California

Federal Housing Tax Credit may be why New Home sales up 27 Percent last Month

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BSN Stock Photo

[Best Syndication News] There has been a boom in new housing sales, with an increase by 27 percent last month. This might be related to the Federal Housing Tax Credit for first-time home buyers and repeat home buyers which is going to expire at the end of April.

The Commerce Department US Census Bureau announced that permits for new housing units increased 7.5 percent for the month of March. Permits have increased 37.6 percent and housing starts have improved 30.7 percent since last April of 2009.

The increase in home sales might be attributed to the federal tax credits being offered that are going to come to an end this month. The federal home buyer tax credit incentive is offering an $8,000 credit for first-time home buyers, and a $6,500 credit for current homeowners that purchase and relocate to the new home.

You have until April 30th to enter into a binding contract to purchase the home and you have to have the transaction complete by June 30th, 2010. There are income restrictions depending on when you purchase the home. Homes that are priced above $800,000 are not eligible for the tax credit. You also cannot take the tax credit if you purchased the home from a relative.

California Appliance Rebate Program and Southern California Edison and Gas Co Rebates add up to $535

California Appliance Rebate Program available through Southern California Edison

screenshot of http://www.cash4appliances.org/ website

[Best Syndication News] Southern California Edison (SCE) and Southern California Gas Co. (The Gas Company) have announced the beginning of the California Appliance Rebate Program, which offers money back in your wallet for turning in old energy guzzling models and buying new qualifying energy efficiency appliances to replace them. In addition to this rebate program, SCE and The Gas Company also have rebate programs going on as well with residential customers being able to receive up to $535 for participation in all available rebate programs in 2010.

The cash rebates for the California Cash for Appliance Program is being paid for by federal stimulus funds of $35.2 million. The rebate program is on a first-come, first-serve basis, but is planned to run for one year, so long as there is funding for it. The Cash for Appliance rebates will qualify for purchases of certain appliances beginning April 22nd and going through May 23rd, 2010, or until there is no more funds available.

Boeing 747-8 Freighter Airplane testing moving to Southern California

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Boeing 747-8 Freighter Begins Flight-Test Operations in Southern California - boeing.com

[Best Syndication News] The Boeing 747-8 Freighter, RC521, completed its second test flight landing successfully in Palmdale, California this past Monday. The four-hour test flight took off from Seattle to test the freighter's avionics and cruise performance.

The RC521 airplane will be stationed in Palmdale for most of the remaining scheduled test flights. Boeing employees will be testing the airplane for fuel-mileage and engine-performance.

Over the next several weeks, two more 747-8 airplanes will arrive in Southern California to join the RC521 in testing. Three airplanes in this program will undergo a total of 3,700 hours of on the ground and in the air testing. Boeing is anticipating delivering their freight airplane to Cargolux, a cargo airline company based in Luxembourg, in the last quarter of this year.

Passenger versions of the 747-8 won't be available until possibly sometime in 2011.

Ground Beef Recall Issued - Sold at WinCo Food Grocery Stores

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Cooking ground beef to 160°F eliminates any danger from pathogenic bacteria such as E. coli. - Photo by Stephen Ausmus usda.gov

[Best Syndication News] The California Department of Public Health announced a ground beef recall that has been contaminated with E. coli O157:H7. The ground beef was sold at WinCo Food stores in California, Idaho, Nevada, Oregon, Utah and Washington.

The hamburger meat was packaged on Styrofoam trays and have sale dates marked on them from March 28th through April 9th. The health agency is recommending consumers should either throw out the ground beef or bring it back to WinCo foods where they purchased the meat. The health agency said that consumers should not under any circumstances eat the contaminated meat. In general, the health agency reminds consumers that meat needs to reach 160 degrees internal temperature to kill off bacteria.

Tax Relief for California Homeowners for Short Sales or Modified Mortgage Loan

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BSN Stock Photo

[Best Syndication News] Governor Arnold Schwarzenegger signed new legislation today that will offer more tax relief for California homeowners that have either sold their home via a short sale or if they have underwent modifying their mortgage loans. The new law will help them with mortgage debt relief and help them from paying thousands of dollars in taxes.

Mortgage Debt Forgiveness in the SB401 law will exclude the taxes on the difference of the loan amount that the mortgage company forgave them during a short sale. A short sale will sell for less than the amount that the homeowner is carrying on the mortgage. If the homeowners lenders will allow a short sale, the difference can sometimes be forgiven by the lender. Usually the difference is considered extra income by the government and could be taxable. The SB401 also includes those that have underwent home loan modification in 2009, which may have received mortgage principal forgiveness.

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