires MLSs and local associations that operate MLSs to pass and implement the amended VOW policy within 90 days of the court's approval of the final order.

The revised policy comes at a time when brokers appear to be moving away from the VOW business model. "The response to VOWs hasn't been great because consumers can find sites throughout the Internet on which to gather information without having to register their name and contact information," says Mark Lesswing, NAR's chief technology officer.

Read more about the DOJ settlement and related issues at REALTOR.org.

Source: NAR

Two of Our Best Sluggers

2008-05-27T08:54:00.000-07:00

Here in Bend we not only work hard, but we play hard too! This is just one of the many outdoor hobbies we enjoy with our friends. For 10 weeks each summer we get to slug it out with other competing teams on the parks and rec beer league.

On the left is Coury Fadness with Mid Columbia Appraisal Services, on the right is Chris Quinn with Century 21 Gold Country Bend. As you can clearly see these are two of our go-to sluggers!

posted by John Ropp

SE Sonata Way Bend, OR 97702

2008-05-25T15:11:00.000-07:00

This is the original farm house for the area. Built in 1920 this home has character and history, added onto in the 1970’s, and completely remodeled and updated in 2007. Features include 4 large bedrooms, 3 full bathrooms, 3020 square feet of living space and is situated on nearly a quarter acre lot with a large front, back and side yards. A covered front entryway with patio and a new wood deck off the side allows for many outdoor living spaces! Original hardwood floors have been refinished and look like new. In addition new tile, carpet and bamboo floors have been added. New paint, plumbing, electrical, gas furnace, and a 24’x32’ garage/shop finish off this great family home. Not to mention all this for only $119 a square foot!

Contact me anytime to schedule your private showing.

John Ropp
Broker, GRI
Century 21 Gold Country
Bend, OR
541-771-6564
Licensed in Oregon

Click Here To Experience The Central Oregon Lifestyle:

Getting' Ready to Rip It with some "A" Teamers!

2008-05-13T08:38:00.000-07:00

The snow was once again light, fluffy and amazing on this day in April. We had the opportunity to hike to the top of the Cinder Cone and see out across the Cascade Lakes below, once the skies cleared up and we had some sun.

This is how we do it here in Central Oregon. Work hard, and then play harder!!

Check us out online at www.LiveInBendOregon.com

Shevlin Meadows Custom

2008-05-09T10:14:00.000-07:00

Here is a great new listing Chris and I took about a month back. Can you say Location? This home is located in a neighborhood of upscale homes, 2 block away selling for 1 million plus! National Forest, rivers, lakes and trails very nearby.

For more info on this home visit us on our website at...

LIVE IN BEND OREGON

John Ropp
Broker, GRI
Century 21 Gold Country
Licensed in Oregon
541-771-6564

2973 Chardonnay Lane Bend, OR 97701

2008-05-06T18:51:00.000-07:00

Watch the video here...

With any questions contact me anytime

John Ropp
Broker, GRI
Century 21 Gold Country
Bend, OR
541-771-6564
john.ropp@gmail.com
Licensed in Oregon

When Will The Market Improve?

2008-04-26T12:09:00.000-07:00

I was sitting at an open house today going through my emails from the night before and came across this article from a Broker Agent News Newsletter. I subscribe to this newsletter and read the articles that catch my eye. This one definitely did! Virginia Reichard said it best. Please read on....

"Recently, the Southeast Valley Regional Association of Realtors in Mesa, Arizona had a lunch and learn program entitled 'Real Estate Legends'. The four panelists had each celebrated their fourth or fifth decade in the real estate industry. All had received the coveted Realtor Emeritus award from the National Association of Realtors.

One member of the audience asked panelist Virginia Reichard, who recently turned 82, when she felt the market would improve. She replied, "The market will improve when you improve. The market will get better, when you get better". She reminded those present of the importance of a positive attitude, and a daily dose of prospecting. Virginia exercises at least three times each week.

Another attendee asked, "If you won the power ball, would you stay in real estate?" All four seasoned sages said they would. Tom Fannin, a local mentor and role model, told of an agent who was 100 years old, still drives and shows property. He stays in the business because he loves real estate, and the commissions follow.

Carl White, another panelist, is active with his local Realtor association in mediation, grievance & ethics. In addition, he volunteers time to his local police department in Chandler, Arizona. He is on the leading edge of technology, and donates time to the local symphony orchestra.

Harold Lindell, the fourth member of the panel received his CRS designation in 1979. He was a past president of his Board of Realtors. He believes it is his responsibility as a broker to mentor his agents and make sure they remain profitable. He in turn will prosper.

Several members of the panel were eagle scouts, Dale Carnegie graduates, Realtors of the year for their local boards, avid readers, and industry leaders.

The next time you wonder when the real estate market going to improve, look in the mirror, smile, and say to yourself, "The market will improve when I do"."

Written By Paul Pastore

TAKE THEIR WORD FOR IT: WHAT THE COUNTRY’S TOP MEDIA ARE SAYING

2008-02-25T10:02:00.000-08:00

(BEND, Ore.)—In what could be classified as one of the worst kept secrets in
destination travel, the word is out about the unique combination of outdoor
recreation and cosmopolitan sophistication that make Bend, Oregon, one of the
United States’ up-and-coming leisure destinations.

Few mountain towns have had as much praise heaped on them in recent years
as Bend has, a testament to the former mill town turned adventure playground
that has defined itself as the mountain town that’s got it all.

But rather than tell you what we think makes Bend unique and special among
mountain destinations, we have compiled the following selection of excerpts
from recent editorial features that have appeared in some of the country’s top
media outlets. From Sunset to Mountain Bike, these excerpts paint a true,
objective picture of all that Bend has to offer.

“Quietly lurking in the middle of Oregon, the town of
Bend is a Boulder, Colorado, in the making. It is a
place of unabashed outdoor worship. Residents and
vacationers come to Bend because they like to ski,
bike, golf, climb, kayak, fish, hike – and some will
knock all those off in just one week. A classic Bend
summer evening rolls in with a fuchsia-heavy, orangetinged
sunset that plunges into deep purples framed
by clusters of Lodgepole pine and Douglas fir trees,
with Mount Bachelor and the western Cascades
silhouetted in the distance.”

-Seattle Metropolitan, February 2008

“Whoever visits Bend, moves to Bend, people warned
me. So frequently, in fact, that I took it to be the
official motto of this always sunny central Oregon
playground – a blessedly bipolar high-desert home
base, where you can trail run along the rushing
Deschutes River in the morning and hit the snowy
slopes of Mt. Bachelor in the afternoon. My kind of
town…Bend remains a decidedly unpretentious
community, where folks prefer moonlight snowshoes
over movies, and unfussy hotel rooms run about $100
a night.”

-Sunset Magazine, February 2008

“Maybe it’s something in the water, or maybe there’s
a superathlete molecule in the air; more than likely,
it’s some magical property in the beer. Whatever the
reason, Bend has become the porch of preference for
some of mountain biking’s big dogs. Straddling the
banks of the Deschutes River with the Cascade
Mountains to the west and Oregon’s high-desert
plateau to the east, Bend is a year-round playground
for all species of adventure-sports athlete. While
terrain, talent and climate easily make it one of the
premier adventure-lifestyle communities in the
country, it’s the beer that really sets Bend apart.”

-Mountain Bike, June 2007

“Every place has its season – when living there makes
you feel blessed. In Bend, one of the country’s
fastest-growing cities, the showcase season happens
to be, well, all of them. Take a midsummer night. It’s
light until nearly 9:30pm, plenty of time to lob Wolly
Buggers into crisp holes on the Deschutes River after
work or hop on a bike to catch Beck at the
amphitheater. You can ski through May and mountain
bike all year and 10,000-foot volcanoes dominate the
skyline. And there’s a lot of good beer: five breweries
for 67,000 people, plus swanky restaurants, art
walks, and film festivals.”

-Outside Magazine, August 2007

“With a proliferation of fine-dining restaurants, day
spas, art galleries, and boutiques, the former mill
town has attained a stellar reputation as one of the
West’s vacation hot spots – a four-season, multisport
haven where local diehards like to brag about being
able to ski 25,000 vertical feet on Mount Bachelor
before lunch and then go golfing or mountain biking
in the afternoon. Outdoor retailer REI anchors the Old
Mill District, a cosmopolitan mixed-use development
with restaurants, shops, galleries, and the 96-room
AmeriTel Inn, whose stone-and timbered lobby feels
like the great room of a grand mountain lodge.”

-VIA Magazine, January/February 2007

“For the ambitious residents of central Oregon,
winter does not liken to hibernation. Oregon’s
heartland, located between the base of the Cascade
Range and the expansive high desert, spreads out
around the upscale city of Bend, epitomizing
loveliness and outdoor opportunities. In the summer,
locals pursue a frenzied excess of biking, hiking, golf
and boating. When the snow flies, those endeavors
simply segue into a similarly hyperactive pursuit of
skiing, snowshoeing and sledding. Don’t be surprised
if you find yourself pursuing the region’s truly most
arduous activity – keeping up with the locals.”
-Skywest Magazine, November/December 2007

NAR Hails Passage of Economic Stimulus Package to Help Jumpstart Housing Market

2008-02-13T13:29:00.000-08:00

WASHINGTON, February 08, 2008 -
The National Association of Realtors® congratulated the U.S. Congress for quickly passing a national economic stimulus package and thanked President George W. Bush for his leadership and willingness to promptly enact legislation that will help thousands of families, the housing market, and the U.S. economy.

“We believe the economic stimulus bill that Congress sent to the president today is strong legislation that will quickly impact the nation’s families and economy,” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “We are pleased that both the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even if only temporarily. This will be a major stimulus for the housing industry and for people who want to own a home.”

Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home, according to NAR research. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation’s mortgage market. “While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation’s economy and making the dream of homeownership more attainable for thousands,” said Gaylord.

An economic impact study conducted by NAR earlier this month estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. “These are real results and will have an immediate and sustainable impact for families across our country,” said Gaylord.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries. NAR is the leading advocate for homeownership, affordable housing and private property rights.