Buyers Tax Credit Extended!
President Obama is expected to sign the congress-passed bill extending and expanding the Federal Tax Credit for First-time Home Buyers.  The tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners who are purchasing a new primary residence will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if t

Keeping Your Home
Many homeowners are faced with dire decisions today regarding keeping their homes through these difficult economic times.  There are several options available to financially troubled homeowners who wish to keep their homes.  According to Mark L. Strombotne, who practices real estate law in the Bay Area, these options include: 1.  Refinance - Federal Homeowner Affordability Refinance Program Fannie Mae or Freddie Mac loans Owner occupied 1-4 units, primary residence Amount owed on 1st mortgage does not exceed 125% of fair market value Not delinquent on mortgage payments Acceptable mortgage history Ability

26 Million Underwater Homeowners
Mark L. Strombotne, who practices real estate law in San Jose, spoke at our weekly office meeting this morning.  Mr. Strombotne gave us some very insightful, up-to-the-minute information on strategies for financially troubled homeowners.  He stated that nearly half of the nation’s 52 million mortgage borrowers will have negative equity by the end of the first quarter of 2011, up from the 14 million at the end of this year’s first quarter, according to estimates in an August 5, 2009 report by Deutsche Bank.

What’s Happening to Sales Prices in South County?
What’s been the trend in sales prices for south Santa Clara County real estate?  I’ll break it down by city looking at detached single family residences: Morgan Hill median Sold Prices, down 31% August ‘08 vs. August ‘09: Gilroy median Sold Prices August ‘08 vs. August ‘09 down 9%: San Martin median Sold Prices, down 58% August ‘08 vs. August ‘09:

Taste of Morgan Hill Event This Weekend!
Mosey on down to Morgan Hill’s charming downtown to experience the annual Taste of Morgan Hill Festival this weekend, September 26 - 27, 2009.  The Chamber of Commerce organizes an excellent array of enticing activities and nibbles that draw people back year after year. The expected 40,000 to 50,000 visitors will get to partake in: Fine arts and quality crafts Delicious food from local restaurants Award-winning wine and microbrew from local wineries and breweries Fun rides and entertainment Custom and