Best Realty's Lake Oroville Real Estate Blog

The United States Senate failed to pass a bill yesterday that, among other things, would have extended the home buyer tax credit until September 30, 2010.
The bill, H.R. 4123, included an amendment allowing home buyers the three-month extension on the tax credit. The extension, though, only applied to buyers who signed purchasing contracts before the original April 30 deadline.
With a backlog of transactions waiting to be processed, and in danger of not closing by the required deadline of June 30, 2010,  the National Association of REALTORS®, as well a mortgage lender groups, had urged Congress to extend the time for escrow closings to the proposed September time frame.
Unfortunately for those of you in the Lake Oroville real estate market and the Paradise real estate market in danger of not closing your transaction on time, the provision for the extension was added as an aside to an unemployment bill that had become a political hot potato.
Why Congress can’t do the common sense thing, (oh wait, my English teacher told me never to use the words Congress and common sense in the same sentence), and vote on these unrelated issue separately is beyond me.
If you are in danger of missing this deadline you might want to turn up the heat on your loan officer, as loan processors and underwriters could really care less about your time frame
There is still an outside chance that this extension amendment and be added to another bill or simply be voted on on its own merits. My advise though is don’t assume anything.
Related articles by Zemanta

Tax Credit Extension is Dead in the Water  zillow.com)
Tax Credit Paperwork Extension Denied  rerockstar.com)
200,000 could lose out on homebuyer tax credit  money.cnn.com)

Today’s news that new homes sales are at their worst level in recorded history comes on the heels of yesterday’s report that existing home sales we down more than 2% while the “experts” were expecting an increase of almost 6%, is great example of what I am afraid is going to be another 6 months to a year of pain for sellers and homeowners.  I hope I am wrong , but I fear that I am not.
But, wait!! I thought the government’ s tax credit program was supposed to stabilize the market. If you listened to, and believed what,  the National Association of REALTORS® and the California Association of REALTORS® have had to say about the credits, you should be seeing a recovery by now. But, what we are beginning to see, on a National basis, (which is what most of us read and hear about) is a rapid move of the market toward the place it would have already gone,if  the people who should know better would have been honest about the ultimate impact of these credits they were supporting.
Instead these groups landed on the side of  getting a quick “fix” instead of thinking long term. Now we have to look even longer term because the inevitable has been prolonged.
Now let’s be honest here. I and my office associates, here in the Lake Oroville and Paradise real estate markets,  no doubt benefited from the temporary increase in sales that resulted from the credits. Our sales numbers increased like everyone else’s.  I would, however, have gladly sacrificed the short term benefits in order to re-establish a viable, vibrant and free real estate market. One that has staying power.
As it is we are saddled with the hangover from the housing version of  Cash For Clunkers, or as I prefer to call it:  “Funds For Foreclosures”
If you think that I am all gloomy and doomy about this market you are wrong. I think that expiration of these tax credits now allow us to come back to reality and now focus on the real cause of this market today. UNEMPLOYMENT!!!!!!!!!!!!!!!!
Maybe a softer real estate market going into election season will be one more reason to finally get us the changes we need in order to get  our country’s, and our state’s, economic engine restarted.
As they say, Everything Happens for A Reason.
Related articles by Zemanta

Existing Home Sales Drop 2.2%  online.wsj.com)
Housing: How Bad Will It Get?  blogs.wsj.com)
May New-Home Sales Plunge 32.7%  dailyfinance.com)
Calif.’s first-time buyer tax credit almost gone  lansner.ocregister.com)
American Land Title Association Urges Congress to Extend Closing Deadline for Homebuyer Tax Credit  eon.businesswire.com)

Throughout my relatively short period of time on this earth I have witnessed many things. Some good, some not so good. Some funny, far too many, tragic.
One of those not so good things I am reminded of on nearly a daily basis as I watch and read the news, or I observe watching the overall behavior of our society in general, is the constant march toward the “it’s all about me” way of life. There is an incessant drive to care only about oneself and to heck with everything else.  I even see it at special times of the year like this when we have these national holidays. How often did you hear a response similar to this when you asked someone what they are doing for this Memorial Day weekend?: “Well, we are going to have some people over and have a Bar-B-Que and some beer and then maybe go out on the lake.” Or, ” We’re taking the family on a camping trip.”
Now, don’t get me wrong, I think these are fine things to do on a Memorial Day weekend. My point is that there seems to be only talk of ourselves and very rarely a mention of THEM. After all, this holiday was given to us, not for us, but to honor them. It’s all about them.
It’s all about the over 1.3 million people who have given their lives in the formation and defense of this country. It is about nearly 1.5 million people who have been wounded in preserving our freedom, securing our rights as human beings, and the ability to exercise those rights without fear of persecution. It is their bravery and sacrifice that allow you to have that BBQ, to be able to say what you want and go where you want.  Would it be too much to ask in light of the sacrifices made by so many if when asked what we are doing this Memorial Day weekend, part of answer includes something along the lines of : ” I am going to take some time to thank God for those paid the ultimate price so I can be free to do what I want this weekend.” Could it be that hard to drop the,  ”all about me attitude” for one weekend a year and take a moment to remember those who died or were wounded in defense of your right to be that way? I certainly hope not.
Please take a moment out of your busy schedules to remember not only those that have fallen or have been wouded in defending our freedoms but to also remember and pray for those who, this very minute, are putting their lives on the line, in some far way land to do the same for us and for others.  Make this Memorial Day “All About Them.”

The Christmas Season is upon us..as we nestle in our foothill town!  Tonight Santaarrives via the Wells Fargo Stagecoach in honor of the community Christmas tree lighting ceremony in downtown Oroville.  There will be a holiday open house with refreshments, a Children’s open house wherein the children can make gingerbread houses, Christmas caroling, photos with Santa and last but not least…FREE carriage rides. 
Tomorrow is the 7th annual Holiday Craft Faire in downtown Oroville and even better is the free admission to see all the handiwork of the very talented craftsmen and women in our area.  They offer food, raffle prizes and live music.
The Annual Light Parade is Saturday, December 12th at 6 p.m.  Many local stores are open late in anticipation of shoppers coming out to view the lighted parade entries!  It has been a great experience to have worked on the float for our Oroville Association of Realtors for many years.  My favorite was when we did the Grinch..the crowd LOVED it!! This year,  Realty World will have it’s own entry and we will have alot of fun with it.  It is so much fun to run along and hand out candy to the multitudes of children and adults alike in addition to checking out all the other float entries, horses and vehicles decked out for the parade with lights. 
It is a fun and sprited time here in Oroville!  The small town atmosphere is warm and welcoming.  Come have a look!!!