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• When there's something strange ...

• Local reaction to economic growth

• Officials hope new Highway 12 stoplight will make road safer

• Stockton breaks ground on Delta Water Supply Project

• Get an early start trick-or-treating in Downtown Lodi

• Regional Roundup

• Lodi sales tax revenue less than expected

• Lockeford soldier Kyle Coumas' funeral set for Monday

• Roundup of Lodi-area Halloween events

November 21st, 2009

• Logbook

• Holiday drive spreads cheer to U.S. troops

• Galt High students want board to approve open-campus policy

• Poisoning victims remain hospitalized

• Expert: Half a mushroom cap can be deadly

• Tokay grad files claim over Lodi's Grape Bowl

• Lodi Middle School holds annual Turkey Trot

• Regional Roundup

• No motive or suspect in shooting

• Sacramento cop arrested for alleged kidnapping

November 20th, 2009

• Acampo woman killed

• Salvation Army Kettle Kickoff

• Advocacy groups sue East Bay Municipal Utility District over Pardee expansion

• Regional Roundup

• Galt plans to help residents with energy-efficient projects

• Stable southeast of Lodi approved

• One year after a heart attack, Lodi's Judy Mims thanks rescuers

• National Guard troops return home in time for the holidays

• Real estate market gets on more solid ground

November 19th, 2009

• Operation: Christmas

• Logbook

• Suspect arrested after hiding in fridge

• Chase ends in crash

• Galt Joint Union High School Distric hires new superintendent

• Sales tax hike yields dividends: 5 new officers join Galt Police

• Lodi Unified School District board votes to cancel summer school for 2010

• Water surges in Mokelumne River yield more salmon

• Lodi City Council will consider redevelopment next June

• Lodi City Council plans to cap number of taco trucks at 22

• Corrections

November 18th, 2009

• Regional Roundup

• Paranormal group conducts second investigation of building

• Congress allocates money for local water projects

• Sarah Palin's book hits the shelves: Locals react

• Lodi man finds wife's ashes during police display of stolen property

• Galt City Council rejects study on rent stabilization

November 17th, 2009

• Paying tribute to a Lodian

• Lodi Budget and Finance Committee to look into ways to save money on employee benefits

• Regional Roundup

• Decision on summer school expected at tonight's Lodi Unified School District meeting

• Clements gets free water rescue boat

• Redevelopment to be discussed by Lodi City Council again

• Court reinstates death penalty for killer of Lodi grad

• Clarification

November 16th, 2009

• Correction

• Public Meetings

• City Council 'triple-dog dared' to ditch cars, use Lodi buses

• Sierra Adventure store to close after four years in Downtown Lodi

• Lodi's First Sip event showcases area wineries' latest vintages

• Three members of Lodi-area family fall ill after eating poisonous mushrooms they reportedly found at Lodi Lake

• Regional Roundup

November 14th, 2009

• Galt school district narrows superintendent search to one

• Regional Roundup

• Despite budget cuts, some Lodi Unified School District salaries continue to rise

• Watchful neighbor in Lodi helped bust suspected burglars

• New Galt city manager juggles job, family

• Despite an increase in homeless students, school districts look to bolster enrollment, raise revenue

• A first look at 2009 vintages at Lodi's First Sip wine-tasting event

The following stories have received the most reader comments during the last 7 days.

• The country's mess is our fault (172)
• Obama is not a moderate (130)
• Public health care is a Christian option (86)
• Sarah Palin's book hits the shelves: Locals react (73)
• Lodi City Council plans to cap number of taco trucks at 22 (53)
• The haves should help the have-nots (31)
• Government-run health care is a bad idea (27)
• Tokay in, traveling to unbeaten No. 3 Grant for football playoffs (25)
• Sierra Adventure store to close after four years in Downtown Lodi (18)
• Young woman fatally shot at Acampo home (18)

ADVERTISEMENT

Possible extention of first-time homebuyer tax credit?

As I submit my article today, some positive things are underway regarding the first-time homebuyer tax credit and the Home Valuation Code of Conduct.

The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd-Lieberman-Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.

The Extended and Expanded Tax Credit will contain the following provisions:

Amount: $8,000 — Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their home for SEVEN* years to be eligible)— Income Limits: $125,000 for single filers/$225,000 for joint filers — Time Frame: December 1, 2009, to April 30, 2010, plus 60 Day extension if binding contract is in place by April 30, 2010

The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. NAR (National Association of Realtors)and CAR (California Association of Realtors) are continuing to push for step-up buyers to be required be in their current home for three year period.

The first time home buyer tax credit is generally well accepted by most politicians, there has been some debate among some that believe there are no good ways to police the credit and who is justified in receiving it and others who will fraudulently claim the credit. As with any somewhat popular and politically advantageous legislation a number of politicians will try to add in their own special interests and 'pork' — this tends to lead to changes and last minute wrangling — hopefully the intentions come through in the end.

On Wednesday, October 21st, the National Association of Mortgage Brokers used the petition to help convince the House Financial Services Committee to pass an amendment that will finally put an end the mess that Home Valuation Code of Conduct has been making of the real estate and lending industries. More than the 102,000 signatures on the petition, it was the pace at which the petition is growing and the HVCC horror stories.

As you recall, the HVCC was a set of guidelines implemented several months back that keeps lenders from directly ordering their own appraisals. It created a go between called AMC's (Appraisal Management Companies). The AMC's would then put the appraisal order into a virtual queue for a pool of appraisers to pick up the order for the lowest price possible. The savings were not passed on to the consumer and in some instances raised the costs of appraisals to borrowers. Even more detrimental was the fact that unqualified or out of the area appraisers were often the lowest bidders, traveling from Bakersfield to do an appraisal in Lodi.

Hopefully the push forward continues and the HVCC criteria are repealed, just one small step forward to some normalcy in the lending and real estate world.

If you have any questions or comments please email me at larprez2009@gmail.com. Ryan Sherman is the President of the Lodi Association of Realtors.