Wednesday, December 31, 2003

New laws for 2004 affecting California Real Estate

There are a number of new laws affecting real estate to be aware of. Some that we'd like to mention:

AB2776 - Airport Noise Disclosure is designed to alert potential buyers to neighboring airport influence areas.
AB313 - Loan interest revises accrual date of interest on a loan for residential property 1-4 units.
AB1049 - Fair Reporting of Insurance Loss History
SB804 - Homestead Exemption increases from $125,000 to $150,000 for persons over 65 years old with a gross annual income of $15,000 (or $20,000 if married).

Please refer to the actual law, as we have included only a one line summary. We advise you to check with your lawyer, tax accountant or other legal/financial advisor to see how they affect you.

There are many, many more new laws affecting real estate. We will update you regularly.

Fran and Rowena's predictions for 2004 Southern California Real Estate
Our crystal ball broke, but we forsee a continued strong real estate market. As it is an election year, we suspect that interest rates will remain favorable. Home prices show no sign of softening that we can see right now. Of course, we'll keep you posted throughout the year!

Our best wishes for a happy, healthy 2004

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