Consider the following as many buyers missed the deadline for the tax credit. It is not the first time any of us missed a deadline at our own expense. Yet there are still other reason for us to proceed rather than lament the past and “what could have been.”

RISMEDIA, May 26, 2010—Even though the home buyer tax credit expired on April 30, 2010 and won’t be renewed, there may never be a better time to buy a home than today, according to the National Association of Home Builders (NAHB). Many outstanding opportunities still exist for home buyers, but they may not be around forever.

“The home buyer tax credit was just one of many factors motivating Americans to buy homes,” said NAHB Chairman Bob Jones, a builder and developer in Bloomfield Hills, Mich. “But buyers can still take advantage of today’s low interest rates and competitive prices to get a home they may not have been able to purchase just a few years ago.”

Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.

Today’s new homes are also built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. New homes are designed to support modern lifestyles with open floor plans, flexible spaces, improved safety features and low-maintenance materials.

Consumers who are thinking about buying a home should not count on interest rates or prices staying at current levels, however. Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family’s budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.

NAHB’s home buyer brochure “Opportunity Knocks for Home Buyers” describes many of the opportunities in today’s market, as well as the long-term financial benefits of home ownership. It provides examples of how interest rates affect monthly mortgage payments and the typical federal tax savings over the first five years of home ownership. The brochure can be downloaded from NAHB’s website at: www.nahb.org/homebuyerbrochure.

The home buyer tax credit is still available for eligible home buyers who had a signed sales contract by the April 30 deadline and who close by June 30, 2010, as well as for qualified members of the military, foreign service and intelligence communities, who had until April 30, 2011, to sign a contract. For more information, go to www.federalhousingtaxcredit.com.

RISMEDIA, June 7, 2010—Pending home sales have risen for three consecutive months, reflecting the broad impact of the home buyer tax credit and favorable housing affordability conditions, according to the National Association of Realtors.

The Pending Home Sales Index, a forward-looking indicator, rose 6.0% to 110.9 based on contracts signed in April, from an upwardly revised 104.6 in March, and is 22.4% higher than April 2009 when it was 90.6. That follows gains of 7.1% in March and 8.3% in February.

Pending home sales are at the highest level since last October when the index reached 112.4 and first-time buyers were rushing to beat the initial deadline for the tax credit. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said this second round of surging sales from the tax credit extension looks as strong as the original tax credit. “There were concerns that only a small pool of buyers were left to take advantage of the tax credit extension. But evidently the tax stimulus, combined with improved consumer confidence and low mortgage interest rates, are contributing to surging sales,” he said. “The housing market has to get back on its own feet and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs.” NAR expects a net of 1 million additional jobs in the second half of this year and about 2 million in 2011.

“The home buyer tax credit brought close to 1 million additional buyers into the market, which is now helping the trade-up market and has significantly improved the inventory situation. This stabilized home prices more quickly and has preserved about $900 billion in home equity; in turn, that is keeping additional households from going underwater and risking foreclosure,” Yun said.

The PHSI in the Northeast jumped 29.5% to 97.9 in April and is 24.5% above a year ago. In the Midwest the index rose 4.1% to 104.2 and is 17.9% above April 2009. Pending home sales in the South slipped 0.6% to an index of 123.9, but is 31.3% higher than a year ago. In the West the index rose 7.5% to 107.9 and is 12.0% higher than April 2009.

“A big concern surfacing recently is insufficient time to close the deal at the settlement table. Under normal circumstances, two months would be enough time from contract signing to settlement date,” Yun said. “However, the recent housing cycle has brought long delays related to the short sales approval process by banks, and from ongoing appraisal issues. There could be a sizable number of home buyers who responded to tax credit incentives, but may encounter problems meeting the settlement deadline by June 30.” Because of these market challenges, NAR has asked Congress to provide flexibility on the deadline for closing.

It is doubtful that you or others will ever know what you have meant to our town/island/Downeast/Maine/New England. It has been said, “genius is not often recognized in one’s backyard”. At times, this may be true!

Human ecology is a root natural resource. The knowledge that you have earned here on MDI is clearly superior to money for oddly enough you can constantly give it away and it is never ever diminished.

Your talents are dearly needed next door and around the world. Congratulations on earning your degree here in Bar Harbor. May all roads rise to meet you as you quest into the unknown and share your vision and knowledge.

Thanks for spending a few years with us in “the town we all love so well.” Your presence and perseverance has strengthened our shores and people. Until we meet again…