Gov. signs new homebuyer tax credit

posted by Jeff Collins

Gov. Arnold Schwarzenegger has signed a new bill providing up to $10,000 in tax credits for both new-home buyers and for first-time buyers of existing homes.

An earlier round of state tax credits offered last year were for new-home purchases only. That program was so popular that homebuyers depleted the full $100 million eight months before the deadline. Continue reading “Gov. signs new homebuyer tax credit”

Foreclosure Bargains Getting Harder to Find

Daily Real Estate News  | February 23, 2010

Foreclosure Bargains Getting Harder to Find
Home buyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking.

The number of foreclosures that are available for sale nationwide fell to 617,000 in December, down from 845,000 in November 2008, reports Barclays Capital.
Continue reading “Foreclosure Bargains Getting Harder to Find”

IRS Clarifies What’s Needed to Claim Tax Credit

Daily Real Estate News  | February 22, 2010

IRS Clarifies What’s Needed to Claim Tax Credit
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.

While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties’ signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn’t common.
Continue reading “IRS Clarifies What’s Needed to Claim Tax Credit”

Entry-level housing affordability reached 67 percent in Q2 09

Friday, August 14, 2009
Quick Facts:
· C.A.R. First-time Buyer Housing Affordability Index stood at 67 percent in the second quarter of 2009 compared with 49 percent (revised) in the second quarter of 2008
· The median price of an entry-level home in California was $224,180 in the second quarter of 2009
· The estimated monthly payment including taxes and insurance was $1,330 in the second quarter of 2009
· The minimum household income needed to purchase an entry-level home in California in the second quarter of 2009 was $39,930 Continue reading “Entry-level housing affordability reached 67 percent in Q2 09”

Tax Credits Used as of 6/24/09

Tax credit amounts

California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. We will review applications and allocate credit on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available. We began issuing certificates of credit allocation on May 1, 2009. Please check this page for updates on the allocated and remaining credits available. Continue reading “Tax Credits Used as of 6/24/09”