The Oxnard homes sold for October for number of single family homes sold is on the increase since April while the number of condos sold has seen some fluctuation. The homes sold and condos sold data comes from Oxnard MLS listings.

Homes for sale in Ventura, Oxnard and Camarillo reached the lowest inventory levels we’ve seen all year. We take a “snapshot” at the beginning of each month to see how many active listings are on the market for both single family homes and condos. Here are the numbers. I believe this low number reflects the big push for first time home buyers in the market and a reduced number of distressed properties. The big question – how will the new extension of the first time homebuyer credit (plus the $6,500 credit for move up buyers) affect our market?

As expected, President Obama signed into law the bill that extends the first time homebuyer credit of $8,000; it also raises the income limits for qualification. But this bill also includes a $6,500 tax credit for existing homeowners who want to move up (or down) provided they’ve lived in their home for 5 of the last 8 years.

Details:

• Must be in escrow no later than April 30 and close escrow no later than June 30.
• For first time buyers, max. income limits have been raised to $125k for singles and $225k for a married couple.
• If you close escrow in 2010, you can claim the credit on your 2009 taxes (verify this with your tax counsel…!).

Comments – when the first $7,500 tax credit was enacted (not a true credit, but a loan that needed to get paid back to the Feds), then the “real” $8,000 credit, policy makers hoped it would not only spur the first time buyer buying that first home, but that a ripple effect would occur. The seller of that first home would move up, that seller would move up, and so forth.

It didn’t happen. Most first time buyers have been buying distressed homes (ie, short sales and bank foreclosures).

With the new $6,500 credit, policy makers now hope to kick into gear that move up crowd.

The Senate has reached general consensus to extend the first time homebuyer credit of $8,000 to April 30, 2010. However, this extension must be inserted into a formal Senate bill and then be reconciled with a House version, then signed by the President. Trying to read tea leaves, it would appear at this point enough Democrats and Republicans support this extension for it to pass. Some potential items that may also be included is increased income limits and a $6,500 tax credit for home owners who’ve lived in their home for 5 years or longer and purchase a new property.