Mortgage Fraud is Rampant in China

This one didn't surprise us, but it is interesting.  One reporter said, "the fraud is so rampant, it's mind-bending".

• China home prices tripled from 2000 to 2015
• In 2016 prices rose 12.4%
• Some estimates say house prices have doubled in major cities in the past two years
• A veteran property agent said 50% of his sales featured clients committing some kind of fraud
  China's current real estate environment sounds familiar.  Experts agree that regulators are preparing to spring into action.  CLICK HERE for the article. 

The Easterbrook Team

916.850.6050

EasterbrookTeam@spmc.com

$8000 Tax Credit Extended for Members of Uniformed Services

Many of you have heard that the federal $8,000 first-time homebuyer tax credit and the $6,500 move-up tax credit expired as of June 30, 2010. While this is true for most, the U.S. government has extended the homebuyer tax credit for members of the uniformed services, members of the Foreign Service and employees of the intelligence community.

The tax credit extension is available for those who serve or have a spouse in the Military Reserve, National Guard and Air National Guard. The serviceman or woman must be on official extended duty service outside of the United States for at least 90 days during the period after Dec. 31, 2008, and before May 1, 2010. To take advantage of the credit, the eligible taxpayer must buy, or sign a contract to buy, a principal residence on or before April 30, 2011. If a contract is entered into by that date, you have until June 30, 2011, to close on the purchase.

For more detailed information and necessary tax forms, go to www.irs.gov or contact your tax professional. Although I am always here to answer your questions, I strongly encourage you to seek qualified and legal tax counsel. Contact me today to discuss your loan options to get you into your dream home, before the tax credit expires for good!

John Easterbrook
(916) 224-7653
john.easterbrook@spmc.com
Licensed – NMLS # 226555