CONTACT: Juan F. Lopez, Network Mortgage:
773-404-7800 or firstname.lastname@example.org
Homebuyer Tax Credit Extension Boosts Momentum for Chicago Housing Market
Federal Law Opens Doors to More, Reduces Inventory & Jump Starts Local Economy,
Says Network Mortgage
CHICAGO (November, 2009) – The positive direction in Chicago’s housing market
should continue into 2010 thanks to the recent federal homebuyer tax credit extension
because more first-time buyers can move in and those with homes can move up.
Increased home ownership will reduce housing inventory and stimulate the local
Residential mortgage experts at Network Mortgage LLC maintain the new federal
guidelines signed into law November 6 by President Obama gives prospective
homebuyers more time to identify their dream home and secure financing by next spring,
historically an active time in the housing market.
Network Mortgage, which represents homebuyers seeking conventional loans,
refinancing, equity lines and other financial services, found that 45 percent of its first-
time buyer customers took advantage of the initial federal tax credit program in 2009.
Enacted as part of the 2009 federal stimulus package, the original program
granted a tax credit of $8,000 to first-time buyers who closed by November 30. The new
legislation extends the first-time buyer tax credit until June 30, 2010 and provides a
$6,500 tax break for existing homeowners seeking a new home. Existing home owners
must have lived in their residence for at lease five out of the past eight years to qualify for
“One sign the Chicago residential market is improving in fourth quarter 2009
centers on the fact that we’re seeing multiple offers on some houses, condos and town
home properties,” said Juan F. Lopez, president of Network Mortgage. “This activity is
primarily taking place among first-time buyers who took advantage of the tax credit for
entry-level properties in the $150,000 to $200,000 range.”
“The amount of inventory is another factor we can attribute to a more robust
market,” Lopez said. “In fourth quarter of 2008, we had a 12-month inventory of homes
for sale. Now we’re at around a seven-month supply.”
First-time homebuyers must sign a contract before April 30, 2010 and close by
June 30, 2010 to receive the $8,000 tax credit.
The income levels for qualifiers also increased. Single buyers can now earn up to
$125,000 and still get the full credit while a married couple can earn $225,000.
The median home price in Chicago in October 2009 was $227,000.
Tags: First time homebuyer tax credit, tax credit, residential mortgage, Chicago
housing market, President Obama, Network Mortgage, LLC, Chicago
Boilerplate: Network Mortgage, LLC, is a Chicago-headquartered mortgage
brokerage company that represents buyers of residential and commercial mortgages.
Founded in 2000, Network Mortgage is dedicated to upholding high ethical standards and
practices and delivering the finest customer service. The company is a member of the
Better Business Bureau and has earned an A-plus rating – the highest available.
Links: Home Page -- http://www.network-mtg.com/site/
Mortgage Calculator -- http://www.network-mtg.com/site/node/25
Glossary of Mortgage Terms -- http://www.network-mtg.com/site/node/25
Rate Watch Information -- http://www.network-mtg.com/site/node/24