LAST CALL FOR $8,000 TAX CREDIT

It’s hard to believe that we are into the second half of 2009. What a year it’s been for the Real Estate Industry! Our area is experiencing an increase in sales and recently was named as number 8 on a list of the Top 10 cities of opportunity by Forbes Magazine:

“Best Cities for Finding Opportunity Where are the best cities to live in the United States if you want to work hard and get ahead? Forbes magazine examined the nation’s 40 largest metropolitan statistical areas and based on the number of Forbes' 400 best big companies and 200 best small companies that are headquartered in each, it identified what it considered places with the most opportunity. The magazine says it took this route because the best big companies provide opportunities for those who seek to be employees, and the rate of success of small businesses indicates how the area treats entrepreneurs.”

We have been fortunate to be in the conservative Mid-West, faring better than most US cities not only when it comes to opportunity but also home values.

One of the results of the Stimulus Package was the $8,000 Tax Credit offered to first time home buyer (those not owning a home in the last 3 years).Recently this tax credit was amended to allow the buyer to use the money for closing costs or to add additional down payment (in addition to the required 3.5% minimum down). This has really helped to stimulate sales. To take advantage of this gift a home buyer must act NOW. A home purchase must close by Nov. 30th to qualify; the home buying process has been lengthened by the careful underwriting of a loan and appraisal changes. A serious buyer should be viewing homes now and get under contract no later than September to allow time for any delays in the process. If you’ve been sitting on the fence (or know someone who has) now is the time to jump down! Interest rates are still at record lows, there is lots of inventory to choose from and home prices are lower than they have been in years. We may never see a better scenario in our life time to buy real estate. THIS IS LAST CALL to get in on the free $8,000 gift!

SCHNEIDER Team has an unusual Sales Meeting!

SCHNEIDER Realtor, Steve Snarzyk, was surprised at Tuesdays sales meeting when the team got together and gave him a diaper shower. Steve and wife Samantha are expecting their first child October 1st. They are shown here loading their trunk with all the diapers, it's a start!

St Louis Makes the Top 10!

Best Cities for Finding Opportunity Where are the best cities to live in the United States if you want to work hard and get ahead? Forbes magazine examined the nation’s 40 largest metropolitan statistical areas and based on the number of Forbes' 400 best big companies and 200 best small companies that are headquartered in each, it identified what it considered places with the most opportunity. The magazine says it took this route because the best big companies provide opportunities for those who seek to be employees, and the rate of success of small businesses indicates how the area treats entrepreneurs. Here are the top 10:
1. Houston 2. Dallas 3. Minneapolis 4. Pittsburgh 5. Boston 6. Washington, D.C. 7. Austin
8. St. Louis 9. Kansas City, Mo. 10. New YorkSource: Forbes, Lauren Sherman (06/19/2009)

Home Sales on the Rise!

NAR: Existing-Home Sale Continue to Rise Sales of existing homes showed another gain in May, benefiting from favorable affordability conditions and a first-time buyer tax credit, according to the NATIONAL ASSOCIATION OF REALTORS ®. May’s increase was the first back-to-back monthly gain since September 2005.Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 2.4 percent to a seasonally adjusted annual rate of 4.77 million units in May from a downwardly revised level of 4.66 million units in April. Sales remained 3.6 percent below the 4.95 million-unit pace in May 2008.Lawrence Yun, NAR chief economist, expected an improvement in sales. “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates,” Yun says. “First-time buyers also are being drawn off the sidelines by the $8,000 tax credit, which is helping to absorb inventory.

$8,000 Gift to Home Buyers Who Haven't Owned a Home in Three Years!

HUD: Tax Credit Can Be Used on Closing Costs
This is great News for all those folks who haven't owned a home in the last three years! You can now get your $8,000 gift upfront if needed- Read the details!
FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first-time buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released today.Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent.The loans can't be used to cover the minimum 3.5 percent, senior HUD officials told reporters on a conference call Friday morning. Thus, buyers applying for FHA-backed financing with an FHA-approved lender that offers a bridge-loan program can get a bridge loan to bring down the upfront costs of buying a home significantly but would still have to come up with the minimum 3.5 percent downpayment.There remain many sources of assistance for buyers needing help with the 3.5 percent downpayment, including many state and local government instrumentalities and nonprofit lenders.In addition, some state housing finance agencies have developed their own tax credit bridge loan programs, so buyers in states whose HFAs offer such programs can monetize the tax credit upfront to cover all or part of their downpayment. These programs are separate from what HUD announced today. The first-time homebuyer tax credit was enacted last year--and improved upon earlier this year--to help encourage households to enter the housing market while interest rates are low and affordability is high. The credit is worth up to $8,000 and is available to households that haven't owned a home in at least three years. The credit does not have to be repaid, and is fully reimbursable, so households can get their credit returned to them in the form of a payment.Learn more about the credit, including how to apply for it this year even if you've already filed your taxes, at REALTOR.org.

Up to $14,999 Down Payment Assistance When Purchasing Foreclosed Property

New Program To Help Stabilize Missouri Neighborhoods

MHDC is offering a new product to help stabilize and rebuild the neighborhoods of Missouri hard hit by the housing downturn. The commission received $4.2 million from the Neighborhood Stabilization Program (NSP), which was part of the Housing and Economic Recovery Act of 2008. These funds are intended to be used for down payment and closing cost assistance for qualified buyers purchasing foreclosed property that will be used as the owner’s principal residence.


Qualified buyers may receive up to 20% of the purchase price (up to $14,999) to use for down payment and closing costs.

Buyer must use MHDC First Place Loan program for first mortgage.

NSP funds provided through a second mortgage with an interest rate of 0%, which is forgiven after five years of occupancy.

First-time and repeat buyers are eligible.

Purchase price must be discounted a minimum of 5% from the current appraised value. This must be determined by an appraisal completed within 60 days prior to making an offer on the property.

Borrower must receive eight hours of homeownership counseling from a HUD-certified counselor.


Borrower income limit is 120% of area median income, see Income & Price Limits.


Must be an owner-occupied, foreclosed property that has been without tenants for the last 12 months.

First-time homebuyers utilizing this program are also eligible to receive the $8,000 federal tax credit for first-time homebuyers if the home is purchased prior to December 1, 2009.

VACATION BIBLE SCHOOLS IN ST CHARLES COUNTY

Week 1 June 8 - 12
• Camps Edge, 9 am - 3 pm: Calvery Church on Mid Rivers for K - 5th Grade or 9am - 11:30 for 4 years old +: $30 or $15 respectively - register online or at church
• Crocodile Dock, 6 pm - 9 pm: Willott Road Community Church, 4 years old - 6th grade
Week 2 June 15 - 19
• Gadget's Garage, 9 am - noon: Immanuel Lutheran in St. Charles
• Crocodile Dock, 9 am - noon: Messiah Lutheran in Weldon Springs
• Bommerang Express 6 pm - 8:30 pm: First Baptist Church O'Fallon, pre K+
• Camps Edge, 9 am - 3 pm: Calvery Church in Wentzville for K - 5th Grade or 9am - 11:30 for 4 years old +: $30 or $15 respectively - register online or at church
Week 3 June 22 - 26
• Boomerang Express 9 am - noon: First Baptist Church Harvester, 3 years old+ if potty trained
• Crocodile Dock, 9 am - noon: Zion Lutheran in Harvester
• Crocodile Dock, 9 am - noon: St. Cletus in St. Charles
Week 4 June 29 - July 3
• Crocodile Dock, 9 am - noon: First United Methodist in St. Charles, 2 years old+
Week 5 July 6 - 10
• SunRock Kids Camp, 9 am - noon: St. Charles Presbyterian Church
Week 6 July 13 - 16
• Camps Edge, 6 pm - 8:30 pm: St. Charles Christian Church, 2 years old+

Tips to Help Sell Your Home this Spring Season

By JUNE FLETCHER
The cherry blossoms are in full bloom in my hometown of Washington, D.C., marking the beginning of the spring home selling season.

If you, like me, are preparing to put your home on the market, that means that you not only have to stage your home's interior to impress potential buyers, but you have to spruce up your yard, too.

Although many sellers in my market hope that a drift of daffodils will clinch a deal, in truth, plants can hurt a home's curb appeal as much as they can help it. For instance, a drift of wild, weedy onions hidden in the grass can make a newly mowed lawn smell like a gas station restroom; trees planted too close to a house mask its best features and conjure alarming visions of weekends on a rickety ladder, cleaning gutters. That's not the impression you want to make on buyers who fantasize about lounging on the patio, not messing with pole pruners. So here are some tips for staging your yard for sale:

Baby the lawn. Find a high-quality weed killer with lots of micronutrients as well as nitrogen, phosphorus and potassium with pre-emergent herbicides (organic ones use corn gluten) to kill growth before it starts. Send your soil to your county or state's extension service, an agricultural resource center that you can find through the USDA's Web site, to have its pH levels tested; spread lime on your lawn if the pH level is below 6.0, or an acidifying agent like gardener's sulfur if it is above 7.0. And set your mower high (about three inches) to reduce the grasses' stress and cut down on the need for water.
Trim the overgrowth. Prune any branches that touch the house, cover a window or block a path. To reduce mold growth, keep plant material at least a foot away from siding.
Splurge on mulch. The new mulches that retain color throughout the season cost about a dollar a bag more than traditional mulch, but good first impressions are worth it. Although I normally use chipped mulches because they last longer, I plan to use a finely shredded texture this spring for its superior visual appeal.
Edge your flowerbeds. There's no easier way to make your yard look neat and groomed. Don't bother with the plastic edging; simply tie a string between two sticks and follow the line with a sharp, flat-ended spade pushed about four-to-six inches into the soil.
Powerwash everything. Cobwebs, mold and dirt accumulate on decks, patios, fences, trellises, eaves, windows and siding over the winter, but can be blasted away in an afternoon with a power washer. Just be sure not to get the water under the siding courses or in soffit vents, where the moisture can cause damage.
Plant annuals. Perennials are wonderful if you're building a long-term garden, but they are expensive and tend to have short blooming seasons. For color and impact, place low-care annuals like impatiens, petunias and geraniums in beds. Potted flowers and hanging baskets can brighten dull spots in your yard, draw attention to features you want to emphasize or flank an entrance—and you can take them with you when you move.
Plant a garden. If you have a sunny corner, a small raised bed with decorative veggies such as rainbow-stemmed Swiss chard and bush beans, or fragrant herbs like sage and rosemary, can suggest your yard is useful as well as pretty. (And hey, the Obamas did it.) But stay away from plants, like corn, that suggest a barnyard, or are prickly and prone to spilling out of bounds, like summer squash and pumpkins. If you must have tomatoes, choose pretty, bush-style cherry tomatoes rather than the regular vining varieties which need to be caged and are prone to unattractive wilts and fungal attacks.
String a hammock. Nothing suggests that the living is easy (and your yard is low-maintenance) as much as a hammock. If you don't have two trees close enough to string one between them, spring for a hammock stand.
Create conversation areas. To draw attention to a birdhouse, sculpture or other attractive feature in your yard, arrange two colorful side chairs and an end table facing it. When you have an open house, place a book and a small glass of water with yellow food coloring on it to suggest lemonade (don't use the real thing, or you'll attract bees).
Write to June Fletcher at fletcher.june@gmail.com

Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved

The Green Home of the Future

By ALEX FRANGOS What will the energy-efficient house of the future look like? It could have gardens on its walls or a pond stocked with fish for dinner. It might mimic a tree, turning sunlight into energy and carbon dioxide into oxygen. Or perhaps it will be more like a lizard, changing its color to suit the weather and healing itself when it gets damaged. The Journal Report See the complete Energy report. See the green houses of the future: The Rios Clemente Hale House and The Mouzon Design House The William McDonough + Partners House and The Cook + Fox House Those are just a handful of the possibilities that emerged from an exercise in futurism. The Wall Street Journal asked four architects to design an energy-efficient, environmentally sustainable house without regard to cost, technology, aesthetics or the way we are used to living. The idea was not to dream up anything impossible or unlikely -- in other words, no antigravity living rooms. Instead, we asked the architects to think of what technology might make possible in the next few decades. They in turn asked us to rethink the way we live. "This is a time of re-examining values, re-examining what we need," says one of our architects, Rick Cook, of the New York firm Cook + Fox. "We are re-examining the idea of home." A fresh look may be long overdue, given the amount of damage that homes can do to the environment. It's easy to envision a power plant spewing pollution or a highway full of cars burning billions of gallons of petroleum. But buildings -- silent and unmoving -- are the quiet users of much of our energy, through electricity, heating and water consumption. The U.S. Energy Department estimates buildings are responsible for 39% of our energy consumption and a similar percentage of greenhouse-gas emissions. The growing awareness of that fact helps explain why green building is one of the most pervasive trends in the construction industry -- even as the economy struggles and home-building is at its lowest level in a generation. So, how will the green homes of tomorrow help solve the energy puzzle? Here's a gander into the future. View Full ImageRCH Studios ON THE HOUSE The Rios Clementi Hale Studios house has a garden façade that includes chickpeas, tomatoes and other plants. The plants also provide shade and cooling. A rooftop reservoir collects water and keeps the building cool, while rooftop windmills generate energy. Out on a Limb "I'd love to build a house like a tree," says architect William McDonough of the Charlottesville, Va., firm William McDonough + Partners. And that's what he set out to do here. The surface of his house, like a leaf, contains a photosynthetic layer that captures sunlight. Unlike today's solar panels, which are often pasted above a roofline, these are woven into the fabric of the exterior. They heat water and generate electricity for the home -- and create oxygen for the atmosphere, to offset carbon produced in other areas of the home. The appeal of ultrathin, integrated solar panels goes beyond convenience. Today's solar is plain ugly and off-putting to many homeowners, something Mr. McDonough calls the "potpourri of miscellany stuck on our roofs." Unseen solar arrays, especially ones that create hot water, will be a "breakthrough from aesthetic perspective, which is a huge issue," he says. As for the rest of the design, Mr. McDonough envisions a sleek, curved roof with generous eaves to provide shade, which lowers the heat load in summer, thereby reducing the need for energy-hogging air conditioning. The roof also insulates and provides an outdoor garden. (Mr. McDonough designed a similar "green roof" for a Ford Motor Co. factory -- one of the first large U.S. buildings with that design.) The "bark" of the treelike house would be thin, insulating films that would self-clean and self-heal, Mr. McDonough says, thus avoiding the need to replace them after years of exposure to the elements. View Full ImageWilliam McDonough and Partners BRANCHING OUT William McDonough + Partners envisions its house like a tree. The "bark" of the house is made up of thin, insulating films that would self-clean and self-heal if damaged. A curved roof with large eaves provides shade, which lowers the heat load in summer. The "trunk," or the frame of the home, consists of carbon tubes, while the "roots" are a heat-pump system buried in the yard. It sounds far-fetched, but some of these technologies already exist. Self-cleaning glass, for instance, has a special coating that uses ultraviolet sunlight to break down organic dirt; rainwater then washes the filth away. Self-healing paints that contain microscopic capsules of color are in use on some car paint, for instance. These vessels break open when the surface of the paint is scratched to repair the damage. Similar ideas could expand to repair other materials such as glass or cladding. The "trunk" -- or the frame of the home -- would eschew wood or metals. Instead, lightweight, "resource efficient" carbon tubes would keep the structure standing upright. Finally, the "roots" of the home would be a ground-source heat-pump exchange system buried in the yard. It would take advantage of the relatively constant temperature of the soil to control the home's climate -- bringing in heat in winter, when the ground is warmer than the surrounding air, and cool in the summer, when the ground's temperature is lower. Such systems exist today, but cost puts them out of the reach of most homeowners. Other technological advances in the home include cement that would absorb carbon dioxide as it cures, offsetting the heavy loads of energy used to make the material. What's more, special surfaces on the house would capture condensation for water use, avoiding the need for wells or faraway sources. The design also takes into account what happens to the building when its useful life is over -- something most builders never consider, Mr. McDonough says. Today's buildings are often filled with chemical insulators and films on windows. While there have been major advances in these areas, such as the use of low-chemical-emitting paints and carpets, most insulating windows today still contain mercury and other heavy metals. View Full ImageCook+Fox UNDER MY SKIN Cook + Fox's house reacts to the weather, turning dark in the bright sun to insulate the house from heat and turning clear on dark days to absorb light and heat. The façade also captures rain and condensation to fill the household's water needs. Inside, walls and furniture are on rollers to take advantage of the fact that some spaces, such as bedrooms, are underutilized most of the day. Mr. McDonough envisions a building industry in which everything that goes into a house eventually breaks down harmlessly, much as a tree falls and biodegrades on the forest floor. So, in his house, building materials from the cladding to the floors would be easily disassembled and reused, or, as he says, "return to the Earth." The Reptile House If Mr. McDonough's house is a tree, then this one is a lizard -- whose skin is among its most important features for survival. Cook + Fox's house has a "biomorphic" skin that reacts to the weather, turning dark in the bright sun to insulate the house from heat and turning clear on dark days to absorb as much light and heat as possible. The façade also captures rain and condensation to fill the household's water needs -- much like a desert-dwelling horny lizard rolls drops of dew from its nose to its mouth. Mr. Cook sees the house of the future looking toward nature's way of solving problems as much as it looks to technology, a concept called biomimicry. "You need to view a house as a surface area for life, as opposed to a thing to be power-washed," Mr. Cook says. Cook + Fox is well known for its green designs. Its biggest green project is the New York headquarters of Bank of America, which is known as One Bryant Park. The sculpted white-glass tower, Manhattan's second-tallest after the Empire State Building, creates massive ice blocks in the evening when electricity is cheapest. As the "ice batteries" melt, they are used to cool the building during times of peak electricity loads during the day. View Full Image OLD AND NEW The Mouzon Design house uses tomorrow's technologies -- as well as ancient techniques to reduce energy use. Solar paneling built into the roof and façade provides electricity and hot water. The house also employs a "breeze chimney," an ancient architectural tool, as a kind of air conditioning. The Cook + Fox house has a modern look, but it's designed to fit into a traditional neighborhood setting. Inside, rooms are easily configurable for lounging or work. Walls and furniture are on rollers, for instance, to take advantage of the fact that some spaces, such as bedrooms, are underutilized most of the day. What's more, toilets and washrooms are separated, serving more people with less space. Making a house that's more conducive to work is important for energy efficiency because it eliminates driving -- and thus reduces energy consumption. A key feature of the house is perhaps its most traditional: a front stoop, which enables the home dweller to look out on neighbors and observe the area. Noting an idea from scientist E.O. Wilson, Mr. Cook says, "No matter how advanced we get with technologies, there are things that make the human feel good no matter what. People like to see a horizon view and feel safe." Meals at Home Rios Clementi Hale Studios cheekily calls their concept the "Incredible Edible House." This somewhat fantastical design seems to be as much about the future of food production as architecture. The façade of the three-story abode is slathered in a vertical garden that includes chickpeas, tomatoes, arugula and green tea. Step outside in the morning and harvest your meals. The plants both nourish the inhabitants and provide shade and cooling, absorbing heat better than a wall made of wood, brick, stucco or glass. Rios Clementi Hale, based in Los Angeles, has a reputation for playful and innovative designs. Its best-known works include the angular red, ochre and green-striped campus of the California Endowment in downtown Los Angeles. It has also done designs for Hollywood powers such as Walt Disney's Robert Iger and movie and music impresario David Geffen. But the plants aren't the only striking feature of the design. At three stories, the edible house is also more vertical than the typical suburban home, a nod to the importance of building dense, urban-style houses in order to reduce energy use. A rooftop reservoir collects water and keeps the building cool; rooftop windmills generate energy. The house is also put together in an intriguing way: It's made of three prefabricated containers stacked on top of each other that can be moved on a trailer if the mood fits. This method exists today, but it's not used very much, since homeowners associate prefabrication with lower-end homes. But the benefits for lowering energy use are substantial. The standardized construction in prefabricated homes reduces defects that can hamper energy conservation. And it's easier to ship prefabricated parts, which means reduced fuel use for deliveries. Learning From the Past Looking to the future isn't the only way to be innovative. The house from architect Steve Mouzon, of Mouzon Design in Miami Beach, Fla., uses tomorrow's technologies while mining ancient techniques to reduce energy use. For instance, solar paneling built directly into the roof and façade provides electricity and hot water. But the house also employs a "breeze chimney," an architectural tool used by the ancients, as a kind of old-school air conditioning. The difference between the air pressure in the chimney and outside causes hot air to flow out of the chimney stack and cooler air to enter through windows and doors. "It must make sense first," says Mr. Mouzon, a so-called New Urbanist architect who believes in traditional designs that emphasize pedestrian-friendly neighborhoods. His house "isn't trying to do wild and wacky things with roof shapes or wall shapes but a good sensible building that is highly lovable. It is inventive where it needs to be." Like Rios Clementi Hale, Mr. Mouzon sees the house as a source of food. He would add "melon cradles," an invention he says he thought up for this project, to allow heavy melons and other vegetables to grow vertically up the sides of his house. Another of his innovative ideas would require Americans to do more than just feed the goldfish bowl: He would install tilapia pools in a "kitchen garden" to provide fresh fish to the homeowner. It's among the most energy-efficient ways to raise animal protein, Mr. Mouzon says. But the most important order for Mr. Mouzon is to make the house compact. "The smaller thing you can create, the more sustainable it is." In fact, that's something that all four of our architects agree on: Americans need to learn to live in smaller spaces if we are going to make an impact on the environment.—Mr. Frangos is a Wall Street Journal staff reporter in New York. Write to Alex Frangos at alex.frangos@wsj.com Printed in The Wall Street Journal, page R1 Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com
Posted by SCHNEIDER Real Estate at 9:51 AM
Labels: Career in Real Estate, Green Home, posted by Jane Nicoletti, SCHNEIDER Real Estate, St Charles, st charles county

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Record Low Interest Rates- Time to Buy!

Rates Below 5% for Ninth Week Straight Freddie Mac reports a slight rise this week in the 30-year fixed mortgage rate to 4.86 percent from 4.84 percent in the previous week.Rates have been below 5 percent for nine weeks in a row. Last year at this time, the average 30-year rate was 6.01 percent.The 15-year fixed mortgage rate climbed to 4.52 percent from 4.51 percent. Meanwhile, the five-year adjustable mortgage rate slipped to 4.82 percent from 4.9 percent; and the one-year ARM fell to 4.71 percent from 4.78 percent. Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country.Source: Freddie Mac

Finish Strong!!!

Finish StrongHow Do You Respond to Challenge?

Irving Berlin once said, "Life is 10 percent what you make it and 90 percent how you take it." So, how do you take it? Before you answer the question, we urge you to use the next few moments to watch Finish Strong, an inspirational video with a meaningful message.
Any challenges you face in life will always elicit a response on your part. As Dan Green points out in the book that inspired this month's Simple Truths video, how you respond is completely your choice. His message - ALWAYS choose to finish strong.
Through telling us stories about real people who've overcome some incredible challenges, Green is able to point out a very simple fact. No matter how difficult your life may seem, there is someone who has overcome a greater challenge. The point here is not to draw comfort from their situation, but to find inspiration in how they dealt with it.
When it feels like the game is over, or an opportunity has passed you by, you must remember that the story isn't complete until you respond to the challenge at hand. According to the Greek philosopher, Epictetus, "It's not what happens to you, but how you react that matters."
So, how will you choose to respond to life's challenges? Think carefully because the choice is only yours.
Good luck and remember, always choose to finish strong.
YOU Magazine is pleased to present Finish Strong, a short film produced by Simple Truths, a consumer-direct publisher of motivational books and films. Visit www.simpletruths.com to learn more about this unique company.

$8,000 Tax Credit can be used for a Down Payment!

Real Estate News May 12, 2009 ShareTax Credit Can Be Used for Down Payment Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.Other Solutions for Today's MarketDuring his address at the summit, Donovan went on to say that the Obama administration plans to further stabilize the housing market. “I do think we have some early signs that the market overall is stabilizing,” Donovan says. “Since January we’ve seen both home sales moving up and down around a relatively stable number and we are seeing the first signs that the rapid decline in home prices is starting to abate.”The morning session included a panel discussion that was moderated by CNBC’s Ron Insana. Panelists examined cutting-edge solutions necessary to promote and preserve homeownership and real estate development, stimulate the economy, and protect the nation’s taxpayers. They also shared their ideas on what the role and responsibility of the federal government is in the revitalization effort. “Right now the Federal Reserve is the market,” said panelist Jay Brinkman, chief economist for the Mortgage Bankers Association. “What will be the effect when the Fed stops buying?” Brinkman explained that an exit strategy must be planned for the long-term; the federal government cannot continue to support the mortgage markets indefinitely.“We are thrilled that so many high-caliber individuals were able to join us today at this important meeting to promote stability in the housing market and the U.S. economy,” said NAR President Charles McMillan. “We look forward to an ongoing dialogue and action toward this goal, during our midyear meetings this week and beyond.”