Gov. Arnold Schwarzenegger Signs Bill!!!!!

Gov. Arnold Schwarzenegger on Thursday signed a bill aimed at selling California's vacant homes and encouraging new construction by extending a $10,000 state tax credit for first-time home-buyers.

The governor signed a bill the state Legislature passed on a bipartisan vote earlier this week. It provides a state tax credit to first-time home-buyers who buy new or existing homes from May 1 until the end of 2010.

Home-buyers can claim 5 percent of the purchase price against their California taxes, or up to $10,000.

Call me for more information.

Heather Farquhar 818-388-2743

Federal Tax Credit for Home Buyers Extended and Expanded

The tax credit will be extended through April 30, 2010, with a 6-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

California Homes Sales Increase

California Association of Realtors reported yesterday that home sales increased 2.1 percent in September in California compared with the same period a year ago, while the median price of an existing home declined 7.3 percent.
The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3 percent decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1 percent compared with August’s $292,960 median price.

Will the $8,000 tax credit be extended?

On Oct. 5th, White House Press Secretary Robert Gibbs stated that “there has been quite a bit of success” with the $8,000 tax credit, and added that President Obama "is considering extending it to help strengthen the economy and create jobs". So far though no official word on if or when that would happen. The tax credit is due to end December 1, 2009. Why wait to see if it is extended. Interest rates are creeping up, house prices are on the rise. Now is the time to move. Ever heard the poem "The Reluctant Real Estate Investors Lament" if you haven't, now would be a good time to read it.



For more detailed information email me or go to www.federalhousingtaxcredit.com or www.irs.gov (search for first time home buyer tax credit)

There Is Still Time To Get The $8,000 Tax Credit

Call me now to find out how and to see if you qualify!!!!!!

Mortgage rates slip below 5%

Loan applications jumped 13% last week and are up 50% from late June, borrowers have been taking advantage of rates that now average 4.97% on a 30-year loan. This is the time to buy!!! Talk to me about the $8,000 first-time buyer tax credit. Time is running out but if you are eligible you can still get the credit if you act quickly.

Fast Facts From The California Association Of Realtors

California median home price - July 09: $285,480 (Source: California Association of Realtors.)
California highest median home price by California Association Of Realtors region July 09: Santa Barbara So. Coast $885,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region July 09: High Desert $110,650 (Source: C.A.R.)Calif. First-time Buyer Affordability Index - Second Quarter 2009: 67 percent (Source: C.A.R.)Mortgage rates - week ending 8/27/09 30-yr. fixed: 5.14% Fees/points: 0.7% 15-yr. fixed: 4.58% Fees/points: 0.7% 1-yr. adjustable: 4.69% Fees/points: 0.6% (Source: Freddie Mac)