Hurry for $8,000 First-Time Buyer Tax Credit

Although the cut-off date for the $8,000 first-time buyer tax credit is Dec. 1, if you are interested in this incentive, you will want to consider that it can take months to close on a home. Short sales can take three to six months, so with 90 days left before the deadline, first-time buyers should apply for the credit now.

According to the National Association of Realtors, 1.8 million buyers are expected to apply for the credit. There may be an extension of the stimulus package program, like the "Cash for Clunkers" offer, although that remains uncertain. For now, loan documents must be signed by the deadline to qualify for the benefit.

Mortgage Applications Are on the Rise

Mortgage applications, an early indicator of sales, rose last week in response to a drop in interest rates to a five-week low. For the week ending August 14, mortgage loan applications to finance the purchase of homes increased 3.9 percent, according to a weekly survey from the Mortgage Bankers Association. Compared to the same week in 2008, mortgage applications increased 25 percent. The drop in mortgage rates is credited with the increase.

Rates on a 30-year fixed-rate mortgages, rates averaged 5.15 percent, which is a decrease over the prior week's 5.38 percent. Average rates for 15-year fixed-rate mortgages were 4.52 percent, a decrease from 4.71 percent. Also, rates on one-year ARMs decreased to 6.66 percent, down from 6.71 percent.

Low mortgage rates, increased affordability, and the government's $8,000 tax credit for first-time home buyers may all help stabilize the U.S. housing market, analysts say. Sales of new homes gained 11 percent in June, the biggest jump in 8 years, and sales of existing homes rose 3.6 percent.

Moving: What to Do With Hazardous Household Waste

To better protect the environment, hazardous household waste such as cleaning chemicals, medications, batteries, pesticides, fuel, paint, or explosive materials should be recycled whenever possible. If you are moving and aren't sure what to do with your hazardous household items, you may need to find a proper way of disposing them, as many moving companies will not allow hazardous materials onto the trucks. Anything labeled "caution, warning, corrosive, poison, danger, toxic, flammable, or reactive" is harmful to the air, water, and soil. For this reason, it is illegal to toss hazardous materials into the trash, pour them down a drain, or leach them into the soil. Here are some suggestions for disposing hazardous household items:

• Consider donating household supplies to your local church, shelter, or other community organization. Be sure that the products are in good condition (not leaking) and labels are readable.


• Take your items to your local hazardous waste depot or the closest EPA (Environmental Protection Agency). Be careful when transporting the items so that they don't spill or leak. The collection depot will ensure that the hazardous waste is disposed of properly.


• If you need to get rid of used oil, check with your local solid waste officials to see if there is a used oil recycling program in your area.

Tips for Relocating Older Relatives

Whether you have aging parents or relatives moving to a retirement community, an assisted living center, or into your own home, managing their relocation can often be a stressful and emotional event. Here are some tips for easing the transition for both you and your elders:

• Talk to siblings and other close relatives about sharing the responsibilities of the move. If all of the work falls on your shoulders, ask friends for support to avoid the move taking over your personal life.


• Take your elderly relative to the doctor for an opinion about what kind of home care is best. Communicate your expectations and discuss what options you can afford.


• Factor in emotions. Most likely your relative will resist leaving the household that he or she has been in charge of for years. As long as they have cognitive skills, your relatives will want to make their own decisions. Try to let your relatives assert some independence as far as sorting out which items will be moving with them and which will be donated or sold.


• Be realistic about how much time you have to help pack and move. Packing and unpacking a three-bedroom home is estimated to take 80 to 90 hours. You may want to hire a professional organizer as well as professional movers.


• If your relative is moving in with you, consider safety and accessibility issues, space for medical supplies, and plans for bathing. Also, have an emergency plan in place.


• Be positive about the new living situation. Show your relatives any floor plans or brochures to help them visualize their new home.