MBS is still holding steady and even improving vs. Treasuries. Here is a shot of the yield curve and stocks...
Been getting more and more questions about the First Time Homebuyer's Tax Credit. Here is the most recent communication from the Treasury Department on the Issue. There is also a link to the appropriate IRS form.
Treasury Department Touts Expanded Tax Credit for First-Time
Home buyers
Credit Offers Up to $8,000 to Qualifying Taxpayers Now Latest Move in Swift Implementation of Administration's Recovery, Stability, Affordability Plans
Washington, DC - In an ongoing effort to deliver on swift
implementation of the Obama Administration's recovery, stability and
affordability plans, the U.S. Department of the Treasury touted today the
availability of an expanded tax break for first-time homebuyers - a provision
under the American Recovery and Reinvestment Act of 2009 that will make up to
$8,000 available now to qualifying taxpayers who buy homes this year.
First-time home buyers represent a significant portion of
existing single-family home sales. In
2008, nearly one out of every two homebuyers were buying for the first time,
and the expansion in the first-time homebuyer credit will make it easier for
first-time home buyers to enter the housing market this year.
"The expansion of the first-time home buyer tax break
as part of the President's recovery agenda gives money to taxpayers when they
need it most, while also targeting an important group of buyers," said
Treasury Secretary Tim Geithner. "We view our economic recovery plan, our financial
stability plan and now this homeowner affordability plan as three legs of the
same stool - an integrated whole that represents our immediate response to the
current crisis. We remain committed to swift, efficient and effective
implementation of all of these components."
The announcement comes on the heels of the first Recovery
Plan Implementation meeting led by Vice President Joe Biden at the White House
this morning; Secretary Geithner was among several Cabinet secretaries to
attend and offer updates on implementation efforts in progress at Treasury and
its bureaus. Vice President Biden is overseeing the Administration's
implementation of the Recovery Act's provisions.
The Internal Revenue Service (IRS) has posted on IRS.gov a
revised version of Form 5405, First-Time Homebuyer Credit to incorporate
provisions from the American Recovery and Reinvestment Act. Under the new law, qualifying taxpayers who
buy a home this year before December 1 can claim up to $8,000, or $4,000 for
married individuals filing separately, on either their 2008 or 2009 tax
returns. Unlike the prior first-time
homebuyer credit, this is money individuals do not need to pay back.
LINK TO IRS FORM 5405 <---CLICK TO GET FORM