The Beverly Hills Real Estate blog Friday 03-26-10
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Friday morning and the sun is shining. Oh boy, the weekend begins in hours. Here's the weekend forecast:
- Today: Abundant sunshine. High 72F. Winds NW at 15 to 25 mph.
- Tonight: Mainly clear skies. Low 52F. Winds N at 10 to 15 mph.
- Tomorrow: Mainly sunny. High 79F. Winds ESE at 5 to 10 mph. Winds 15-25 mph in and below canyons and passes.
- Tomorrow night: Clear skies. Low 53F. Winds NNE at 5 to 10 mph.
- Sunday: Mostly sunny. Highs in the low 80s and lows in the mid 50s.
We got Arnold's golf tournament from Orlando, pro and college basketball. Also we'll post the open house guide tomorrow and the Fast Facts from CAR. For now good news...
Dear C.A.R. Member:
I'm gratified to report that late this afternoon, Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law. His actions today are the result of our efforts in Sacramento over the last several weeks as members and our team in the capital worked for the bill's passage before it landed on the governor's desk.
AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec. 31, 2010, or who purchases a qualified principal residence on and after Dec. 31, 2010, and before Aug. 1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The positive impact of the federal home buyer tax credit is clear. Nearly 40 percent of first-time home buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered, according to C.A.R. research conducted last year.
The state's previous home buyer tax credit program was so successful that it ran out of tax credits by the end of June 2009, eight months before it was set to expire and just as housing markets appeared to be turning a corner. Unlike last year's legislation, AB 183 adds a tax credit for the purchase of an existing home by a first-time home buyer.
B 183 will significantly contribute to the effort to stimulate jobs-creation within California's housing market by helping to incentivize first-time home buyers to purchase homes that have been abandoned, foreclosed upon and returned to the lender, or have been sitting on the market for extended periods of time. It is these homes that will require substantial rehabilitation by the new owners, which will in turn generate a tremendous increase in jobs and accessory purchases connected to home improvement activities.
Your Association's efforts at the state and federal level to help protect private property rights and your right to conduct business are ongoing. This promises to be another busy year in the state legislature and in Washington, D.C.
If you're not already involved in the political process, I encourage you to do so. You can go to http://www.car.org/governmentaffairs/getinvolved/ for a quick guide to involvement opportunities at the local, state, and national levels.
CALIFORNIA ASSOCIATION OF REALTORS®
That's it for today; Happy Friday and Count Your Blessings!