California Wants to Impose Insurance Surcharge to Develop Emergency Fund

The California Senate Banking, Finance and Insurance Committee has passed a bill that, among other things, would impose a surcharge of 4.8 percent on commercial and residential fire and multiperil insurance policies to assist the state with the creation of an Emergency Response Fund in the State Treasury.

California has already established the California Emergency Management Agency to manage emergency and disaster response services, including activities necessary to prevent, respond to, recover from and mitigate the effects of emergencies and disasters to people and property. SB 1258 would require funds to be deposited into the Emergency Response Fund to be allocated to the program. The bill would also require the Secretary of California Emergency Management to allocate funds to specific entities to enhance or sustain fire and rescue disaster mutual aid capacity to combat the effect of all hazard disasters, according to the bill text.

The special purpose surcharge imposed on insurers would apply to all policies with combined property and liability coverage issued or renewed on or after July 1, 2010.

The Governor’s office estimates the surcharge will generate $238 million in the current year, and about $480 million annually from 2011 on.

The bill is scheduled to be heard in the Senate Appropriations Committee.

Source: California Legislature

Steve Hirschler
DRE#01703081
Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
www.bigbearhomes.wordpress.com (blog)
www.stevesellsbigbear.com (website)
www.activerain.com/blogs/slhoo7\ (blog)
www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)
https://bigbearhomes.wordpress.com/client-endorsements/ (client endorsements)

If Your Going To Sell, I Wouldn’t Wait For The Market….

I was at this same meeting yesterday with Tyler. Even though this isn’t a positive message, I think it is important for sellers to hear. Thanks Tyler!

Something that I also heard from Leslie Appleton Young (Chief Economist for CAR) is that over 50% of the homes that sold in California last year had multiple offers. This is important to understand as a buyer, great deals are not found by only one buyer.

City of Big Bear Lake Market Area Activity

• The inventory of homes available in the City of Big Bear Lake is at its lowest point in 3 years.
• The sales price is also near the lowest point in the past 3 years.
• Interest rates are at historic levels.
• Sales are relatively flat for this area.
• New units on the market typically peek during June.

If you would like to discuss Real Estate in the Big Bear Area, please give me a call.

Steve Hirschler
DRE#01703081
Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
www.bigbearhomes.wordpress.com (blog)
www.stevesellsbigbear.com (website)
www.activerain.com/blogs/slhoo7\ (blog)
www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)

10 Year Deed Recording Information for the Big Bear Area

10 Year Deed Recording Information for the Big Bear Area

Steve Hirschler
DRE#01703081
Associate, The Tim Wood Group
Coldwell Banker
42153 Big Bear Blvd.
P.O. BOX 6820
Big Bear Lake, CA 92315
stevehirschler@gmail.com
909 866-3481 EXT. 217 CELL 909 725-5889
Fax 909 866-3531
www.bigbearhomes.wordpress.com (blog)
www.stevesellsbigbear.com (website)
www.activerain.com/blogs/slhoo7\ (blog)
www.thetimwoodgroup.com/author/stevehirschler (group website)
http://twitter.com/stevehirschler (follow me)

CALIFORNIA’S TAX CREDIT MONIES MAY GO FAST

The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team.  California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied.  However, the total tax credit allocation for all taxpayers is $100 million for first-time homebuyers and $100 million for new homes, both on a first-come, first-served basis.

C.A.R.’s forecast of 10 to 20 days to deplete the $100 million allocation for first-time home buyers is based on estimated May sales figures and other parameters.  It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit.  If a shift in closings from April to May occurs, the first-time homebuyer tax credits may be depleted even more quickly than indicated above.

Applications for the California tax credit must be faxed to the FTB after escrow closes.  The FTB will update its website when the 2010 application form and other information become available.

REALTORS® are reminded not to give their clients any tax or legal advice, such as the availability of funds under the California tax credit program.  Agents should encourage their clients to seek specific advice from an accountant, attorney, or other professional as they deem appropriate.

For more information, please refer to C.A.R.’s Homebuyer Tax Credit Chart 2010 .

Information provided by “California Association of Realtors”