Tax Credit For First Time Home Buyers Extension


Tax Credit For First Time Home Buyers Extension

Published 11/24/09  (Modified 3/8/11)

By MoneyBlueBook

If you're a new home buyer, or an existing homeowner who has been contemplating about selling your house or condominium apartment - you might want to start taking decisive action fast. There is free government money in the way of tax credits to be had for both prospective new home buyers and current homeowners - to the tune of either $8,000 or $6,500, depending on your qualifications.

To keep this stagnating economic train running, President Barack Obama has recently signed a new bill - extending the duration and expanding the coverage of the federal housing tax credit. Previously, the economic stimulus package only provided free tax credit assistance to first time home buyers and was slated to expire in late 2009. But with economists and pundits still doubting the ability of the economy to recover without additional stimulus intervention, the federal government has now officially extended the deadline of the federal homebuyer tax credit program until April 30, 2010 for new home contracts, or until June 30, 2010 for the final closing. The home's closing can occur by June 30, 2010 and still qualify for the free tax credit, but the contract���� to buy the home must be completed by April 30, 2010 at the latest. Those looking for a further extension after early 2010 might be disappointed as current indications suggest that this extension may be the final one.

To incentivize and encourage continued homebuying activity (as much of our economy is intertwined with the housing industry - example: banks, construction related services, home equity

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October 2009: Net Worth, Stock Loss, and New Home Update

Published 10/30/09  (Modified 3/8/11)

By MoneyBlueBook

Well gang, it's time for another networth update. For those unfamiliar with these reports, I've been calculating my net worth and tracking my financial progress for a few years now. The personal balance sheet numbers I report on these updates are not meant to be boastful or intended to be wantonly exhibitionist (although unfortunately I understand how they might come off as such). The purpose of following my networth changes over time is actually to inspire and encourage readers to do the same for themselves. These periodic progress updates are not only great ways to help one track the successful self accumulation of monetary assets over time, but they help to ensure, encourage, and remind oneself of the importance of routine accountability of personal financial decisions. Coupled with free online budgeting tools and my NetworthIQ.com account, I use them all to chart my finances and keep myself consistently on the right track. The issue of money and income has always been a rather taboo subject among people, but it's too important to not pay regular attention to.

Yes, I Am Still Upbeat For The Future: Things Will Get Better In Time

Wow, what a roller coaster ride of a month in terms of the stock market. One minute the Dow is breaking past the psychological 10,000 mark and soaring to new bullish heights - the next, the entire stock market is sinking like a rock. In terms of economic volatility as a function of gains and losses, the last few weeks have definitely not been

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September 2009: Net Worth Update and Stock Market Investing

Published 9/30/09  (Modified 3/8/11)

By MoneyBlueBook

Update: Finally Feeling Bullish and Hopeful For The Future Once Again

Despite the fact that historically, the month of September has traditionally been a down month for stock market investors - after months of sitting on the sidelines and hoarding online savings account cash, I've finally pulled the trigger and re-entered the market en masse. Rather than take the often advised path of investing in small bite size chunks through dollar cost averaging, I decided to plow all of my investment cash into long term equity positions simultaneously. I don't plan to pull out of my newly invested positions anytime soon and am very determined to stay the course for the very long haul - in excess of 5 years or longer. Despite the recent run up in the market, stock market prices are still at historical once-in-a-lifetime lows - and I have every intention to double or triple my investments in the next 5 years. The irrational fear and gloom of pending economic depression that gripped the whole world back in spring 2009 has mercifully passed and it now appears the beaten down economy is finally back on the track towards recovery.

Of course, this is not to say that we are anywhere close to experiencing a traditional bull market anytime soon that's punctuated by rising employment numbers and increased consumer spending, but at the very least, the specter of a crippled financial system kamikaz-ing into an irreversible death spiral has disappeared - and replaced by faint glimmers of hope. Who knows if President Barack

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August 2009: Net Worth Update and House Buying Plans

Published 8/31/09  (Modified 3/8/11)

By MoneyBlueBook

The month of August 2009 is going to go down as a particularly momentous period in my life. It's going to be the month that I finally pulled the trigger and made the decision to purchase my very first home. While the actual date of my contractual signing will likely be dragged out until the first or second week of September as things currently stand - it was during the last few weeks of August when most of my major home purchasing decisions were rapidly set in motion.

The last few years have been quite the whirlwind for me. I know on this personal finance blog I may frequently portray a sense of stability and perhaps frequently offer up an air of someone who appears to know exactly where he wants to be in life and knows exactly how to get there - but the reality is quite far from it. I've been blessed with an incredible amount of luck, remarkable timing, and good fortune - with much of my financial success starting only a few years ago when I first started blogging online to make some extra cash on the side. My early attempts at trying to make money money blogging started rather surreptitiously without much fanfare and without the knowledge of most of my friends and family. Through the struggles and early process of starting my very first blog, I developed and honed a variety of entrepreneurial skills that I ultimately leveraged into the start of my own fledgling legal practice as

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Living Near Power Lines: Is it Dangerous to Your Health?

Published 8/28/09  (Modified 6/17/11)

By MoneyBlueBook

The Internet is quite a mixed bag of information - a wild, wild west cornucopia of unfiltered and unadulterated questions and answers. Among the nuggets of knowledge, there's an endless supply of trashy material and unsubstantiated half truths. For every debatable issue imaginable, there are legions of supporters and oppositions on both sides of the divide. Search engines like Google and Bing do nothing to segregate the legitimate articles from the biased quackery and it's often up to the readers themselves to differentiate fact from fiction. Such is the case with a very contentious and controversial issue of mine that's literally hitting close to home - the issue of living next to power lines and whether they have any negative impact on one's health.

From the various articles available online, you'll frequently read comments and posts from individuals claiming that their personal cancers and miscarriages were the direct results of living too close to nearby power lines. Though when subjected to scientific scrutiny, this does not necessarily indicate a definitive connection between the two, it's easy to see how the passionate and emotional voices could come to such conclusions. In my case, both of my parents are survivors of lymphoma cancer. Both of them successfully completed their chemotherapy treatments and both were able to cure themselves of the cancers that plagued their bodies for months. However, as far as I know - they and I have never lived in close proximity to power lines of any sort. However, if we hypothetically had, I'm sure I would

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July 2009: Net Worth Update and First Time Home Buyer Plans

Published 7/31/09  (Modified 3/8/11)

By MoneyBlueBook

It's time for my monthly net worth report. As long time readers know, for months now, I've been calculating my networth changes and posting an analysis at the end of every month to chart the step by step progress I've been making in my lifelong financial journey. The purpose of such networth updates is not to necessarily boast about monetary successes or lament about the investment mistakes made during the preceding month - but rather, it's to serve as a routine reminder that the daily decisions, actions, and inactions in one's life truly have a ripple impact on one's long term financial health. While I post my own financial net worth reports throughout the year for my own statistical benefit and to share with readers a little about about what I've been up to during the previous weeks, this habitual exercise is also to encourage others to do the same as well.

It's About Time - I'm Finally Looking To Buy A Home For The Very First Time

This month has been a bit more hectic than usual. For one thing, I'm in the early stages of becoming a first time home buyer. Right now, my anticipated home purchase date is still likely months away, but I can already envision the prospect of finally moving out of my longtime apartment rental after all these years and into my very own single family home or town house for the very first time. If you've been following my previous networth reports, you probably already know that I've

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