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Saturday, April 10, 2010

Good Neighbor Next Door Sees a Resurgence

I posted a while ago that I was worried that the GNND program from HUD that gives teachers, firefighters, and police officers the opportunity to buy homes at a 50% discount was drying up. At that time, while the market was flooded with foreclosures, I saw only 3 come to market in 8 months in the Twin Cities market. Recently, however, I have seen a resurgence. There have been nearly a dozen in the last two months. Perhaps HUD was waiting for the market to bottom out before putting more GNND houses out there.

As Homebuyer's Tax Credit Ends, Mortgage Help for Teachers Becomes More Important

The new homebuyer's tax credit will end soon. It doesn't look like Congress has the wherewithal to renew it a second time. While this means that people will be missing out on the $8,000 tax credit, it means that home prices might dip again on the other side of April as there is a lull in buying following the rush of last minute buyers.

Once the tax credit disappears, it will become easier and more important to take advantage of deals listed on this site that are especially geared toward teachers.

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