In This Issue:
LATEST & GREATEST...
REAL ESTATE SNAPSHOT:
This is a look at statistics provided through the Santa Barbara Multiple Listing Service over the past month. They include single family residences and condos, from Carpinteria to Goleta.
October 19 - November 15, 2009
New listings: 131
Price Improvements: 141
Pending: 113
(break down:)
Sub $1million: 83
$1-2M: 21
$2-4M: 6
$4-8M: 2
$8M+: 1
Closed: 90
Off Market: 35
Back On market: 42
President Obama on Friday, Nov. 6 signed a bill extending and expanding the Federal Tax Credit for Home Buyers. The bill passed in the U.S. House of Representatives and the U.S. Senate.
The 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 receive a tax credit of up to $8,000, while existing homeowners will receive a reduced credit of up to $6,500. Existing homeowners will be eligible for the $6,500 if they have lived in their current residences for at least five years.
The bill also will increase 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.
Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill 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.
Conforming Loan Limits Extended
President Obama signed a congressional resolution to extend through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. The resolution was part of a broader piece of budgetary legislation that will prevent a government shutdown.
A provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $625,500 in high-cost areas to $729,750 and extending the limits through 2009. These actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010.
The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or "guarantee." Non-conforming or "jumbo loans" typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.
*As always, please contact your CPA, financial planner, or attorney when making financial decisions.
GREEN NEWS:
Park and Go Green in Isla Vista Just by parking your car in Isla Vista, you could help support efforts to save the environment. A grand opening was held Thursday for a solar powered parking lot at the 800-block of Embarcadero del Mar.
It is the first-of-its kind in Santa Barbara County, complete with solar panels that light the lot and Pardall Road, two electric car charging stations, an irrigation system that uses rain water, and bio-filters that remove pollutants from storm run-off before it reaches the beach.
"Our new, green parking lot blends the Isla Vista community's commitment for sustainability with the County's goal of increasing amenities in Isla Vista for positive change," said Third District Supervisor Doreen Farr. "It's very exciting to have an environmentally friendly project like this become a reality."
The project was a collaborative effort by the community and several county departments, including the Santa Barbara County Redevelopment Agency, Planning and Development, and General Services. It cost about $760,000 with funding coming from the Redevelopment Agency.
Reported by: Carina Corral
COMMUNITY:
PROPOSED CELL SITES BEING RUSHED THROUGH -
URGENT HELP NEEDED:
The County Planning Department is about to approve new cell sites in many of our neighborhoods. There are 140 applications (click HERE for list of first 50 sites) from a company called Next G on file with the County. Through a loop hole in the regulations they will be able to mount cell phone sites on any telephone pole, street light and neighborhood lamps.
The Planning Department is powerless to implement any regulations without community support. We are asking you today to write your own or sign and send this letter to our County Board of Supervisors.
The reasons to support this effort are the following:
1) Concerns for the effects of radio frequency radiation on the central nervous system the immune system as well as other metabolic effects observed in preliminary studies.
2) Property and neighborhoods become stigmatized causing housing prices to drop and homes difficult to sell.
3) Concern for the local community having any say on this matter regarding their own property. If you have a utility pole or street light on or near your home you have no say or power to influence the decision.
4) Your letters will empower our elected officials and planning departments to be able to reassess the placement of these cell sites.
*SIGN AND SEND LETTER IMMEDIATELY. This must be in County hands by Monday, November 16, 2009. Click HERE for letter.
*ATTEND THE COUNTY BOARD OF SUPERVISORS MEETING TUESDAY, DECEMBER 1 at 9:00 AM located at 105 E. Anapamu St., 4th floor.
GET INVOLVED:
Habitat For Humanity Needs Volunteers for their upcoming building project
The first step to becoming a volunteer is to attend our Volunteer Orientation held in the ReStore at 6725 Hollister. You will learn about our mission to end poverty housing and how you can get involved. Please let us know if you can make it so we can plan accordingly. There will be cookies!
VOCABULARY LESSON:
Our action on land is having a negative impact on our oceans. Excess carbon dioxide is dissolving in our oceans, changing sea water chemistry. The more acidic water makes it difficult for tiny creatures at the bottom of the food web to form their shells. The effects could work their way up to the fish 1 billion people depend upon for their food source of protein. From "Sea Change" a movie that played at the Natural History Museum.
COOL WEBSITE OF THE MONTH:
Greenopia provides consumers with high quality information to help them reduce their impact on the environment through their daily purchasing decisions. Greenopia publishes extensive green business directories, product directories, and brand directories, as well as offering a growing community, news articles, blogs, and tips to help everyone eat, shop, and live green.
