How Far Will They Go?

Lenders’ data mining goes deep. Mortgage makers are going beyond tax returns and bank statements to determine whether you’re a good risk. They’re checking such things as where you have pizza delivered and where you shop online.

Click Here To Read The Entire Los Angeles Times Article

Will You Have To Repair Your Broken Sidewalk Before You Can Sell Your Home?

A year ago I posted about the Mayors Big Plan Could Cost You $7,000! Mayor Villariago wants to take the burden of fixing 4,600 miles of dangerously broken city sidewalks from the city to property owners. The plan is to make it mandatory at the point of sale – Good idea Mr. Mayor, make it even harder and more expensive to sell your home - ever heard the expression "Timing is everything". Villariagosa has recommended in his 2009-2010 budget that the burden of repairing sidewalks land squarely on property owners whenever a home is sold. Click here for the details and information on how to stop this very expensive change. Well IT'S BACK!!!!

CONTACT YOUR COUNCIL MEMBER NOW!!!

The city of Los Angeles may soon stop fixing our broken sidewalks and put the cost squarely on the shoulders of the homeowner. Hmmmm...if the homeowner is responsible for fixing them are they also responsible if someone trips and falls because it wasn't fixed? Will it become another added expense when you want to sell your home?

Mortgage Modification

More underwater homeowners to get cuts in principal balance
For hundreds of thousands of homeowners who are underwater on their mortgages, it’s been a tantalizing question: Is there any way that our lender might agree to lower the amount we owe – not just the monthly payments, but the principal debt itself?

To read the full story, please click here.

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)