Tax Credit for Military Extension

Military personel, members of the Foreign Service, and employees of the intelligence community have an extra year, through June 2011, to buy a principal residence in the U.S. and claim the federal tax credit. The deadline for entering a binding contract is April 30th 2011 with the deadline to close a purchase being June 30 2011. The extension applies to any individual (and if married the individuals spouse) who serves on qualified official extended duty service outside of the U.S. for at least 90 days during the period beginning after December 31,2008 and ending befor May 1st 2010. See www.military.com/finance/content/0,15356,205662,00.html for more information.
Pretty cool!

April Market Reflection

C.A.R. reports April median price increased 21 percent; home sales decreased 8.1 percent

Quick Facts:
• Existing, single-family home sales decreased 8.1 percent in April to a seasonally adjusted rate of 483,830 units on an annualized basis compared with April 2009.

• The statewide median price of an existing single-family home increased 21 percent in April to $306,230, compared with April 2009.

• C.A.R.’s Unsold Inventory Index rose to 5.1 months in April, compared with five months in April 2009.

LOS ANGELES (May 24) – Home sales decreased 8.1 percent in April in California compared with the same period a year ago, while the median price of an existing home rose 21 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.