The National Association of Realtors (NAR), according to its president, Charles McMillan, is pushing hard for one more year:

“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again…. The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now.”

McMillan echoes an important point that we brought to your attention earlier this month: Even though more than two months remain until the $8,000 first-time homebuyers tax credit expires (Dec. 1, 2009), it is very little time in the real estate world.

That’s because finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.

So will the 8,000 tax credit for home buyers be extended?

It’s hard to predict at this point, but efforts are currently underway to try and persuade decision makers on Capitol Hill that it needs to happen. In fact, NAR constituents “will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now.”

We’ll, naturally, pass along any and all updates regarding a possible extension of the program. In the meantime, your best bet is to get cracking looking for the best deals in your area right now just in case an extension never materializes. It’s potentially $8,000 that the government wants to put back in your pocket — that doesn’t happen very often.

Take advantage of this rare opportunity. And remember that Foreclosure.com is also offering blog readers a special subscription discount (after the 7-day FREE trial) for the next few months to help you find the homes of your dreams for the lowest possible price. To learn more click here.

Time is running out to claim the $8,000 first-time homebuyers tax credit! We’re down to three months before the limited-time government-sponsored program expires on Dec. 1, 2009.

That might seem like enough time to get in on the action; however, finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.

So if you have any intentions of saving as much money as possible on the home of your dreams then the time to act is right now.

We decided to sweeten the pot, which will hopefully provide you with even more incentive to search for the best real estate deals in your area before the prices start climbing back up. And before the last-minute rush on the most affordable homes begins … if it hasn’t already.

For the next three months (Sept. 1, 2009 to Dec. 1, 2009) we are giving our blog readers and Twitter followers a special discount offer to search our nationwide real estate database of more than 1.8 million distressed real estate listings. We refer to it as the “Tax Credit Countdown.”

Foreclosure.com is already FREE to search for seven days — no strings attached, cancel at anytime. However, sometimes house hunters need more time to comb through and visit all the awesome deals right in their backyards.

Therefore, we’re slashing our monthly subscription — already among the cheapest in the industry — by 30 percent! That’s savings, on top of tax credits, on top of more savings (you can find homes up to 50 percent off on Foreclosure.com every day).

So how do you get started? It’s simple.

Just visit this registration page: www.foreclosure.com/registration.html?rsp=0 and insert the phrase “taxcredit” (no quotes … just taxcredit) where it says “Click here to enter a promo code” (see screen shot in the extended entry).

That’s it!

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Foreclosed homes aren’t just great deals for potential homebuyers — renters, too, can enjoy the savings.

More and more homeowners and investors are realizing they bit off more than they could chew with their current mortgage commitments. It’s among the many reasons foreclosures are up across the board.

When the payments become just too much to handle, these homeowners and investors have few options other than to sell, rent or simply walk away and lose their homes to foreclosure.

The latter option, foreclosure, is really the worst of the bunch.

But sometimes it happens so fast — in as little as one to three months in several states — that homeowners and investors are left spinning, wondering what just happened to them.

The good news is that these folks are starting to catch on and realize that these are ideal rental conditions. Why lose a home when you can find someone else to move in and pay all or most of the mortgage bill?

Indeed, homeowners would prefer to rent their homes rather than to lose them outright.

Of course, homes in foreclosure are not necessarily always on the market as rentals. In fact, homeowners and investors may not even know that renting is an option.

That’s where you come in.

Read the rest of this entry »

… in Connecticut, according to state’s largest daily newspaper, the Hartford Courant:

“RealtyTrac … said the number of June foreclosure filings of all types actually jumped 31.5 percent compared with the previous month, rather than falling 80 percent as first reported … the firm revised the numbers after The Courant questioned the low level of initial filings, known as lis pendens. RealtyTrac first reported 56 but the revised number is 991. The total filing was 1,455 in June compared with 1,106 in May … RealtyTrac has had trouble tallying data from Connecticut….”

Surprised? Shouldn’t be.

That’s because this isn’t the first time RealtyTrac has had to correct its inaccurate data. Far from it.

For more troubling news reports that reference the company’s checkered foreclosure statistics click here, here, here, here, here, here, here and here.

That’s just the tip of the iceberg.

We’ve said it numerous times before, and we’ll say it again: Media outlets and others cannot take this important real estate data at face value.

More often than not, when smart reporters, politicians and other influencers do a little digging and ask questions the truth is eventually revealed.

Bravo, Mr. Gosselin, from the Hartford Courant. More please.

What an exciting prospect!

With so many hot properties still on the market, this could be the month you find that one amazing deal of a lifetime.

But how do you narrow down your selection with so many great opportunities from which to choose?

The August 2009 edition of Foreclosure.com’s free educational newsletter, “Investment Exchange,” is now available, which details how you can find the best real estate deals in your area with half the effort … and for half the price.

Search smarter, not harder!

With the market saturated with deep discount properties, finding the one that is right for you in that perfect area will be key to making it big. And this month we’re going to show you how.

It’s a great time to make the jump, whether it’s your first home or investment. Foreclosures and bank-owned homes are more than likely now available in your area for unheard of low prices; however, these homes are in high demand.

In fact, distressed real estate sales account for a huge chunk — more than half — of all transactions today.

So it’s important to know how, when and where to search for great deals and capitalize on them before someone else does — timing is more important than ever before.

Get a jump on the competition and check out “Find the Deal” to get the head start you need today to breathe a sigh of relief (and satisfaction) tomorrow! CLICK HERE.

Remember that “Investment Exchange” is a FREE resource that Foreclosure.com provides its site visitors. Sign up to receive the educational real estate newsletter each month at no cost right here.