Mortgage rates took a big jump yesterday as investors looking at the United States Government’s efforts to sell nearly $2 TRILLION in U.S. Treasury bonds this year to fund its various Stimulus programs decided that the risk of inflation and rising interest rates were too high at the current record low yields.

In addition, signs of a recovery in the United States and globally are prompting some investors to lighten their holdings in U.S. Treasuries in search of other opportunities with greater potential returns.

Mortgage rates jumped from 0.25% to 0.75% as banks and lenders tried to figure out what was a reasonable rate to charge for mortgages in this new climate of potentially rising interest rates.

For potential home buyers and those considering a refinance, it would be strongly advised to double check with your lender to see if your rate was locked prior to Wednesday – and if not – what the new rate is going to be.

After a period of relative calm in the interest rate markets, it looks like there could be some turbulence ahead so make sure you get good counsel on what your options are to protecting your financial position.

If you or anyone you care about is interested in obtaining more information about real estate and mortgages, feel free to contact us.

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Here is the Palo Alto Online article.

Below is a sample of the Rivermark Santa Clara listing with our new video tour format referenced in the story.

What do you think is next for online real estate marketing?

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Last month

Two Types of Federal Home Buyer Tax Credits:

First, identify yourself as a first time buyer. To qualify, a first-time home buyer must be a taxpayer (or spouse, if married) who had no present ownership interest in a principal residence in the U.S. during the 3 year period before the purchase of the home to which the credit applies. If the individual is married, neither the individual nor his/her spouse may have had a present ownership interest in a principal residence during the three-year period, even if they file as married filing separate. *Also note that the home does not qualify if it is acquired from a related person, and or by gift of inheritance. *

For homes purchases after April 8, 2008 and before January1, 2009, credit is equal to the lesser of:

-10% of the purchase price or $7,500 ($3,750 for married individuals filing separately)

-This credit is essentially a loan as the credit is repaid to the IRS ratably over 15 years.

Homes purchases after December 31, 2008 and before December 1, 2009

-Credit is equal to the lesser of :

-10% of the purchase price or $8,000 ($4,000 for married individuals filing separately)

- The repayment requirement is removed except in cases where the home is sold or ceases to be the taxpayer’s principal residence within 36 months of its purchase.

Phase-Out of Credit based on Income

The credit is reduced on a percentage basis in the Modified AGI is:

- For individual Taxpayers: Between $75,000 and $95,000

- For Married Taxpayers:    Between $150,000 and $170,000

If applicable, this credit can be claimed on a 2008 tax return either under extension or by amendment. You’ll need IRS form 5405 to do this.

State of California New Home Tax Credit

Credit is for purchase of a new (previously never occupied) qualified principal residence made after February 28, 2009 and before March 1, 2010.

The credit is equal to 5% of the residence’s purchase price, up to a maximum of $10,000, claimed over a three-year period beginning with the taxable year the residence is purchased.

Taxpayers must apply for credit allocation from the Franchise Tax Board. California has allocated $100,000,000 for this tax credit. Once this allocation is used, the credit will no longer be available.

The application for the credit is on Application for New Home Credit 3528-A must be submitted within one week (seven calendar days) after the close of escrow.

To quality for the credit, the residence must be:

(1) New - previously never occupied
(2) A single-family residence, whether detached or attached
(3) Purchased to be the principal residence of the taxpayer for a minimum of two years; and
(4) Eligible for the property tax homeowner’s exemption

Unlike the Federal credit:

-The credit is not limited to first-time home buyers, and
-There are no income limitations.

If applicable, an individual or couple who purchases a previously unoccupied (new) home, and also qualified as a first-time home buyer for federal purposes, qualifies for both credit of up to $18,000.

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Here’s an interactive neighborhood area map of the development with the various floor plans.

We would love to show you the gorgeous models, which are available for viewing by appointment only.  Please contact us if you would like to have your own buyers agent (not affiliated with the seller or builder) arrange a personal tour for you.

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A baby asked God, “They tell me you are sending me to earth tomorrow, but how am I going to live there being so small and helpless?”

“Your angel will be waiting for you and will take care of you.”

The child further inquired, “But tell me, here in heaven I don’t have to do anything but sing and smile to be happy.”

God said, “Your angel will sing for you and will also smile for you. And you will feel your angel’s love and be very happy.”

Again the child asked, “And how am I going to be able to understand when people talk to me if I don’t know the language?”

God said, “Your angel will tell you the most beautiful and sweet words you will ever hear, and with much patience and care, your angel will teach you how to speak.”

“And what am I going to do when I want to talk to you?”

God said, “Your angel will place your hands together and will teach you how to pray.”

“Who will protect me?”

God said, “Your angel will defend you even if it means risking it’s life.”

“But I will always be sad because I will not see you anymore.”

God said, “Your angel will always talk to you about Me and will teach you the way to come back to Me, even though I will always be next to you.”

At that moment there was much peace in Heaven, but voices from Earth could be heard and the child hurriedly asked, “God, if I am to leave now, please tell me my angel’s name.”

“You will simply call her, ‘Mom.’”

- Unknown

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All you needed was Mr. Sheets’s real estate course, available for the low, low price of $9.95. Only five minutes left for this trial offer. Call now. “Why not make this the moment you stop dreaming?” he intoned.

Well, alot has has changed and with that change, many of these late night informercials are no longer on television.

Real Estate Guru Ratings

If you want the straight talk on what some of these so called “real estate gurus” are about, check out:

http://www.johntreed.com/Reedgururating.html

I was introduced to John T. Reed’s website several years ago after spending a great deal of money on investments books. I wish it had been the other way around.

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One of the local non-profits that we support, Reach Potential Movement, is teaming up with local Silicon Valley residents to install new garden facilities and renovate the landscape at Castro Elementary, a school with a large population of low-income English language learners in Mountain View. The team is looking for for 20 or more volunteers– all on Saturday. Various shifts will be available for 2-4 hours, all day or on shifts from 9am-1pm and 1pm-5pm.

. If you have tools, bring any or all of the following but we’ll have tools if all you can do is just show up.

· Gloves
· Shovel
· Hand Trowel
· Anything that will come in handy to cut roots
· PVC pipe cutters

Contact Reach Potential via email if you have any questions, otherwise report to the front of Castro Elementary School this Saturday– 505 Esceula, Mtn View. Lunch will be provided!

Spread the word, break a sweat with some friends and let your light shine! Thanks for reading.

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