Updates Fraud Warning Issued by Department of Real Estate and California New Homes Buyer$100 Million Tax Credit Nearly Gone

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 California New Homes Buyer$100 Million Tax Credit

A few weeks ago I posted a blog warning about scam artists that are preying on financially trouble homeowners that are seeking loan modifications, short sales or foreclosure rescue.  This week, The California Department of Real Estate issued a "fraud warning”.  It now seems apparent that the “bad guys” are out there in full force.  Less than one year ago, the Department of Real Estate was receiving less than 10 complaints a month from consumers involved with loan modifications and foreclosure rescue companies…that number has now jumped to over 700 active investigations and more than  200 Desist and Refrain orders.

To check out this long list of bad characters see the Dept of Real Estate at this address http://www.dre.ca.gov/cons_drs.asp .

The consumer alert can be found at http://www.yourhome.ca.gov/fraud_warning.pdf .

$100 million New Home California Tax Credit Nearly Gone.

In another recent blog I reported on the $100 million new home tax credit available in California.  The tax credit is available to California homebuyers purchasing a new construction home as a principal residence and closing escrow before March 1, 2010.  Turns out that the tax credit has been popular indeed……The Franchise Tax Board (FTB) recently announced that the $100 million allocated by the state in new home tax credits will soon be gone. The FTB has received more than 9,800 applications, claiming nearly $95 million as of June 17.

 

To qualify, buyers must purchase a qualified principal residence that has never been occupied, and the buyer must reside in the new home for a minimum of two years immediately following the purchase date.

Complete details of the plan can be found at:

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

We are closing in on June 30th  and I'm happy to report that the past couple of months have been very active in the San Francisco Bay Area.  It will be very interesting to view the June results at our market metrics site, www.BayAreaMarketMetrics.com. If you want to see exactly were the market is today, compared to one year ago in the Bay Area just visit the site.

We are seeing general market improvement every week….if you have questions about whether to buy, sell or refinance and are in the San Francisco Bay Area….get in touch with me by phone at 650 325 7877 or email me at russ@bayareateam.com.

You can search for Bank Owned and Short Sale homes listed in the multiple listing service in the bay area by visiting www.allbayareabankowned.com .  My home loan website is www.bayareateamhomeloans.com.

Russ Boyd and his team professionally assist buyers, sellers and homeowners in the Peninsula Communities of the San Francisco Bay Area. They have served clients in San Mateo, San Francisco, Santa Clara, Alameda and Contra Costa counties. Licensed as a Real Estate Broker by the California Department of Real Estate, 01264240.

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