Congress took further steps to right the staggering economy by expanding a popular tax credit for homebuyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects.
The House passed the bill on a 403-12 vote Thursday, a day after the Senate ended a month long stalemate with a 98-0 vote. With some 7,000 people exhausting unemployment benefits every day and the $8,000 tax credit for first-time home buyers set to expire at the end of November, President Barack Obama is expected to quickly sign it into law.
The IRS says some 1.4 million people applied for the homebuyers credit through August, helping enliven the moribund housing market. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of April. It also offers a $6,500 tax credit to those who have lived in their current residence at least five years.

The measure doubles the income ceiling for eligible individuals to $125,000. Homes must cost less than $800,000 to qualify.
This is all great news for the economy as this will continue to boost real estate sales and real estate values.

Take a look at this great new listing in Cedar Springs on almost 5 acres which is set up for a horse farm. This home has been updated from floors to walls to kitchen and basement and roof. They are very meticulous in their work and I suggest you make an appointment to see this home. Just click anywhere and take a look.

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Home prices rose for the third straight month in August, data Tuesday showed, a key sign for a broad and sustained housing recovery.

The Standard & Poor’s/Case-Shiller home price index of 20 major cities climbed 1 percent from July to a seasonally adjusted reading of 144.5. While prices are down 11.4 percent from August a year ago, the annual declines have slowed since February.

Prices are at levels not seen since August 2003 and have fallen almost 30 percent from the peak in May 2006.

The latest index shows a widespread turnaround with prices rising month-over-month in 15 metro areas since June.

“If the increases are consistent across the markets, this is key,” said Wharton School real estate professor Susan Wachter before the index was released. “Then we’re seeing the formation of a bottom.”

However, Wachter along with other industry experts still worry that rising unemployment and more foreclosures could stifle the rebound. Another unknown is whether a temporary federal tax credit for first-time buyers will be extended to help boost sales.

First-time homebuyers can receive a credit of 10 percent of the sales price, up to $8,000. The real estate industry is lobbying Congress to extend the credit past the Nov. 30 deadline. Top Democrats in the Senate are pressing a plan that would prolong the credit but gradually phase it out over the next year.

Not all metros posted gains in August, though. Prices in Las Vegas, Seattle and Charlotte, N.C., all fell to their lowest levels in August. Prices in Las Vegas have plunged by 56 percent since peaking in April 2006, the largest peak-to-trough decline of all 20 cities.

Just a quick reminder to turn your clocks back on November 1st for Daylight Savings Time!!!!

Take a look at this fabulous new Lake Michigan Shoreline listing!!! A vacant buildable lot in Grand Haven on Lake Michigan in the Gated Wilderness Trail community. Just click anywhere on this and check out the listing:

Take a look at this great article about Grand Rapids Real Estate!!!!

Check out this new listing in Grand Rapids/Alger Heights!!!! A four bedroom, 2 bath home, a true GEM of a home. Click anywhere to go directly to see the house.

Phil Vettel from the Chicago tribune writes a very nice article about Grand Rapids and some of the things to do around town…..check it out!! Just click anywhere on this article and it will take you there.

Check out this article on the Grand Rapids Real Estate Market by Cami Reister of the Grand Rapids Press. It shows again that the Grand Rapids Real Estate Market is continuing it’s come back.