November 2009

Pace of U.S. home resales jumps

Our economy is improving, the real estate market is improving: we have a lot for which we can give thanks. Interest rates couldn't be better, the weather is good, now is the time to buy or sell. Have a very happy Thanksgiving with family and/or friends!!!

Chart: Home sales

HOUSING MARKET SHOWS NEW LIFE

Now is the time to think about buying or selling. The market is returning to a "normal," for Southern California.

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

Great Tax News

 

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Great News!

President Obama has approved the Housing Tax Credit Expansion and Extension.

See below for details of the bill.

$8,000 First-Time Homebuyer Tax Credit Extension

Under theAmerican Recovery and Reinvestment Act of 2009, qualified first-time

homebuyers may receive a tax credit up to $8,000. President Obama’s bill extends

this program into 2010.

• Eligible for homes with purchase agreements signed by April 30, 2010, and

closed by June 30, 2010

• Available to first-time homebuyers who have not owned a home during the

past three years

• Credit amount up to 10% of the home’s value, not to exceed $8,000

• Buyers qualified for full tax credit are single taxpayers with incomes up to

$125,000 and joint filers with incomes up to $225,000

$6,500 Tax Credit For Current Home Owners

President Obama’s new bill also provides up to $6,500 tax credit to current home

owners who purchase a new primary residence.

• Eligible for homes with purchase agreements signed between November 6,

2009 and April 30, 2010, and closed by June 30, 2010

• Qualified home buyers must have lived in their current home for 5 consecutive

years of the last 8 years

• Maximum purchase price of the home is $800,000

• Single tax filers who earn up to $125,000 are eligible for the total credit

amount. Partial credit can be granted for incomes up to $145,000.

• Joint filers who earn up to $225,000 are eligible for the total credit amount.

Partial credit can be granted for incomes up to $245,000.

 

 

 

 

Housing Tax Credit Extension &

Expansion is Approved

Wine and Food Festival

It's happening in San Diego. From November 18-22 the sixth annual

wine and food festival will be in downtown San Diego. 170 wineries and

70 of the best restaurants will be represented with live entertainment to

keep everyone in the spirit. When you have had enough to drink and eat,

or if you would like to eat  where some of the restaurants that are at the

festival are located, take the short drive north and enjoy what La Jolla is

known for: beauty, beaches, bathing suits and yes, great restaurants.

Important tax information for home buyers

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Information from the National Association of Realtors

http://www.lajollabythesea.com/members/detail.php?mid=4386

 http://www.lajollabythesea.com/members/detail.php?mid=4386

This is a great website address to find out what is happening in the wonderful little village of La Jolla. Wander the village while you enjoy views like this.

                                                                                                

                                                                    

La Jolla Wine and Gallery Walk

What fun! An art walk and wine festival at the same time. On November 5 from 5-9 P.M. there will be a self-guided walkingtour through La Jolla's famed galleries. Sample wines and indulge your taste buds in specialties from La Jolla restaurants. $30 in advance and $35 on the day of the event. Should be a lot of fun. This is a view along Prospect where many of the galleries are located.