More good news for consumers, and the housing market recovery! Following the Senate's favorable vote yesterday, the U.S. House of Representatives just voted 403 to 12 to extend the home buyer tax credit, expanding the parameters to include existing homeowners and not just first-time buyers. President Obama to sign the legislation in short order.

As it now stands, the federal 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 be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases 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 in both instances.

Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation 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.

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. That number is expected to increase dramatically in the months ahead with this new legislation in place.

Should I lock in a low rate now or should I wait?

1. Wall Street has had zero money to lend for over a year, as investors & countries have zero appetite or tolerance to invest money into securitized mortgage notes that continues to have high default rates or declining value

2. It was the US government that was printing new US dollars and giving it to Fannie Mae, Freddie Mac and FHA so the market has money to lend

3. Banks are ONLY able to lend to you if they can sell your loan to Fannie Mae, Freddie Mac and FHA and then replenish their up front cash

4. Banks that have taken TARP funds signifies they previously had no liquid funds to lend, just toxic mortgage debt on their books

5. The US Government had taken over bankrupted Fannie and Freddie's $5.0 Trillion failed institutions and had printed additional $1.2 Trillion to keep today's mortgage rates low....

6. Divide $1.2 Trillion by 350 Million US citizen, this means it will cost = $3,400 for each one in your family this year today in taxes to pay off this expense.... what about the expense to institutionalize Freddie, Fannie and FHA, what about the money spent to bail out Wall Street, what about the $8,000 tax credit, what about the cash for clunkers, etc. Do you want to pay more taxes every year for all the government bailout? Do you still want a lower mortgage rate at your own expense?

7. Did you know that the US Government can not spend a penny unless they Tax you to get the money, borrow it and pay interest or print it.... and printing dollars deflates the value of US dollars and creates inflation (Economics 101)

8. US Citizens and foreign countries will eventually revolt and tell the US Government to stop printing money and to stop depreciating the Dollars to avoid taxes and inflation.

9. If you can get a 30 yr interest rate between 5.0% - 5.5%, lock it in, low interest rates will not last forever

If you can get a 15 yr interest rate between 4.5% - 5.0%, lock it in, cheap interest rates like this when there's no money in the market will not last forever

10. Foreign countries used to love to purchase US bonds and mortgage backed securities, did you know that this week, instead of buying 27 tons like last month, India bought 200 tons of the world's gold reserves in anticipation of major world volatility this month ... China has been on the same track and will not be out done by India; why don't they want to purchase US Bonds, aren't US Bonds better than Gold?

... at the same time US and England continue to print money everyday only to prop up their failed banks with tax payer's future dollars and have been very slow with any new job creation to stimulate REAL, long lasting growth

What if the Federal Reserves stops buying mortgage back securities today ... who will buy our mortgage note to drive interest rates lower ... no one

If you are looking for a lower mortgage payment, I would lock down an interest rates ASAP and take the bird in the hand.

When the People and foreign nations say to Congress and Feds to stop printing money or we don't want to buy US Bonds, or OPEC Oil Cartel wants to create a new currency of trade and don't want to peg exchange rates to US Dollars, interest rate will continue to go up.

For Counseling on any area of Real Estate-contact your neighborhood specialist-Wend-Mae Davis, CRS, GRI, Broker associate and real estate counselor for Connect Realty. Toll Free 866-333-6333, or check out her personal website at: HTTP://www.wendimae.com and you can also email her at wendimae@wendimae.com

The Wizard of Oz is in El Dorado Hills! Local talent takes the stage! and, I know Dorothy! This is a production-not to be missed!

The EL Dorado Musical Theatre is putting on a Special Performance this November 6-22. the "Youth Theatre at it's Best!" With Special appearances by the original movie Munchkins, Jerry Maren and Margaret Pellegrini! Call for tickets today 916-941-SING (7464) or visit HTTP://www.edmt.info They are also located at: 1655 Iron Point Road, Folsom. $20. general Admission, $16. for Students, children, and seniors. Group discounts are available!

For more information on what is happening in town-call Wendi-Mae, your Neighborhood Specialist in El Dorado Hills, Cameron Park and beyond...Wendi-Mae can be reached at Toll Free 866-333-6333 or by email wendimae@wendimae.com or check out her personal website at: HTTP://www.wendimae.com

October was another great month for single family home sales in South Lake Tahoe. There were 46 homes sold in October which tied the month September for the most single family houses sold in 2009. Home buyers did a great job taking advantage of the low home prices and the great fall weather here in South Lake Tahoe. Many of the home buyers were first time home buyers taking advantage of the $8,000 first time home buyer tax credit before it expires. There has been talk about the possibility of the first time home buyer tax credit being extended. According to The National Association of Realtors, Key lawmakers in the Senate have tentatively agreed to extend the existing tax credit for first time home buyers. If the tax credit is extended, it should benefit the housing market across the country.

Here are the statistics for the single family houses in South Lake Tahoe that sold in October:

• There were 46 single family homes in South Lake Tahoe that were sold in October
• 16 of the sold homes were bank owned foreclosures
• There were 4 short sales in South Lake Tahoe sold
• The average sales price for the sold homes was $440,393 (up from $371,058 in September)
• The median sales price was $323,500 (up from $292,500 in September)
• The average selling price per square foot was $239 (up from $215,000 in September)
• The median days on the market was 123

There were only 4 short sales that closed escrow in October, this is down from 7 sold in September. The short sales that sold had a very long median days on the market of 227. The average price per square foot for the short sales was $231, and the median sales price was $564,500. It still seems like most banks are more willing to spend time and money on foreclosing on homes than they are willing to work with the sellers and real estate agents to get short sales closed!

There were 16 bank owned foreclosures that were sold in October. The average price per square foot for the sold foreclosures was $184, down from $196 in September. The average price per square foot for the non-distress sales that sold in October was $274, $90 per square foot more than the foreclosures. South Lake Tahoe real estate buyers continued to target bank owned foreclosure listings and continued to pay close to or above list price for them. The foreclosures that sold in the first 30 days of being listed (3 homes) sold for 98% of list price. The foreclosures that sold from 31-60 days of being listed (2homes) sold for 130% of list price. The foreclosures that sold from 61-90 days of being listed (4 homes) sold for 94% of list price. The foreclosures that sold after over 91 days of being listed (7 homes) sold for 101% of the listing price.

• The average sales price for the foreclosures sold in October was $308,838
• The median sales price for the sold foreclosures was $282,500
• The median days on the market was 79
• The average sales price per square foot was $184

There is still a great selection of houses available in South Lake Tahoe. There are currently 346 houses for sale on the South Lake Tahoe mls and 95 houses that are in escrow. There has also been some decent foreclosures coming onto the market each week. Make sure to keep visiting my current list of foreclosures in South Lake Tahoe or sign up for my new listing notification to be notified of new listings that meet your criteria.

You be the judge. Great article about a law suit in El Dorado Hills. Sounds like we might have another Davis on our hands. Tell me what you think?

El Dorado Hills couple sues neighbor over cigarette smoke

Conflict with neighbors was the last thing Donna and Richard Ganguet expected to encounter when they moved into a gated community for people age 55 and older.

"In a senior community, you think we'll all be compatible and have the same values," said Richard Ganguet, a retired El Dorado County sheriff's deputy.

But three years after settling into their single-family home in El Dorado Hills' Four Seasons development, the Ganguets are suing their next-door neighbor over cigar and cigarette smoke they say wafts into their backyard and house.

Because of the smoke, the couple say, they no longer sit on their patio. They also try to sandwich in swims in the side-yard lap pool between their neighbors' smoking sessions.

Doug Smith, attorney for the neighboring homeowner, Florence Solone, said the issue is a trivial one that should be resolved by neighbors talking with each other, not with a lawsuit in El Dorado Superior Court.

But disputes between neighbors over secondhand smoke are increasingly making their way into courtrooms and city council chambers.

With smoking banned in workplaces, restaurants and bars, Californians are less willing to tolerate the smell of smoke in their houses or backyards, said Robin Salsburg, a staff attorney with the Oakland-based Public Health Institute's Public Health Law and Policy program.

Nearly 87 percent of California residents are nonsmokers, she said.

"The social norm is changing faster than I can blink," said Serena Chen, regional director of policy and tobacco control for the American Lung Association in Emeryville. In 2006, she helped persuade the East Bay city of Dublin to define secondhand smoke as a nuisance in its city code.

The majority of litigation related to secondhand smoke involves apartments and condominiums with shared walls. But Chen said the Dublin City Council's action was prompted by a woman living in a single-family home whose health was compromised by smoke drifting from her neighbor's yard.

When the Ganguets moved into their home in 2006, they were the first on the block. The pool was in place before there were neighbors.

They say residents and visitors at Solone's home smoke in the backyard at all hours of the day and night. Several people puffing away at once has resulted in smoke settling in their backyard like a low fog, Richard Ganguet said.

When he or his wife open windows or operate the whole-house fan, he said, smoke is drawn into the house.

They've tried dispersing the smoke, first with a small fan set near the fence. When that didn't work, they rented an industrial fan to blow the smoke up and out of the yard. But the fan is noisy and potentially disturbing to other neighbors.

The Ganguets said they rarely see Solone and tried to talk with her by phone, but they believe their calls were screened. They followed up with letters, but said they received no response, orally or in writing.

"Nothing changed," Richard Ganguet said, until they filed the lawsuit.

A man who answered the door at the Solone home last week identified himself as Steve Solone, Florence Solone's son. Steve Solone said he, his sister and brother-in-law live with his mother, and he and his brother-in-law smoke outside.

"My mother doesn't allow smoking in the house," he said.

Steve Solone said he smokes about a pack and a half of cigarettes a day, but he wasn't aware the smoke was an issue for the Ganguets until his mother was notified of the lawsuit. Steve Solone said he didn't think the smoke would travel outside the yard.

Florence Solone did not respond to requests for comment. Smith, her attorney, said he advised her not to discuss the lawsuit.

The smoking, Smith said, occurs in a three-walled patio area with fans.

"Florence Solone is like everybody's grandmother," said Smith, who said he has known the Solones for years. "She's genuinely nice."

The Solones want to live peacefully with their neighbors, Smith said. He characterized the Ganguets' letters as intimidating because they threatened a lawsuit.

Smith said he sought a meeting with the Ganguets' through their attorney, David Trapani, before the lawsuit was filed Oct. 1 but was rebuffed.

Trapani said his goal is to resolve the issue before the case goes to trial, but because the Ganguets filed a lawsuit, any settlement would be enforceable by the court.

"They have a right to smoke," he said, "but that right ends when it impacts someone else's property."

Donna Ganguet said she and her husband considered selling their house and moving rather than resorting to a lawsuit, but they believe the smoke problem would hinder a sale.

"We don't want to be controversial or confrontational," she said, "but sometimes you have to take a stand."

Source: http://www.sacbee.com/eldorado/story/2297196.html

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