HOMES PENDING Sept 1 - Sept 22 in Beverly Hills CA 90210

@72 Beverly Park Dr., Beverly Hills, 233 Days On The Market, Listed At $ 22,500,000
@620 Walden Dr., Beverly Hills, 170 Days On The Market, Listed At $ 7,595,000
@705 N Rexford, Dr., Beverly Hills, 161 Days On The Market, Listed At $ 5,095,000
@515 N Alta Dr., Beverly Hills, 42 Days On The Market, Listed At $ 3,195,000
@1150 San Ysidro Dr., Beverly Hills, 176 Days On The Market, Listed At $ 2,675,000
@12681 Mulholland Dr., Beverly Hills, 97 Days On The Market, Listed At $ 2,250,000
@305 N Maple Dr., Beverly Hills, 5 Days On The Market, Listed At $ 1,895,000
@488 Hillgreen Dr., Beverly Hills, 35 Days On The Market, Listed At $ 1,725,000
@3127 Hutton Dr., Beverly Hills, 89 Days On The Market, Listed At $ 1,697,000
@9011 Alto Cedro Dr., Beverly Hills, 14 Days On The Market, Listed At $ 1,250,000
@1625 Clear View Dr., Beverly Hills, 51 Days On The Market, Listed At $ 1,000,000
@222 S Hamel Dr., Beverly Hills, 28 Days On The Market, Listed At $ 999,500
@9801 Easton Dr., Beverly Hills, Listed At $ 800,000

The Following Homes Went Pending then CANCELLED Escrow September1-22:

602 N Bedford Dr., Beverly Hills, Listed At $ 3,725,000
2290 Gloaming Way, Beverly Hills, 193 Days On The Market, Listed At $ 1,349,000
321 N Roxbury Dr., Beverly Hills, 51 Days On The Market, Listed At $ 2,699,000
126 N Maple Dr., Beverly Hills, 109 Days On The Market, Listed At $ 1,795,000
2250 Bowmont Dr., Beverly Hills, 73 Days On The Market, Listed At $ 916,800

The Following Homes Went Pending and CLOSED Escrow September1-22

511 N Beverly Dr., Beverly Hills, 42 Days On The Market, Listed At $ 3,395,000 -Sold At $ 3,200,000

1.4 Million Have Used Home-Buyer Tax Credit

Charlotte Business Journal

An estimated 1.4 million individuals have used the $8,000 federal tax credit for first-time home buyers, according to the Internal Revenue Service.
A Dec. 1 deadline looms for first-time buyers to purchase a house to qualify for the tax credit.
The credit equals 10 percent of the purchase price of a home, up to $8,000. It either reduces the individual’s tax payment or will be returned as a higher refund next year.
There are income limits to the program, which is designed to ease the housing crisis by reducing the inventory of homes on the market.

Connie's thoughts: KEEP THE $ 8000 FIRST-TIME BUYER TAX CREDIT

1. IT WORKED and studies have shown that hundreds of thousands of homes were SOLD , in part due to this tax credit. The article above says over 1 million buyers are already receiving this credit. If we do not have this credit we will see fewer sales and with more foreclosures coming to market, this could have a negative effect on housing.
2. When a house is sold it keeps stimulating the economy because it creates jobs for contractors, home amenity suppliers, etc. And we all know that a house is never done!
3. Housing was at the center of this recession, to stop a program that is working so well, at this time, could be a mistake.
4. Housing and housing related services STIMULATED THE ECONOMY and that's good since much of the stimulous package hasn't been put to work yet.
5. Some of the credits that were given in the past for other things were not spent and went into savings instead. The first-time homebuyer tax credit is being spent by new home owners on their home so it definitely stimulates the economy as intended.
6. The first-time buyer tax credit should also be extended to ALL HOME BUYERS for a period of time. The jumbo market is still sufferring and prices in those communities continue to decline. At least give a buyer of an expensive home something for moving forward today.

Some Facts On Housing in California

Calif. median home price
July 09: $285,480 (Source: C.A.R.)Calif. highest median home price by C.A.R. region July 09: Santa Barbara So. Coast $885,000 (Source: C.A.R.)Calif. lowest median home price by C.A.R. region July 09: High Desert $110,650 (Source: C.A.R.)

Calif. First-time Buyer Affordability Index
Second Quarter 2009: 67 percent (Source: C.A.R.)

Mortgage rates
Week ending 9/3/09 30-yr. fixed: 5.08% Fees/points: 0.7% 15-yr. fixed: 4.54% Fees/points: 0.6% 1-yr. adjustable: 4.62% Fees/points: 0.6% (Source: Freddie Mac)