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California’s Screwy First-Time Home Buyer Tax Credit Running Out…But When?

Posted on June 24, 2010 by George Crowe

The funds allocated for California’s first-time home buyer tax credit were not used up in the first few weeks of the program as some had forecast back in April, but should all be spoken for soon. When exactly will the $100 million be gone? That’s a good question. According to the Franchise Tax Board website the state had received more than 17,000 applications, representing more than $91 million of the fund, as of June 22nd. They say they’ll stop accepting applications once they get 28,000, and that even those will be subject to the availability of remaining credits.

This means frustrating uncertainty for buyers who are in escrow now, since you can’t apply for the credit until your transaction has actually closed and you won’t know for a while if you’re going to get it or not. The FTB says they’ll announce the cutoff date on their webpage at least one full day before they stop accepting first-time buyer applications, but to put it diplomatically the whole system does not seem very well designed, as evidenced by a couple of choice quotes from the tax credit webpage:

“We expect it to take 3-6 months to notify taxpayers after an application or reservation is received.”

“It can take several minutes or possibly up to an hour to connect and transmit the fax.  If you receive a busy signal, try again later.”

And my favorite: “We have not processed any applications yet as our computer system is still being developed.”

So basically, at some point you’ll find out if you actually will get the credit…or not.  It could take six months before you know, and good luck trying to fax in your application.

Kidszstock & Joan Baez to Rock Marin County This Weekend

Posted on June 17, 2010 by Ginger Wilcox

Joan Baez will be performing in Fairfax on Saturday at past of Kidszstock, a day long festival taking place in Fairfax on Saturday. The event will benefit Cascade Canyon School, a small progressive private school in Fairfax where Baez’s granddaughter is apparently a first grader.

I have to admit that I am totally jealous that I can’t bring my kids.   This event looks amazing.  Marin County musicians from the ages of 6-18 will perform all day.  The kids had to audition for the event.

The event will include an interactive community art project, vendor booths from local businesses, carnival booths, tell chillout zone, instrument making, cookie decorating and more.  (WOW!)

I am imagining the site will be gorgeous – described as the rolling hills in the wooded canyon.

  • What: Kidzstock Music Festival
  • When: Saturday, June19, 2010, 11am-7pm (doors open at 10:30)
  • Where: The Theater for Tolerance, an outdoor theater built from recycled lumber by volunteers from Fairfax’s Cascade Canyon School
  • Benefits: Cascade Canyon Private School
  • Tickets: Adults $25, ages 6-17 $10, kids 5 and under are free.  Tickets can be purchased online or at the door.
  • Getting there: Parking is limited to street parking in surrounding neighborhoods.  Carpooling or public transportation is strongly recommended.
  • More Info

Dish Delivers- Mill Valley’s Hot New Dining Spot

Posted on by Stephen Pringle

Driving up Miller Ave today I stopped into the hip new restaurant called Dish for lunch. I was totally impressed with the décor, ambience, service and food. I like ordering at a counter and then having a runner bring me my food. They have great beer on tap and a nice outdoor patio perfect for people watching.

The concept of the restaurant is great because they support local and organic farms and businesses in the area like Equator Coffees, Cowgirl Creamery, Bell Weather Farms, just to name a few. I could tell a lot of the furniture was built using reclaimed wood and metal. Super cool!

I had the grilled eggplant pita sandwich with Tzatziki sauce, redwood hills feta, red pepper, and chick pea puree. Try it with the salad. It was delicious and full of flavor. The salad was huge and dressed perfectly. I love the concept of this restaurant. The menu is simple and the prices are really reasonable for what you get. Mill Valley needs a cool restaurant like this and good thing I don’t live down the street because you might see me here everyday.

Located at 507 Miller Avenue, Mill Valley.  Dish is open for breakfast, lunch & dinner.

Marin County Homebuyers Find Lots of Choice

Posted on June 16, 2010 by Ginger Wilcox

So what has been happening in the Marin Real Estate Market? Lots of homes for sale! This chart of home inventory shows the upswing in homes listed for sale in Marin over the last few months. We saw a major decline in homes being listed in the late fall and early spring with the bottom in March. Part of this decline was seasonal, but also reflected seller concerns about the market.

A similar story is happening with Marin condos for sale. The number of Marin condos listed actually jumped past July of last year. Many sellers raced to put their homes on the market to take advantage of buyer tax credits.

These numbers represent homes for sale across Marin County. Market statistics can vary dramatically in the individual cities.  Interested in learning more about Marin County price trends, supply and demand and leading indicators to help you make educated real estate decisions? Get our weekly Marin Real Estate Market Report.

Mt. Biking in Marin on Tamarancho Trail

Posted on June 10, 2010 by Stephen Pringle

If you love nature and mountain biking then try riding Tamarancho (Boy Scout Camp) in Fairfax. Being one of the few legal single tracks in Marin, it stands out as one of the best of our rides. The 9+ mile loop takes you through areas of dense trees, sprawling meadows and streams, through large boulders and a few intense rocky areas, through shaded redwoods and sun blasted moonscape terrain. What a blast! It’s best to ride it clockwise for an easier ride.

You can buy a season pass for $45 per year or a $5 daily pass at Sunshine bikes in Fairfax. The best place to meet and park is at the Java Hut parking lot in Fairfax across from Sunshine bikes and Iron Springs Brewery (try the J.C. Flyer IPA). Head up through town going west to Iron Springs Road and you will find your entrance on your left about ¾ of the way up. And after your ride head to Gestalt Haus on Bolinas Rd. for a sausage and a beer. You can park your bike inside the bar and stare at your now dirty bike while drinking a beer. What a life!

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Fannie Mae Loan Quality Initiative To Repull Your Credit Before Closing

Posted on June 8, 2010 by Ginger Wilcox

Fannie Mae’s new loan quality initiative will make it harder for Marin home buyers and refinancing homeowners to close on a mortgage.

Beginning June 1, 2010, with all new applications, Fannie Mae wants lenders to verify that borrowers have not taken on new debt during the underwriting phase of the mortgage. If new debts are found, the mortgage is subject to a re-underwrite and a possible turndown.

Fannie Mae hopes to reduce the number of loans that go bad because of new, non-disclosed debt. Lenders have the freedom to verify in whatever manner they wish, but in most cases, the verification process will amount to a credit re-pull made just prior to closing.

The underwriters will be looking for 3 things in particular — even after your loan is approved.

  1. Your updated credit report will show your current credit card bills and minimum monthly payments.  Those numbers will replace your original numbers made at the time of application.  If the debts exceed a certain threshold, your loan will be denied.
  2. Underwriters will be looking at your updated credit score. If your FICO has dropped below minimum lending standards, your loan will be denied or you may be subject to a new loan-level pricing adjustment. Loan level pricing adjustments are mandatory loan fees based on your credit score.
  3. Underwriters will be looking at your credit report’s Credit Inquiry section. The goal is to see if you’ve been applying for credit elsewhere. Underwriters can use this information at their discretion.

Fannie Mae is trying to improve its loan pools with the Loan Quality Initiative. Unfortunately, it’ll mean more loan denials for mortgage applicants.

If is important for homebuyers to take extra care of your credit between the time of application and the time of closing. Don’t buy new cars, don’t buy new appliances, and — most definitely — don’t open new credit cards.  Be extra safe with your credit because a mortgage application that’s supposedly cleared-to-close can be revoked at the eleventh hour.

When in doubt, talk to your loan officer about what may or may not trigger the Loan Quality Initiative.

Consumer Confidence Hints At Higher Home Prices, Higher Mortgage Rates

Posted on by Ginger Wilcox

Consumer Confidence Index May 2008-May 2010The Consumer Confidence Index is rising, a potentially double-edged sword for residents of Marin County and for Americans in general.

According to The Conference Board, economic confidence is as high as it’s been since August 2007 — 4 months before the start of the recession.  Americans are optimistic again.

Confidence matters to the economy because as confidence increases, in theory, consumer spending follows.  Consumer spending accounts for 70 percent of the U.S. economy, which is why Wall Street is responsive to confidence data.

When consumer confidence is rising, households start to make big-ticket purchases they may have otherwise put off indefinitely.  Maybe it’s a replacing old appliances; or, trading in an old automobiles; or, splurging on a vacation.

Rising confidence can also spur real estate sales. When confidence is rising, a growing family that chose to “make do” in their 3-bedroom, 1.5-bathroom starter home may opt to move-up to a 4-bedroom, 3-bath instead at a slightly higher monthly carrying cost.  And there are families in every city in every state making those same decisions.

As a result, the housing market gets a boost — especially in the mid-to-upper price ranges. Values rise on higher demand for homes. The downside is that growing confidence tends to push conforming and FHA mortgage rates up.  This is because an expanding economy draws investment dollars away from bonds and into stocks — including mortgage bonds.

The reduced demand for mortgage-backed bonds leads bond prices to fall and mortgage rates to rise.  Sometimes by a little, sometimes by lot.

The consumer confidence may have less of an impact on Marin County home prices as our market was behind the rest of the country to fall.

Grand Prix Tennis Series at the Marin Tennis Club

Posted on May 28, 2010 by Julie Segura

The Marin Tennis Club hosts the Grand Prix Tennis Series this weekend.   The tournament is part of a six series event .

The event includes men, women and mixed doubles competition and players at levels from 3.0 to 4.5.  The matches on Friday start at 4:30, 6:30 and 7.  On Saturday and Sunday, matches run from 8:30am until 4:30.  Finals are on Monday and start at 9am.

Go out and cheer on your local players!  Food and drinks are available at cost at the club.

  • What: Grand Prix Tennis Series Memorial Weekend Tennis Championships at the Marin Tennis Club
  • When: Memorial Weekend, May 27-30
  • Where: 925 Belle Avenue, San Rafael in the Domincan
  • More Details

DVR the French Open and get out and watch some live local tennis!