Last night, the Senate passed the National Flood Insurance Program Extension Act of 2010 which extends the National Flood Insurance Program until September 30, 2010.  This will allow current transactions to move forward.  The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.

Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit which is estimated to help 200,000 buyers across the country.  The extension applies only to transactions the have ratified contracts in place as of April 30, 2010, that have not yet closed.  The new deadline is September 30, 2010.  Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.

The National Association of REALTORS® is still working with Congress on restoring the 502 single-family rural housing loan guarantee program.  Language is included in the Emergency Supplemental Appropriations bil, that is currently in conference between the House and Senate.  It is expected that the House will pass this bill shortly and the Senate will do the same when they return the week of July 12.  When the bill passes the program will be restored through the end of the fiscal year.

For additional information please visit www.realtor.org/governmentaffairs

What is the IPOA?  IPOA is the Iowa Property Owners Alliance started by the Iowa Association of REALTORS®.  It is our mission as an association to not only serve our members and enhance professionalism but also to protect real property rights.  That is why we started IPOA.

Every year, new and proposed laws have the potential to impact your rights as a property owner.  From septic tank inspections to special assessments, eminent domain to property taxes;  these issues have a real impact on our communities and businesses.

The Alliance is a nonpartisan, nonprofit, issues-oriented advocacy organization devoted to helping homeowners and all property owners in Iowa and is not affiliated with any political candidates or campaigns.

Membership is FREE, keeps you informed on issues affecting your iowa property ownership rights, and gives you a voice to contact your local and state policymakers.

SIGN UP TODAY at www.iowapropertyownersalliance.org

The U.S. Senate voted Wednesday to extend the home buyer tax credit closing deadline to Sept. 30, giving an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction…

…The measure still must be approved by the House.

…Source: Associated Press, Andrew Taylor (06/16/2010)

Just got back from the Iowa Association of REALTORS® summer meetings in Riverside Iowa.  I was pleasantly surprised by the resort that we stayed at:  Riverside Casino & Golf Resort www.riversidecasinoandresort.com/

Check it out!  It is a fabulous place to stay.  I highly recommend it.

Here is good information from the Iowa Association of REALTORS®. (Clive, Iowa may 24, 2010)

Home sales and prices in Iowa were up in April, according to the latest report from the Iowa Association of REALTORS® (IAR).

The IAR’s 2010 April Housing Trends Report shows the total number of homes sold in April was up 36.3 percent from March and up 32.4 percent from last April.  A total of 3,170 homes were sold in April 2010, while just 2,394 homes sold in April 2009 and 2,325 homes sold in March 2010.

Average sales prices were up as well.  Prices in April 2010 were up 5.2 percent from last April, and up 6.5% from March of this year.  The average sale price was $132,386 in April 2009, and $130,823 in March 2010.

Another area of market activity that the IAR tracks is the number of days houses spend on the market.  Days on the market in April were down eight days or 7.3 percent since April 2009, and down nine days or 8.1 percent from March of this year.

To read the full article go to : http://ow.ly/1Pamy