Jenks Chamber of Commerce Newsletter

JENKS NAMED ONE OF THE TOP PLACES TO LIVE IN THE U.S.

Once again, Jenks receives national recognition. Relocate America named Jenks in the Top 100 Places to Live. This selection was determined based on the local economy, housing, education, employment, crime, parks and recreation, environment, sense of community and other home-buying statistics.

This year’s selection criteria focused on the future growth and ability to rebound in this national economy. Communities with visionary government and business leadership continually striving to enhance their local economies were selected.

“Despite the negative condition of the national housing market, Jenks average housing values steadily increased over the past five quarters, and with major commercial developments on the horizon, Jenks continues to be a community of progress,” said Annette Bowles, President. “One of the reasons for our community’s success is the collaborative efforts of the Jenks Chamber of Commerce, City of Jenks, Jenks Public Schools and Tulsa regional partners.”

“The City of Jenks is pleased again to receive the honor of being one of the best places to live,” said Mayor Vic Vreeland. “Now recognized as one of the Top 100 Places to Relocate as well as one of Money Magazine’s Best Places to Live, others are seeing what our residents already know — that Jenks emphasizes quality of life in our planning and governance whether it’s in our schools, neighborhoods, downtown or riverfront.”

Only three cities in Oklahoma were included in this year’s ranking, Tulsa claims the top spot on the list with Oklahoma City ranking 10th. To view Relocate America’s Top 100 Places to Live list, visit www.RelocateAmerica.com.

After announcing a plan that would have allowed first time homebuyers to use a special tax credit to cover the 3.5% required down payment on an FHA-insured loan, the Dept. of Housing and Urban Development apparently had second thoughts.

Late last week HUD released a newly remodeled plan that does not allow the first-time homebuyer tax credit to be used for the down payment. Seems there was plenty of push back that allowing borrowers to land a mortgage without any “skin in the game” was not exactly a great idea. What’s amazing is that the proposal even got floated in the first place; the notion that taxpayer dollars would have been on the line for mortgages that required no down payment was a bit of a head spinner.

What HUD finally settled on was that lenders can essentially advance qualified home buyers the value of their tax credit today to reduce their mortgage costs, but only if the borrower can bring a minimum 3.5% down payment to the table. Approved uses of the tax credit include paying for closing costs, making a larger down payment (to thereby reduce the monthly mortgage cost) or buying down the interest rate by paying points. The real value of the new rule is that eligible homebuyers can now “use” their tax credit today, rather than having to wait to recoup the value of the credit when they file their 2009 federal tax return in early 2010.

Basically, if you meet the eligibility rules you can now get a maximum of $8,000 advanced to you to buy a home. Single homebuyers with income below $75,000 and married couples who file a joint return with income below $150,000 are eligible for the max tax credit. (A limited credit is available for individuals with income between $75,000-$95,000 and joint filers with income between $150,000 and $170,000; the credit completely phases out above those income levels.) Anyone who has not owned a primary residence for three years is considered a first-timer but to grab the tax credit you must close on an FHA-insured loan before December 1 of this year.

– Carla Fried

The latest numbers for home prices in Oklahoma look promising.

The Federal Housing Finance Agency says Oklahoma ranks second in house price appreciation in the first quarter.

Comparing cities, Tulsa is 20th for the highest rate of house price appreciation.

Oklahoma City is 25th.

Nationwide home values are down.

Source: KJRH website:http://www.kjrh.com/news/state/story/New-Oklahoma-housing-numbers/VdyD5XPgikeLXJQ38vgnpw.cspx

Area home sales improve slightly in April

By ROBERT EVATT World Staff Writer
Published: 6/3/2009 2:22 PM
Last Modified: 6/3/2009 2:22 PM

Tulsa-area home sales for the month of April improved for the third time in a row, though the pace didn’t quite match the same time last year.
The 908 homes sold were 1.3 percent above March, though they were 8.9 percent below April 2008, according to figures from the Greater Tulsa Association of Realtors.

Harriet Dunham, president of GTAR, said the performance shows the Tulsa-area home market continues to regain strength.

“Consumers are out looking, and we’re starting to get busy,” she said.

Dunham said the boost was a combination of increased consumer confidence, first-time homebuyer tax credits and the annual springtime sales surge.

Both the average and median sales prices improved significantly for the month and year, with the median at $128,000 and the average hitting $151,876.