How to Learn Your Credit Score

From the Wall Street Journal

click here: http://online.wsj.com/article/SB126065440089389183.html?mod=WSJ_hpp_sections_personalfinance

.

More Info on Buyer Tax Credit

From the L.A. Times

click here: http://www.latimes.com/classified/realestate/news/la-fi-harney6-2009dec06,0,6231841.story

.

More Good Loan News

Conforming Loan Limits Extended Through 2010.

The limits will be $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California.

This means that the lowest interest rates locally (currently under 5%) will remain in effect up $729,750 rather than drop back down to $417,000.

.

Fast Facts

Fast Facts From the California Association of Realtors

Calif. median home price - October 09: $297,500 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region October 09: Santa Barbara So. Coast $970,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region October 09: High Desert $118,580 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Third Quarter 2009: 64 percent (Source: C.A.R.)

Mortgage rates - week ending 11/25/09 30-yr. fixed: 4.78% Fees/points: 0.7% 15-yr. fixed: 4.29% Fees/points: 0.6% 1-yr. adjustable: 4.35% Fees/points: 0.7% (Source: Freddie Mac)

.

Tax Credit Exteneded and Expanded

New $6,500 federal tax credit for “move-up” home buyers!

The federal government recently extended and expanded the federal tax credit for home buyers. The tax credit now concludes June 30, 2010 instead of Nov. 30, 2009, and also includes existing homeowners who meet certain qualifications.

MAKING SENSE OF THE STORY FOR CONSUMERS

• Current homeowners are eligible for a $6,500 federal tax credit if they have lived in their current home for a consecutive five out of the last eight years, and the adjusted household income does not exceed $125,000 for single files or $225,000 for join filers.
  
• The expanded tax credit went into effect Nov. 6, the day President Obama signed the bill. Homes that close escrow between Nov. 6, 2009 and June 30, 2010 are eligible to apply for the tax credit.
  
• The legislation does not require homeowners to sell their current residence; however, the new home must be the primary residence and the price of the home must not exceed the limit of $800,000. Homeowners who plan to retain their current home as a rental or second home are advised to move into the new home the day escrow closes so there is no question it was the principal residence at the time of the tax credit.
  
• Almost all housing types are eligible, including new and existing single-family homes, condominiums, manufactured or mobile homes, and boats that serve as the owner’s principal residence. Second homes and investment properties are not eligible.
  
• Home buyers in 2009—those who close after Nov. 6, but no later than Dec. 31, can claim the $6,500 credit on their 2009 federal tax returns, or amend their 2008 returns. Similarly, eligible buyers in 2010 will be able to file for the credit on their 2009 returns or 2010 returns. All home buyers should talk to a tax adviser regarding timing decisions.

Home Prices Up!

According to the L.A. Times, home prices in Southern California moved up again in October. Read the article:

http://www.latimes.com/business/la-fi-home-sales18-2009nov18,0,2269629.story


.

Garage Sale

Your neighbors are having a Garage Sale

Please visit them at:

6827 Pageantry
W/ Studebaker & N/Spring


Saturday November 14

Homebuyer's Credit Extended & Expanded

More good news for consumers! Congress just voted to extend the home buyer tax credit -- expanding the parameters to include existing homeowners and not just first-time buyers.

As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners as a result of the Federal Tax Credit for First-time Home Buyers. We expect that number to increase dramatically in the months ahead with this new legislation in place.

.

Watching The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
Nov 7	78	78
Oct 21	66	90
Oct 4	73	87
Sept 21	70	86
Sept 03	69	97
Aug 13	76	80
July 14	107	93
July 1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

.

Garage Sale

Your neighbors are having a Garage Sale

Please visit them at:

3816 Ostrom

Between Studebaker & Los Coyotes / South of Carson


Saturday October 31


.

Garage Sales

Garage Sales TODAY!

Two of your neighbors are having a Garage Sale

Please visit them at:

3924 Monogram

Between Palo Verde & Los Coyotes / South of Carson
Enter on Harco turn on Alberan then Monogram

Saturday October 24

And...

3618 Ladoga

Between Studebaker & Los Coyotes / North of Keynote


Saturday October 24

Short Sales

From ClarkHoward.com:

Short sales now a viable option for buyers and sellers

Short sales are gaining traction among lenders because of a new federal incentive. In essence, the government has agreed to absorb a part of the loss that a bank sustains whenever they do a short sale.

"In May, the Treasury Department said it would offer a streamlined framework for short sales and incentive payments of $1,500 to homeowners, $1,000 to loan servicers and $1,000 to second-lien holders," The San Francisco Chronicle reports.

Just 18 months ago, the term "short sale" was not widely known. Today, it's gaining some currency as more and more short sales get done, but it's still a misunderstood concept.

Short sales are when you need to get out of a house and you get the lender to agree to take market value on the sale -- instead of what you actually owe on it. You'll take a hit of about 120 or 130 points on your credit score for doing one.

Are banks doing this as a charity effort? No, it's cheaper for them to do a short sale versus a foreclosure. Some of the biggest lenders now have "war rooms" with specialists to process short sales. Certain lenders even take requests for short sales electronically nowadays.

Our associate producer Joel started looking to buy a home last winter. He immediately began honing in on short sales, much to Clark's dismay. The consumer champ knew that banks were notoriously incompetent when it came to processing short sales.

Naturally, Clark urged Joel to steer clear of them. But being a young man, Joel completely ignored Clark! So much of the market was short sales that it would have been very hard to ignore them in his search.

Joel was right in this case; he bought a short sale for $89,000 with a 15-year loan at 4.375 percent. The property had last sold for $155,000. So his patience was rewarded, but it took the better part of a year. And that's now made Clark himself reconsider the short sale as a viable option for struggling homeowners. It's for real this time!

Watching The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
Oct 21	66	90
Oct 4	73	87
Sept 21	70	86
Sept 03	69	97
Aug 13	76	80
July 14	107	93
July 1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

.

Garage Sale

Your neighbors are having a Garage Sale

Please visit them at:

3919 Monogram

Between Palo Verde & Los Coyotes / South of Carson
Enter on Harco turn on Alberan then Monogram

Friday October 16 & Saturday October 17
8am to 3pm


.

Open House

Open House
Sunday October 11 * 1-4pm

3932 Knoxville Ave.
Located between Palo Verde & Los Coyotes - (south of Carson)
3 BR / 2BA / 1,350 SQFT
$524,999

Hope To See You There!

Coming Soon!

Super Sharp!

(E/Palo Verde & S/Carson)
3 BR / 2BA
$524,999

Please let us know if you have a friend or relative looking for a home

.

Watching The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
Oct 4	73	87
Sept 21	70	86
Sept 03	69	97
Aug 13	76	80
July 14	107	93
July 1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

.

Garage Sale!

Your neighbors are having a Garage Sale

Please visit them at:

3096 Hackett
(N/Spring & E/Palo Verde)

Saturday October 3 & Sunday October 4
8am to 4pm

And


3036 McNab
(N/Spring & E/Palo Verde)

Saturday October 3
8am to 3pm

Taking A Look At The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
Sept 21	70	86
Sept 03	69	97
Aug 13	76	80
July 14	107	93
July 1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

New Listing!

3873 Hackett

3 Bedrooms / 1.5 Baths / Family Room
$549,000

.

Coming Soon!

Great Starter Home!

Perfect For First Time Buyer

2 Bedrooms / 1 Bath / 887 SQFT
$425,000

For more info or an early showing please call or email us.

.

How Is The Local Market Doing?

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
Sept 03	69	97
Aug 13	76	80
July 14	107	93
July1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

.

Stop the Closure of Fire Station 18!

Many of us are bothered by the talk of closing local fire station 18 located on Palo Verde between Spring Street and Wardlow Avenue. If you would like more information and to do something about stopping its closing, please follow the link below:

http://www.longbeach.gov/news/displaynews.asp?NewsID=4092&targetid=58

$8,000 Credit for Home Buyers

From the Los Angeles Times...

Start house-hunting now to qualify for tax credit for first-time home buyers

First-time homebuyers—those who have not owned a home for at least three years—may be eligible for the $8,000 federal tax credit, but the window of opportunity is closing rapidly. To qualify for the credit, the buyer must close escrow by midnight on Nov. 30, when the tax credit expires. Buyers hoping to take advantage of this benefit are advised to start house-hunting early, as the buying and lending processes takes time.

MAKING SENSE OF THE STORY FOR CONSUMERS

· Finding the right house can take some time, so REALTORS® recommend home buyers start looking for a home as soon as they are able and ready to purchase. Buyers also should build in extra time to accommodate the lending process, which is taking approximately two weeks longer to process this year compared with last year.

· The tax credit is equal to 10 percent of the purchase price, up to $8,000, subject to income limits. Single taxpayers are eligible if their modified adjusted gross income is $75,000 or less, while married taxpayers filing jointly must have a modified adjusted gross income of $150,000 or less.

· Only primary residences are eligible for the federal tax credit, including new or existing single-family homes, townhouses, condominiums, manufactured homes, custom homes, and houseboats. Vacation homes and investment properties do not qualify.

· Purchases must be arm’s-length transactions, meaning the seller cannot be the buyer’s parent, grandparent, child, grandchild or spouse.

· Married people filing as such cannot claim the credit if either spouse has owned a primary residence within the last three years. However, unmarried joint purchasers may allocate the credit in any way they see fit, as long as it does not exceed the $8,000 maximum.

· The government will allow those who finance their purchases with a federally insured loan to apply their anticipated credit immediately toward closing costs or as additional down payment, rather than waiting until they file their 2009 taxes to receive the refund.

Fast Facts

Calif. median home price - June 09: $274,740 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region June 09: Santa Barbara So. Coast $850,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region June 09: High Desert $108,600 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates - week ending 8/13/09 30-yr. fixed: 5.29% Fees/points: 0.7% 15-yr. fixed: 4.68% Fees/points: 0.7% 1-yr. adjustable: 4.72% Fees/points: 0.4% (Source: Freddie Mac)

Watching The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
Aug 13	76	80
July 14	107	93
July1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

New Listing!

Sharp Home!

2659 Ladoga
4 BR / 2 BA / Family Room / 1,941 SQFT
$610,000
For more info click here

Big Home! Little Price!

6716 Walkerton St.

5 BR / 2 BA / 1,952 SQFT
$499,000

For more info click here

Brand New...From The Ground Up!

Check out our new listing...

6266 Metz St.
4 BR / 5 BA / 3,350 SQFT / Lot = 8,450 SQFT
$839,000

For more info click here

Updated Facts from the California Association of Realtors

Fast Facts

Calif. median home price - June 09: $274,740 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)

Mortgage rates - week ending 7/23/09 30-yr. fixed: 5.2% Fees/points: 0.7% 15-yr. fixed: 4.68% Fees/points: 0.7% 1-yr. adjustable: 4.77% Fees/points: 0.6% (Source: Freddie Mac)

News From the California Association of Realtors

Fast Facts:

Calif. median home price - May 09: $267,570 (Source: C.A.R.)

Calif. highest median home price by C.A.R. region May 09: Santa Barbara So. Coast

$875,000 (Source: C.A.R.)

Calif. lowest median home price by C.A.R. region May 09: High Desert

$106,210 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)

Mortgage rates - week ending 7/16/09 30-yr. fixed: 5.14% Fees/points: 0.7% 15-yr. fixed: 4.63% Fees/points: 0.7% 1-yr. adjustable: 4.76% Fees/points: 0.5% (Source: Freddie Mac)

If you have any questions or comments please add them below...

The Market Continues To Improve

Like we have been mentioning here, the real estate market is improving and finally the media is beginning to report the good news. Here is a recent front page article from the LA Times...

"Southern California median home sales price surges in June and prices may have finally hit bottom."

Southern California home prices may have finally hit bottom, with median values rising last month for the first significant increase in two years, new data show.

Along with the 6.4% rise in prices from May, fewer than half of the sales were foreclosures -- the first time that has happened in nine months.

Read the full article here

Update On The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
July 14	107	93
July1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

Taking A Look At The Numbers

Watching the number of homes both for sale and in escrow in East Long Beach gives us a barometer on what is happening in our local real estate market. Obviously, a rising number of homes in escrow is a good sign of things. On the other hand, a rising number of homes currently for sale can have a depressing result on prices. We will be constantly watching these numbers and posting them here. As of today the numbers stand at:

Date	Homes On Market	Homes In Escrow
July1	69	98
June 13	77	105
June 8	69	106
May 30	66	102
May 18	59	102
May 10	78	88

Please add your comments and questions below...

.