For example; small employers are considered to have fewer than 25 full-time equivalent (FTE) employees paying wages averaging less than $50,000 per employee per year. However, because the eligibility formula is based in part on the number of FTEs, not the number of employees, many businesses will qualify even if they employ more than 25 individual workers.

The maximum credit is 35 percent of premiums paid in 2010 by eligible small business employers. Eligible small businesses can claim the credit as part of the general business credit starting with the 2010 income tax return they file in 2011. For tax-exempt employers, the IRS will provide further information on how to claim the credit.

Earlier this week, the National Association of Realtors (NAR) reported some lenders and loan services have been slow to implement the program or are unaware of its availability.

NAR has prepared resources to help REALTORS® answer questions about HAFA. Their new short sale Web page includes HAFA forms, breaking news and Fannie Mae and Freddie Mac real estate commission policies.

Call your Realtor today for more info, or contact me and I will be happy to forward you some information.

~ Barry Ripp emailto:  barry at barryripp.com

 www.barryripp.com 510-794-7690

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The survey revealed that homeowners and renters alike are taking a more cautious approach to homeownership. 23% renters polled said they will buy a home later than once planned. In addition, Americans with traditional, fixed-rate mortgages with predictable payments are significantly more satisfied than those with other types of mortgages. Respondents cited non-financial reasons such as safety (43 percent) and quality of local schools (33 percent) as driving factors in wanting to own a home, ahead of financial considerations.

60 percent of consumers believe that buying a home today is harder than it was for their parents, and 68 percent think it will be even more difficult for their children. 88 percent also believe that walking away from an underwater mortgage is not acceptable.

 ~ Barry Ripp    www.barryripp.com

“Household spending is expanding at a moderate rate, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly,” the Fed said.  “However, investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. 

“While bank lending continues to shrink, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels” the Fed said.

The Fed also said it would end its program of purchasing mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac to help keep home loan rates low. That program will conclude at the end of this month when the Fed’s mortgage bond holdings reach the $1.25-trillion limit it set last year.

 California’s median home price hit bottom in February 2009 at $245,170.  Since then, the median home price has increased steadily in month-to-month comparisons, but remained below 2008 levels throughout 2009.  The annual median price is projected to increase to $280,000 in 2010 from $271,000 in 2009.

 Homes priced $500,000 or less dominated the sales mix throughout 2008 and early 2009, but peaked at 85 percent in January 2009.  Meanwhile, the market share of homes sold for more than $500,000 increased from 15 percent in January 2009 to 25 percent in July 2009, holding steady around that figure for the remainder of last year.

 So if you are thinking of buying, what’s stopping you? Contact me and I can show you your next step, why wait any longer?

  ~ Barry Ripp