Hadassah Rozansky

How to Pay Off Your San Diego Real Estate Mortgage EarlyHow to Pay Off Your San Diego Real Estate Mortgage Early

Hadassah Rozansky — Thu, 28 Jan 2010 17:00:00 GMT

Few things sound better than paying off a thirty-year San Diego real estate mortgage early. Not only will you be free of mortgage payments, you could also save thousands of dollars in interest payments over the life of the loan. Here are four ideas to help you pay off your mortgage early:

Apply any windfall monies you receive to your mortgage balance. Be sure to indicate that this is an extra payment and should be applied exclusively to your principle.

Make bi-weekly mortgage payments. Making exactly one-half payment every two weeks will add up to a total of twenty-six half payments per year. Or, thirteen whole payments each year instead of twelve. That’s the secret to paying off a San Diego real estate mortgage early with bi-weekly payments. The interest rate itself isn't reduced, but the amount of money you pay in interest on the principal is.

Overpay a fixed amount every month. By sending in an extra fixed amount as an additional principal payment every month, you'll reduce the length of time it takes you to pay off your mortgage. By sending in a fixed amount every month, you can easily automate this process.

Use a prepayment calculator to figure out other ways to pay your mortgage off early. The free prepayment calculators available on the internet can also help you determine how quickly you can become mortgage free.

Before implementing any of these methods to pay off your San Diego real estate mortgage early, contact your mortgage lender to find out if you'll be incurring any additional fees. It's also a good idea to ask your mortgage lender if there are any specific instructions you need to follow to be sure your payments are processed correctly.

Thinking about buying a home that you can pay off quickly? Call me now at 760-809-2788] or email me at CoastCondo@earthlink.net for more information.

How to Survive an Earthquake

Hadassah Rozansky — Mon, 25 Jan 2010 17:00:00 GMT

EXTRACT FROM DOUG COPP'S ARTICLE ON THE: "TRIANGLE OF LIFE"

My name is Doug Copp. I am the Rescue Chief and Disaster Manager of the American Rescue Team International (ARTI), the world's most experienced rescue team. The information in this article will save lives in an earthquake.

I have crawled inside 875 collapsed buildings, worked with rescue teams from 60 countries, founded rescue teams in several countries, and I am a member of many rescue teams from many countries...

I was the United Nations expert in Disaster Mitigation for two years. I have worked at every major disaster in the world since 1985, except for simultaneous disasters.

The first building I ever crawled inside of was a school in Mexico City during the 1985 earthquake. Every child was under its desk. Every child was crushed to the thickness of their bones. They could have survived by lying down next to their desks in the aisles. It was obscene, unnecessary and I wondered why the children were not in the aisles. I didn't at the time know that the children were told to hide under something.

Simply stated, when buildings collapse, the weight of the ceilings falling upon the objects or furniture inside crushes these objects, leaving a space or void next to them. This space is what I call the "triangle of life".

The larger the object, the stronger, the less it will compact. The less the object compacts, the larger the void, the greater the probability that the person who is using this void for safety will not be injured. The next time you watch collapsed buildings, on television, count the "triangles" you see formed. They are everywhere. It is the most common shape, you will see, in a collapsed building.

TIPS FOR EARTHQUAKE SAFETY

1) Most everyone who simply "ducks and covers" WHEN BUILDINGS COLLAPSE are crushed to death. People who get under objects, like desks or cars, are crushed.

2) Cats, dogs and babies often naturally curl up in the fetal position. You should too in an earthquake...it is a natural safety/survival instinct. You can survive in a smaller void. Get next to an object, next to a sofa, next to a large bulky object that will compress slightly but leave a void next to it.

3) Wooden buildings are the safest type of construction to be in during an earthquake. Wood is flexible and moves with the force of the earthquake. If the wooden building does collapse, large survival voids are created. Also, the wooden building has less concentrated, crushing weight. Brick buildings will break into individual bricks. Bricks will cause many injuries but less squashed bodies than concrete slabs.

4) If you are in bed during the night and an earthquake occurs, simply roll off the bed. A safe void will exist around the bed. Hotels can achieve a much greater survival rate in earthquakes, simply by posting a sign on the back of the door of every room telling occupants to lie down on the floor, next to the bottom of the bed during an earthquake.

5) If an earthquake happens and you cannot easily escape by getting out the door or window, then lie down and curl up in the fetal position next to a sofa, or large chair.

6) Most everyone who gets under a doorway when buildings collapse is killed. How? If you stand under a doorway and the doorjamb falls forward or backward you will be crushed by the ceiling above. If the door jam falls sideways you will be cut in half by the doorway. In either case, you will be killed!

7) Never go to the stairs. The stairs have a different "moment of frequency" (they swing separately from the main part of the building). The stairs and remainder of the building continuously bump into each other until structural failure of the stairs takes place. The people who get on stairs before they fail are chopped up by the stair treads - horribly mutilated. Even if the building doesn't collapse, stay away from the stairs. The stairs are a likely part of the building to be damaged. Even if the stairs are not collapsed by the earthquake, they may collapse later when overloaded by fleeing people. They should always be checked for safety, even when the rest of the building is not damaged.

8) Get Near the Outer Walls Of Buildings Or Outside Of Them If Possible - It is much better to be near the outside of the building rather than the interior. The farther inside you are from the outside perimeter of the building the greater the probability that your escape route will be blocked.

9) People inside of their vehicles are crushed when the road above falls in an earthquake and crushes their vehicles; which is exactly what happened with the slabs between the decks of the Nimitz Freeway... The victims of the San Francisco earthquake all stayed inside of their vehicles. They were all killed. They could have easily survived by getting out and sitting or lying next to their vehicles. Everyone killed would have survived if they had been able to get out of their cars and sit or lie next to them. All the crushed cars had voids 3 feet high next to them, except for the cars that had columns fall directly across them.

10) I discovered, while crawling inside of collapsed newspaper offices and other offices with a lot of paper, that paper does not compact. Large voids are found surrounding stacks of paper.

Spread the word and save someone's life... The Entire world is experiencing natural calamities so be prepared!

"We are but angels with one wing, it takes two to fly"

In 1996 we made a film, which proved my survival methodology to be correct. The Turkish Federal Government, City of Istanbul , University of Istanbul Case Productions and ARTI cooperated to film this practical, scientific test. We collapsed a school and a home with 20 mannequins inside. Ten mannequins did "duck and cover," and ten mannequins I used in my “triangle of life" survival method. After the simulated earthquake collapse we crawled through the rubble and entered the building to film and document the results. The film, in which I practiced my survival techniques under directly observable, scientific conditions, relevant to building collapse, showed there would have been zero percent survival for those doing duck and cover.

There would likely have been 100 percent survivability for people using my method of the "triangle of life." This film has been seen by millions of viewers on television in Turkey and the rest of Europe, and it was seen in the USA, Canada and Latin America on the TV program Real TV.

Real Estate Update for Carlsbad, CA Homes for Sell and Buyers

Hadassah Rozansky — Thu, 21 Jan 2010 17:00:00 GMT

2009 was a rough stretch for many Carlsbad, CA homes for sell and buyers, but new reports hint at possible stabilization in the housing market that may prove beneficial for everyone. As 2009 rolled to a close and 2010 opened into a new year, economic and real estate reports poured out good news, but bad news wasn’t far behind. For each positive note, there is always that unavoidable “but”:

Mortgage rates are holding steady below 5%, thanks to government intervention. Thanks to the low rates, more people are buying and refinancing. However, the downside is that banks are more reluctant to refinance or loan. This leaves many, who want to buy a Carlsbad, CA home for sell, with the inability to do so. Ironic that, in a buyer’s market, it’s the banks with all the selling power.

The other “but” is that the Federal Reserve program providing the low mortgage rates is set to expire in March. Rates could very well double shortly after, which is highly likely to drop the number of interested buyers. A drop in buyer numbers will only further shift the supply/demand ratio.

As of December 10, 2009, the number of foreclosures in a month had dropped 16%, nationwide. The home buyer tax credit expansion, foreclosure prevention programs and loan modification programs have helped, as well as state mandated financing programs. As great as that is, there were still over 300,000 foreclosures in November, 2009, which is 18% higher than November, 2008.

Home prices are “firming,” showing improvement over five consecutive months. Although the rise is considered mild, fewer homeowners are underwater, where they owe more mortgage than their house is worth. Because housing prices are improving, home sellers are more confident in the listing prices they’ve set.

However, many – who are currently unemployed - have ARM mortgages that will be resetting shortly. While they can afford their current mortgages, many won’t be able to afford a higher one. This could bring another round of foreclosures and another drop in housing prices.

What does all this mean for Carlsbad, CA homes for sell and buyers? As Ben Franklin put it, “nothing in this world is certain, except death and taxes.” However, there is also the famous “nothing ventured, nothing gained.” 2010 could be rocky, but, if you’re careful and do your research, you’ll find smooth sailing ahead.

If you’re trying to buy or sell a home, I can help. Call me at 760-809-2788 or email me at CoastCondo@earthlink.net for more information.

Thinking About Buying a San Diego Condo? What You Need to Know

Hadassah Rozansky — Thu, 14 Jan 2010 17:00:00 GMT

If you’re thinking about buying a San Diego condo, it’s imperative that you know what you’re getting into, and how the past year has changed things. The rules and regulations for condominium mortgages have changed a lot in 2009…

In April, the two government-run mortgage companies, Fannie Mae and Freddie Mac, tightened their guidelines for those looking to own a San Diego condo or any multi-family home. The restrictions make it harder for potential buyers to get financed through Fannie Mae and Freddie Mac, which makes a mortgage more expensive.

The April policy requires that the condominium association and operations be evaluated, as well as your credit qualifications. The new requirements touch on subjects such as:

The association’s insurance

Financial statements

Status of dues receivable from those living in the condo

Who owns what units

How many units are empty

If the condominium you’re looking at doesn’t come back with a good report, you may have to go to a private mortgage insurer. Unfortunately, private insurers are becoming even pickier; some have quit covering condo mortgages all together. To be able to get a loan, even with good credit, you may end up paying as much as 40% down to get mortgage payments you can afford.

Even if the condo is approved, however, you’ll still need to come up with 25% or try government financing. Fannie Mae and Freddie Mac say it doesn’t matter what your credit score is. If you can’t pay 25% or more in the down payment, you’ll end up with a three-quarter point add-on penalty - $750 for every $100,000 borrowed. What’s the penalty for? Not buying a “traditional,” single-family home.

What’s the moral of the story? If you want to buy a San Diego condo, spend more time researching than you normally might. Look for those that have at least a 50% occupancy rate. Find out if the occupants pay their dues, and if one person owns more than 10% (a big “no deal” for the two mortgage companies). Good condos are out there and available, but the rules make buying a hard game to play.

If you’re looking for a great condo that qualifies for Fannie Mae/Freddie Mac financing, I can help. Call me at 760-809-2788 or email me at CoastCondo@earthlink.net for more information.

How to Improve the Insulation of Your San Diego Real Estate

Hadassah Rozansky — Thu, 07 Jan 2010 17:00:00 GMT

We’re all looking for ways to cut costs in our San Diego real estate. One of the most efficient ways to save money is to insulate. There are two simple ways to insulate your home that you may not have thought of before. Here is the low down on each of them:

Add Weatherstripping
You may be familiar with weatherstripping on your car, but have you ever thought about weather-stripping your house? It comes in many different sizes, so you can easily choose the right kind for your San Diego real estate. Pre-weather stripped doors are now sold in many home improvement stores.

When choosing which weather stripping to buy, consider the amount of friction that it will need to stand up to. It would be better to use vinyl weatherstripping in high traffic areas. You could use felt weather stripping to protect areas that don’t get a lot of wear and tear.

Clean and dry the area before applying the weatherstripping in one long strip. When installing the weatherstripping to doors, make sure that the edges compress slightly when closing the door. Install around each of the windows and doors to your house. It will keep the cold air out, and help improve the energy efficiency of your home.

Insulate Your Water Heater
Another way to conserve energy is to insulate your water heater. A water heater jacket is one of the most inexpensive ways to protect from heat loss. Look for an insulating jacket that has a rating of at least R-8. You can buy them pre-cut for easy installation. Most water heater jackets are held in place with belts provided in the installation kit.

Check the manufacturer’s instructions before you set the temperature on the water heater. A temperature setting that’s too high can cause the wiring to overheat.

These insulation tips are easy to do in your spare time. You can save a lot of money on your utility bills by preventing energy loss and insulating your San Diego real estate.

Want to buy a well-insulated, energy-efficient home? I can help. Call me today at 760-809-2788 or email me at CoastCondo@earthlink.net.

Moscow Ballet's Great Russian Nutcracker

Hadassah Rozansky — Fri, 11 Dec 2009 18:46:00 GMT

Moscow Ballet

The Moscow Ballet touring company features top graduates of Perm, Vaganova, Moscow State Academic Choreographic and Kiev schools. Chief Choreographer Anatoly Emelianov returns with Vladimir Troshchenko as co-artistic directors, and Andre Litvinov joins them.

Moscow Ballet is best known for its annual Great Russian Nutcracker holiday productions. The company evolved out of the all-star Russian cast "Glasnost Festival Tour" (1986-92), created by award-winning Juilliard alumnus, composer/conductor and theatrical producer, Akiva Talmi. Moscow Ballet made its debut in 1993, with an all-star Russian cast presenting the Great Russian Nutcracker, directed and choreographed by Stanislav Vlasov (soloist, Bolshoi Theatre).

Cool Yule

Hadassah Rozansky — Fri, 11 Dec 2009 18:27:00 GMT

The San Diego Men's Chorus and the Gay Men's Chorus of San Diego's joint holiday concert "Cool Yule" will take place at the historic Balboa Theatre on Saturday, December 12, at 8:00 p.m.

To Learn More About This Great Cool Yule . . .

Why Would Lenders Hold Back Carlsbad CA Foreclosures?

Hadassah Rozansky — Wed, 02 Dec 2009 19:56:00 GMT

It’s in the news and has been for several months now; financial institutions may be holding back their inventory of Carlsbad CA foreclosures and national foreclosures. Why on earth would they do that?

For those of you who are wondering what would cause lenders to hold back on listing Carlsbad CA foreclosures, here’s a little information that might enlighten:

April 2009, the San Francisco Chronicle published a news article about the state of foreclosed homes. In the article, Rick Sharga, vice president of RealtyTrac said, “We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market.” With an already glutted market, imagine what would happen to real estate if those 600,000 foreclosed properties flooded the market further.

October 2009, CNN Money.com stated in an article, “Despite concerted government-led and lender-supported efforts to prevent foreclosures, the number of filings hit a record high in the third quarter, according to a report issued Thursday.” According to the report, one in every 136 homes – a staggering 937,840 homes - were in foreclosure.

Financial institutions know that the foreclosures could cause a severe drop in the average price of housing. Should prices fall farther, faster, lenders would not be able to recoup their losses.

Some may be holding a few properties back for a “rainy day” – for when the prices start to rise again.

Even though lending institutions are holding back on some of their inventory of Carlsbad CA foreclosures, there are still some great deals to be found.

If you’d like to find a great deal on a foreclosed home, I can help. Call me now at 760-809-1788 or email me at CoastCondo@earthlink.net for more information.

The Unavoidably Unavailable Carlsbad CA Home for Sale

Hadassah Rozansky — Wed, 02 Dec 2009 19:46:00 GMT

“I’m sorry. I know I have a Carlsbad CA home for sale, but I’m not available for questions and you can’t see it. Please leave a message after the beep.”

No More Precious Commodities
Houses are no longer the precious commodities they once were. A Carlsbad CA home for sale is no longer a rare occurrence. This is the biggest reason for the splurge of hints from real estate agents: update your curb appeal, stage the house, etc. Something seems to have been forgotten along the way: availability.

Where Were You When…?
Very rarely will anyone ever buy a house unseen. So the real question is have you (and/or your agent) been available for potential homebuyers, or have the potential buyers had to guess at what the inside of your home looks like?

Buyer agents are starting to complain: “I had this tour all lined up to show houses, called the seller agents and couldn’t get through. By the time it was all said and done, my list of fifteen homes to show became five.”

If you’re trying to sell a house, you have to make it available for buyers to view. Too many sellers think that buyers will look over the home when they (the sellers) are available. “Hey, it’s great that you have potential buyers who want to look at my house right now, but I have stuff to do. Rearrange your housing tour, set it back a few hours and I’ll meet you there at six.”

What if the potential buyer doesn’t have until six to look at your house? For that matter, what if I (as the buyer agent) can’t put your house in the last slot on the tour? Why would the buyer meet you at an inconvenient time for them when there are plenty of other homes available?

Conclusion
A lot of sellers have their houses listed as “by appointment only,” but this only works if you answer your phone to make the appointment. Others have seller agents who hold the keys, but buyer agents can’t get the keys without being able to reach the seller agent.

If you really are a motivated seller with a Carlsbad CA home for sale, remember that you have lots of competition who may be more available. Answer your phone, tweak your schedule so it’s wide open and show that you really are a “motivated seller” – make your home available.

If you want an experienced real estate agent that will be able to help you with all of these needs contact me at 760-809-1788 or email: CoastCondo@earthlink.net

Safeguard Your Carlsbad CA Real Estate this Holiday

Hadassah Rozansky — Wed, 02 Dec 2009 19:00:00 GMT

During this festive season, our thoughts turn to giving gifts, baking delicious treats in our Carlsbad CA homes and visiting friends and family. However, there are others who think about unoccupied, gift-filled houses.

Don't give a thief a chance this year. Safeguard your Carlsbad CA Real Estate for the holidays by following these tips:

Holiday Safety at Home

Keep all doors and windows locked, even if you step out for a moment.
Videotape valuables so you'll have a record of ownership.
Inspect all holiday lights for frayed wiring before your hang them.
Beware of strangers coming to the door asking for charitable donations. Ask for identification, if donations are tax deductible, how the funds will be used. If you are not satisfied, don't give. Instead, help a charitable group you know.

Holiday Events Away from Your Carlsbad CA Home

Turn on lights, a television or radio so that it appears that someone is home.
Lock all doors and windows.
If you have a home alarm system, use it. Alarm systems are only useful when they're activated.
Holiday gifts should not be displayed where they can be seen from the outside.
Never leave keys under doormats, flowerpots or other “secret” hiding places -- burglars know where to look for hidden keys.

Holiday Travel

Secure all doors and windows including your pet doors. Burglars can gain access to your premises from amazingly small openings - including cat doors. Secure all pet doors and remember to lock every single window and door, including those on garages and exterior buildings or storage sheds.
Ask a neighbor to watch your house and pick up any packages left for you.
If you leave your car at home, park it where you normally would.
Use automatic timers for your interior and exterior lights.
Stop your mail and newspaper deliveries.
Arrange to have snow shoveled (if necessary) while you're away.
Notify your local police department and leave a number where you can be reached in case of an emergency.

Take the time to be safe so you can relax and enjoy this wonderful time of the year.

Happy Holidays to you and yours!

San Diego Real Estate Market Gets a Boost with Tax Credit Extension

Hadassah Rozansky — Wed, 02 Dec 2009 18:49:00 GMT

Real estate aficionados who follow the upswings and dips in the San Diego real estate market were worried that the end of the first-time homebuyer’s credit would mean an end to housing sales. Sales were up, prices were down and the market seemed to be stabilizing – thanks, in large part, to the tax credit. The tax credit motivated potential homebuyers to become actual homebuyers, which kept home sales stable.

Fortunately, those worries were groundless. President Obama signed a five-month extension on the first-time buyer tax credit November 6th. The Worker, Homeownership and Business Assistance Act of 2009 covers quite a few new bits of housing legislation:

Extends the first-time tax credit until April 30, 2010
Expands to include those homebuyers that haven’t owned a home in three or more years
Allows first-time buyers that are overseas military personnel to take advantage of the credit until May 2011
Requires documented proof that the buyer actually bought a home
Changes the credit amount from $8,000 to “$8,000 or 10% of the home’s value”, whichever is less
Sets the qualification guidelines at $125,000 a year or less for individuals and $225,000 or less for couples (credit amount becomes a scaled decrease above these income levels)
Requires a minimum age of 18 for those applying for the tax credit
Adds $6,500 tax credit for those that have lived in a home for at least five years, but want to buy a larger house

I think a lot of people want to own a home, and the extension of the tax credit can only help. As a result of the extension, buyers may take a little longer, peruse the San Diego real estate market and make sure they’ll enjoy the home they buy. While I don’t see a long line of buyers standing in line, I do see the potential for long-term market stabilization.

If you want to take advantage of the new tax credit extension, I can help. Call me today at 760-809-1788 or email me at CoastCondo@earthlink.net for more information.

Picking a Carlsbad CA Real Estate Agent

Hadassah Rozansky — Wed, 02 Dec 2009 18:37:00 GMT

Picking a Carlsbad CA real estate agent is a big decision. Buying a home isn't something most people do on a regular basis and rarely do they know agents personally or have one on retainer like they may have a lawyer for regular business purposes.

If your job doesn't entail a lot of property transactions you might feel like a fish out of water when looking around for a Carlsbad CA real estate agent. Fortunately, deciding on the right one isn't as hard as you might think.

Real Estate Agents Are People Too

That's right, they have the same qualities you would think of in any other individual you might do business with. So, finding an agent really comes down to measuring many of the same values you'd use to choose another business associate.

Honesty
Reputation
Track Record
Associations

Here are two tips to help you determine which real estate agent is right for you:

Ask the agents you're considering for a list of past clients. Contact those past clients to find out what they thought of the agents and if they'd use them again.
Interview the real estate agents. Ask them how long they've been in the Carlsbad CA real estate business, how many homes they've sold in the past year, how they can help you find a home.

If you're looking for a Carlsbad CA real estate agent, I'd be honored if you'd give me the opportunity to interview for the job. Contact me now at 760-809-1788 or email me at CoastCondo@earthlink.net.

Hospice of the North Coast's Light Up A Life

Hadassah Rozansky — Wed, 02 Dec 2009 15:11:00 GMT

Date: Sunday, December 6, 2009

Time: 2:00 PM to 4:00 PM

Venue: Windmill Banquet and Catering

Address: 890 Palomar Airport Road Carlsbad, CA 92008 View map

Hospice of the North Coast invites you to attend "Light Up A Life", a memorial and candle lighting ceremony.

This event will commence Sunday, December 6, 2009 from 2:00 p.m. to 4:00 p.m., at the Windmill Banquet & Catering, 890 Palomar Airport Road (enter under the Windmill next to TGI Friday's. Take the elevator/stairs to the 2nd floor).

Dr. Edith Eva Eger, with a specialty in post traumatic stress disorder (PTSD), is a holocaust survivor and international speaker. She will be our featured speaker. A defining moment in her life was her mother's last words to her as they arrived at the concentration camp: "They can take everything from you except what you put in your mind."

For more information, or to RSVP to attend, call Yvette Williams at (760) 431-4100 or email : ywilliams@hospicenorthcoast.org

C.A.R. Mortgage Update - Thinking of halting payments on house?

Hadassah Rozansky — Tue, 10 Nov 2009 18:12:00 GMT

Some homeowners underwater on their houses—who owe more on their mortgages than their homes are
worth—wonder what would happen if they were to stop paying their mortgages.

When lenders do not receive payments, the first action taken by the lender is to report the missed payment
to the credit bureaus by the first day of the next month. Sometimes this can happen in as little as two weeks
from the due date, depending on when the payment is due. Generally, this action will leave a negative mark
on a credit report and decrease the homeowner’s credit score by as much as 200 points.

Because of the negative mark on the homeowner’s credit report, within the next 30 days, homeowners can
expect their other creditors to take note of the late payment and to take action. Credit card issuers may
raise interest rates, lower credit limits, or close credit card accounts. The borrower’s auto insurance, student
loans, and other forms of credit also may change, as these are tied to the borrower’s credit score as well.
If the homeowner does not pay for 90 days, the lender likely will start calling, trying to persuade the
homeowner to enter into a loan modification. If a loan modification cannot be agreed upon between the
homeowner and the lender, and the homeowner continue missing payments, the homeowner likely will be
served with a foreclosure notice. After the foreclosure notice is received, the lender asks a court to issue a
judgment against the homeowner, and a county sale is arranged.

Homeowners at risk of defaulting on their mortgages, or those who already are behind, should contact their
lender immediately to work out a repayment plan and/or loan modification.

More walk away from homes, mortgages

U.S. Mortgage Rates Fall for First Time in Four Weeks

Homeowners win big with extension and expansion of federal tax credit

Hadassah Rozansky — Tue, 10 Nov 2009 18:06:00 GMT

The U.S. House of Representatives today voted 403 to 12 to extend and expand the home buyer tax credit.
The bill passed the U.S. Senate late yesterday and now will go to President Obama for his signature, where
it is expected to be signed this week.

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 will receive a credit of up to $6,500. Existing homeowners will be eligible for the
$6,500 if they have lived in their current residences for at least five years. The bill also will increase the
qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and
$225,000, respectively. The purchase price of the home is capped at $800,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on
their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the
credit, provided the home remains their primary residence for 36 months after purchase, and waives this
requirement for active duty military personnel who move due to a military order.

For weeks, the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R and its members have urged
Congress and the U.S. Senate to extend and expand this crucial piece of legislation.

Nationwide, more than 1.4 million first-time home buyers were given the opportunity to become homeowners
as a result of the Federal Tax Credit for First-time Home Buyers. According to C.A.R. research, nearly 40
percent of first-time home buyers surveyed said they would not have purchased a home without the federal
tax credit, and approximately 70 percent said the tax credit was "the most important" or a "very important"
factor in their decision to buy a home.

To read stories about the extension and expansion of this valuable home-buying incentive, please visit the
following: Aid for jobless, homebuyers clears Congress