Best Realty's Lake Oroville Real Estate Blog

More good news for first-time homebuyers in the Lake Oroville, Paradise, and Chico California real estate markets who missed the June 30, 2010 deadline for closing the escrow on the purchase of their home.
The U.S. Sentate, last night, passed H.R. 5623 which, when signed by the President, will extend the deadline of closing a transaction that was under contract before May, 1, 2010. The new deadline will be September 30, 2010.
There is estimated to be 180,000 homebuyers that were unable to close their transactions by the June 30th deadline due to delays in getting their loans processed.
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Extension to Home Buyer Tax Credit Deadlines Resurrected by House of Representatives  findwell.com)
Closing Deadlines for Home Buyer Tax Credit Extended  findwell.com)

Senate OKs new tax credit closing deadline
Congress is riding to the rescue for all of you in the Lake Oroville and Paradise California real estate markets who have qualified for the first time home buyer tax credit  by having a home purchase contract in place before the April 30, 2010 deadline, and are in danger of not being able to get the purchase closed by the deadline of June 30, 2010 because your lender is overwhelmed by the backlog of paperwork created by the frenzy.
With just two weeks before the expiration of the tax credit program ,an amendment to HR 4213 was added which, if signed by the President, will  extend the closing deadline to September 30, 2010. The extension was requested by the mortgage industry will allow a backlog of over 180,000 purchase transactions that were begun before the April 30th deadline to be completed. While this is a wise, and fair move on the part of Congress to agree to extend this deadline, it is important to understand that it THE EXTENSION IS NOT YET OFFICIAL.
With only 2 weeks to go before the original expiration date of the program, it is important for you, if you are one of these 180,000 transactions that has not closed, to keep pressure on your lender to get your loan done.  In this political environment it would be foolish to think that the proposed deadline extension of September 30th is a done deal. 
I will keep you updated as new information becomes available.
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Senate approves home tax credit extension  seattletimes.nwsource.com)
Home-Buyer Tax Credit Update: Senate Moves to Extend Closing Deadline  blogs.wsj.com)

 Feather Fiesta Days are among us!

  
       See Event Calendar for full list of event locations & details

   Parades
   Car Show
   Vendor Fairs
   Chili Cook Off
   Ishi Gathering

 
Feather Fiesta Days is a week long celebration of the history of Oroville , “The City of Gold”.  It kicks off on Saturday May 1st with Bidwell Bar Day where you can take a step back in history with docents in period clothing demonstrating crafts, gold panning, and more.  Some other activities throughout the week include: open house and free tours of museums, band concert, Ishi Gathering & seminars, fashion show, home tour & tea, car and bikes shows, and more.

One of the impotant things to look at in this market is supply and demand of homes. Here is a graph that really shows you what the Lake Oroville real estate market has been doing in the last year. Mar-09 vs. Mar-10: The number of for sale properties is down 28% and the number of sold properties is up 4%