April 15th, 2010 | 
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Reminder: Federal & State Tax Credit Changes SOON!
Just a reminder that in order to qualify for the $8,000 federal tax credit you must be in escrow by April 30, 2010 and close escrow by July 1, 2010. What does this mean to buyers? If you were wanting to purchase a home and utilize this credit you need to have a seller accept your offer before April 30th with a close of escrow date before July 1st. What if you won’t be into escrow before April 30th? The state has a new Homebuyer Tax Credit Program AB 183 that will offer up to $10,000 (equally divided over 3 consecutive years) or 5 percent of purchase price (whichever is lesser). The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. For more information, Click here
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Reminder: Federal & State Tax Credit Changes SOON!
Just a reminder that in order to qualify for the $8,000 federal tax credit you must be in escrow by April 30, 2010 and close escrow by July 1, 2010. What does this mean to buyers? If you were wanting to purchase a home and utilize this credit you need to have a seller accept your offer before April 30th with a close of escrow date before July 1st. What if you won’t be into escrow before April 30th? The state has a new Homebuyer Tax Credit Program AB 183 that will offer up to $10,000 (equally divided over 3 consecutive years) or 5 percent of purchase price (whichever is lesser). The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. For more information, Click here
On Monday, the California Legislature passed SB 401 (Wolk), a measure providing tax relief on mortgage debt forgiven in a short sale. Governor Schwarzenegger is expected to sign the measure once it reaches his desk. Previously, California homeowners were exempt from owing federal taxes on the forgiven mortgage debt, but still were required to pay California taxes on the so-called “phantom income.” This bill now aligns the state’s tax code with that of the federal government, and, if the governor signs it, will become law in time for people to take advantage of it by the April 15 deadline for filing tax returns.
We’ll keep you posted as we learn more about the passing of this exemption!
Clint and Mindy Cronic, Next Generation Real Estate Services, DRE License #01314114 & 01458166
Phone: 530.227.0345 Email: contactus@sellingredding.com
Web: www.ReddingBlogs.com and www.SellingRedding.com
This Week’s Redding Real Estate Update:
Residential Market Statistics
Active Listings: 1,458 (from 1,437 last week and 1,425 two weeks ago)
Pending Listings: 511 (from 505 last week and 495 two weeks ago)
Closed So Far This Month: 50
Closed in March: 187
Closed in February: 125
Closed in January: 117
Total Closed Escrows in 2010: 490
Total # of Homes that closed escrow during 2009: 2,060
December 2009: 185
November 2009: 170
October 2009: 216
September 2009: 213
August 2009: 174
July 2009: 181
Information provided by
Clint and Mindy Cronic of Next Generation Real Estate Services
License #s 01314114 & 01458166.
Phone: 530.227.0345 Email: contactus@sellingredding.com
For more information on the Redding Real Estate market visit www.SellingRedding.com or for more information on the Redding area visit www.ReddingBlogs.com
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Reminder: Federal & State Tax Credit Changes
Just a reminder that in order to qualify for the $8,000 federal tax credit you must be in escrow by April 30, 2010 and close escrow by July 1, 2010. What does this mean to buyers? If you were wanting to purchase a home and utilize this credit you need to have a seller accept your offer before April 30th with a close of escrow date before July 1st. What if you won’t be into escrow before April 30th? The state has a new Homebuyer Tax Credit Program AB 183 that will offer up to $10,000 (equally divided over 3 consecutive years) or 5 percent of purchase price (whichever is lesser). The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. For more information, Click here
Information provided by
Clint and Mindy Cronic of Next Generation Real Estate Services
License #s 01314114 & 01458166.
Phone: 530.227.0345 Email: contactus@sellingredding.com
For more information on the Redding Real Estate market visit www.SellingRedding.com or for more information on the Redding area visit www.ReddingBlogs.com
This Week’s Redding Real Estate Update:
Residential Market Statistics
Active Listings: 1,437 (from 1,425 last week and 1,486 two weeks ago)
Pending Listings: 505 (from 495 last week and 485 two weeks ago)
Closed So Far This Month: 14
Closed in March: 187
Closed in February: 125
Closed in January: 117
Total Closed Escrows in 2010: 451
Total # of Homes that closed escrow during 2009: 2,060
December 2009: 185
November 2009: 170
October 2009: 216
September 2009: 213
August 2009: 174
July 2009: 181
Information provided by
Clint and Mindy Cronic of Next Generation Real Estate Services
License #s 01314114 & 01458166.
Phone: 530.227.0345 Email: contactus@sellingredding.com
For more information on the Redding Real Estate market visit www.SellingRedding.com or for more information on the Redding area visit www.ReddingBlogs.com
Join the forum discussion on this post – (1) Posts
New Home Buyer Tax Credit Program Begins 5/1/10!
Monday, Governor Schwarzenegger signed AB 183, providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. C.A.R. supported this important legislation since its inception. The tax credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. For more information, Click here
Information provided by
Clint and Mindy Cronic of Next Generation Real Estate Services, Lic #s 01314114 & 01458166.
Phone: 530.227.0345 Email: contactus@sellingredding.com
For more information on the Redding Real Estate market visit www.SellingRedding.com or for more information on the Redding area visit www.ReddingBlogs.com
More news from the tax front for homeowners in distress. Apparently, last week on Thursday the California Senate voted 21 to 15 to approve legislation that would prevent homeowners who have had a foreclosure, loan modification or short sale from being required to pay state income taxes on the debt forgiven.
The next step for the bill is Governer Schwarzenegger to either sign or veto it and, if signed, it will take effect immediately. The bill would also be retroactive to include the 2009 tax year and stay in effect through 2012.
Clint and Mindy Cronic, Next Generation Real Estate Services
Phone: 530.227.0345
Web: www.ReddingBlogs.com www.SellingRedding.com
DRE License #s 01314114 & 01458166
Join the forum discussion on this post – (1) Posts
Did you know that out of 321 listings that have sold (closed escrow) since January 1, 2010, 136 of them were REO’s (Real Estate Owned By The Bank) or foreclosures? Yep, that is almost one in three homes that have sold so far this year!
Our current market has a large number of distress sales – both short sales (before foreclosure has completed) and sales after foreclosure (REO’s). For more information on these types of properties contact us at 530.227.0345.
Clint and Mindy Cronic
Next Generation Real Estate Services
530.227.0345
www.SellingRedding.com or www.ReddingBlogs.com
DRE License #s 01314114 or 01458166
Join the forum discussion on this post – (1) Posts
Updated Search! We have now added the search capability for Anderson, CA and Shasta Lake City, CA. The link below is the updated link.
The local government is giving up to $65,000 for you to buy a bank-owned home (foreclosure)???
There is a new program available in many areas of California, and Redding, CA and Shasta County are no exceptions. This program, called the Community Foreclosure Homebuyer Assistance Program (otherwise known as C4-HAP or C4HAP) provides funding for homebuyers who need assistance with purchasing foreclosed homes in designated neighborhoods throughout the County of Shasta and the cities of Anderson, Shasta Lake and Redding.
There are a few key points to the program that include:
- The program is based off a waiting list
- It is only available for a limited time
- There will not be additional funding after June 30, 2010
- You must be income eligible
- You must qualify for a home loan
To search for bank-owned homes that are in the areas that this program is offered CLICK HERE!
Contact us today at 530.227.0345 for more information on the program and to find out how to get put on the waiting list!
Clint Cronic, Broker & Mindy Cronic, MBA, Owners
Next Generation Real Estate Services
942 Merchant Street Redding, CA 96002
530.227.0345 or contactus@sellingredding.com
DRE License #’s 01314114, 01458166
All rules of this program are subject to change and all information about this program is deemed reliable but not guaranteed. All homes in search may not “qualify” for the C4-HAP program, the home has to qualify by meeting certain criteria and appraisal requirements in addition to the buyer qualifying.
