CNBC – House of Cards – David Farber

Check out this documentary as to why housing has fallen so much in value.

This documentary can be pretty scary, but I also thought of many opportunities/new ideas while viewing this program.

* Saturday, March 1, 2009 at 12a ET
* Sunday, March 15, 2009 at 9p ET

$8000 Tax Credit for First Time Home Buyers in 2009

The just passed stimulus bill gives a first-time home buyer a tax credit of $8,000. Homebuyers must have purchase a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

A Tax Credit applies directly to the taxes you would owe. As an example, if your federal income tax owed for 2009 is $10,000 and you purchase a home this year, you would only owe $2,000!

* First time home buyer is defined as someone that has not owned a home for three (3) years.

August 2008 Multi-Family Report

Palm Springs, Desert Hot Springs, Palm Desert, Rancho Mirage, La Quinta and Indio, California

The REO market is now dominating the multi-family segment of the Sales in our area.

August of 2008, a traditionally slow market here because of the summer heat had seven total sales.

Four were REO’s. Two were Short Pays. One was a traditional sale.

By Area:

Four properties were duplexes in Cathedral City. These duplexes sold for well over $400,000 in 2005/2006. They are now going as low as 199,000….a reduction of 55% from the peak of the market.

One property was a new triplex condo project in Palm Springs.

One property was a high end totally renovated four plex in the Tennis Area of Palm Springs.

One property was a duplex in Desert Hot Springs.

The REO properties are sold vacant and require renovation from minor cosmetics to general contractor type of repairs.

I believe the multi-family market will continue to decline until rents begin increasing.