Fremont Real Estate Blog

this was setn out by Barbara Boxer. I like that she's sending out these helpful tidbits.

Before we got to Asian Art Museum in San Francisco, we stopped over at Nan King Road Bistro. Teh place was looking empty but we had rejected everything else we had passed on the road that lead us to this restaurant. We were all happily surprised by the quality of meal. We tried two items. Mongolian Chicken Chicken Chow Mein (normally I don't order something so boring, but I needed one safe bet for the kids) both items were completely finished with relish by the kids and the parents.

FIRST-TIME HOMEBUYER TAX CREDIT First-time homebuyers are eligible for a temporary refundable tax credit equal to 10% of the purchase price of a home up to $7,500. The tax credit is phase-out between Adjusted Gross Incomes of $75,000 to $95,000 Single ($150,000 to $170,000 Married Filing Jointly). PROPERTY TAX DEDUCTION FOR NON-ITEMIZERS For 2008 only, if you take the standard deduction you can add to that the lower of your actual property taxes paid or $500 Single ($1000 Married Filing Jointly). This will benefit individuals with small or no mortgage. REDUCED HOME SALE EXCLUSION For homes sold after 12/31/08, you will not get full exclusion on the sale of primary residence if you rent it out after moving out. The examples I've seen go like this: You buy a home on 1/1/09, live in it for 2 years, and then rent it for two year, and then sell it. In this example if you had a gain of $400,000 and were married filing jointly, than 50% of the gain can be excluded and 50% would be subject...

This bit of news hasn't been highly publicized but one I find more interesting than the $7,500 interest free loan that has gotten a lot of press. The recently passed housing bill includes a provision to provide homeowners who in 2008 wouldn't benefit from itemizing but do have property tax expenses. These folks will be allowed an extra standard deduction. The maximum amount that may be claimed under this provision is $500 ($1000 for joint filers). I read this in article published by Michelle Singletary of the Washington in my local paper this morning, but here's another article on the topic I found online. http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20080728/NEWS02/807280446 I couldn't find the housing bill online, but some can direct me to it. I'd love to get a copy of it. thanks, Sunil

Friday, August 01, 2008 Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS® FEDERAL HOUSING BILL NOW LAW, INCLUDING FIRPTA FIX This week, President Bush signed into law the Housing and Economic Recovery Act of 2008. This sweeping legislation primarily seeks to protect homeowners from foreclosure, stop declining home prices, and stabilize the mortgage industry. Major provisions of the new law affecting the real estate practice are as follows: - SELLER NEED NOT REVEAL SSN TO BUYER UNDER FIRPTA: Effective immediately, sellers are no longer required to provide to their buyers the Seller's Affidavit of Nonforeign Status (C.A.R. Form AS), which includes the sellers' social security numbers, under the Foreign Investment in Real Property Tax Act (FIRPTA). Instead, as another option, no federal withholding is required if the seller furnishes the Seller's Affidavit with his or her social security number to escrow or other qualified substitute as defined, who in turn, fur...

Got this just now. I haven't done a non-conforming loan in so long, I'm not surprised Chase is the 1st to officially drop the product. This will impact the luxury home market the most, as they're the biggest users of loans over the conforming limit. Sunil