JACKSONVILLE SOUTHSIDE FL REAL ESTATE - JACKSONVILLE SOUTHSIDE FL HOMES FOR SALE & FORECLOSURES

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A View of the Tax Credit (in Housing & Economic Recovery Act of 2008) for First-Time Homebuyers On July 30, 2008, President Bush signed a major housing bill (The Housing and Economic Recovery Act of 2008 H.R. 3221) into law. As part of this housing bill, there is a new temporary tax credit to provide an incentive to first-time homebuyers. This $7500 credit is available for purchases (on principal residences) made between April 9, 2008 and July 1, 2009. This landmark legislation contains several provisions to help home buyers, stop the slide in home prices, provide a lifeline to borrowers facing foreclosure and bolster market confidence in mortgage giants Fannie Mae and Freddie Mac. Quick Question & Answer on Housing Bill who is Eligible? * The $7,500 tax credit is available for first-time homebuyers only. * A first-time homebuyer is defined as a buyer who has not owned a home during the past 3 years. Are there Income Limits? * For single or head of household taxpayers: Income less than $75,000 can claim the full $7,500 credit Income $75,000 - $95,000 receive partial credit Income over $95,000 credit is not available * For married filing jointly taxpayers: Income less than $150,000 can claim the full $7,500 credit Income $150,000 - $170,000 receive partial credit Income over $170,000 credit is not available Is there a time period that the credit is available? First-time homebuyers receive the credit on home purchases made between April 9, 2008 and July 1, 2009. What if I owe less than $7500 in taxes; will I get money back? The tax credit is refundable. This means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference. For example if you owe $5,000 in taxes you would pay nothing to the IRS and receive a $2,500 payment from the government. If you are due to receive a $1,000 refund

Some truths about Northeast Florida's Real Estate Climate

1. Although sales were significantly down throughout Northeast Florida last year, 2007 was the 4th highest year for area sales for the past two decades. 2. Our real estate market is already beginning to stabilize! 3. Forbes is high on Jacksonville. The city ranked 8th in Forbes.com 10 Best Cites for Bargain House-hunters and 9th in its Best Cities to Buy a Home. Jacksonville ranked 3rd in list of cleanest cities and 4th in its compilation of America's Best Cites for the Outdoors. 4. Area inflation is less than the rest of the country. 5. Added jobs through the ports. When Panama Canal widening is completed in 2015 Jacksonville will have the 3rd largest port on the East Coast. 5800 new jobs are expected from new Asian employers who are opening new terminals. 6. New companies showing an interest in Jacksonville are Deutsche Bank, a cold storage logistics company, European container shipping line, 2 French aerospace manufactures, and 2 British companies. (According to the regional Chamber of Commerce). This is projecting 1500 new high paying jobs to the area. 7. Market is very favorable for Buyers now and low interest rates. 8. Prices will stabilize and we are already see some areas of price increases. According to Forbes.com, Jacksonville didn't go through an obscene speculation boom, making its recovery cycle far less daunting than other Florida spots. So what are you waiting for?? Contact me for your Real Estate and Mortgage needs! David Cool, REALTOR & Mortgage Broker INI Realty Investments, Inc 904 338 4601 Jacksonville.realtor@yahoo.com www.DavidCoolRealtor.com

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