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Archive for February, 2009
Do You Know Which First-Time Homebuyer Tax Credit You Really Qualify For?
February 26th, 2009 categories: Buying, Resources, The Economy
Law Passed Just Last Week; Tax Forms Have Already Been Revised To Reflect The New Regs
Ever since President Obama signed the American Recovery and Reinvestment Act (ARRA) into law last week, there’s been a lot of confusion here in Solano County over the first-time buyer tax credits.
Do I qualify? Do I get $7,500 or $8,000? Do I have to pay it back? When can I claim it? These are just a few of the questions that have been on the minds of many local first-time buyers in Benicia and Vallejo (and probably throughout the rest of the Bay Area and U.S.). Read the rest of this entry »
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It’s Official: FHA Loan Limits Go Up In Solano And Contra Costa Counties
February 26th, 2009 categories: Benicia, Buying, Contra Costa, Fairfield-Gr Valley, Loans / Financing, Solano, Suisun City, Vacaville, Vallejo
The Dept. of Housing & Urban Development yesterday made official what had been expected after President Obama signed the economic stimulus bill last week: FHA loan limits will return to their 2008 levels.
That means FHA borrowers in Benicia, Vallejo and the rest of Solano County will now be able to take out a $$557,500 loan, instead of the reduced $400,200 ceiling that went into effect Jan. 1.
In neighboring Contra Costa County, meanwhile, the FHA loan limits are again $729,750, up from the previous ceiling of $625,500.
Find The New FHA Loan Limits For The Rest Of The U.S.
RELATED READING
New Loan Limits Coming To Solano & Contra Costa Counties
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Which Cities Lead Solano & Contra Costa In Distress-Sale Home Listings?
February 24th, 2009 categories: Benicia, Buying, Contra Costa, Fairfield-Gr Valley, Foreclosures / Short Sales, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
Pittsburg, Antioch, Vallejo, Suisun City and Oakley are once again the distressed property “leaders” in our Solano/Central-East Contra Costa market area, with more than 8 out of every 10 homes for sale in each of those communities either bank-owned (REO) or a short sale.
Those same five cities were at the top of the list back in early January, when I last prepared this report.
Pittsburg again leads the way, with a staggering 93% of its 409 listings either bank-owned (191) or short sales (also 191). A mere 27 listings are being sold by traditional sellers with enough equity to avoid selling at a loss. Read the rest of this entry »
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Solano County’s Weekly Home Activity Reports For The Week Ending Feb. 23, 2009
February 23rd, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Solano, Suisun City, Vacaville, Vallejo
As has been the case for most of the past six or seven weeks, all of the cities in our Solano County market area except Benicia have fewer active listings today than they did a week ago.
For the first time this year, Vallejo is under the 800 mark, with 796 active listings, thanks to a 25-home decrease from a week ago. In the last two weeks alone, Vallejo’s inventory has dropped by more than 5 percent.
Some of the recent decrease, no doubt, has been due to the moratorium on foreclosures, first by Fannie Mae and Freddie Mac and most recently by major banks like Bank of America, CitiBank, and Chase, all of whom agreed to halt foreclosures until early March in order to give Read the rest of this entry »
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Obama Signs Historic Stimulus Bill — $8,000 First-Time Buyer Tax Credit Is Now Official
February 17th, 2009 categories: Buying, The Economy
As expected, President Obama today signed the historic American Recovery and Reinvestment Act (ARRA) of 2009, commonly known as the Economic Stimulus Bill, a $787 Billion package that supporters hope will give our troubled economy a big shot in the arm.
Part of the package, as I’ve written about often during the past week, is a new First-Time Home Buyer Tax Credit, which will be available to qualified first-time buyers who purchase a home between Jan. 1-Nov. 30 of this year. Read the rest of this entry »
| Discussion: 2 Comments »
Solano County Housing Activity Report For The Week Ending Feb. 16, 2009
February 17th, 2009 categories: Benicia, Buying, Fairfield-Gr Valley, Market Update, Selling, Solano, Suisun City, Vacaville, Vallejo
Our New Weekly Pending-And-Sold Report Debuts This Week…See Below
It was an up-and-down week for Solano County’s real estate listing supply, as Vallejo, Vacaville and Suisun City all saw declines in their housing inventory while the other two cities in our Solano market area either stayed the same or saw a supply uptick.
Here’s a quick recap of this week’s numbers. To see full details, including the number of single family homes, condos/townhomes and week-by-week trends since the beginning of the year, Click Here or on the graphic. Read the rest of this entry »
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Download This Chart On The New First-Time Home Buyer Tax Credit
February 15th, 2009 categories: Buying, The Economy
As the nation waits for President Obama to sign the historic American Recovery and Reinvestment Act into law, 
much has been written (including here) about the revised First-Time Home Buyer Tax Credit.
Our National Assn. Of Realtors’ governmental affairs unit has just come out with a handy chart showing the differences between the old law, which went into effect last April, and the law that will go into effect once the President signs it on Tuesday.
Under the new law, most first-time buyers who bought a home between Jan .1 of this year and Read the rest of this entry »
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What The New Loan Limits Will Be In Solano, Contra Costa & The Rest Of The U.S.
February 15th, 2009 categories: Contra Costa, Loans / Financing, Solano, The Economy
As I wrote the other day (click here), the Stimulus Bill that should be signed into law on Tuesday by President Obama will raise conforming (Freddie Mac, Fannie Mae) and FHA loan limits to what they were at the end of 2009.
For Solano County, that means both the FHA and Conforming ceilings will go up to $557,500. Since Jan. 1, they had been at $400,200 and $417,000 respectively.
In Contra Costa County, the limits will go from $625,500 to $729,750. Read the rest of this entry »
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A Benicia Tradition Shuts Its Doors Today…But Before You Shed A Tear…
February 15th, 2009 categories: Benicia, Local Stuff
For anyone who’s ever eaten at The Shoreline Restaurant, Mike and Gayle’s Burgers-By-The-Bay or the erstwhile Washington House, today marks the end of an era.
That’s because when The Shoreline and Mike & Gayle’s close up later today, they’ll lock their doors for the last time in downtown Benicia, ending a 30-year legacy for the long-time Benicia restauranteurs. Read the rest of this entry »
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Breaking News: Congress Passes Stimulus Bill — Obama Says He’s Ready To Sign It
February 14th, 2009 categories: Buying, Loans / Financing, Selling, The Economy
$8,000 First-Time Homebuyer Tax Credit, Higher Loan Limits Included In The Final Bill
The Economic Stimulus Bill, which has consumed much of my attention for the better part of this past week, received Congress’s stamp of approval late last night and is now ready for President Obama’s signature. And according to all reports, he’s eager to sign the bill into law right away.
In terms of real estate, the new law will be a boon to most first-time buyers who purchase this year, as most will qualify for an $8,000 tax credit on their 2009 tax returns.
The old law, which was to expire in July, provided a $7,500 tax credit on homes purchased since last April. However, that law required the entire Read the rest of this entry »
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