Subscribe Buying a home Homebuyers can make the most of several tax breaks that help lower their tax bill based on the purchase of an existing or new home. For instance:-First-time homebuyers: The Recovery Act provides a credit of up to $8,000 if a taxpayer buys a home between Jan. 1, 2009 and Nov. 30, 2009. The homebuyer also must not have owned a home in the previous three years and the home must be the primary residence.-Points: The points paid on a mortgage are generally deductible as interest if taxpayers paid enough of a down payment or earnest money at closing to cover the points. Homebuyers can deduct the points even if the seller paid them.-PMI premiums: Buyers who make a down payment of less than 20% of the home's cost usually pay private mortgage insurance (PMI). But the PMI ... 09/15/2009

In the previous post, I ruminated regarding the whereabouts of my seller. We have a home for sale in the Parkmont area of Fremont. What's more,  we had two offers, and he was nowhere to be found. Well, the good news is that he has been found. The bad or indifferent news is that he is close to where I thought he was. He is in Indonesia. Now there's an "out of the area" seller, or "super absentee owner" for you. All kidding aside, he assured me that all will be taken care of on account that he is well astute to high-tech communications. We will see how it goes. If you are interested, a little jewel I gleaned from this experience is that the Indonesia AT&T access code to dial Bank of America's short sale division from Indonesia to here via toll-free is 00180110, so dial 00180110 then the ... 09/14/2009

Where did he go? Such a nice guy too... Those words kept ringing through my head as I wondered where my seller must have gone. He and I had the long talk about his accessibility throughout the transaction and how important it would be to sign documents "en route" if he was going to leave the area. Well, leave the area he did, and now I cannot reach him. It's been about a week and a half. As it is now, I have a short sale listing with him in the Parkmont area of Fremont. Nice area. See for yourself here. We had no activity for 3 months, now I have 2 offers, and I need his signature yesterday.Other words that ring through my head are--"Hind site is 20/20." and, "I should have..."Has anyone run across this or has something to share with the Realtor community so as to prevent this from happ... 09/13/2009

Subscribe The U.S. housing market continues to show signs of stabilization with a drop in the number of Multiple Listing Service (MLS)-listed homes for the twelfth consecutive month. The number of single family homes and condos listed for sale according to MLS data decreased in June 2009 from May by 2.1%, bringing the total number of active listings in 28 major U.S. markets to 696,858. Other highlights from ZipRealty's Housing Inventory Index, compiled from local Multiple Listing Service (MLS) data, for June 2009 include: -Las Vegas, Los Angeles and Phoenix all recorded a decline in inventory which may have contributed to some homes receiving multiple bids.-Median list prices have flattened or increased in Las Vegas, Phoenix, San Francisco Bay Area and Los Angeles, pointing toward stabi... 09/04/2009

Subscribe In these economic times, the decision to purchase a home has become a very serious consideration, with cost of ownership in both the short and long term being in the forefront of the buyer's mind. One of the most important factors consumers should consider when buying a home is its energy efficiency rating, as this can add up to substantial savings over the life of the home. Today's energy efficient manufactured home is no different from any other home, except it has been built off-site, usually in a controlled factory environment, using the latest in energy efficient technologies. Coupled with a lower cost per square foot as compared to site-built homes, today's manufactured home is a smart investment for savvy homebuyers. Each manufacturer may have a different label, but one... 09/03/2009

In challenging markets...like the one we currently face...it's difficult to find new clients. Why would you even consider firing a client? Purely and simply, even the best client relationships can turn bad...and when they do, it's time to end them by firing the client. Most of us are too busy to allow deteriorating client relationships to drain time and energy from attracting new clients and serving existing clients. With that in mind, here are 5 reasons for firing a client. 1. Perfection Obsession These are the buyers who are obsessed with finding a perfect home, in a perfect location and at a perfect purchase price. Or they are sellers who insist on selling their homes terms and conditions that they consider perfect. Perfection rarely exists in our world, and besides, your responsibil... 08/26/2009

Subscribe Federal Reserve governors, unanimously proposed tough new consumer-friendly disclosure rules for mortgages and home equity loans last month, tackling one of the less-appreciated causes of the nation's deep financial crisis. After 18 months of study and consumer testing, the Fed's division of consumer affairs proposed, and governors accepted, a change to how finance charges and the annual percentage rate would be calculated. They also proposed restricting some bonus compensation from lenders to those who originate loans. The action by the Fed's Board of Governors, which requires a four-month comment period before becoming final, came as Congress is weighing an Obama administration proposal to strip the central bank of some of its regulatory authority over consumer credit produc... 08/15/2009

I'll get to the point. I represented a buyer, opened an escrow then ordered termite inspections. Listing agent already had one-year old termite report. We looked at it. The year-old report called for the master bathroom floor and shower stall to be replaced, almost $4,000. Not the worst we've seen right? Now, our termite guy goes out today and does not call the bathroom and floor, What?  Turns out that this is how it went, on eye wear ago, the first guy must have crawled under the house and saw a wet piece of floor joist that was cracked and drips hanging down from what appeared to be a damaged floor joist; an ongoing leak under the shower area. It happens. Today, our inspector was forewarned about the bathroom by me, and I asked him to check it out. So, naturally, he looked at the show... 08/13/2009

Subscribe Despite efforts by the federal government and banks to stop the home foreclosure disaster, frustrated borrowers are still battling red tape and delays in their attempts to negotiate lower payments, even as hundreds of thousands of them lose their homes every month. Banks say they're swamped with inquiries and are just now completing the first mortgage "loan modifications" under the Obama administration's Making Home Affordable plan, the program begun in April 2009 requiring borrowers to make three months of renegotiated payments before securing new loan terms. Though the reasons are many, the problem is simple: Banks aren't renegotiating enough loans to stem the rising tide of foreclosures, either through the federal program or on their own. If the banks wanted it to work, it ... 08/13/2009

 Subscribe The worst U.S. recession in 70 years should end over the next three to six months, judging by recently released data that showed that the economy's contraction eased considerably from April through June. The Commerce Department reported that the economy shrank at an annualized rate of 1% in the year's second quarter, less than most analysts had expected, and far less than the dramatic 6.4% shrinkage in the first quarter, a figure revised downward from the initial estimate of 5.5%. Independent economists think the economy now is poised to grow, albeit slowly. The key point is that this is the last negative (growth) report in the Great Recession, signaling the end of the downturn. The economy won't come charging back, but at it's back. Recent reports on improving home and auto ... 08/10/2009

Subscribe Hi all, have an older car or SUV now is your chance to get a vehicle that gets better gas mileage and get 4,500.00 from the government to do it!! The governments Cash for Clunkers program (C.A.R.S.) began stimulating the economy a month before the first rebate check was cut to a consumer for a new vehicle. "Manufacturers and dealers have spent millions to reach consumers who qualify for the $4,500 government funded rebates," said Sharon O'Connell from www.CashForClunkersInformation.org. Big budgets have been activated to implement campaigns targeting clunker consumers who are eligible for the program and the early results suggest the returns will be worth the investment. "We predict that the annualized selling rate for July will exceed 10 million vehicles for the first time th... 08/03/2009

Subscribe Following are the top 7 reasons why it's better to buy than rent in 2009 1. Buying doesn't always cost much more than renting. According to a recent study by the Associated Press, the gap between monthly mortgage payments on a median-priced home and the median rent has decreased from $777 to just $221 in the last three years. 2. Affordability is at an all-time high. In markets across the nation, including the inland areas of California, prices have declined by nearly 40%. 3. Buyers can take advantage of tax benefits of home ownership. Perhaps the biggest tax break is reflected in the house payment homeowners make each month. For most, the bulk of that payment goes towards interest. All interest is deductible, unless the amount is more than $1 million. Property taxes are also d... 08/01/2009

A client was asking my how they could reduce they MAGI (modified adjusted gross income), below the $150,000 threshold for Married Filing Jointly.The answer was I don't practice as a CPA anymore. Having said, that I was still curious, so the the only way to reduce MAGI which is AGI (line 37 on the bottom of page 1 of the 2008 form 1040) is to reduce taxable income (defer income or increase 401k withholding) or increase the deductions to get to AGI (which are IRA, SEP and Health care account deductions).Take a look at the 1040 FormOr one could choose to quit working or take some unpaid time off - hey it's worth considering.If anyone other ideas, please do share.FAQ on the $8000 credit. 07/30/2009

Subscribe RealtyTrac®, a leading online marketplace for foreclosure properties, has released its Midyear 2009 U.S. Foreclosure Market Report, which shows a total of 1,905,723 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported on 1,528,364 U.S. properties in the first six months of 2009, a 9 percent increase in total properties from the previous six months and a nearly 15 percent increase in total properties from the first six months of 2008. The report also shows that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year. Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second... 07/27/2009

When I read the story about an 8 Year High in the Argus and Contra Costa Times, I was not sure. Yes, we saw a lot of increased activity, but are your areas doing the same? I am in Alameda County, in the San Francisco Bay Area, Fremont CA. Where are you? and What are you seeing in your office?  All comments are appreciated. Jeff   07/25/2009

Subscribe The current economic crisis is having a lasting impact on many older Americans, forcing them to make difficult financial decision because they have so little time and resources available to them to recover from losses in the housing and financial markets. A new survey from Golden Gateway Financial shows that these losses are causing many seniors to consider retiring at a later age than originally planned. The survey asked Americans aged 62-and-older how the economic crisis was affecting their retirement plans. Not surprisingly, the number of respondents planning to retire after age 70 because of the economic crisis increased substantially from those planning to retire at that age before the crisis. "Even though some economists are beginning to grow optimistic, older Americans ... 07/22/2009

New Home Starts up for Second Straight Month Subscribe Positive News: U.S. Housing Starts up Second Straight Month in June (Market Watch)-New construction of U.S. houses expanded for the second straight month in June after hitting a record low in April, the Commerce Department estimated Friday. Starts rose 3.6% in June to a seasonally adjusted 582,000 annualized units stronger than the 531,000 pace expected by economists surveyed by Market Watch. This is the highest level of starts since last November. Starts of new single-family homes rose by 14.4% to 470,000 in June, while starts of large apartment units fell 29.4% to 101,000. Building permits, a leading indicator of housing construction, rose 8.7% to a seasonally adjusted annual rate of 563,000. This is the highest level of permits s... 07/21/2009

Subscribe Home prices have moderated, interest rates are reasonable, supply is abundant-and then there's that $8,000 tax credit. Yes, it's a great time to buy your first house. If you do, you'll have to furnish it, and that can be a challenge, especially if you have put much of your disposable income into a down payment. But you're a grown-up now, and your first real home is no place for that grungy old futon or bookcases constructed with bricks and boards. It deserves better. So what's the best way to go about furnishing your new home? We've asked a variety of experts for their ideas on what to do after your offer has been accepted. Here are their ideas: "Before you get carried away, take some time to determine what you have, what you need and what you want," says Milwaukee-area interi... 07/20/2009

July 17 2009 Subscribe SACRAMENTO - The pace of home sales at California new-home communities in May was still below year-ago levels but continued to improve from preceding months, the California Building Industry Association reported today. The monthly CBIA/Hanley Wood Market Intelligence (HWMI) New Home Sales and Pricing Report showed that sales in new-home communities of 10 units or more were 26 percent below May 2008, but is improved from the 31 percent decline in the prior month and is the fourth consecutive month of that improvement trend. During May, 3,019 new homes and condominiums were sold in the subdivisions tracked by Costa Mesa-based HWMI, compared to 4,094 in May 2008. Sales of single family homes were down by 30 percent, while sales of townhomes and "plexes" - duplexes, t... 07/17/2009

Subscribe Been out looking for an entry-level single family home in Hayward, CA? If your answer is yes, then you'll have experienced first hand the craziness that's become reality in the current Hayward, CA market. No matter which property you choose to visit, chances are there are folks there already, and, as you leave, odds are very good that others are pulling up behind you. The entry-level market for detached single family homes in Hayward, CA has gone plain nuts. Nuts might be good for squirrels but last time I checked, those cute, furry-tailed rodents don't qualify as first-time home buyers. What's all the fuss? I'll explain the issues and implications at the end of this post, however, let me first set the stage. Single family homes 1,200 square feet and smaller are flying off the... 07/08/2009