$8,000 Available for Down Payment

What's the biggest hurdle stopping first time home buyers from taking advantage of the perfect storm of low prices and low interest rates? Lack of a down payment, of course.

Homebuyers who have not owned a home in the last three years can receive a $8,000 federal income tax credit if they buy before December 1. For about 12 hours a few weeks ago, the U. S. Department of Housing and Urban Development said the $8,000 could be received at closing instead of after closing. Then the backed off. Now it seems they are going to revive the idea. The following is just in from REALTOR® Magazine Online.

HUD: Homebuyer Tax Credit Loans Still on Track
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.

"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® magazine Wednesday afternoon.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

Walk Score

Green is the most sustainable color. As energy costs increase and resources are depleted, more and more people are recognizing the benefits of energy conservation, clean air and healthy living. I have talked with several buyers lately who have told me they want a home that's close to shopping, restaurants, services and entertainment. The green word for this type of location is "walkable".

I have discovered a fabulous web site where you can type in an address, and get its "walkability score". You will get a map showing all the amenities close to the address, and a ranking from 0 to 100 indicating the ease of living at that address without a car.

Try it. It's lots of fun.

Home Valuation Code of Conduct

On May 1, the home appraisal industry underwent a devasting overhaul. I don't know who is benefiting from the increased cost and delay in getting a home appraisal, but it's not lenders or borrowers.

This sort of government intervention is exactly what the housing industry doesn't need. How about making it easier for qualified borrowers to buy a house, instead of harder?

Check this article from the Los Angeles Times.

Carnivaleros CD Release Tour

Speaking of Jim Lipson, check out his article in the Tucson Weekly about another of my favorite clients, Gary Mackender, squeeze box operator and leader of the amazing Carnivaleros.

You can find Doc Squeeze and his cohorts tonight at 9 at Plush on 4th Avenue; Sunday at Boondocks on 1st Avenue at 6, and on Sunday, June 13, they will be at the scene of the crime, Triangle L Ranch in Oracle.

Wayback Machine at 17th Street Market

This just in from my client extraordinaire Jim Lipson, percussionist with Wayback Machine.

This Saturday, the Wayback Machine will violate one of its sacrosanct rules: performing before the noon hour. They make an exception for their debut at the World Music store in the 17th St. Market.

For almost three years, the Market has enriched Saturday shopping by showcasing live music from 11:30am to 3:30pm. If you have not yet been to the 17th St. Market or Music Store, do yourself a favor and check it out: fresh produce, fantastic fish market, extensive array of Asian groceries, acoustic instruments, local CDs, and lots more.

The Market is at 830 E. 17th. St. just west of Euclid Ave., in the old warehouse district close to the train tracks. Take Euclid south from Broadway, turn west on 18th St., then follow the signs north and west to the Market.

For this acoustic gig they'll be joined by Shanti Foster on violin, mandolin and guitar and Mike Begala on guitar and mandolin.

Chicken Coop Tour

Years ago, a woman who lived next to one of my clients in Northwest Tucson gave me some gorgeous green eggs from the hens she kept in her back yard. The yolks were a rich deep yellow and the taste was fantastic. Ever since, I've wanted to have my own chickens.

I've been thinking lately that we need to get more self sufficient. Plant an organic garden, install some solar panels and a rain water harvesting system, and get some chickens.

I guess a lot of other people are thinking the same way, because this Saturday from 9 to noon, the Food Conspiracy Coop is sponsoring a back yard chicken coop tour.

A lot of these chicken wranglers are way ahead of me in the sustainable technology game, and some of them will be demonstrating their solar ovens, rain water harvesting, and other cool ideas.

Odyssey Storytelling

I always like to brag about my amazing clients, and here's one who will be famous for more than fifteen minutes. Adam Hostetter was interviewed on Arizona Illustrated about the Odyssey Storytelling event at Club Congress this Thursday at 7 PM.

Adam writes a fabulous blog about his conversations in airport bars. Check it out.