Thaw!

The entire 20-mile Gold Line route from Pasadena to East L.A.’s Atlantic station cost a mere $1.25. One reason for rail line extension was to make it easier and cheaper for residents to reach jobs throughout SoCal, however some believe the importance of the extension goes beyond that: it could spark a much-needed renaissance in the area, drawing in businesses and creating jobs.

The expanding Metro Rail system now offers access to several places in SoCal, from Pasadena to Redondo to downtown Los Angeles to Long Beach to the South East Cities.

Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.

The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today.

More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.

Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000.

Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was key in extending the credit, as well as pushing it through initially. Other prominent boosters include the National Association of Homebuilders and the Mortgage Bankers Association.

NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year.

Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009)

Last week, the House and Senate passed legislation to extend the current loan limits for FHA and Freddie Mac and Fannie Mae (the government sponsored enterprises, or GSEs) through December 31, 2010. These loan limits, set at 125% of local area median home price and capped at $729,750, would have expired on December 31, 2009 in which case loan limits would have been reduced in many markets. The extension is included in the Continuing Resolution (CR) to fund the government for the remainder of 2009. The CR is part of the Department of Interior FY2010 Appropriations bill. As of the deadline for filing this report, the President was expected to sign the bill into law over the weekend.

Home buyers must be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.

Source: Wall Street Journal, Corey Boles and John D. McKinnon (10/29/09)

Puya mirabilis - Succulent

That’s why Pedra Furmall, an expert gardener at the peninsula’s South Coast Botanic Garden, recently shared the strategies and techniques she uses to keep the grounds healthy and the water rationed with the National Fuchsia Society’s local branch. This advice-driven tour was chronicled by the Long Beach Press-Telegram’s Meredith Grenier, who ran an Aug. 31 story on the meeting titled “Local gardens can thrive with little water.”