| April is New Homes Month |
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Happy American New Homes Month! Every year, the nation sets aside two months to celebrate the benefits of the American Dream homeownership with New Homes Month in April and American Homeownership Month in June. And this year, home buyers in San Bernardino County find that today there is more to celebrate. According to the latest news reports, home sales are up both nationwide and here in San Bernardino County. Mortgage rates dropped last week to the lowest level in recent memory and home prices are at their lowest level in years with San Bernardino County maintaining it's distinction as the Southland's affordability leader. Credit is readily available to home shoppers with good credit ratings and according to the Mortgage Banker's Association (MBA), mortgage application activity is increasing nationwide by a seasonally adjusted three percent compared with one week earlier when it reported at 32 percent rise. Refinancing is also up by 3.7 percent and applications for new purchase rose by 0.1 percent in February. In fact, the MBA now forecasts 2009 mortgage originations to top $2.78 trillion this year - making 2009 the fourth highest for originations, behind only 2002, 2003 and 2005. Our County's housing market is recovering so rapidly that Business Week Magazine recently featured the city of Fontana as the first in its series of "Cities Where Home Sales are Sizzling" As I mentioned in earlier columns, the Federal Government is working to spur home sales with recently - implemented $8,000 first - time homebuyer tax credit. Now, according to the National Association of Home Builders (NAHB), home buyers have three options for claiming their tax credit: * if the qualifying home purchase will be completed shortly after April 15, buyers can file an extension for tax year 2008 and claim the credit when they do file their 2008 return, or * home buyers can claim a qualified purchase on their 2009 Because tax information is often exceedingly complex, the National Association of Home Builders has posted new resources to help new homebuyers understand the new tax credit. Beyond the personal and financial benefits of homeownership, we call it the American Dream because it is essential to the strength and vitality of our nation, state and community. Homeownership is the cornerstone of family security, stability, and prosperity and strengthens our nation's communities. It encourages civic responsibility and provides a solid foundation Homeownership is a crucial component in both the nation's economy and individual financial security. New home construction and remodeling provide millions of jobs and generate billions of dollars in wages and tax revenues each year. According to NAHB statistics, the construction of 1,000 single-family homes generates 2,448 jobs in construction and constructionrelated industries, approximately $79.4 million in wages and more than $42.5 million in federal, state and local tax revenues and fees. The construction of 1,000 multifamily homes generates 1,030 jobs in construction and related industries, approximately $33.5 million in wages and more than $17.8 million in federal, state and local tax revenues and fees. Homeownership strengthens not only the economy but also the social fabric of the nation. By encouraging involvement in schools and communities and inspiring the upkeep and improvement of the home, homeownership fosters good citizenship. Safe, decent and comfortable housing in general - and homeownership in particular - are also a positive influence in children's lives. Children of homeowners stay in school longer and are more likely to become productive citizens according to a study by the University of Chicago. Moreover, today's new home is an investment in the future, a durable product that will provide shelter to families for decades. For more information on the benefits of homeownership,
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