Franchise Tax Board to Cease First-Time Buyer Tax Credit Program August 15, 2010

The Franchise Tax Board (FTB) announced that it will stop accepting applications for the First-Time Buyer Credit at midnight Sunday, August 15, 2010.

As of August 4, FTB has received 31,460 applications. Because some of the applications are invalid or duplicates, FTB will continue to accept them through August 15, to ensure that enough valid applications are received to properly allocate the full $100 million of tax credit. FTB estimates that it can award approximately 17,500-20,000 credit certificates to unique and valid applicants. However, once the funds are exhausted, any remaining applications will be denied.

The State is providing $100 million in tax credits to first-time home buyers. The credit will be allocated on a first-come, first-served basis using the date and time stamp on the fax submission, until the money is exhausted. The tax credit is available to those who purchased a qualified principal residence and did not own one during the last three years. This credit is five percent of the purchase price or $10,000, whichever is less. Taxpayers must claim the credit on their tax return in equal amounts over the following three tax years.

To apply, the buyer must complete and fax an FTB Form 3549-A, Application for New Home / First-Time Buyer Credit, along with the final settlement statement. It must be faxed to FTB within two weeks (14 calendar days) after the close of escrow. The fax number is 916.855.5577.

Taxpayers must receive a certificate of allocation from FTB to claim the tax credit on their California personal income tax return. FTB expects to send the allocation certificates over the next few months starting in August.

California homebuyers still have time to qualify for the state’s other $100 million home tax credit for the purchase of a new home. The New Home Credit is available for taxpayers who purchase (close escrow) a new home on or after May 1, 2010, and before August 1, 2011, as long as they enter into an enforceable contract executed before January 1, 2011. The seller must certify that the home has never been previously occupied.

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO REALTOR

Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com

Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate

7061 Clairemont Mesa Blvd. Suite 218

San Diego Ca 92111 Lic. #01742839

Source: Corinthian Title Co. Mon, Aug 9, 2010 at 6:05 PM

Buyers Rush to Meet Tax-Credit Deadline

As the federal tax credits come to an end, home buyers everywhere are hurrying to get in under the wire. But in California the rush has turned into something of a stampede as some would-be buyers try to qualify for both the federal credit and a $10,000 state credit that kicks in Saturday. As one home shopper tells the Los Angeles Times, "I am looking at properties almost constantly, and it is just kind of a feeding frenzy right now.” "The stimulus has worked," says Rick Hoffman, president of Coldwell Banker Residential Brokerage in San Diego and Temecula Valley. "Buyers are confident that we have seen the bottom of the real estate market and that we are on the way back up." Source: Los Angeles Times, Alejandro Lazo (04/30/2010)

FIRST TIME BUYERS WELCOME! Call Me! 619-850-4174

Barbara Ann Wibe, e-PRO, REALTOR

Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com

Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate

7061 Clairemont Mesa Blvd. Suite 218

San Diego Ca 92111 Lic. #01742839

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

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 advisor regarding timing decisions.

Source: CAR Market Matters newsletter

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com
Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111
Lic. #01742839

2010 California Real Estate Market Forecast

I have included the link for the 2010 Forecast. While this presentation is geared towards educating Realtors, This PowerPoint presentation contains some very fascinating information on our economy and California's position it the market. Check out the link below!

October 7, 2009

Leslie Appleton-Young

C.A.R. Vice President and Chief Economist

California REALTOR® EXPO

http://www.car.org/media/pdf/econpdf/10-07-09Forecastexpo-FINAL.pdf

“After experiencing its sharpest decline in history, we expect the median price to rise modestly next year,” Liptak added. “2010 will mark the beginning of the ‘new normal’ for California’s housing market. This ‘new normal’ likely will feature a steady stream of sales driven by distressed properties in the low end of the market, coupled with moderate home-price appreciation.”

As the expiration date for this successful program looms, it is imperative that all REALTORS® take action by contacting their congressional representative today, and urge them to extend this vital home-buying incentive. It’s easy to do. Call (800) 961-3302, enter your NRDS ID, and you’ll be directly connected to the office of your congressional representative. Ask your congressional representative to vote for extending the First-time Home Buyer Tax Credit through 2010 and to include all home buyers -- not just first-timers. Historically, housing has led the nation out of economic downturns, and can do so again. Clearly, the tax credit played a critical role in driving home sales this year and in making the dream of homeownership a reality for many. By contacting our congressional representatives, we can make a difference in Washington, and help ensure the successful passage of this critical legislation.

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.Barbarainc.com
Barbarainc@gmail.com

Coldwell Banker Nautilus Real Estate
7061 Clairemont Mesa Blvd. Suite 218
San Diego Ca 92111
Lic. #01742839

First-Time Buyer Tax Credit Extension Possible

First-Time Buyer Tax Credit Extension Possible
Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.

Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.

Source: Washington Post Writers Group, Kenneth R. Harney (08/22/2009)
Source:REALTOR.org

"Making Real Estate Simple!"

Barbara Ann Wibe, e-PRO, REALTOR
Cell: 619.850.4174 e-Fax: 619.512.5156

www.MyRealtorBarbie.com
Barbarainc@gmail.com

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071

Get Up To $7,500 Tax Credit

So if you're house hunting, the law can mean a BIG benefit. To boil it down to the basics: first-time home buyers get up to $7,500 tax credit. This basically means you get a 0% loan for 15 years if you buy a home between April 9, 2008 and July 1, 2009.

Of course Uncle Sam has some restrictions based on your income, so we are here to give advice and to answer your questions. Please feel free to contact me or my team at the contact information below...

''Making Real Estate Simple''
Barbara Ann Paul-Wibe, REALTOR°
Barbarainc@gmail.com
***619-850-4174***

Coldwell Banker Nautilus
9535 Mission Gorge Rd #E
Santee, Ca 92071