Hi Desert Real Estate Forum

• The property must be the home owner’s principal residence.
• The home owner must be delinquent on the mortgage or close to defaulting.
• The loan must have been made before Jan. 1, 2009, and be for less than $729,750.
• The borrowers’ total monthly mortgage payment must exceed 31 percent of their before-tax income.

NAR reported today that nationwide existing homes sales incresed by 10.1 in October which is an increase of 23.5 percent over October 2008.  3 Factors seem to be driving this increase:

1.  Tax Credit Extensions

Extensions of the tax credit for first time home buyers along with the new credit offered for non first time buyers has continued the market surge

2.  Declining Inventory

Even with the increase in foreclosures, availalble inventory has declined and fueled increased competition between buyers.  Many buyers, viewing this as the bottom of the market, are getting in before prices start to increase.

3.  Decreasing prices

Although market sales are looking up, prices continue to decrease as banks and some buyers continue to try to "get out" of their properties.  This is a trend that will not last based on items 1 and 2.

Starting 1 January 2010, all resident property managers in California will be required to collect 7% of income from property owners and deliver it to the Franchise Tax Board.  If you are a resident of California, a simple form can be filed with your property manager that will waive this requirement.  If you are a non resident of California you may request a reduction or a waiver from the Franchise Tax Board.  That waiver, once approved will be forwarded to your property manager.

Next week, Triad will be sending notification to all of our property owners detailing the requirements.  I encourage any income producing property owner with questions to contact me for assistance

I attended the first official GPAC (General Plan Advisory Committee) meeting last evening.

It appears, at least initially, as this is going to be more of the same.  A majority of the committee members raved about the open space, clean air, night sky, etc while more or less ingoring lack of jobs, housing, and entertainment.

While this does not suprise me, it does dissapoint me. 

If you would like to get involved, please go to www.29palmsgeneralplan.com

There you will find a survey (Take It) and also the schedule of upcoming meetings.  Please attend and voice your opinion

You can access my July newsletter by clicking the link below:

http://www.clientdirect.net/news/?Pub=29458

I welcome any comments you may have