Here’re some statistics for you to see:  Just click on the city’s name for the information, but remember this is a generalization.  All properties are different and it’s best to consult with your Realtor for the correct valuation!

Burlingame

Daly City

Fremont

Millbrae

Pacifica

San Bruno

San Francisco

South San Francisco

Union City

If you want to find out about other cities, please feel free to contact me!

CNN Money previously had an article suggesting people to consider short-sales instead of a foreclosure.

Check it out!

I’m a Certified Distressed Property Expert (CDPE).  Let me know if you or someone you know is behind on their mortgage and don’t know what to do!

Hit the link for first hands on experience by tech websites Gizmodo and Engadget.

Here’re my personal takes:

Pro:

• Supposedly able to run Windows
• Low entry price point
• Apple A4 1ghz processor that’s reportedly speedy
• Up to 10 hours of battery life
• 3G option available
• All Apps from the iPhone store will be compatible with the iPad
• 1.5 lbs

Con:

• No front facing camera – no video conference calling
• No rear facing camera
• No multitasking
• Many different adapters if you want to do different things with it
• Currently no Flash support for the Mobile Safari browser
• What’s up with the thick bezel???
• No wide screen format?
• 3G only works with AT&T.  Sorry T-Mobile!
• What a name…!!!

So what do you think about the iPad?

The U.S. House of Representatives today passed a bill extending and expanding the Federal Tax Credit for First-time Home Buyers. The bill was passed in the U.S. Senate late yesterday and will now go to President Obama for his signature, where it is expected to be signed this week.

The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years. The bill also will increase the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order.

The homebuyer tax credit, due to expire at the end of November would be extended through April 30 of next year. First-time buyers who are in the process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation that was recently cleared makes move-up buyers as well as first-time buyers eligible for a credit. The $8,000 maximum first-timer credit will continue and will now be available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

For homebuyers across the country, the expanded tax credit would allow more people to qualify for the credit. While two-thirds of American families own their own home, and most earn less than the income limits that have been established within the extension, more buyers may be eligible. Move-up buyers don’t have to sell their current home to qualify for the new credit, but the money cannot be used to buy a vacation home. “It’s only for a primary residence,” said Regan Lachapelle, a spokeswoman for Sen. Harry Redi (D-Nev.), who helped engineer the deal. “In expanding the tax credit, we are helping first-time home buyers, as well as homeowners looking to move up to a new home, but we would exclude from the credit speculators who may have recently purchased a home intending to flip it for a fast profit,” said Senator Max Baucus, Democrat of Montana and chairman of the Finance Committee.

The tax credit has fired-up the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4% to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2% higher than the 5.10 million-unit pace in September 2008.

The legislation included provisions added to address complaints of fraud as well. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department’s Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

For more information, visit www.realestateeconomywatch.com and www.wsj.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

For more information about the tax credit on RISMedia.com, don’t miss:
What Impact Will Homebuyer Tax Credit Extension Have on Housing Industry?
Breaking News: Senate Plans to Extend and Expand Tax Credit

So do you think the government’s stimulation plan for the housing market is working?  Seems like it is if so many people are relying on these down-payment assistance programs!

If you’re planning to use a lawyer to help with your loan modification or debt reduction, please be sure to read this article.

“San Francisco, September 18, 2009 — The State Bar of California, alarmed by the number of lawyers preying on vulnerable homeowners, today identified 16 attorneys who are under investigation for misconduct related to loan modification.”

Know that home owners that have proven hardship can contact the banks directly to do loan modifications.  Contact your Realtor for more information, or go online at CAR.org for more information on home refinance and loan modification plans!

Credit: The State Bar of California

Don’t miss out!

For more info, visit: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

http://www.newyorkfed.org/newsevents/news/markets/2009/ma090105.html

The Federal Reserve Bank of New York today began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. Selected private investment managers are acting as agents of the New York Fed in these purchases.

Summary data detailing these operations will be available on the New York Fed’s website beginning Thursday, January 8, 2009, and will be updated on a weekly basis each Thursday.

This program, first announced on November 25, 2008, is intended to support the mortgage and housing markets and foster improved conditions in financial markets more generally.

Contact:
Public Affairs
(212) 720-6130
(646) 720-6130
general.info@ny.frb.org