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

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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