Judy Wang Blog

Short Sale Lien Aid

Fri, 21 Oct 2011 00:00:00 -0700

The California Franchise Tax Board is accepting requests from taxpayers who have short sold their home and do not have enough funds in escrow accounts to pay the recorded state tax lien in full.

Taxpayers in this situation may apply for a Partial Release of Lien, which releases a specific piece of property from a recorded state tax lien. However, it does not release the lien in its entirety. The lien remains in effect against the taxpayer and continues to encumber other property the taxpayer owns or acquires in the future.

To learn more about a Partial Release of Lien, please visit http://www.ftb.ca.gov/professionals/taxnews/2011/July/Article_1.shtml

Fannie Mae's KnowYourOptions.com web site

Fri, 21 Oct 2011 00:00:00 -0700

Fannie Mae sponsors Knowyouroptions.com, a web site designed to assist homeowners who need help to avoid foreclosure. Resources offered include step-by-step instructions to prepare for a discussion with your mortgage company, and an interactive video in which you play the part of a homeowner -- in real-life, everyday situations -- who is struggling to make payments and avoid foreclosure. Make decisions about what you should do, and experience the positive outcomes or negative consequences of the choices you make. For more information, visit www.knowyouroptions.com.

Mercury News: Five strategies for pricing a home to sell

Wed, 12 Oct 2011 00:00:00 -0700

10/12/11 Mercury News: "Five strategies for pricing a home to sell"

"Is a $499 iPad a bargain compared to one that costs $500? Not exactly. But retailers have long priced products just below a round number because, psychologically, $499 feels more like a deal than $500, even if the difference is only $1.

...

1. Appeal to the "herd mentality" Given the high stakes of real estate, a buyer doesn't want to be the only one interested in a house. By pricing your property on the lower end of the value range, you could stimulate interest among more than one buyer and create a herd mentality. Also, if you're under the gun to sell quickly, this would be a good option."

Upcoming Drop in Loan Limit Could Adversely Affect Bay Area Borrowers

Wed, 29 Jun 2011 00:00:00 -0700

6/10/11 SF Chronicle article: "Upcoming Drop in Loan Limit Could Adversely Affect Bay Area Borrowers"

Fannie Mae and Freddie Mac, the private mortgage lending entities under government conservatorship, are set to reduce their maximum conforming loan limit from the current $729,750 to $625,500 on October 1st. Bay Area mortgage broker Eric Leithliter of California Mortgage Advisors says this may adversely affect the Bay Area real estate market, making it harder for homebuyers to get loans and lowering home values. He recommends that people who have been waiting to buy act soon, before the loan ceiling is lowered..."

US News: 10 Cities Where Rents Are Spiking

Wed, 15 Jun 2011 00:00:00 -0700

5/11/11: US News: "10 Cities Where Rents Are Spiking"

"Research firm REIS estimates that rents will rise an average of 3.6 percent in 2011. In a few hot areas, like parts of Washington D.C., and New York City, rent hikes could exceed 10 percent..."

San Jose rent is forecasted to rise 6.8% in 2011

KeepYourHomeCalifornia.com - programs for California homeowners

Wed, 23 Feb 2011 00:00:00 -0800

New this year: Programs for California homeowners to help them keep their home in the event of a job loss, assist with mortgage payments, or relocation assistance for owners who choose short sales or deed-in-lieu of foreclosure.

For more information, visit http://www.keepyourhomecalifornia.com/programs.htm

---------------------

The following are brief summaries of the programs available under Keep Your Home California. To see full program descriptions, click on the program name below. See a list of participating servicers and which programs they are currently offering.

Unemployment Mortgage Assistance Program (UMA) – Intended to assist homeowners who have experienced involuntary job loss. UMA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.

Mortgage Reinstatement Assistance Program (MRAP) – Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.

Principal Reduction Program (PRP) – Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home’s value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners).

Transition Assistance Program (TAP) – Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.

When will housing come back in California? Five experts offer their views

Mon, 17 Jan 2011 00:00:00 -0800

LA Times 1/1/2011: When will housing come back in California? Five experts offer their views

"The Times asked five California experts for their take on the state of real estate and what they think is needed to get the housing market moving again. They range from the pessimism of a foreclosure specialist to the decidedly more upbeat view of a Realtor association economist..."

Kiss 4% mortgage rates goodbye

Mon, 17 Jan 2011 00:00:00 -0800

CNNMoney.com 1/1/2011: Kiss 4% mortgage rates goodbye

"The era of near 4% mortgage rates has ended after a quick rate rise since early November. But some industry experts think that may be a good thing for the flagging housing market..."

Dos and Dont's of Homebuyer Incentives

Thu, 06 Jan 2011 00:00:00 -0800

Dos and Don’ts of Homebuyer Incentives

Homebuyer incentives can be smart marketing or a waste of money. Find out when and how to use them. Read

Visit houselogic.com for more articles like this.

Make Your House FHA-Loan Friendly

Thu, 06 Jan 2011 00:00:00 -0800

Make Your House FHA-Loan Friendly

Know the basics of FHA loan rules and you stand a better chance of selling your house or condo. Read

Visit houselogic.com for more articles like this.

6 Reasons to Reduce Your Home Price

Thu, 06 Jan 2011 00:00:00 -0800

6 Reasons to Reduce Your Home Price

While you’d like to get the best price for your home, consider our six reasons to reduce your home price. Read

Visit houselogic.com for more articles like this.

Clarification on Medicare Tax

Wed, 17 Nov 2010 00:00:00 -0800

There has been some confusion about a provision in the recently passed health care reform bill that creates a 3.8 percent Medicare tax on unearned income for high-income households. A newspaper article in the Spokane, Wash.-based Spokesman-Review made its way around the Internet defining the new tax as a “tax on home sales.” The article did not present a full and detailed explanation of the specifics of the new provision and what it does and does not do.

The new Medicare tax is for all unearned net investment income and includes interest income, dividends, rents, and capital gains. The new Medicare tax will not impact the capital gains exclusion for principal residences ($250,000 for individuals/$500,000 for married couples). The 3.8 percent tax only will apply to taxable gains above this exclusion. The tax will take effect on Jan. 1, 2013, and will be applicable to high-income taxpayers with adjusted gross incomes of $200,000 or more for individuals, or $250,000 or more for married couples.

For more information click on either of the following links:

-NAR Myth Busters
-New Tax on Investment Income

Synopsis of BART to Silicon Valley Community Meeting

Tue, 02 Nov 2010 00:00:00 -0700

Synopsis of BART to Silicon Valley Community Meeting
On Wednesday, October 27, 2010, VTA held a community meeting to discuss the BART Silicon Valley extension. Over 30 community members attended the meeting held at the Berryessa Branch Library. Bernice Alaniz, VTA Communications Director, presented an overview of the BART to Silicon Valley extension, schedule, and funding update. A VTA panel comprised of representatives from Real Estate, Environmental Planning, and Engineering were present to answer questions from attendees. In addition to the presentation, VTA provided display stations of project route and updated station areas.

BART Silicon Valley is an extension of the existing BART regional heavy rail system to Milpitas, San Jose and Santa Clara. The 16-mile BART Silicon Valley Project will be delivered through a phased approach.

The Berryessa Extension is the 10-mile, two-station, first phase of BART Silicon Valley. The Berryessa Extension project is being implemented in cooperation with the Federal Transit Administration (FTA) New Starts Program. The Berryessa Extension Project is a fully operable extension of the existing BART system with service to the cities of Milpitas and San Jose in Santa Clara County.

This extension of the BART system will begin south of the future BART Warm Springs Station in Fremont and proceed alongside the Union Pacific Railroad (UPRR) through Milpitas and end in the Berryessa area of north San Jose at Las Plumas Avenue. Engineering on the project is advancing, and full construction activities are scheduled to begin in 2012.

The two stations will feature parking structures, bus transit centers, bicycle and pedestrian connections and convenient access to the BART system.

For more information about the BART Silicon Valley project, please visit the following links:
BART Community Meeting Presentation
BART Silicon Valley Main Website
BART Berryessa Extension Fact Sheet
BART Silicon Valley Fact Sheet

Silicon Valley house sales slide in Sept., but median price rises to $575,000

Thu, 21 Oct 2010 00:00:00 -0700

SJ Mercury News 10/21/10: Silicon Valley house sales slide in Sept., but median price rises to $575,000

"Home sales in Santa Clara County were down sharply last month from a year earlier, but the median price for a single-family resale house climbed 13.6 percent to $575,000.

According to a report today from MDA Dataquick, the market in Silicon Valley -- with sales volume down 22.5 percent -- reflected trends throughout the Bay Area, where the number of transactions fell year over year for the fourth month in a row. Sales volume, for that matter, was at the second-lowest for September in 19 years..."

Banks Restart Foreclosures:

Thu, 21 Oct 2010 00:00:00 -0700

Wall Street Journal 10/19/10: Banks Restart Foreclosures - BofA and GMAC Lift Their Freeze in a Counterattack Against Allegations of Fraud

"Two major lenders at the center of the foreclosure crisis took steps Monday to put the mess behind them by restarting home seizures that were frozen by documentation concerns.

Bank of America Corp. reopened more than 100,000 foreclosure actions, declaring that it had found no significant problems in its procedures for seizing homes. GMAC Mortgage, a lender and loan servicer, said that it also is pushing ahead with an unspecified number of foreclosures that came under intense pressure..."

Questions and answers about the foreclosure freeze

Fri, 15 Oct 2010 00:00:00 -0700

Washington Post 10/15/10: Questions and answers about the foreclosure freeze

"A flurry of developments have sketched an alarming scenario: that major U.S. banks rammed through foreclosure after foreclosure without giving many borrowers a fair shot at keeping their homes.

Questions have arisen about the scope of the problem, the effect on the nation's foreclosure epidemic and the likelihood that some people could regain their foreclosed homes.

Here's what you need to know about the unfolding foreclosure mess..."

California to join multistate inquiry of foreclosures by banks

Wed, 13 Oct 2010 00:00:00 -0700

Los Angeles Times 10/13/10: California to join multistate inquiry of foreclosures by banks

"California will join a multistate investigation into whether banks violated laws by cutting corners while foreclosing on homes as the Obama administration made clear Tuesday that it would not support a nationwide moratorium.

The moves came as one of the nation's major lenders, Ally Financial Inc., said it would expand the review of its foreclosure practices nationally to include states such as California where courts do not hold jurisdiction over the process. The company stopped short of saying it would suspend foreclosure sales in all 50 states, as Bank of America Corp. did last week, while it conducted this review..."

Major banks temporarily suspend foreclosures

Tue, 12 Oct 2010 00:00:00 -0700

No doubt you’ve heard the news recently that a number of major banks have volunteered to temporarily suspend foreclosures in 23 states and Bank of America is temporarily suspending foreclosures nationwide.

While this situation is changing daily, here are some answers to any questions you may have.

In late September and early October some lenders and servicers began voluntarily halting foreclosures in select states while they reviewed their foreclosure processes.
So far, only Bank of America has extended its foreclosure moratorium to California, where the vast majority of foreclosures are conducted without a court order. Foreclosures in the other 23 states are processed through the court system.
Non-judicial foreclosures in California, however, do have legal requirements that lenders must follow. For example, California law requires that lenders for certain mortgage loans made between Jan. 1, 2003, and Dec. 31, 2007, attempt to make contact with borrowers to discuss options for avoiding foreclosure at least 30 days before filing a notice of default. Lenders also must sign a declaration in the notice of default stating that they tried to contact the borrower, made contact with the borrower, or fall within an exception (such as a bankruptcy filing).
The lenders and servicers that have placed their foreclosure moratorium on properties in the 23 states where courts are involved in the foreclosure process include: Goldman Sachs Group Inc’s Litton Loan Servicing, Ally Financial Inc.’s GMAC Mortgage unit, JPMorgan Chase, and PNC Financial.
These lenders/servicers have only temporarily halted their foreclosures while they review their foreclosure process. This is in response to findings that questioned whether some lenders/servicers were following the correct procedures to foreclose on a property.
This halting of foreclosures is a voluntary action taken on the part of these lenders/servicers and has not been mandated by either the states or the federal government.
Some members have begun to report the immediate impact of this moratorium on transactions that involve foreclosed properties. Delays in escrow and the removal of listed foreclosures are temporary results of this moratorium.
The immediate impact on the market will be the slowing of home sales, which could put upward pressure on home prices in the short term. The long-term effect on the market is uncertain at this point as it depends how long the moratorium remains in place.
Assuming the moratorium is lifted in the next month, the flow of REOs to the market should resume, but the uncertainty created by the moratorium may cause hesitation on the part of buyers.
Federal agencies, including the Office of the Comptroller of the Currency, the Federal Housing Administration, and the conservator of Fannie Mae and Freddie Mac, have asked lenders and servicers to review their foreclosure processes. This review would apply to all states including those like California where the vast majority of foreclosures are non-judicial.
The participating lenders and servicers believe their internal review processes should take anywhere from a few weeks to 30 days to complete.

Unemployed? Get a federal loan to pay your mortgage

Mon, 11 Oct 2010 00:00:00 -0700

CNN Money 10/11/10: Unemployed? Get a federal loan to pay your mortgage

"Unemployed and can't pay your mortgage?

You can soon apply for a no-interest government loan for up to $50,000 to pay your mortgage and cover your arrears. The loan, which can offer assistance for up to two years, will be forgiven if the homeowner stays in the house for five years..."

Foreclosure rates hold steady

Fri, 24 Sep 2010 00:00:00 -0700

9/16/10 CNN: Foreclosure rates hold steady

"The foreclosure crisis has entered a new phase: The number of properties entering the foreclosure process has dropped, and now nearly matches the number of repossessions.

The number of homeowners falling enough behind on their loans to attract initial notices of default was down 30% in August, RealtyTrac said Thursday. Eventually, that should translate into fewer people losing their homes.

But lenders repossessed more than 95,000 homes -- a record -- and that was up from 76,000 a year ago.

RealtyTrac spokesman, Rick Sharga, said the initial default rate should be higher, given the numbers of borrowers who have missed one or two payments. Normally, when a third payment is missed, lenders take immediate action.

'It appears that lenders are allowing delinquencies to go on longer before they issue notices of default,' he said...

Lenders putting few foreclosed homes on the market

Fri, 24 Sep 2010 00:00:00 -0700

9/14/10 SJ Mercury News: Lenders putting few foreclosed homes on the market

"Thousands of homes in Santa Clara and San Mateo counties remain stuck in the foreclosure process as lenders continue to offer relatively few foreclosed homes for sale, according to a report released Tuesday.

Prepared by ForeclosureRadar, a Discovery Bay real estate research company, the August report suggests that the banks are either swamped or they're controlling foreclosure sales to avoid flooding the market, experts said.

...

The inventory of homes scheduled for sale over the past year has been fairly constant -- a sign that banks are trying to control the pace of sales, said Sean O'Toole of ForeclosureRadar..."

Housing Woes Bring a New Cry: Let the Market Fall

Fri, 24 Sep 2010 00:00:00 -0700

9/5/10 The New York Times: Housing Woes Bring a New Cry: Let the Market Fall

"The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid.

Oer the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to live.

A the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash..."

Deadline is Aug 15 to apply for California first-time homebuyer credit

Mon, 09 Aug 2010 00:00:00 -0700

The California Franchise Tax Board announced that it will stop accepting applications for the state first-time homebuyer tax credit at midnight on Sunday, August 15, 2010.

As of 8/6, the FTB had received 32,020 applications. Because some are invalid or duplicates, it will continue to accept them through August 15 to make sure enough valid applications are received to allocate the full $100 million of tax credit available. The FTB estimates it can award about 17,500 to 20,000 tax credit certificates to valid applicants. However, once the funds are exhausted, any remaining applications, even if valid, will be denied.

California homebuyers still have time to qualify for the state's other $100 million tax credit for the purchase of a brand-new home. The new-home credit is available for taxpayers who close escrow a home that has never been occupied on or after May 1, 2010 and before August 1, 2011, as long as they enter into an enforceable contract before January 1, 2011.

More details at: http://www.ftb.ca.gov/individuals/new_home_credit.shtml

Feds put up $1 billion more for mortgage relief

Mon, 09 Aug 2010 00:00:00 -0700

7/29/10 SF Chronicle: "Feds put up $1 billion more for mortgage relief"

"Congress has just come up with an extra $1 billion to help people who can't pay their mortgage because of unemployment or a medical problem... Under this new Emergency Mortgage Relief program, eligible homeowners who are at least three months delinquent can get up to $50,000 apiece in federal loans to pay their mortgages.

Tax Credit Closing Deadline Extended

Tue, 20 Jul 2010 00:00:00 -0700

On June 30, the Senate passed HR 5623, extending the closing deadline for the Federal homebuyer tax credit eligibility from June 30 to Sept. 30, 2010.The extension applies only to transactions that were under contract as of April 30, 2010 and have not yet closed.

Tiny Homes

Tue, 20 Jul 2010 00:00:00 -0700

Video of "A tiny home tour: living in 96 square feet"

More information at Tumbleweed Tiny House Company.

Fannie Mae increases penalties for strategic defaulters

Fri, 02 Jul 2010 00:00:00 -0700

Fannie Mae recently announced policy changes designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. Under the new policies, borrowers who strategically default on their home loan despite having the capacity to pay and those who do not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe.

Fannie Mae also will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, Fannie Mae will instruct its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments.

Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years or in as little as two years depending on the circumstances.

Related LA Times Article: Fannie Mae gets tough on homeowners who walk away

California to offer program to trim underwater mortgages

Fri, 02 Jul 2010 00:00:00 -0700

6/24/10: The Sacramento Bee: California to offer program to trim underwater mortgages

"California is going to use federal money to pay down the mortgages of struggling homeowners.

California Housing Finance Agency announced Wednesday that it will spend $420 million to trim individual mortgages by up to $50,000. Lenders will be asked to match the amount, a deal that could make thousands of mortgages newly affordable across the Sacramento area.

The program, launching Nov. 1, will be run on a first-come, first-served basis, said Evan Gerberding, marketing manager for the CalHFA's "Keep Your Home" initiative....

More information is available at the Keep Your Home website: www.keepyourhomecalifornia.com; or call (916) 373-2585."

California Mortgage Forgiveness Debt Relief Extended

Fri, 23 Apr 2010 15:43:00 -0700

California home owners who sell their home through short sales may not have to pay state income tax on the forgiven mortgage debt. On April 12, 2010, SB 401, the Conformity Act of 2010 was enacted. It allows taxpayers who had all or part of the loan balance on their principal residence forgiven by their lender to exclude the forgiven debt from California gross income. The new law applies to discharges of qualified principal residence indebtedness on or after January 1, 2009, and before January 1, 2013. For more details, visit the Franchise Tax Board web page on the Mortgage Debt Relief Law.

$18,000 in Combined Homebuyer Tax Credits for a Limited Time

Wed, 31 Mar 2010 11:05:00 -0700

Homebuyer Tax Credit Chart 2010

To help stimulate home sales, both the federal and state governments are offering tax credits for Californians purchasing their piece of the American dream. Federal law offers up to $8,000 for first-time homebuyers and $6,500 for long-time residents. California law offers up to $10,000 for first-time homebuyers or buyers of properties that have never been occupied. Here’s a handy summary of the two tax credit laws:

HOMEBUYER TAX CREDIT	FEDERAL	CALIFORNIA
Amount of Tax Credit	10% of purchase price not to exceed $8,000 for First-Time Homebuyers or $6,500 for Long-Term Residents.	5% of purchase price, not to exceed $10,000 for first-time homebuyers or buyers of properties that have never been occupied. (See also Maximum Credit for All Taxpayers.)
Date of Purchase	By June 30, 2010, but taxpayer must enter into a written binding contract by April 30, 2010.	From May 1, 2010 to July 31, 2011, but an enforceable contract must be executed by December 31, 2010.
Principal Residence	Yes. Property purchased must be the taxpayer’s principal residence which is generally the home the taxpayer lives in most of the time (26 U.S.C. § 121).	Yes. Property purchased must be a qualified principal residence and eligible for the homeowner’s exemption from property taxes (Cal. Tax & Rev. Code § 218).
Type of Property	House, condominium, townhome, manufactured home, apartment cooperative, houseboat, housetrailer, or other type of property located in the U.S.	Single-family residence, whether detached or attached.
Eligibility	1. First-Time Homebuyer: Up to $8,000 if buyer (and buyer’s spouse if any) has not owned a principal residence during the three-year period before date of purchase; OR 2. Long-Time Resident: Up to $6,500 if buyer (and buyer’s spouse if any) has owned and used existing home as a principal residence for 5 of the last 8 years.	1. First-Time Homebuyer: Up to $10,000 if the buyer (or buyer’s spouse if any) has not owned a principal residence during the three-year period before date of purchase; OR 2. Never-Occupied Property: Up to $10,000 for a principal residence if the property has never been previously occupied as certified by the seller.
Income Restriction	Yes. Tax credit begins to phase out for modified adjusted gross income (MAGI) over $125,000 (or $225,000 for joint filers). No tax credit at all for MAGI over $145,000 (or $245,000 for joint filers).	No
Maximum Purchase Price	$800,000.	N/A
Refundable	Yes. Any amount of the tax credit not used to reduce the tax owed may be added to the taxpayer’s tax refund check.	No
Repayment	No repayment required if the buyer owns and occupies the property for at least 36 months after purchase.	No repayment required if the buyer owns and occupies the property for at least two years immediately following the purchase.
Multiple Buyers (not married to each other)	Tax credit may be allocated between eligible taxpayers in any reasonable manner.	Tax credit must be allocated between eligible taxpayers based on their percentage of ownership.
Maximum Credit for All Taxpayers	N/A	$100 million for first-time homebuyers and $100 million for never-occupied properties, both on a first-come-first-served basis.
Reservations of Credit	N/A	Yes. Buyer may reserve credit before close of escrow for a property that has never been occupied by submitting a certification signed by buyer and seller stating they have entered into an enforceable contract between May 1, 2010 and December 31, 2010, inclusive.
When to Claim	Full tax credit may be claimed on 2009 or 2010 tax returns.	1/3 of total tax credit may be claimed each year for 3 successive years (e.g. $3,333 for 2010, $3,333 for 2011, and $3,333 for 2012).
Tax Agency	Internal Revenue Service (IRS).	Franchise Tax Board (FTB).
How to File	First-Time Homebuyer Credit and Repayment of the Credit (IRS Form 5405) to be filed with tax returns	Submit application to the FTB to obtain Certificate of Allocation. The FTB may prescribe additional rules and procedures to carry out this law.
Other Restrictions	Cannot be an acquisition from related persons as defined; cannot be an acquisition by gift or inheritance; and buyer cannot be a non resident alien.	Cannot be an acquisition from related persons as defined; buyer or spouse must be 18 years old; buyer cannot be another taxpayer’s dependent; credit is allowed for only one qualified principal residence; and credit allowed cannot be a business credit under Cal. Tax & Rev. Code § 17039.2.
Legal Authority	26 U.S.C. section 36.	Cal. Rev. & Tax Code section 17059.1 (as added by Assembly Bill 183).
Date of Enactment	November 6, 2009 (as revised).	March 25, 2010.
More Information	IRS Web site at http://www.irs.gov/newsroom/article/0,,id= 204671,00.html	FTB Web site at http://www.ftb.ca.gov/ individuals/New_Home_Credit.shtml

3/26/2010 Market Update Commentary

Fri, 26 Mar 2010 17:40:00 -0700

Santa Clara County
Median Sold Price by Month

More trend charts available under "Community" tab.

Santa Clara County
For Sale Properties by Month

Santa Clara County
Number of New Properties by Month

The charts show the real estate market trend for Santa Clara County single family homes for the past 2 years ending Feb 2010. Here are the highlights:

The median sold price of homes has stablized over the last few months.
The number of homes available for sale continues to be at an all time low.
The number of homes coming on the market each month has been decreasing, possibly now stable.
Buying demand continues to be strong while homes are coming on the market at a steady pace.

What to watch for in the coming months:

Federal home buyer tax credit expiring soon: Buyers must be under contract on their home by the end of April and close by the end of June.
California has just announced extension of its $10,000 tax credit for home purchases April through December 2010.
For the buyers that do not qualify for the California tax credit, they may feel less urgency and take their time to shop for a home. However, there are still many buyers buying their primary residence who do not qualify for the tax credits and also many investors buying rental properties.
Mortgage interest rate expected to rise. The government has announced it will stop buying down the interest rate at the end of March. Without the government aid, interest rates are expected to rise. But how much will they rise is unknown as it is determined by the mortgage market. A higher interest rate will deter buyers who will not be able to qualify for a larger loan amount / higher priced home.

Multiple offers are still common for homes that are priced aggressively and marketed well.

Recent homes listed and sold with Judy Wang Realtors:

1647 Garvey Pl, San Jose 95131: Listed $728k. Received several offers over asking price after 2 weeks. Currently pending.

1497 Oyama Dr, San Jose 95131: Listed $650k. Received several offers over asking price after 1 week. Currently pending.

1228 Madruga Way, Milpitas: Listed $685k. Sold for $685k to all cash buyer. Closed in about 1.5 weeks.

5642 Le Fevre, Cambrian, San Jose: Listed $695k. Received several offers after 1 week. Sold $735k .

Now is still a great time to sell! Each local area has its own market conditions. Contact your Judy Wang Realtors' agent if you would like a comparative market analysis of your home. We will be happy to discuss our services with you and how we can market your home to sell for top dollar.

California extends $10,000 home buyer tax credit

Fri, 26 Mar 2010 16:15:00 -0700

3/25/2010 Mercury News: Schwarzenegger signs homebuyer tax credit bill

"The governor signed a bill... It provides a state tax credit to first-time homebuyers who buy new or existing homes from May 1 until the end of 2010..."

"The new bill makes another $100 million available for buyers of new homes and $100 million for those who buy existing homes."

For details on qualifying and claiming the California tax credit, please check the California Franchise Tax Board web page.

New rule affects homeowners in foreclosure avoidance program

Thu, 04 Feb 2010 17:08:00 -0800

1/29/2010 Los Angeles Times: New rule affects homeowners in foreclosure avoidance program

"Those seeking to ease their mortgage terms must now document their finances before a trial modification will be granted, the Obama administration says. Loan servicers must adopt the policy by June 1..."

"The new procedure, to be adopted by servicers by June 1, would require three documents upfront: a formal application including a description of the hardship created by the mortgage; proof of income, which would mean at least two pay stubs or the most recent profit and loss statement for self-employed borrowers; and a form authorizing the Internal Revenue Service to release tax data to the servicer..."

"Under the plan, servicers will be required to respond within 10 days to an initial request for a modification. Once documents are provided, the servicer will have one month to tell borrowers whether they qualify for a trial modification. If a borrower makes three payments at the modified rate, the modification will automatically be made permanent."

Stakes are high as government plans exit from mortgage markets

Thu, 28 Jan 2010 16:55:00 -0800

2/25/2010 Washington Post: Stakes are high as government plans exit from mortgage markets

"For more than a year, the government pulled out the stops to revive home buying by driving down mortgage rates. Now, whether the housing market is ready or not, the government is pulling out."

"The wind-down of federal support for mortgage rates, set to end in two months..."

"Keeping the mortgage rates at historic lows, which required a commitment of more than $1 trillion..."

"A few federal officials and many industry advocates disagree, saying the government is exiting too soon. They offer dire warnings of higher rates and a slowdown in home sales..."

Investors dominate home flipping, auctions & FHA reverses flip rule

Mon, 25 Jan 2010 15:28:00 -0800

1/20/2010 San Francisco Chronicle: Investors dominate home flipping, auctions

"House flipping, a quick-buck scheme pursued by amateurs and professionals alike during the real estate boom, now is dominated by investors willing to pay all cash, who troll auctions for foreclosures that banks are gradually trying to siphon off their books..."

"This trend, which took hold more than a year ago, gained more ground last week when the Federal Housing Administration reversed a rule and decided to allow government-backed mortgages for homes sold and resold within 90 days..."

FHA tightens rules for riskier borrowers

Mon, 25 Jan 2010 15:25:00 -0800

1/21/2010 San Francisco Chronicle: FHA tightens rules for riskier borrowers

"Government-backed mortgages... will be a bit tougher to obtain following reforms introduced Wednesday..."

"Insurance premiums will go from 1.75 to 2.25 percent of the loan amount... Borrowers will have to have a minimum credit score of 580 (out of 850) if they want to put down only 3.5 percent; borrowers with a score lower than 580 will have to put down at least 10 percent..."

"Seller concessions are reduced from a maximum of 6 percent of the purchase price to 3 percent..."

Mortgage lenders cancel more foreclosures in November

Thu, 17 Dec 2009 17:55:00 -0800

12/15/09 San Jose Mercury News: Mortgage lenders cancel more foreclosures in November

"A total of 10,469 scheduled foreclosures were canceled in November throughout California, up 20 percent from 8,741 in October... In Santa Clara County, 337 were canceled, up from 269 in October."

"...there were other indications that foreclosure activity slowed last month. In Santa Clara County, for example, there were 435 foreclosures, down slightly from 476 in October. A total of 938 homeowners received notices of default, down from 1,163 in October, a decline of 19 percent. Notices of default are the first step in the foreclosure process; lenders typically send them when borrowers are a few months overdue in their payments..."

"Statewide, there were 17,795 foreclosures last month, down from 20,052 in October..."

"There were 29,597 California homeowners who got notices of default, down from 36,531 in October..."

Now's really the time to buy a home, many say

Wed, 16 Dec 2009 13:11:00 -0800

12/03/09 San Jose Mercury News: Now's really the time to buy a home, many say

"Mortgage rates are hovering at historic lows, home prices are just starting to edge up from total collapse, and the government is offering tax breaks to first-time and move-up buyers..."

"Experts say mortgage rates have dropped for a couple of reasons. The financial crisis in Dubai sent investors to the safe haven of Treasury bills, and the Federal Reserve has continued to buy mortgage-backed securities. The increased demand for these securities drove down interest rates."

"But that may not last for long. The Fed says it will stop buying mortgages in the spring, and the Dubai crisis has abated, causing investors to get out of Treasury bills and into riskier investments that offer better returns."

"If the Fed stops buying mortgage-backed securities next quarter, 'you will see rates go up,'..."

FHA to toughen rules for borrowers

Tue, 08 Dec 2009 17:55:00 -0800

12/2/2009 Washington Post: FHA to toughen rules for borrowers

"The Federal Housing Administration is proposing to increase the up-front cash paid by borrowers as part of an effort to shore up the agency's finances..."

"The changes also include raising minimum credit scores for borrowers..."

"These measures are designed to increase the amount borrowers invest in the homes they buy, thereby making it less attractive for them to default on loans..."

"Agency staff are reviewing whether to increase the monthly insurance premiums charged to borrowers..."

Legitimized leasebacks picking up momentum

Wed, 25 Nov 2009 10:35:00 -0800

11/11/09 San Francisco Chronicle: Legitimized leasebacks picking up momentum

"Once it seemed like a radical idea: Let delinquent borrowers stay in their homes as renters after foreclosure... Last week it gained legitimacy when housing giant Fannie Mae said it would do just that, offering one-year leases at market rates to people who sign over their homes as a deed in lieu of foreclosure. Voluntarily surrendering homes instead of having the lender repossess them doesn't wallop the borrowers' credit as much."

"Rent-back plans also could help prevent vacant foreclosed homes from creating blight in neighborhoods..."

"Renting back foreclosed homes could prevent a glut of bank-owned properties from overwhelming the beleaguered real estate market..."

"Freddie Mac has offered a more-limited leasing program for foreclosures since March. It offers only month-to-month leases, and it attempts to sell the house during the renters' occupancy."

Expanded and extended homebuyer's tax credit expected to boost home sales

Wed, 25 Nov 2009 10:23:00 -0800

11/16/09 Mercury News: Expanded and extended homebuyer's tax credit expected to boost home sales

"As the credit for first-time buyers neared expiration, real estate activity spiked in San Jose..."

"People who were reluctant to sell their homes in today's market could view the tax credit as a way to offset a lower selling price..."

"It will probably stimulate a new wave of buyers. It should certainly stimulate people who have been in their house for awhile..."

Free Public WiFi Internet Service in Milpitas

Tue, 24 Nov 2009 10:18:00 -0800

As posted on City of Milpitas web site:

Milpitas Citywide Free Public WiFi Internet Service

Silicon Valley Unwired, a public/private non-profit partnership between the City of Milpitas as the owner, International Network Solutions as the operator and Google as a major services contributor and financial supporter, offers free basic wireless Internet service throughout the City. Find your location in the coverage area.

How do I connect?
Any standard WiFi-enabled device (laptop, iPhone, etc.) can connect. Search for available wireless networks and select "SVUPublicWiFi" (open authentication, no encryption). You will eventually need a Google account to logon.
Will it work inside my home or business?
Likely only with the help of a WiFi modem or high-power WiFi card, which amplifies the signal strength of the client device.
Where can I find more information and get help?
There is no direct e-mail or telephone support available, as this is a free service offered by a non-profit organization. However, there will be information at www.svunwired.org, messages can be received at support@svunwired.org, and the similar Google WiFi network in Mountain View offers additional valuable information at wifi.google.com.

Federal tax credit for home buyers extended and expanded

Fri, 06 Nov 2009 18:55:00 -0800

The federal tax credit for home buyers has been extended and expanded by the government.

This is the official site with the details: http://www.federalhousingtaxcredit.com/

The summary of the updated tax credit is:

Maximum purchase price is now $800,000.
Income limitation has been increased to $125,000 for single, $225,000 for married.
Current home owners who lived/owned in their home at least 5 consecutive years out of 8the last years can get $6500. First-time buyers can still get $8000.
Deadline to be under contract on new home is April 30, 2010 and must close by June 30, 2010.

Click here for a chart comparing the old rules to the new rules.

IRS information on Homebuyer Credit

This is a "refundable" federal tax credit that is applied to federal income tax. If you owe $0 tax, you can still get the $8000 or $6500 as tax refund.

It only applies to people buying the house for primary residence.

Current home owners don't need to sell their home in order to qualify for the tax credit.

The changes to the tax credit only apply to purchases starting today Nov 6, 2009. It does not apply to homes bought before this date.

Expect the real estate market to get even hotter than before since more people qualify now for the tax credit.

Feared flood of foreclosures in California may be averted

Mon, 26 Oct 2009 10:48:00 -0700

10/21/09 Los Angeles Times: Feared flood of foreclosures in California may be averted

"Signs are emerging that a much-feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties...."

"Statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, falling 37% over the same period a year earlier, when foreclosures were at an all-time high..."

"I certainly don't think there's going to be a deluge, or second wave of foreclosures," said UC Berkeley economist Kenneth Rosen, who believes federal officials will do whatever it takes to see the backlog of foreclosures clear gradually. "There's now an appetite to make sure we get this right."

10/6/09 Market Update Commentary

Tue, 06 Oct 2009 10:06:00 -0700

Price of homes continues to stabilize across Santa Clara County and Alameda County. Below are the median sold price trend charts for the past 2 years ending September 2009.

Santa Clara County
Median Sold Price by Month

More trend charts available under "Community" tab.

Alameda County
Median Sold Price by Month

More trend charts available under "Community" tab.

Some observations from our company's recent listings... Single family homes priced under $500k are generating a lot of interest from buyers. They are the most affordable and attractive to both first-time homebuyers and investors. It has become a seller's market for the entry-level homes. Single family homes priced over $700k are taking longer to sell. Regardless of price, homes that are priced attractively can sell quickly with multiple offers.

1837 Girard Dr, Milpitas - Single family home with remodeled kitchen and bathrooms. Listed for $450,000. Generated 9 offers in one week. Currently pending.
29015 Rosecliff Ln, Hayward - Contemporary style single family home 14 yrs old. Listed for $458,000. Generated 20 offers in one week. Currently pending.
2314 Farmcrest St, Milpitas - Contemporary style single family home, 20 yrs old with remodeled kitchen and bathrooms. Listed for $718,000. Generated multiple offers. Sold 9/16/09 for $730,000 . ($12K over asking price).
1205 Monte Dr, Milpitas - 18 yr old Shapell townhome with updated kitchen. Listed for $568,888. Generated multiple offers. Sold 9/18/09 for $572,000.

As we head into the end of the year which is normally a slower market, we are watching the inventory of homes for sale, mortgage rates, economy recovery, and government actions. Will there be more foreclosure resales coming on the market? Will mortgage rates remain at historical lows? Will there be more company layoffs at the end of the year? Will the first-time home buyer credit be extended? Many buyers have been outbid and pushed out of the market. As long as conditions remain favorable, the housing recovery will continue on.

Overfelt Gardens 16th Annual Chinese Moon Festival - Sept 27

Mon, 14 Sep 2009 07:35:00 -0700

Click to view flyer

The 2009 Chinese Moon Festival Committee, Institute of Sino-American Studies, and City of San José Parks, Recreation and Neighborhood Services invite you to their Chinese Moon Festival Celebration. On this day, enjoy the pleasure of sharing arts, crafts and creative activities in a Chinese garden setting.

There will be arts, crafts, cultural and musical performances, storytelling, lion dancers, bamboo painting, calligraphy, astronomy, chess, poetry and much more for children and adults.

Free admission and parking.

Sunday, September 27, 2009
1:00 p.m. to 5:00 p.m.
368 Educational Park Drive
San Jose, CA 95133

Useful Real Estate Apps for iPhone

Fri, 04 Sep 2009 07:26:00 -0700

Realtor.com - Find homes for sale using the most comprehensive listing site

Zillow - See the Zillow estimated value of homes in a neighborhood

Trulia - Find homes for sale and open houses

Where - Information about people, places, and things around you

Walkscore - Map of nearby amenities and Walk Score

Community Meeting Sep 10: North San Jose Development Policy

Fri, 04 Sep 2009 06:31:00 -0700

North San José Area Development Policy Community Meeting – Thursday, September 10, 2009

The City of San José will be presenting policy recommendations to the City Council later this year regarding the North San José Area Development Policy. Staff is seeking feedback on the appropriate amount of large-format retail and appropriate number of hotels to be developed in North San José.

Feedback from this community meeting will then be presented to the North San José Task Force and Planning Commission. In addition policy recommendations on the North San José Neighborhood Plan, clarification of the North San José Area Development Policy, and the North San José Urban Design Guidelines previously presented at community meetings will be considered by the Task Force for their recommendations to the City Council.

Thursday, September 10, 2009
6:30 p.m. to 8:00 p.m.

Novellus Systems, Inc.
4000 North First Street
San Jose, CA 95134
Map of location

Savvy buyers use self-directed IRA to buy homes

Fri, 04 Sep 2009 06:25:00 -0700

9/1/09 San Francisco Chronicle: Savvy buyers use self-directed IRA to buy homes

"Nathan Foran used his self-directed IRA to buy a dilapidated foreclosed house in Richmond for $25,000 cash. Another $25,000 to $35,000 from the retirement account will go toward fixing up the property. He then hopes to rent it out for about $1,000 a month, money that will go straight into his retirement account..."

"... With many properties at bargain-basement prices, more people have been turning to their self-directed IRAs as a ready source of capital to make real estate investments. Companies that manage self-directed IRAs say real estate investments by their clients are up as much as 30 percent over the past year..."

If you would like to use your IRA to invest in real estate, please contact your Judy Wang Realtors agent.

Those who lose homes may face state tax hit

Fri, 04 Sep 2009 05:54:00 -0700

8/25/09 San Francisco Chronicle Article: Those who lose homes may face state tax hit

"Californians who lose their homes in a foreclosure, short-sale or deed in lieu of foreclosure this year could be hit with a state income tax on canceled or forgiven debt... The state-tax hit could be substantial and the rules are complex. People in mortgage trouble should consult a qualified tax professional."

"...One exception is nonrecourse debt... A mortgage used to buy a home is usually nonrecourse... Exceptions to the tax also apply if the borrower is bankrupt or insolvent..."

Related Links

IRS: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation (See section "How should I report the information and items needed to prove insolvency?")

CA Franchise Tax Board: Foreclosures and the next wave

CA Franchise Tax Board: Foreclosure and Short Sales

Seeking owners with Wachovia/World Savings mortgages!

Wed, 12 Aug 2009 09:50:00 -0700

Are you one of these homeowners:

1) Have difficulty making the mortgage payment? For example: job loss, reduced income, higher payment, etc.

2) Stuck with an underwater home? No we don't mean if it's been flooded. It means you owe more than the house is worth!

3) Want to avoid foreclosure because it damages your credit and ability to buy another home for 5-7 years?

If you answered "Yes", did you know you can sell your home, save your credit and have your lender take the loss AND pay all the commissions and expenses? What a deal! It's called a short sale and many homeowners have been taking advantage of it.

Do you have a mortgage with Wachovia or World Savings?

If so, you are in luck! We've received training on processing short sales with Wachovia (formerly World Savings) and have the direct lender connection to get a fast short sale approval. In fact, they're asking us to contact you!

Have a mortgage with another lender?

Don't worry, we've worked on short sales successfully with a variety of lenders. Contact us to get started on your sale so you can move on with your life!

Silicon Valley real estate market: The bidding war is back

Tue, 11 Aug 2009 03:24:00 -0700

8/9/09: San Jose Mercury News: "Silicon Valley real estate market: The bidding war is back"

"The affordable end of the Silicon Valley's housing market has taken off, with homes often attracting dozens of bids in a repeat of the overheated days of the dot-com boom and the housing bubble...."

"...But despite prices that are in some cases half what they were at the peak of the market, first-time buyers are being shut out, outbid by investors willing to pay cash for houses they think will bring a good return on their money as rentals and eventually appreciate in value..."

Welcome to the bottom: Housing begins slow rebound

Fri, 07 Aug 2009 04:05:00 -0700

8/2/09 Associated Press Article: Welcome to the bottom: Housing begins slow rebound

"...By every measure, except foreclosures, the housing market has stabilized and many areas are recovering... Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year..."

"...The freefall is over... The problem is that, Baker, like many economists, expects the housing market will "be bouncing around the bottom" for the second half of the year..."

"...There are also real threats that could poison this budding recovery. The unemployment rate, which is 9.5 percent, is expected to surpass 10 percent, leaving even more homeowners unable to pay their mortgages. Mortgage rates could rise, making homeownership less affordable. And the federal tax credit for first-time homebuyers, which as lured many into the market, is set to expire on Nov. 30..."

'"...As long as jobs are being lost, regardless of all the federal programs out there to help the borrowers, you're still going to have problems in the housing market," says Steve Cumbie, executive director of the Center for Real Estate Development at the University of North Carolina's Kenan-Flagler Business School....True, but when you've got bidding wars for foreclosures in places like Las Vegas, Phoenix and Los Angeles, it's time to call the bottom...'

Coyote Creek Trail Community Meeting - Aug 20

Fri, 07 Aug 2009 03:46:00 -0700

The City of San Jose is hosting a second community meeting for the 4.5 mile long Coyote Creek Trail. Issues raised in the first meeting will be addressed, and additional details of this pedestrian and bicycle trail will be shared, including trail amenities and aesthetic enhancements. Please join and share your ideas!

Thursday, August 20, 2009, 6:00-7:30pm
Roosevelt Community Center, Room B
901 E. Santa Clara St., San Jose

Coyote Creek Trail Web Site

BART Community Meeting - Aug 11

Mon, 27 Jul 2009 08:30:00 -0700

Councilmember Chu invites District 4 residents to a community meeting taking place Tuesday, August 11, 2009 at the Berryessa Branch Library. Come learn about the recent developments regarding the BART South Bay Extension. VTA will also be giving an update on the Final Environmental Impact Statement, which incorporates all of the public comment received in May.

Tuesday, August 11, 2009
6:00 – 8:00 p.m.
Berryessa Branch Library
3355 Noble Avenue
San Jose, CA 95132
Map of location

BART Silicon Valley Extension Web Site

Lender Requires HO-6 Insurance For Condo/Townhomes

Wed, 15 Jul 2009 07:53:00 -0700

Fannie Mae has a new requirement affecting all condo/townhome buyers as well as owners doing refinancing. In order to get the loan, the property must be insured with a "HO-6" coverage policy. Most condo/townhomes already have a master insurance coverage by the HOA however it is for the structure/exterior and does not cover the units' interior improvements. This does not affect single family homes because the hazard insurance already covers interior and exterior.

The following describe what HO-6 insurance is and how it is different from your typical condo/townhouse master insurance!

The HO6 homeowners insurance policy is designed to provide coverage which is not covered by the master policy of the condo/townhouse association...

HO6 Policy
* Covers your personal property
* Covers personal liability
* Covers interior walls and floor coverings
* Covers improvements or upgrades you made
* Usually has small deductible & fairly inexpensive
* Some associations require you have such policy

Masters policy (Policy for homeowners association)
* Does not cover your personal property
* Does not cover liability inside condo
* Does not cover improvements or upgrades you made
* Covers the condo building and some liability (such as walkways)
* May cover some interior parts

California $10K Tax Credit is No More

Tue, 14 Jul 2009 09:32:00 -0700

California's $10K tax credit program for buying a new home is no longer accepting applications. They have reached the limit.

http://www.ftb.ca.gov/individuals/New_home_Credit.shtml

Comparison of Real Estate Market Trend

Tue, 14 Jul 2009 08:35:00 -0700

You can see the inventory of homes for sale has dropped in San Jose and Milpitas and overall in Santa Clara County while other areas have not like Cupertino, Mountain View, Palo Alto. What does it mean? More homes on the market means more homes for buyers to choose from so sellers have to drop the price if the house doesn't sell. Less homes on the market means less homes for buyers to choose from so it's more likely a home will have offers from multiple buyers.

Inventory trend only tells one side of the story. Looking at the number of sold properties tells us how sales is doing. Overall in Santa Clara County and San Jose, sales is up and doing well. The dips in the graphs such as Mountain View and Palo Alto are from seasonal declines (less buyers/sellers over winter holidays).

Lastly the number of new properties tells us how many homes are coming on the market each month. Not counting seasonal declines, the number of homes coming on the market in San Jose and Milpitas is lower than the highs from last year. While in Mountain View it has been steady and in Palo Alto and Cupertino trending slightly higher. This can be attributed to the lower number of foreclosure homes being put up for sale in cities like San Jose which has had a high concentration of foreclosures before. Other areas not driven by foreclosures are about the same as before.

These charts show us the real estate market can be pretty different in each area. So when you are buying or selling a home, statistics for the particular area is most useful. Within a city it can also be different for different price tiers. neighborhoods, and types of homes.

Santa Clara County
Num. of For Sale Properties

Number of Sold Properties

Num. of New Properties Listed

More Market Trend Charts
for Santa Clara County

San Jose
Num. of For Sale Properties

Number of Sold Properties

Num. of New Properties Listed

More Market Trend Charts
for San Jose

Milpitas
Num. of For Sale Properties

Number of Sold Properties

Num. of New Properties Listed

More Market Trend Charts
for Milpitas

Cupertino
Num. of For Sale Properties

Number of Sold Properties

Num. of New Properties Listed

More Market Trend Charts
for Cupertino

Mountain View
Num. of For Sale Properties

Number of Sold Properties

Num. of New Properties Listed

More Market Trend Charts
Mountain View

Palo Alto
Num. of For Sale Properties

Number of Sold Properties

Num. of New Properties Listed

More Market Trend Charts
Palo Alto

6/12/09 Market Update Commentary

Fri, 12 Jun 2009 10:28:00 -0700

The Number of For Sale Properties By Month
in Santa Clara County

Market Trend Charts for Santa Clara County
Market Trend Charts for San Jose
Market Trend Charts for Milpitas

Change is coming for the real estate market. This spring we saw an increase in demand for housing fueled by low prices, low mortgage interest rates and tax credits. The demand for well priced entry level homes has caused the multiple offer scenario to be common for certain areas. Compared to the past 2 years, inventory of homes for sale is at its lowest point, pending sales at its highest, and number of new properties for sale each month has been on a decline recently. When you have more demand than supply, that causes prices to rise. But is it the bottom? This is what a bottom would look like.

However, recently the mortgage rate jumped. The low interest rate before was artificial, driven low by government money to stimulate the housing market. Well, government help isn't forever and neither were the low rates. The increase in mortgage rates will deter some buyers. They can't afford as much when the rate is 5.75% compared to 4.75%. The California tax credit for new homes is over 70% claimed. What happens to the market for brand new homes when the tax incentive is over?

Inventory of bank-owned homes for sale slowed to a trickle. The foreclosure of homes slowed down since last fall due to moratoriums imposed by state and federal government and attempts by lenders to modify the loans of troubled homeowners. Now mortgage default rates are on the rise indicating a continuation in the foreclosure rate. Will we be seeing another foreclosure wave? Apparently banks are not selling all their foreclosed homes. Will they continue to sell at a trickle to boost the prices or for other reasons?

The dynamics of demand and supply are changing and we'll see which way the real estate market turns.

Commentary Article: Inflation on the Horizon?

Fri, 12 Jun 2009 08:56:00 -0700

Commentary in REALTOR Magazine, June 2009: Inflation on the Horizon?

"...I spoke of the coming four horsemen of the real estate market apocalypse... The fourth horseman is still on the horizon but is quickly moving our way: rampant inflation. The reasoning behind my prediction is basic economics. Our government cannot print trillions of dollars to pay for wars and various industry bailouts without devaluing the worth of the dollar..."

"...It will become more difficult for consumers to afford a home, since wages seldom keep pace with inflation... But this will benefit the market, too. While higher home prices may deter some buyers, others will rush to purchase at a time when prices are appreciating. And home owners will be happy to see the value of their home go up..."

"...I see inflation taking hold within two years. The housing market will continue to decline through 2009, then home prices will stagnate for three to five years before climbing again around 2015. I say this with great humility, knowing that in times like this, with so many unforeseen variables, accurate predictions can be a moving target..."

Banks aren't reselling many foreclosed homes

Wed, 03 Jun 2009 09:58:00 -0700

04/08/09: Banks aren't reselling many foreclosed homes

"A vast "shadow inventory" of foreclosed homes that banks are holding off the market could wreak havoc with the already battered real estate sector, industry observers say.

Lenders nationwide are sitting on hundreds of thousands of foreclosed homes that they have not resold or listed for sale, according to numerous data sources. And foreclosures, which banks unload at fire-sale prices, are a major factor driving home values down...."

April existing home sales inch upward, prices fall

Mon, 01 Jun 2009 08:25:00 -0700

5/27/09: April existing home sales inch upward, prices fall

"Sales of inexpensive foreclosures and other distressed low-end properties have even sparked bidding wars in places like Las Vegas, Phoenix and Miami. But the market for high-end properties is at a virtual standstill, mainly because it remains difficult to get a mortgage for expensive homes..."

"...Foreclosures and other distressed sales made up about 45 percent of all transactions in April, according to the Realtors group..."

"...Another big problem is the lack of activity at the higher end of the housing market. Lenders have tightened standards dramatically, especially for so-called "jumbo" loans above $730,000 that cannot be purchased by Fannie Mae or Freddie Mac, the government-controlled mortgage companies...."

Where Home Prices Crashed Early, Signs of a Rebound

Tue, 19 May 2009 08:21:00 -0700

05/04/09: Where Home Prices Crashed Early, Signs of a Rebound

"SACRAMENTO ... This city was among the first in the nation to fall victim to the real estate collapse. Now it seems to be in the earliest stages of a recovery..."

"...Investors and first-time buyers, the traditional harbingers of a housing rebound, are out in force here, competing for bargain-price foreclosures. With sales up 45 percent from last year, the vast backlog of inventory has diminished. Even prices, which have plummeted to levels not seen since the beginning of the decade, show evidence of stabilizing..."

"...When a market bottoms, foreclosures usually stop piling up and banks become more willing to make loans, confident the collateral backing them will not fall in value..."

A Short Sale May Not Mean You're Home Free

Tue, 19 May 2009 08:16:00 -0700

04/30/09: A Short Sale May Not Mean You're Home Free

"... Some homeowners are finding that when they sell their homes for less than the outstanding mortgages -- a so-called short sale -- their mortgage companies are going after them for some or all of the difference. Mortgage companies are also sometimes taking legal action to recover unpaid amounts after a foreclosure is completed. In a growing number of cases, holders of mortgages or home-equity loans are requiring borrowers in short sales to sign a promissory note, which is a written promise to pay back a loan or debt. Real-estate agents and attorneys say they have seen an increase in requests for promissory notes as mortgage companies look to short sales as an alternative to foreclosure."

The lender may or may not have the right to go after the short amount in California depending on if the loan is a recourse or non-recourse loan. Please review sale contracts carefully and seek the advice of an attorney and CPA.

Tougher mortgage rules often leave condo sellers in a bind

Tue, 19 May 2009 08:09:00 -0700

04/28/09: Tougher mortgage rules often leave condo sellers in a bind

"... New mortgage industry policies are forcing lenders to look more closely at the makeup of entire complexes before extending loans to prospective buyers or to people who want to refinance..."

"... The increased scrutiny is making it tougher to buy -- and hence sell -- condos ... The policies are also exacting higher fees and larger down payments from condo buyers while limiting where they can live...."

New rules drive up fees for home appraisals

Tue, 19 May 2009 08:02:00 -0700

05/18/09: New rules drive up fees for home appraisals

"New rules designed to curb fraud in the appraisal process have had the unintended — and perverse — effect of making them more expensive, more time-consuming and, in some instances, less accurate, local mortgage brokers and appraisers say."

"...As of May 1, the appraisal and mortgage-brokering businesses need to abide by the "Home Valuation Code of Conduct," which attempts to reduce the possibility that brokers and lenders will pressure appraisers to "hit" certain target values rather than deliver independent assessments of what properties are worth...."

"Under the new code, if a borrower is obtaining a loan ... mortgage brokers can no longer directly request an appraisal of the borrower's property. Instead, only the lenders can do that... they must order appraisals through third parties known as appraisal management companies, who then farm out the work to contractors."

Reasons to Buy a Home (And Not Buy a Home!)

Mon, 11 May 2009 05:45:00 -0700

Reasons To Buy a Home Now

Lowest Mortgage Rates in Decades!

30 year fixed mortgage rates are at their lowest now! See the monthly average rates since 1971 at Freddie Mac. Interest rates over the years:

1972	1977	1982	1987	1992	1997	2002	2007	Apr 2009
7.44% 1 pt	8.72% 1.1 pt	17.48% 2.2 pts	9.2% 2.2 pts	8.43% 1.8 pts	7.82% 1.8 pts	7% 0.8 pts	6.22% 0.5 pts	4.81% 0.7 pts

Home Prices are Low!

The cheapest single family homes in San Jose are under $200,000! Who would have thought that could happen. How long will it last?

Do you want to buy when prices are high? Or when there’s a sale?

Tax Credits = Free Money!

Federal tax credit of $8,000 for first-time home buyers. If you owe $0 in federal tax, you can get $8,000 as a refund. That's earning free money! California offers $10,000 in state tax credit for buying a new home. That's $18,000 total in combined federal and state tax credits. California’s funds are limited and are already 50% claimed!

What can you do with extra $18,000?

See our blog entry "$18,000 Tax Credit For Home Buyers" for details.

Free Mortgage Protection Plan (Unemployment Insurance)

Are you afraid that if you lose your job, you won't be able to make the mortgage payments? First-time home buyers who use a REALTOR® can get free unemployment insurance. If you qualify and are laid off, you can get $1500 per month for 6 months (co-buyer can get $750 per month). See our blog entry "Mortgage Protection Program for First-Time Homebuyers" for details.

Even if you are not a first-time home buyer and do not qualify for the program, you can still get the unemployment insurance through participating lenders or just buy it yourself.

More Buyers = More Competition

With the great incentives available to buyers, there are now many buyers in the real estate market. Some homes receive multiple offers. Those homes have turned it from a buyer’s market into a seller’s market.

The longer you wait, the more buyers you will have to compete with. When there is a sale, do you want to be the first one there or the last one there?

Reasons to Not Buy a Home

You don't have a job. Well you certainly need income to qualify for a mortgage!
Your job or income is unstable. Did you know you can get unemployment insurance that helps pay for your mortgage in case you lose your job? Even without a job, you still have rent to pay...
You don't have money for a down payment. Wait -- that's not a reason... There are still ways to get 100% financing with home buyer assistance programs.
You may move in a few years. Real estate is definitely a long term investment!
You're afraid of buying too high and think home prices will drop more. Nobody knows for sure what will happen. You won't know the bottom has hit until it's over. Even when the economy is down, things still sell when they are priced low enough. Since you're in it for the long term, you shouldn't get caught up in short term value fluctuations.

Prepare yourself and buy when you're ready. Don't miss out on a rare opportunity! People that missed out the first time are sure not passing up the chance a second time. Buy low, sell high. Good luck!

04/24/09 Market Update Commentary

Fri, 24 Apr 2009 10:58:00 -0700

4/24/09 South Bay Inventory Statistics

4/24/09 San Jose Inventory Statistics

The weather's been hot lately... The real estate market has been too. Pending sales are up in certain areas, way up. Lots of people are buying single family homes under $500k range like first-time buyers and investors. Inventory is decreasing and buyers are scrambling to find homes. Interest rates are at their lowest in a few years. People are getting 4.75% 30 yr fixed with 1 point. FHA offers minimum 3.5% down payment and many people are taking advantage of it. First-time buyers get $8K federal tax credit (that's dollar-for-dollar credit against income tax). Brand new home buyers get $10K California tax credit (funds already 40% claimed!). First-time buyers of brand new homes can get $18K combined tax credit. What can you do with an extra $18K?

Fewer empty new homes means supply, demand in balance

Thu, 23 Apr 2009 09:36:00 -0700

04/10/09: Fewer empty new homes means supply, demand in balance

"... Excess supply – houses built or almost built without buyers – are back to lows last seen in mid-2004 and early 2005, the height of the buying frenzy. The tally as March ended was 1,159 empty houses in El Dorado, Placer, Sacramento, Sutter, Yolo and Yuba counties... That's far less than 3,226 the same time last year – and a peak of 4,598 in the third quarter of 2006.... It's evidence that builders and their bare-bones construction and sales staffs are finally getting supply and demand back in balance..."

New signs emerge that recession may be easing

Thu, 23 Apr 2009 09:00:00 -0700

04/16/09: New signs emerge that recession may be easing

"... The pace of new-home construction seems to be nearing a bottom. First-time jobless benefit claims fell more than expected for the second straight week..."

"... All told, growing evidence indicates the economy may be stabilizing..."

"... Low housing prices and record-low mortgage rates may finally be spurring sustained interest in home buying. The Federal Reserve reported Wednesday that the number of people shopping for homes is beginning to rise, leading to a scattered pickup in sales...."

Berryessa Art & Wine Festival - May 9

Wed, 22 Apr 2009 09:12:00 -0700

Spend the day sipping local and boutique wines and being part of the effort to keep music programs in local schools! The 34th Annual Berryessa Art & Wine Festival is a day for the entire family! With a stage filled with elementary to high school student musicians, a Kids Fun Zone, nearly 100 artist booths, and delicious foods, San Jose’s largest and oldest community festival is the place to be! Try your hand at wine and food pairing or find the perfect Mother’s Day gift. Special performances by the Independence High School 76th Cavalry Marching Band, who will representing San Jose in England January 2010.

Date/Time: Saturday May 9, 2009 10 a.m. to 5 p.m.

Location: Penitencia Creek Park, 3050 Berryessa Road, San Jose.

News article: http://www.berryessasun.com/berryessanews/ci_12115765

Is Silicon Valley's housing market 'leveling off'?

Fri, 17 Apr 2009 03:01:00 -0700

04/17/09: Is Silicon Valley's housing market 'leveling off'?

"... For the cheapest homes, however, some believe prices may have finally leveled off. There is intense demand for these homes — especially foreclosures being resold by banks — reminiscent of the boom days of the market, with multiple purchase offers and buyers bidding more than list price...

"...The high end of the market remains soft. It was initially stalled in the fall by stock-market woes and mounting job losses in the technology sector..."

"...At least two looming uncertainties make it difficult to know what will happen to prices next, experts said. One is whether another wave of foreclosures could drive down prices again. The other is whether job losses in the tech sector and the scarcity of jumbo mortgages will result in significant price declines and foreclosures in the high end..."

BART to Warm Springs, Fremont Project

Fri, 17 Apr 2009 02:35:00 -0700

The Warm Springs Extension will add 5.4 miles of new tracks from the existing Fremont Station south to a new station in the Warm Springs District of the City of Fremont.

For more information, visit the BART to Warm Springs Project Web Site

Latest News on BART to San Jose

Fri, 17 Apr 2009 02:24:00 -0700

2/28/09: BART to Berryessa: Sales tax projections force VTA to scale back plans

"...the Valley Transportation Authority will recommend building BART only as far as the Berryessa area of San Jose initially, and delaying the extension through downtown San Jose... The new calendar suggests the Berryessa extension could be completed by 2018, but BART through downtown would take at least until 2025..."

>> More latest news on the BART extension to San Jose

>> Bart to Silicon Valley Project Web Site

First Time Home Buyer Seminar - May 2

Thu, 16 Apr 2009 06:55:00 -0700

If you're planning on buying a home, this seminar is for you. Come learn about:

- Benefits of home ownership including the new $18,000 tax credits
- Preparing to buy: What you should do and not do before buying a house
- Financing options - How you can still get 100% financing!
- Buying procedure: What's involved in the purchase transaction and closing costs
- Opportunities in today's market: Buying brand new versus regular sale, short sale, and bank-owned foreclosures

NEXT EVENT:
Saturday, May 2, 2009 at 10:30AM-12PM

LOCATION:
Judy Wang Realtors Milpitas Office
1221 E. Calaveras Blvd, Milpitas 95035
In Victorian Square Plaza, at corner of Park Victoria and Calaveras Blvd.

The seminar is free. Seating is limited!

If you can't make this one, we can let you know when upcoming seminars are scheduled. Just sign up and select "Inform me of future events" to get a notification.

Help for Homeowners in Trouble

Tue, 14 Apr 2009 08:53:00 -0700

For homeowners in trouble who owe more than what the house is worth, there are several options available that you may qualify for, instead of opting for foreclosure and returning the house back to the bank. A foreclosure affects your credit score, shows on the credit report for years and affects your ability to buy another home in the future.

1. Short Sale

When the owner owes more than the house is worth, it is still possible to sell the home through a short sale. The lender will take a loss so they must approve the sale price. Judy Wang Realtors has successful sold short sale homes and some of our listings currently are short sales.

2. Refinance - "Home Affordable Refinance"

Previously it was impossible to refinance if your mortgage was more than the value of the house. Now with the goverment rescue plan passed in March, qualified homeowners can refi up to 105% of the home value. Lenders are starting to offer this now and we are also able to offer it to our clients. The requirements can vary from lender to lender and it may not follow the government's "Home Affordable Refinance" guidelines. So far, we can work with loans already with Fannie Mae (Freddie Mac to be available in the future). Lookup your address to see if Fannie Mae owns your mortgage. If there's a second mortgage, it doesn't count in the 105% of home value. Payments must be current (no late payments). And best of all, if there's no mortgage insurance currently, then there's no mortgage insurance going forward. This refinance can apply to primary residence, second homes, and also investment/rental properties. For more information to see if you qualify or a rate quote, contact your Judy Wang Realtors agent or email info@jwrealtors.com.

3. Loan Modification - "Home Affordable Modification"

For those homeowners who can't do the refinance and don't want to sell the home, you may be able to do a loan modification. You may be able to get a lower interest rate, reduced balance, etc. Lenders have an incentive now for modifying mortgages (money from government & avoiding foreclosure). You can try it yourself by asking the lender but you may not know the best way to structure your income and expenses to qualify. Making it look like you're very poor actually won't work. Each lender has their own guidelines and it may or may not follow the government's "Home Affordable Modification" policy. We are working with an attorney firm to do the loan modification so we can offer this to our clients. It's a good idea to get legal representation from an attorney to review the modification proposal since it is a legal instrument. For more information, contact your Judy Wang Realtors agent or email info@jwrealtors.com.

Mortgage Protection Program for First-Time Homebuyers

Fri, 10 Apr 2009 03:52:00 -0700

For those first-time home buyers who are hesitant to enter the real estate market in California due to fear of job loss, now you can get free mortgage protection $1,500 per month up to 6 months if you lose their job. A qualified co-buyer also can participate in the program, and receive a monthly benefit of $750 per month for up to six months. Program benefits also include coverage for accidental disability and a $10,000 death benefit. This program is sponsored by the California Association of Realtors and is available on a first come, first served basis with limited program funds.

To qualify for the Mortgage Protection Program:

Be a first-time home buyer – someone who has not owned a home in the last three years.
Open escrow April 2, 2009, or later, and close on or before Dec. 31, 2009
Use a California REALTOR® in the transaction
Purchase the property in California
Be a W-2 employee (cannot be self-employed)

For qualifications and details about the program, please visit:

http://www.car.org/aboutus/hafmainpage/carhafmortgageprotection/

The application form must be submitted by a Realtor. Contact your Judy Wang Realtors agent to apply for the Mortgage Protection Program. Don't miss out on this limited time opportunity.

Publications For Buyers - Earthquake Safety, Lead Protection, Environmental Hazard

Tue, 24 Mar 2009 12:22:00 -0700

A home buyer should review these publications when buying a home. They explain potential environmental hazards in the home such as mold, lead, asbestos, etc. Since earthquakes are common in California, buyers should also review earthquake safety and building weaknesses that can cause damage during an earthquake.

Download Residential Environmental Hazards (PDF)

Download Protect Your Family From Lead (PDF)

Download Homeowner's Guide to Earthquake Safety (PDF)

How To Lower Your Property Taxes

Tue, 17 Mar 2009 15:41:00 -0700

California homeowners can apply to lower their property taxes if the home value has declined, thanks to Proposition 8. This process is free and you can do it yourself. You will only be able to lower future tax bill, not current bill.

First, Check Your Property's Assessed Value

It is listed on the property tax bill. The assessed value is what property taxes are based on. You can also check online at your county assessor's web site. If your home value has dropped below the assessed value, then you should apply for temporary assessment relief. The county mails out a postcard around the middle of the year with their assessed value.

Determining Your Home Value as of Jan 1st

You will need to determine the value of your home as of January 1st of the current year. This requires looking a past home sales records. If you need help with this, please contact your Judy Wang Realtors' agent. We will be glad to help our clients free of charge.

How to Apply for Lower Property Tax

Each county has its own procedure and deadlines on appealing the assessed value. Below are links to local county web sites. Some counties have an online form you can enter and submit on the web site. In general, you will provide them a list of 3 homes similar to yours that sold around last January 1st but no later than March 31st to establish the value of the home as of January 1st. For help, your Judy Wang Realtors' agent will be able to provide you this data.

Santa Clara County	Look up assessed value	Home value decline request
San Mateo County	Look up assessed value	Home value decline request
Alameda County	Look up assessed value	Home value decline request
Contra Costa County	Look up assessed value	Home value decline request
San Francisco County	Look up assessed value	Home value decline request

Still Confused?

Contact your Judy Wang Realtors' agent for help!

Foreclosure Home Buying Seminar - March 21

Sun, 15 Mar 2009 07:19:00 -0700

We have scheduled our next seminar on buying foreclosure homes. Come learn about the different opportunities like short sales and bank-owned and what to expect when buying those kinds of homes. Agents will be on hand to provide a personalized tour of homes.

NEXT EVENT:
Saturday, March 21, 2009 at 10-11AM

LOCATION:
Judy Wang Realtors Milpitas Office
1221 E. Calaveras Blvd, Milpitas 95035
In Victorian Square Plaza, at corner of Park Victoria and Calaveras Blvd.

The seminar is free. Seating is limited!

If you can't make this one, we can let you know when upcoming seminars are scheduled. Just sign up and select "Inform me of future events" to get a notification.

USGS Earthquake Safety Guide

Thu, 05 Mar 2009 10:34:00 -0800

Since earthquakes are a way of life in California, it is a good idea to review earthquake safety and preparedness information once in a while so you're not caught off-guard.

Download Earthquake Safety Guide (PDF)
English & Spanish

Download Earthquake Safety Guide (PDF)
Chinese, Vietnamese & Korean

$18,000 Tax Credit For Home Buyers

Mon, 02 Mar 2009 06:40:00 -0800

Great news for home buyers! Recent stimulus plans are giving home buyers a credit on income taxes. Here's a quick summary of the federal and state programs.

See a chart comparing the federal and state tax credits.

$8,000 Federal Tax Credit - Only for First-Time Homebuyer

Only for first-time homebuyers (must not have owned home in past 3 years)
Tax credit is $8,000 or up to 10% of the home's value, whichever is less, claimed on 2008 or 2009 taxes.
This tax credit does not have to be paid back as long as buyer stays in the home for 3 years.
Purchase must be made between Jan. 1, 2009 and Nov. 30, 2009
Income restrictions: Buyers must make less than $75,000 for singles or $150,000 for couples. If over the limit, then credit is reduced.
Excess credit not used is refundable to buyer. If you owe $2,000 in income taxes and qualify for $8,000 tax credit, then you can receive a refund of $6,000.

See this web site for details:
http://www.federalhousingtaxcredit.com/

Download IRS Form 5405

$10,000 California Tax Credit - Only for Brand New Homes

Does not need to be first-time homebuyer
Home must be primary residence
Only for brand new homes purchased between March 1,2009 - March 1, 2010
Tax credit is 5% of home's price up to $10,000 max (So purchase price >= $200,000 = $10,000 tax credit)
The tax credit is applied over 3 years timeframe ($10,000/3 = $3333 per year)
It is not a loan. Don't have to pay it back as long as you live there 2 years.
Only $100 million in state funds have been set aside, available on a first come, first served basis
No income limitation
Excess credit not used is lost

See the CA Franchise Tax Board web site for details and procedure to apply:
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

7/14/09 Update: 12,138 applications have been received and since they reached their limit, they are no longer accepting applications.

If you qualify for both as a first-time buyer of a brand new home, that's up to $18,000 tax credits!

Let Judy Wang Realtors help you find a brand new home!

We track many of the new home communities out there around the Bay Area and receive updates on price reductions, closeouts, and promotions. We can negotiate the price and terms, tell you about things to look out for, explain the upside/downside to buying brand new, and know all the right questions to ask the builder. We've helped buyers buy brand new single family/townhome/condo homes, in Milpitas, San Jose, Cupertino, Fremont, San Francisco and beyond.

Judy Wang Blog

Short Sale Lien Aid

Fannie Mae's KnowYourOptions.com web site

Mercury News: Five strategies for pricing a home to sell

Upcoming Drop in Loan Limit Could Adversely Affect Bay Area Borrowers

US News: 10 Cities Where Rents Are Spiking

KeepYourHomeCalifornia.com - programs for California homeowners

When will housing come back in California? Five experts offer their views

Kiss 4% mortgage rates goodbye

Dos and Dont's of Homebuyer Incentives

Dos and Don’ts of Homebuyer Incentives

Make Your House FHA-Loan Friendly

Make Your House FHA-Loan Friendly

6 Reasons to Reduce Your Home Price

6 Reasons to Reduce Your Home Price

Clarification on Medicare Tax

Synopsis of BART to Silicon Valley Community Meeting

Silicon Valley house sales slide in Sept., but median price rises to $575,000

Banks Restart Foreclosures:

Questions and answers about the foreclosure freeze

California to join multistate inquiry of foreclosures by banks

Major banks temporarily suspend foreclosures

Unemployed? Get a federal loan to pay your mortgage

Foreclosure rates hold steady

Lenders putting few foreclosed homes on the market

Housing Woes Bring a New Cry: Let the Market Fall

Deadline is Aug 15 to apply for California first-time homebuyer credit

Feds put up $1 billion more for mortgage relief

Tax Credit Closing Deadline Extended

Tiny Homes

Fannie Mae increases penalties for strategic defaulters

California to offer program to trim underwater mortgages

California Mortgage Forgiveness Debt Relief Extended

$18,000 in Combined Homebuyer Tax Credits for a Limited Time

3/26/2010 Market Update Commentary

California extends $10,000 home buyer tax credit

New rule affects homeowners in foreclosure avoidance program

Stakes are high as government plans exit from mortgage markets

Investors dominate home flipping, auctions & FHA reverses flip rule

FHA tightens rules for riskier borrowers

Mortgage lenders cancel more foreclosures in November

Now's really the time to buy a home, many say

FHA to toughen rules for borrowers

Legitimized leasebacks picking up momentum

Expanded and extended homebuyer's tax credit expected to boost home sales

Free Public WiFi Internet Service in Milpitas

Milpitas Citywide Free Public WiFi Internet Service

Federal tax credit for home buyers extended and expanded

Feared flood of foreclosures in California may be averted

10/6/09 Market Update Commentary

Overfelt Gardens 16th Annual Chinese Moon Festival - Sept 27

Useful Real Estate Apps for iPhone

Community Meeting Sep 10: North San Jose Development Policy

Savvy buyers use self-directed IRA to buy homes

Those who lose homes may face state tax hit

Seeking owners with Wachovia/World Savings mortgages!

Silicon Valley real estate market: The bidding war is back

Welcome to the bottom: Housing begins slow rebound

Coyote Creek Trail Community Meeting - Aug 20

BART Community Meeting - Aug 11

Lender Requires HO-6 Insurance For Condo/Townhomes

California $10K Tax Credit is No More

Comparison of Real Estate Market Trend

6/12/09 Market Update Commentary

Commentary Article: Inflation on the Horizon?

Banks aren't reselling many foreclosed homes

April existing home sales inch upward, prices fall

Where Home Prices Crashed Early, Signs of a Rebound

A Short Sale May Not Mean You're Home Free

Tougher mortgage rules often leave condo sellers in a bind

New rules drive up fees for home appraisals

Reasons to Buy a Home (And Not Buy a Home!)

Reasons To Buy a Home Now

Lowest Mortgage Rates in Decades!

Home Prices are Low!

Tax Credits = Free Money!

Free Mortgage Protection Plan (Unemployment Insurance)

More Buyers = More Competition

Reasons to Not Buy a Home

04/24/09 Market Update Commentary