Updates from May, 2012

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  • Mortgage Forgiveness Debt Relief Act: Will It Be Extended?

    9:23 am on May 17, 2012 | Comments:0
    Tags: , debt relief, , ,   Filed under: Consumer news and advice, Federal Goverment, FHA, Finance, Foreclosure, Home owner information, Income Tax, mortgage, Tax, Tax credit

    by The KCM Crew on May 16, 2012

    Many of our readers have asked whether or not we believe the Mortgage Forgiveness Debt Relief Act of 2007will be extended past its current expiration scheduled for the end of the year. As a reminder, the legislation ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven.

    The reason this act is important in today’s housing market is that, without the act, debt is reduced through mortgage modifications or short sales qualifies as income to the borrower and is taxable. If the legislation is not extended, then it would require homeowners to complete a short sale or modification prior to year’s end in order to avoid a tax consequence.

    (More …)

     
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  • Housing Industry Readies Mortgage Tax Break Fight

    11:28 am on January 18, 2011 | Comments:0
    Tags: , ,   Filed under: Buyer Info, mortgage, Tax credit

    By Steve Kerch

    RISMEDIA, January 18, 2011—(MCT)—The housing industry is girding for a fight in Congress to protect the mortgage interest deduction, along with a number of other housing-related tax breaks. The National Association of Home Builders is putting a high priority on lobbying in favor of the mortgage interest deduction, along with breaks such as the capital-gains exclusion on home sales, and has already created a website, http://www.savemymortgageinterestdeduction.com, to begin rallying public support behind its position.

    “This is a huge benefit for 35 million taxpayers a year. And the biggest beneficiaries are middle-class families and younger home buyers,” said Robert Dietz, who oversees tax policy and issues for the NAHB.

    The mortgage interest deduction has come under scrutiny before, but housing groups have always united against attempts to do away with it. The National Association of REALTORS® and the Mortgage Bankers Association are two other powerful lobbies that have opposed those efforts in the past. (More …)

     
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  • September Sales Remain Soft Following End of Home Buyer Tax Credit

    10:41 am on October 21, 2010 | Comments:0
    Tags: , , , , , , , ,   Filed under: Agent information, Buyer Info, Charlotte County, Consumer news and advice, Manatee, Sarasota, Seller Info, Statistics, Tax credit, The Housing Market

    Pending Sales Portend Better Months Ahead

    The market for properties in Sarasota, Manatee and Charlotte Counties continued it’s slow but steady rebound from the drop-off in sales that occurred in the first months immediately following the cessation of the first time homebuyer tax credit in late June.  Stronger pending sales portend better months ahead, but recent unexpected developments centered around the foreclosure crisis could easily have a profound effect on future sales since foreclosures account for a large percentage of today’s transactions.

    “We fully anticipated a softening in sales in the months immediately following the end of the tax credit,” said Michael Saunders, founder and CEO of Michael Saunders & Company.  “The tax credit was designed to stimulate sales in the short term to hasten the market’s recovery.  It’s June 30th deadline essentially motivated buyers who might have otherwise acted more leisurely to speed up their timeframe for buying, leaving a temporary gap in the market that new buyers are gradually rushing in to fill.”

    TRENDGRAPHIX latest report shows that combined sales for the tri-county region of Sarasota, Manatee and Charlotte Counties were down 2.4% in September 2010 as compared with the previous month; and down 1.3% versus September 2009.  September 2010 pendings, on the other hand, were up 6.6% versus last month; and up 9.6% versus last September.  The combined inventory of properties for sale rose 1.5% from August to September 2010; and rose 4.2% versus last September.

    “One of the most telling signs that a significant number of buyers continue to have a outdated sense of their home’s value in today’s corrected market is the wide gap that still exists in the average list price versus the average sale price in all three counties,” adds Saunders.  “That gap has to narrow considerably in order to reflect a trend in correct pricing across all price ranges.”

    Sarasota County:

    September 2010 sales in Sarasota County were up 1% percent versus August, but were 2% behind the same month a year ago when the tax credit was in effect.   Pendings had a stronger showing in September, up 7.4% vs. last month; and were 7.6% ahead of the same time last year.  The number of properties for sale rose marginally in September (2.6%) versus the previous month; but were essentially unchanged from a year ago.

    Of the 629 homes sold in Sarasota County during the month of September, 72% were under $200,000, 18% were between $200,000 and $400,000; and 10% sold for more than $400,000. 

    September’s median price of $125,000 for a home in Sarasota County declined by 3.8% from August; and by 10.7% since September 2009.

    Manatee County:

    September sales in Manatee County were down 5.4% versus August, and 1% behind the same month a year ago.  September pendings were 3.1% ahead of August and 12.7% ahead of last September. The number of properties for sale county wide remained virtually unchanged from August to September, but were 2.3% higher than last September.

    Of the 439 homes sold in Manatee County during the month of September, 66% were under $200,000, 26% were between $200,000 and $400,000; and 8% sold for more than $400,000.

    September’s median price of $153,000 for a home in Manatee County was up 4.8% versus August; but was 7.3% less than in September 2009.

     

    Charlotte County:

    In Charlotte County, September 2010 sales were down 4.9% vs. August; but 5.4% ahead of last September.  Pendings for September were up 10.9% vs. last month; and up 9.3% vs. last September.  The number of properties for sale in September was up 1.4% from August; and up 14.5% vs. last September.

    Of the 293 homes sold in Charlotte County during the month of September, 84% were under $200,000, 14% were between $200,000 and $400,000; and 2% sold for more than $400,000.

    September’s median price of $95,000 for a home in Charlotte County was down 3.1% from August; and down 12% from September 2009.

    About TRENDGRAPHIX, Inc:

    Trendgraphix, Inc. is a California-based real estate research and reporting company that uses actual local MLS data to provide highly-visual statistical graphs that help real estate brokers, agents, their customers and real estate associations across the U.S. interpret the latest trends in their respective market areas.  Trendgraphix is used by 100 brokerages and 48 MLS systems; and by tens of thousands of agents and real estate executives in 18 states.

    For more information visit Trendgraphix.com.

     
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  • 5 Reasons Why Now is a Good Time to Invest in the Housing Market

    9:43 am on September 21, 2010 | Comments:0
    Tags: , , , , ,   Filed under: Buyer Info, Consumer news and advice, economy, Statistics, Tax credit, The Economy, The Housing Market

    By Linda Stern

    RISMEDIA, September 21, 2010—(CBS MoneyWatch)

    Foreclosures spiked in August 2010, with banks seizing 95,364 homes, according to RealtyTrac, a housing research firm. They were up 25% from August 2009 and at their highest level since the company started tracking this data in 2005.This is frightening news for homeowners, home sellers, and home builders who may feel like they are barely hanging on, because it signifies continuing weakness in the housing market. But all of the news isn’t bad, since this may signify that the worst is over. Here are some reasons why now is a good time to invest in the housing market.

    The trend may reverse. Actual foreclosures lag defaults and foreclosure notices, and both of these latter categories are going down. Default notices peaked in April 2009 at 142,062 and were at 96,469 last month, 30% below their year-ago level. (More …)

     
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  • 4 Ideas To Spur Home Sales

    9:15 am on September 9, 2010 | Comments:0
    Tags: , ,   Filed under: Buyer Info, Seller Info, Tax credit

    by Dean Hartman on September 9, 2010 ·

    A new Home Buyer Tax Credit is unlikely.  Interest rates can’t go much lower.  So, how can a market where buyers who are afraid of losing their jobs begin to digest the massive quantity of current and shadow inventory without another major correction in pricing?  Here are four “outside the box” ideas that deserve consideration: (More …)

     
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