The Southern California Home Buyer’s Fair is offering a free, two-day primer on the home-buying process . This 2 day event will be held on March 13th & 14 at The Los Angeles Convention Center, located at 1201 S. Figeroa St., Los Angeles, Ca 90015. There will be more than 50 educational “how-to” seminars and a large exhibit hall, designed to help you navigate today’s real estate market with confidence and peace of mind. 

For more info, visit  http://www.homebuyersfair.com

By STEPHEN OHLEMACHER (AP)

 WASHINGTON — Senators have agreed to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. A spokeswoman for Senate Majority Leader Harry Reid said senators agreed Wednesday to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.

A congressional aide said the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes. The aide, who spoke on condition of anonymity, was not authorized to publicly discuss the deal.

Since the beginning of April there were 29 sales of single family homes(SFR) in the West Hollywood area, and 37 YTD. Inventory using the last 5 months data  puts supply at 15.3 months, and YTD data : 19.3 months. The average $/SF  for this period was $592/SF List-$570/SF Sold, down 22% from the 2006 peak of $731/SF Sold. Not a great improvement considering the amount of chatter among those calling the bottom of the market.

There were 140 condo sales in West Hollywood since April, and 186 YTD. Using absporption rates of 28 sales/mo since April, and 23 sales/mo YTD ,Weho condo inventory is at 8 and 9.7 months supply respectively. While shrinking supply numbers are encouraging, please keep in mind these numbers do not include pocket listings and bank owned property not currently listed with a broker.

Title is the legal documentation that bestows ownership of real property. This is to be indicated in Part II of the 1003 Uniform Residential Loan Application as “manner in which title will be held.”

The decision of how the title will be held should not be put off until the last minute since it has a great impact on future tax planning, the financial future of the borrower(s) and their respective heirs, and the choice of the lender.

It is most important for the mortgage consultant to work hand-in-hand with the borrower’s financial planner or tax consultant to assist their mutual client in order to make decisions that work best for their particular scenario.

For example, most married couples would consider holding title with Joint Tenancy. But if one spouse has a good credit history while the other has damaged credit that may prevent funding of the loan, it would be advantageous to place title in the name of the spouse with the good credit rating.

Common ways to hold title are broken down into options that fall under the categories of sole ownership or co-ownership. Many states permit the holding of title in a living trust, but some lenders do not accept those terms. There are ways around this, but this is where the financial planner and the mortgage planner can make a tremendous difference by working together.

Courtesy Of

Arcstone Financial

Have you thought about buying a house, but worried about further price drops? What if you think the bottom is no where in sight?  Or you own property and want a way to protect your equity?  This article  from Marketwatch addresses the current financial crisis which Robert Schiller describes as ” a failure to manage housing risk.” This should be required reading for homeowners, and investors alike, for the same reason commodity futures markets were created- to hedge risk.

Our office will be holding a seminar for first time home buyers on Tuesday, June 23rd from 7:00 to 8:30 PM . The things you will learn:

The entire buying process from start to finish

Current (historically low) mortgage rates

The different loans available, Difference between short sales, foreclosures, and REO properties

The $8,000 first time home buyers’ tax credit which expires 11/30/09 and the new construction tax rebate. 

This will be a great experience for those of you who have questions about the buying process, and best of all, it’s FREE!  All I ask is that you RSVP for this event as there will be limited seating.

Tuesday,  June 23 from  7:00 to 8:30pm

Keller Willams Realty

5900 Wilshire Blvd., Suite 610

Los Angeles, CA 90036

(Plenty of street parking)

Please RSVP

Johnny Burke

323-527-6600

johnnyb1@kw.com

 According to this article from today’s Wall Street Journal , only 12,000 applications  for California’s tax credit for new homes will be accepted for qualified  buyers. As of June 10, 9,000 appilications have already been submitted.  Apparently builders are trying to extend the credit, but the state’s financial woes make that unlikely.