Senate Votes to Renew Tax Credit

The Washington Post reported yesterday that the $8000 tax credit for first-time home buyers has been extended through the first six months of 2010. Additionally, the new bill allows for eligible homeowners who are NOT first-time buyers to receive a $6500 refund. The bill passed 98 to 0 and will reach the House floor by Thursday. Following that, the bill would require the President's signature.

To receive the $6500 tax credit, homeowners must be purchasing a new primary residence and have owned their current home for at least five consecutive years in the previous eight years. There are also income restrictions.

Full Washington Post article HERE.

Existing Home Sales Up 9.4% Nationally

From the recent issue of the Nashville Business Journal...

First-time home buyers have helped drive up existing-home sales nationwide, according to the National Association of Realtors. Sales of existing homes jumped 9.4 percent in September to a seasonally adjusted rate of 5.57 million units. That’s up from 5.1 million in August.

Sales activity is at its highest level in more than two years, the association says. Lower prices, coupled with a first-time home-buyer credit, are behind the increase, said Lawrence Yun, chief economist for the Realtors association. “We are hopeful the tax credit will be extended, and possibly expanded, to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery,” he said. Still, Yun said, there needs to be a steady stream of qualified buyers to bring down inventories and create price stabilization.

In the South, existing-home sales rose 9 percent to an annual level of 2.06 million in September — 10.8 percent higher than a year ago. The median price in the South was $153,500, down 7.6 percent from a year ago. Nationwide, the median price for existing single-family homes was $174,900 in September, 8.1 percent lower than a year ago.

Don't Forget! Big Draw 12South This Saturday

Don't forget! Big Draw 12South is THIS Saturday!

Revolving Skyscraper

Can you imagine something like this coming to Nashville?


Watch The Revolving Skyscraper in Technology View More Free Videos Online at Veoh.com

Big Draw 12South

We love to support local community events, especially ones in 12South which is just next door to our main office (and where we do a lot of our business). Here is information about Big Draw 12South, an event coming to Nashville on Saturday, October 10.

What’s The Big Draw? The Big Draw is an annual event comprised of activities centered on drawing. Initiated in 2000 by the wildly successful UK Campaign for Drawing, The Big Draw promotes John Ruskin’s belief that drawing is a key to understanding and knowledge. Drawing America believes that The Big Draw is a natural way to build community by connecting to and exploring our history and identity through fun drawing activities.

Big Draw 12 South: This Is Where I Live! provides a modest start for an annual Big Draw Nashville and serves as a national model for the neighborhood approach to a Big Draw.

Here is the schedule for Saturday, October 10.

8 AM — Meet on the porch of The Frothy Monkey for tips on drawing buildings and talk on the architecture and history of 12South Neighborhood.

8:45 AM to Noon — Draw your own house or a favorite building in the neighborhood.

Noon to 2 PM — Drop off drawings at The Frothy Monkey Big Draw Station.

6 PM — Join us for evening reception to celebrate exhibit of all the drawings.
No judgment for “best drawing” — every drawing has its merit. The prize is to participate,
draw and learn how to see the neighborhood in a new way.

http://www.bigdrawnashville.org/
www.twitter.com/bigdraw