Governor Schwarzenegger on March 25 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.

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…

Existing-home sales declined slightly in February, with modest gains in the Northeast and Midwest offset by softer sales in the South and West, according to the National Association of Realtors®.

Take a look at our local San Clemente real estate sales statistics for a local perspective:

San Clemente Real Estate Sales Statistics - February 2010

(92672 Zip)

Homes Sold:  22
Change from Feb 2009: +0.0%

Median Sales Price: 526,000
Change from Feb 2009: -8.5%

San Clemente Real Estate Sales Statistics - February 2010
(92673 Zip)

Homes Sold:  38
Change from Feb 2009: +46.2%

Median Sales Price: $754,000
Change from Feb 2009: +9.7%

Owning a home is its own reward, but homeownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers. 

Current homeowners can benefit, as well. Tax credits are available for owners who improve the energy efficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify for as much as 30 percent of the project cost, up to $1,500.

Homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid on up to $1 million in mortgage debt. If you…

February 2010 statistics show San Clemente had 708 new foreclosures with an average foreclosure sales price of $679,196, according to RealtyTrac.com.

There were 47 new foreclosures in the 92673 zip code and 61 new foreclosures in 92672, for a total of 108 new foreclosures in San Clemente. 1 in every 204 housing units received a foreclosure filing in February 2010.

San Clemente Foreclosure Geographical Comparison

San Clemente foreclosure rate was 0.25% above national rates, 0.02% below California rates, and 0.16% above Orange County rates.

San Clemente Foreclosures By Month

Foreclosure activity decreased in February with the number of bank-owned properties up from 25 to 9 and pre-foreclosure numbers decreasing from 54 to 46. The…

There were 25,154 Orange County CA foreclosure homes and 3,438 new foreclosure filings in February 2010, according to RealtyTrac.com. The average sales price of an Orange County home was $513,331 while the average sales price of a foreclosure home was $420,738, a $92,593 savings. 

Orange County CA Foreclosure Activity and Home Price Index

Home price appreciation rose 0.22% in February with 3,438 foreclosures.

 

 

Orange County CA foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated…

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News that law enforcement officials conducted a raid on the United Law Group's Irvine offices and carried out a federal search warrant tied to a loan modification fraud investigation, is a reminder that United Law Group's

Below are tips on how to be a smart consumer and protect yourself from predatory lenders offered by HUD:

• Before you buy a home, attend a home ownership education course offered by the U.S. Department of Housing and Urban Development (HUD)-approved, non-profit counseling agencies.
• Interview several real estate professionals (agents), and ask for and check references before you select one to help you buy or sell a home.
• Get information about the prices of other homes in the neighborhood. Don't be fooled into paying…

Energy efficiency is becoming an increasingly important factor among buyers in their decision to purchase Orange County real estate. According to the 2009 NAR Profile of Home Buyers and Sellers, many buyers considered environmental efficiency and commuting costs very important when evaluating their options. 

A house with poor energy efficiency tends to result in higher electricity bills. Heating and cooling costs were “very” or “somewhat” important to 88 percent of recent home buyers. Energy efficient appliances and energy efficient lighting were also “very” or “somewhat” important to a majority of buyers.

A long commute to and from work or in running errands can also affect commuters’ wallets. The NAR survey found that commuting costs were “very” or…

Owning a home is its own reward, but Orange County homeownership can also bring rewards at tax time. This year is especially beneficial for people who are in the market to buy a home, thanks to the $8,000 first-time buyer credit and the $6,500 tax credit for repeat buyers.

Current homeowners can benefit, as well. Tax credits are available for owners who undertake certain projects to improve the energy fficiency of their home, including replacing exterior windows, skylights and doors and installing efficient heating and air conditioning systems. Certain home improvements may qualify or as much as 30 percent of the project cost, up to $1,500.

Orange County homeowners also enjoy a mortgage interest deduction; allowing them to deduct all the interest paid…

Tomorrow is the beginning of a two weekend celebration of the Festival of Whales 2010. Taking place March 6 & & and March 13 & 14, this is one of Southern California’s largest seafaring celebrations and reaches out to whale admirers around the world.

The Whales will begin their annual migration south in late November, but from March 6 through 14, thousands of these 35-ton leviathans will splash through  Dana Point on their way north. – the West Coast’s premier location to meet and greet these incredible creatures during the 39th Annual Dana Point Festival of Whales.

Festival highlights include an opening day parade, street faire and farmers market, art exhibits, classic car exhibits, concerts on land and water, environmental activities, educational…