Scott Kennedy

The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6. The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline. It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive years out of the last eight years.

For all the details regarding the extended and expanded federal tax credit click here.

Third Quarter 2009 sales statistics for the Truckee / north Lake Tahoe are now available - goto:

http://www.sierratahoerealty.com/real-estate/market-reports/

C.A.R. calls for swift adoption of Dodd-Lieberman-Isakson amendment to extend home buyer tax credit.

LOS ANGELES (Oct. 23) - The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today called for the U.S. Senate to swiftly adopt the Dodd-Lieberman-Isakson amendment, which would extend and amplify the hugely successful first-time home buyer tax credit until June 30, 2010.

"The success of the home buyer tax credit and its positive impact on the real estate market is clear," said C.A.R. President James Liptak. "According to our research, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market's recovery in California.

"The Dodd-Lieberman-Isakson amendment would expand the credit by removing the first-time buyer requirement and instead would apply to all home buyers," he said. "The amendment also would increase the qualifying income limits to $150,000 for single buyers and $300,000 for those filing joint income tax returns.

"We urge Senators Feinstein and Boxer to demonstrate their support for home buyers in California and quickly adopt the Dodd-Lieberman-Isakson amendment," Liptak said.

Under additional provisions in the Dodd-Lieberman-Isakson amendment, taxpayers would be able to claim the credit on purchases completed in 2010 on their 2009 income tax returns. The amendment 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.

Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

The state's green building code, the first of its kind in the nation, took effect August 1st, the California Building Standards Commission has announced. This new code standardizes practices for reducing the environmental impact of buildings in a variety of ways. For more information click here.

Until November 1^st, golf memberships are being offered at $60,000 and social memberships at $30,000. November 1^st on, golf memberships will be offered at $75,000 and social memberships at $37,500. The annual dues will be collected January 1^st, 2010 and the amounts have not changed ($13,400 for golf and $6,700 for social). Currently, invitational memberships are available wherein the member does not have to own property. This will not be indefinite and is at the Golf Club's Board of Directors' discretion. There is no current prediction as to when invitational memberships will no longer be available.