Unless legislation extends the deal, you’ll have to close escrow by Nov. 30 to take advantage of the maximum $8,000 tax credit available for first time home buyers.

But given the 30 to 45 days — or longer — it takes to close escrow — especially on some distressed properties — you can’t wait until Nov. 30 to buy a home.

“You can’t be casual about this right now. You have to on it. Committed, very serious, with lots of time available,” said Jean Manner Schwimmer, a real estate agent with Coldwell Banker Gay Dales in Salinas area.

The federal tax credit for 2009 is only for first-time home buyers — people who’ve had no ownership interest in a home in the three years prior to the purchase. Single and head of household tax payers can earn no more than $75,000. There’s a $150,000 ceiling for married couples filing a joint return.

A tax credit is a big deal because, unlike a tax deduction which reduces your taxable income, a tax credit reduces the taxes you owe, dollar-for-dollar.

This home buyer tax credit can also net you a rebate if the credit is more than the taxes you owe. The rebate is the difference. If you owe no taxes, your rebate can be a maximum $8,000.

It’s also a big deal because it’s spurred home sales and that’s helped boost the economy.

The California Association of Realtors says nearly 40 percent of first-time home buyers credit the tax credit with prompting them to buy a home this year.

(California’s own tax credit is already over budget.)

To cash in on the credit you should already have signed a contract and be in escrow now or on the verge of doing so any day now.

While buyers should never rush into the decision to buy a home, if the tax credit is a motivating factor, there is a deadline.

“You need to be pre-approved for a mortgage. We are down to just two months and its hard to get an escrow in less than 30 days,” said Stephen R. Pearson, a real estate agent with Century 21 Classic Properties in Watsonville.

Pre-approval gives buyers an edge in a market that includes investors looking for bargains. A pre-approved mortgage gives the holder proof he or she has money in the pipeline to actually buy a home.

Kim DiBenedetto, president of the Monterey County Association of Realtors says, given that many properties are distressed properties buyers should be working with both a local real estate agent, mortgage broker or loan officer and title and escrow company familiar with the details of the fractured housing market.

She said FHA loans, for example, come with more requirements mandating that the home is in good condition.

“Make sure the utilities are on. I had a listing go into escrow and the utilities were on. By the time the inspection was due the owner had let the bills go and the utilities weren’t on. That costs time. One day can make a huge difference,” said DiBenedetto, also a real estate agent with Coldwell Banker Del Monte Realty in Carmel.

With fall comes travel bargain rates but don’t take a vacation just yet. Stay available for escrow details that can crop up in a moment’s notice.

Serious buyers need to be flexible with what they want in a home and have their nose to the listings to be ready to pounce when the right property comes along.

“Your really need to be Johnny-on-the-spot when listings come up. The internet makes this easy, but you have to be available and watching,” said Pearson.

Those already under contract, likewise, should be imminently available.

“If you are in escrow, be involved and aware of the time frame element. Deadlines are my responsibility and if we are approaching some contingency I’m going to inform the client,” said Schwimmer.

Full Story: http://realtytimes.com/rtpages/20090911_rates.htm

Approximately 1 million vehicles are stolen nationwide every year, but the 1994 Honda Accord is the most stolen car, according to an Aug. 24 report by the National Insurance Crime Bureau. Last year, more than 55,000 Accords were stolen in the U.S. Needless to say, the thieves aren’t after style, just substance.

Older vehicles like the 15-year-old Accord are pinched so often because their lack of theft-deterrent technology makes them easy to access and their parts–headlights, tires, catalytic converters and anything containing copper–are valuable on the black market. It also comes down to pure numbers, says Frank Scafidi, a spokesman for the National Insurance Crime Bureau: “Hondas and Toyotas, they sell millions of these things, so there are more targets, obviously.”

Most neighborhood hooligans wouldn’t know how to steal a Lamborghini, but when it comes to more mundane rides they are equal-opportunity snatchers, Scafidi says. The vehicles most likely to get nabbed range from the tiny Honda Civic, ranked second on our list, to the fifth-ranked Dodge Ram pickup. Even minivans aren’t immune–the 2000 Dodge Caravan is a hot target as well.

Here are the top 5 cars thieves love most:

1. 1994 Honda Accord

–55,170 total Accords stolen nationwide

–Most stolen vehicle in Alabama, California, Colorado, Connecticut, Georgia, Kansas, Maryland, Nevada, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Virginia and Washington

–Second-most stolen vehicle in Arizona, Delaware, District of Columbia, Florida, Hawaii, Massachusetts, Minnesota, Nebraska, New Hampshire, New Jersey, New York, Tennessee, Utah and Wisconsin

–Third-most stolen vehicle in Louisiana and Oklahoma

2. 1995 Honda Civic

–48,073 total Civics stolen nationwide

–Most stolen vehicle in Delaware, Florida, Hawaii, Illinois, Massachusetts, Minnesota, New Hampshire, New Jersey, New York and Utah,

–Second-most stolen vehicle in California, Colorado, Connecticut, Georgia, Nevada, New Mexico, North Carolina, Oregon, Pennsylvania, Vermont, Virginia and Washington

–Third-most stolen vehicle in Arizona, Maryland, Rhode Island and Texas

3. 1989 Toyota Camry

–26,245 total Camrys stolen nationwide

–Most stolen vehicle in Kentucky

–Third-most stolen vehicle in California, Florida, Massachusetts, Nevada, Oregon, Pennsylvania and Washington

4. 1997 Ford F-150 Pickup

–17,416 total F-150s stolen nationwide

–Most stolen vehicle in Iowa, Mississippi, Montana, Nebraska, Oklahoma, Tennessee and West Virginia

–Second-most stolen vehicle in Arkansas, Kansas, Kentucky, Louisiana, South Carolina and Texas

–Third-most stolen vehicle in Alabama, Georgia, Indiana and New Mexico

5. 2004 Dodge Ram Pickup

–17,405 total Rams stolen nationwide

–Most stolen vehicle in Arizona, Idaho, Louisiana, New Mexico, Texas and Wyoming

–Second-most stolen vehicle in Oklahoma

–Third-most stolen vehicle in Kansas and Montana

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Full-service restaurants have been having a tough go of it during this recession as diners flocked to the kind of cheap, casual eateries called “quick-service” in industry parlance. These establishments are characterized by their no-frills atmospheres and cheap (think $10 or less) prices. Now, quick-service eateries are stepping up their game, muscling into the adult-beverage territory that more expensive dining establishments used to monopolize.

Chipotle Mexican Grill offers patrons beer and margaritas, and a chain called Burgerville in the Pacific Northwest added beer and wine to the menu at one of its locations. Even Starbucks is getting in on the game. With coffee sales coming under fire when competitors like McDonald’s decided to take aim at its upscale image and repackage it with a “value” spin, the Seattle-based purveyor is setting its sights on a new category of beverages the Golden Arches can’t match — for now, at least. Starbucks is rebranding one of the stores in its headquarters city, calling it “15th Avenue Coffee and Tea,” and serving beer and wine along with java and tea.

As a business move, this is a pretty smart one. Alcohol is traditionally a high-profit item (a pretty typical markup on bottles of wine at sit-down restaurants is 100%, and it can climb into the stratosphere from there). In addition, wine consumption in the U.S. hit an all-time high last year, according to this article, which means diners increasingly want to pair their vittles with some vino.

Marketing experts also talk about the “value perception” offering alcoholic beverages gives businesses: essentially, you’re apt to think you’re dining at a nicer place if there’s a Pinot Noir or a Pinot Grigio on the menu.

While we’d be hard-pressed to think of a wine — any wine — that would complement a double- or triple-stacked burger and a sleeve of fries, we’d look forward to some McDownward Pressure on liquor prices when dining out. This article speculates that the markup on wine at quick-serve eateries could be in the 50% range, which would be a welcome outcome. (Before you fire off a comment about how that’s still outrageous, consider the fact that you could probably buy a whole bottle of soda at the grocery store for what you pay for 20 ounces or so in a waxed paper cup.) Just remember: If you’re hankering for a Chardonnay to go with your chicken sandwich, you’ll have to skip the drive-thru!

The EPA has listed the ten most fuel-efficient 2009 cars on sale in America — but are they cars you would actually want to drive? About.com Cars guide Aaron Gold goes beyond the numbers in this list of the top ten most fuel-efficient cars.

1. Toyota Prius

Photo © Toyota

EPA fuel economy estimates: 48 MPG city/45 highway/46 combined

I like the Prius because it delivers what it promises — especially now that the EPA has revised its fuel-economy testing process to be more realistic. Every Prius owner I’ve met averages around 45 MPG (except my friend Sean, hyper-miler extraordinaire, who averages 57 MPG). That’s almost double the fuel economy of a typical mid-size sedan, with comparable acceleration and only a slightly higher price. Hybrid drivetrain aside, the Prius is exceptionally easy to live with — it comes packaged as a family-friendly five-door hatchback that offers plenty of space and lots of amenities, including automatic climate control and optional navigation and Bluetooth phone integration.

Read Review

2. Honda Civic Hybrid

Photo © Honda

EPA fuel economy estimates: 40 MPG city/45 highway/42 combined

I’ve always had trouble matching the Civic’s stellar fuel economy figures; on my last trip I averaged in the high 30s, maybe 20% better than what I’d expect from a conventionally-powered Civic. That said. Our Alternative Fuels guides reviewed the Civic Hybrid and their fuel economy ranged from 41.5 up to 48.7 The Civic is one of my favorite compacts because of its styling and functionality, but I’m not convinced that the Civic Hybrid is worth the $3,000-or-so price premium over a comparably-equipped Civic EX. Besides, if I really wanted to make a difference, I’d opt for the natural gas powered Civic GX, which is cheap to fuel, super clean, and uses no gasoline at all.

Read Review

3. Smart Fortwo

Photo © Aaron Gold

EPA fuel economy estimates: 33 MPG city/41 highway/36 combined

When I tested the Smart Fortwo, I averaged just under 36 MPG, a bit disappointing considering the Smart’s tiny size, leisurely acceleration, and need for premium fuel. Still, that’s almost 20% better than the fuel economy you’ll get in a Toyota Yaris. Even with the cost of high-octane fuel factored in, it’s still a significant cost savings. And the Smart Fortwo is inexpensive to buy, with a sub-$13k starting price that includes antilock brakes and electronic stability control. They even make a convertible! If you don’t need a back seat and stick mostly to urban driving, the Smart Fortwo is a great way to save money and do your part to reduce our reliance on oil.

Read Review

4. Nissan Altima Hybrid

Photo © Nissan

EPA fuel economy estimates: 35 MPG city/33 highway/34 combined

The Nissan Altima has always been one of my favorite mid-size sedans. I like its ample space, simple controls, and the smoothness of its continuously-variable transmission. And the hybrid powertrain just sweetens the deal: It’s smooth and unobtrusive and gets great fuel economy, providing a nice middle ground between the hard-core Prius and a conventional mid-size sedan. But there’s a catch (isn’t there always?): Officially, the Altima Hybrid is only sold in California, Connecticut, Maine, Massachusetts, New Jersey, New York, Oregon, Rhode Island and Vermont. Toyota’s Camry Hybrid, which has pretty much all of the same advantages, is available in all 50 states.

Read Review

5. Toyota Camry Hybrid

Image © Toyota

EPA fuel economy estimates: 33 MPG city/34 highway/34 combined

Like the Nissan Altima Hybrid, the Camry Hybrid bridges the gap between a dedicated hybrid and a conventional sedan. Why does that gap that needs bridging? Dedicated hybrids like Toyota’s Prius use small engines, low rolling resistance tires, and a smooth, aerodynamic shape — which translate to slower acceleration, a noisier ride, and far-out styling. The Camry Hybrid uses the same Hybrid Synergy Drive as the Prius, but with a larger engine (2.4 liters vs. 1.5), ordinary tires, and a shape that’s as familiar as Washington’s face on the dollar bill. The Camry Hybrid rides and drives pretty much like a conventional 4-cylinder Camry, but goes about 35% farther on a gallon of gas.

Read Review

6. Volkswagen Jetta TDI

Photo © Aaron Gold

EPA fuel economy estimates: 30 MPG city/41 highway/34 combined (manual), 29/40/33 (automatic)

The diesel-powered Jetta TDI’s fuel economy is about 40% better than the gas-powered Jetta, and those are just EPA figures — owners report real-world economy in excess of 40 MPG, and I averaged 42.9 MPG in my own test drive. Diesel fuel prices may give some buyers pause, but the gains in fuel economy will far exceed the higher price per gallon. And the 2009 Jetta TDI qualifies for a $1,300 in federal tax credit, which makes its effective purchase price lower than a comparably-equipped gas-powered Jetta SEL. All this, plus it’s a Jetta, which means it’s hip, practical, and fun to drive.

Read Review

7. Ford Escape/Mercury Mariner/Mazda Tribute Hybrids

Photo © Ford

EPA fuel economy estimates: 34 MPG city/31 highway/32 combined

Technically, this is a site about cars, not SUVs, so the Ford Escape Hybrid (and its near-twins, the Mercury Mariner and Mazda Tribute hybrids) has no place on this list — but it’s here anyway, because it’s a remarkable (and often underrated) vehicle. The Escape is a proper SUV, yet its combined fuel economy is the same as a Toyota Yaris — and it scores 17% better fuel economy than the Yaris in the EPA city cycle. Ford’s hybrid system is brilliant — it’s smoother than Toyota’s and does a better job of running on electric power at low speeds. Note that front-wheel-drive Escape Hybrids get the best fuel economy; all-wheel-drive carries a penalty of 4 MPG, about 12.5%.

Read Review

8. Toyota Yaris

Photo © Toyota

EPA fuel economy estimates: 29 MPG city/36 highway/32 combined (manual), 29/35/31 (automatic)

I love the Yaris for its cute looks, small size, frugal engine, and last-forever build quality, plus there’s only a minimal fuel economy penalty if you opt for the automatic transmission. For 2009, Toyota has added a handy 5-door model that casts the same size shadow as the 3-door (the 4-door Yaris sedan is slightly bigger). That said, if you’re shopping for a Yaris, you should also check out the Honda Fit; it has a much more versatile interior, and the automatic-equipped Fit boast better power delivery than the automatic Yaris with comparable fuel economy.

Read Review

9. MINI Cooper/Clubman

Photo © Aaron Gold

EPA fuel economy estimates: 28 MPG city/37 highway/32 combined (manual), 25/34/29 (automatic)

I’ve never been shy about my criticism of the MINI, but even I will happily admit to its two best attributes: It’s a lot of fun to drive and it’s very fuel-efficient, with my own tests bearing out its excellent EPA estimates. Best yet, the long-wheelbase Cooper Clubman boasts the same EPA fuel economy estimates as the smaller Cooper. While the 118 hp base-model engine has enough kick for most situations, the hot-rod 172 hp Cooper S’ EPA fuel economy estimates are only 2-3 MPG behind the base model, quite remarkable for a turbocharged car. Note that the MINI requires premium fuel, but it still delivers more smiles-per-gallon than most cars.

Read Review

10. Honda Fit

Photo © Aaron Gold

EPA fuel economy estimates: 28 MPG city/35 highway/31 combined (Base automatic), 27/33/30 (Sport automatic), 27/33/29 (manual)

We’ve seen a lot of small cars pop up on the market in the last couple of years, and the Fit is arguably the best of the bunch. It has a huge trunk and a roomy back seat that folds and flips six ways to Sunday to accommodate even more cargo. The Fit is sold in Base and Sport trims, and the automatic Base is the most frugal; automatic Sports have a different gear ratio between the transmission and the wheels that improves acceleration at the expense of fuel economy. The Fit got a complete redesign for 2009, but the previous-generation Honda Fit (2007-2008) offers comparable cargo space, flexibility, and fuel economy.

WASHINGTON – The House has voted to rush an additional $2 billion into the popular but financially strapped “cash for clunkers” car purchase program.

The bill was approved on a vote of 316-109. House members acted within hours of learning from Transportation Secretary Ray LaHood that the program was running out of money.

Called the Car Allowance Rebate System, or CARS, the program is designed to help the economy and the environment by spurring new car sales. Car owners can receive federal subsidies of up to $4,500 for trading in their old cars for new ones that achieve significantly higher gas mileage.

House Majority Leader Steny Hoyer said the new money for the program would come from funds approved earlier in the year as part of an economic stimulus bill.

…for the whole article visit: http://news.yahoo.com/s/ap/20090731/ap_on_go_co/us_cash_for_clunkers

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