The California Association of Realtors stated that military personnel 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 30, 2011; the deadline to close a purchase is June 30, 2011. The extension applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.  All other home buyers must be under contract by this Friday (April 30) and close by June 30 to qualify for the federal tax credit.

For distressed homeowners, the temptation to just “walk away” (and allow the bank to foreclosure) may initially be appealing. Just be done with it. However, that may be the worst option to choose, and here’s further proof it’s better to do a short sale instead of allowing the bank to foreclose. Fannie Mae just gave new guidelines stating when a homeowner can re-purchase a home after either a short sale or foreclosure – it’s a 2 year wait after a short sale vs. 4 – 7 years after a foreclosure. With the new federal HAFA initiative, there’s little reason now to simply “walk away” – don’t do it! If you’re in this situation, call Leslie today and find out more about short sales and the HAFA program.

Curious about what minimum credit score you need or how much of a down payment you need to buy your personal home or perhaps an investment property? Here’s Fannie Mae’s newly updated eligibility matrix.

The number of homes in escrow for Ventura for the first quarter of 2010 is the highest since 2007. This data is taken from the Ventura MLS.

The number of single family homes sold in Ventura in March is markedly up. The sales price was moving upward through February but declined in March. The price per square foot has a slightly upward trend while the days on the market is holding steady with a one month spike in February. This data is taken from the Ventura MLS.

The number of condos sold in Ventura in March is down while the sales price, days on the market and price per square foot is upward. This data is taken from the Ventura MLS.