President Obama on Tuesday signed the $787 billion stimulus package, a measure he called the most sweeping financial legislation enacted in the nation's history. How is that going to affect our local Orange County Market?

Here's an extract from the California Association of Realtors newsletter on February 19, 2009:

• The historical American Recovery and Reinvestment Act of 2009 contains a provision to increase the Fannie Mae, Freddie Mac, and FHA loan limits in every county in the state to 2008 levels. C.A.R. has long advocated for higher conforming loan limits, and believes this stimulus package is a step in the right direction for California’s homeowners. The conforming loan limits in high-cost areas will be increased from $625,500 to $729,750, enabling more home buyers to purchase at favorable interest rates.

• The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Home buyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

• The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.

When it comes to your home search, you can always go to http://www.ocexecutives.com/ and check all the latest listings in the Orange County Market. And for any questions, we are here to help.

View every Home for Sale in Orange County MLS

Have you ever wondered where can you see ALL MLS Listings in Orange County, including those that are shortsales and foreclosures? Our website http://www.ochomebuyer.com/ offers all that, plus more. Users can see all properties without needing to register, plus, they can save homes in a personal file, set alerts for when bargain homes come in the market, or when a new Bank Owned REO and Short Sale is just listed. Other valuable services are area Map searches of all homes listed for sale. In addition, a user can also obtain a no cost and no obligation evaluation of the current market value of their home.
For other information regarding the area, visit http://www.ocexecutives.com/ There you can find valuable information about San Clemente, Laguna Niguel, Dana Point, San Juan Capistrano, Mission Viejo, Newport Coast, Laguna Beach and more.
If you have any questions regarding the local real estate market conditions, home prices, or to view some homes for sale, please feel free to drop us an email at helpdesk@ochomebuyer.com or give us a call at: 949-888-6788. We are licensed realtors, and serve all of Orange County, Ca.

Happy New Year everyone. Here’s my report for the beginning of 2009… I usually just give you the numbers, but I want to give you 3 good reasons why you should consider buying a home these days:

First : The rates
-The 30-year fixed-rate mortgage (FRM) averaged 5.14 percent for the week ending Dec. 24, 2008.
-The 15-year rate averaged 4.91 percent.
-Five year hybrid adjustable rate mortgages (ARMs) were higher at 5.49 percent, but 1-year ARMs were below 5 percent at 4.95 percent nationwide and even lower 4.75 in the Northeast and Southwest.
Good news: Interest rates are as low as they been since Freddie Mac started tracking them !
Second: Obama’s stimulus package
Earlier this week, Fed Chairman Ben Bernanke reported that the newly proposed Obama stimulus package could help boost economic activity.Obviously The Fed as well as the incoming Administration and Congress need to come to the plate and make it happen.
Third: Inventory is moving!

So if you are in the market to buy a home, now is a very good time.The good deals are out there and we are here to help you find them.Feel free to check out our website www.ocexecutives.com or call our helpdesk ar (949) 888-6788. We are happy to help!

First-Time Home Buyer Tax Credit: How It Works

The first-time homebuyer tax credit passed last fall, and many of our clients were wondering how it works. Here is an explanation provided by the National Association of Realtors:

The definition of first-time homebuyer is generous. To get the credit, the homebuyer cannot have owned a home in the previous three years. The home must be a principal residence and purchased between April 9, 2008 and July 1, 2009.
The credit is equal to 10 percent of the purchase price, up to $7,500. Single taxpayers with modified adjusted gross income up to $75,000 and couples with MAGI up to $150,000 will qualify for full credit. Singles with MAGI up to $95,000 and couples with MAGI up to $170,000 will get a reduced amount. Those with higher incomes don’t qualify.
If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference in the form of an IRS refund.
The homebuyer must begin to repay the credit in two years in increments of about $500 a year over a 15-year period for those who received the full credit
Homebuyers who sell their home before the credit is repaid must pay off the loan with any profits. If they sell the home at a loss, the loan is forgiven.

If you are a first-time homebuyer interested in taking advantage of this tax credit, visit our website, www.OCExecutives.com or give us a call. We will be happy to guide you through the process of buying your dream home!