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It's not just the weather heating up in Arizona--home sales are steadily rising throughout the Valley.
In numbers reported by the Realty Studies Department of ASU, March home sales increased to 8,610 over the previous month. In April 2009 sales rose to 9,100. All the while, prices are dropping.
January Median Price: $136,000
February Median Price: $133,000
March Median Price: $127,000
April Median Price: $125,000
What does this mean for the buyer? Falling prices combined with historically low mortgage rates and tax incentives creates the perfect storm for prospective homeowners. New Homeowners Receive $8,000 Down May 12,2009
Contributing Staff Writer The Federal Housing Administration announced today that first time home buyers will be able to use their $8,000 tax credit as a down payment. The $8,000 will now be available, through bridge loans, at closing. How do you know if you qualify? You must meet the following criteria:
-The tax credit is 10% of the purchase price up not and not exceeding$8,000 if you file jointly or $3,750 if you file as a single person. -A First Time Home Buyer is defined as a person that has not owned a home in the past 3 years. This also applies to co-borrower.
-The tax credit is available for any home - new, old, bank owned or not, in any condition in any part of the U.S as long as it’s purchased within the designated time frame which is June 30, 2009.
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