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Thursday, April 22, 2010
Thursday, April 15, 2010
California Won't Tax Forgiven Mortgage Debt
Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. Effective immediately, this bill generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a qualified principal residence, borrowers now will be exempt both from federal and state income tax consequences. The tax exemptions apply, with certain restrictions, to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment. Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.
Wednesday, April 14, 2010
2 New Foreclosures in Coronado, CA
Two new bank-owned foreclosures just came on the market in Coronado, CA.
Check out this link for more info.
Monday, April 12, 2010
Current Market Trends in Coronado
THIS WEEK IN CORONADO:
The median list price in CORONADO, CA this week is $2,150,000.
Demand measured by the Market Action Index is increasing and
days-on-market is trending downward. Even as more properties
come available, these are positive trends for the market.
Demand measured by the Market Action Index is increasing and
days-on-market is trending downward. Even as more properties
come available, these are positive trends for the market.
SUPPLY AND DEMAND:
Home sales have been exceeding new inventory for several weeks.
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.
Home sales have been exceeding new inventory for several weeks.
However because of excess inventory, prices have not yet stopped
falling. Should the sales trend continue, expect prices to level off
soon and potentially to resume their climb from there. Watch prices
as the market transitions from a Buyer's market to a Seller's market.
PRICE:
Again this week we see a downward notch for prices. Pricing has
been weak in recent weeks and versus their absolute-high levels.
The Market Action Index is a good leading indicator for the
durability of this trend.
Again this week we see a downward notch for prices. Pricing has
been weak in recent weeks and versus their absolute-high levels.
The Market Action Index is a good leading indicator for the
durability of this trend.
Saturday, April 10, 2010
Tax Rules for Second Homes/Vacation Homes
Purchasers of second homes should be aware that, according to the IRS, taxpayers who are married and filing jointly can’t deduct interest on more than a combined total of $1 million of “home acquisition debt” for a primary and a secondary residence.
Taxpayers also may deduct up to a combined total of $100,000 of home-equity debt on their first and second homes. After refinancing, a home owner can only deduct interest on the original amount of the loan at the time they refinanced, plus $100,000.
Buyers and refinancers also can deduct loan fees – "points” – if the money was used to buy or improve their home. They can’t deduct them if they refinanced to lower the interest rate.
Source: Inman News, Tom Kelly (04/07/2010)
Taxpayers also may deduct up to a combined total of $100,000 of home-equity debt on their first and second homes. After refinancing, a home owner can only deduct interest on the original amount of the loan at the time they refinanced, plus $100,000.
Buyers and refinancers also can deduct loan fees – "points” – if the money was used to buy or improve their home. They can’t deduct them if they refinanced to lower the interest rate.
Source: Inman News, Tom Kelly (04/07/2010)
Friday, April 9, 2010
More Wealthy Home Owners to Face Foreclosure
Houses costing more than $5 million will be part of the next foreclosure boom, according to a study by RealtyTrac for The Wall Street Journal.
In 2009, 1,312 homes costing more than $5 million faced foreclosure auctions. In February 2010 alone, 352 homes were on the auction block. First American CoreLogic tracks 1,700 homes nationwide that have mortgages greater than $4 million. Of those, 14.8 percent were 90 days or more past due as of Jan. 31.
That is almost double the 8.7 percent of homes with lesser mortgages that were similarly past due.These pricey properties are difficult to sell because there are fewer buyers and financing is hard to get, but there’s a psychological element to the problem too.
"It's very, very difficult for these [home owners] to believe they've had such a severe reversal of fortune," says Maggie Navarro, an associate with Coldwell Banker Old Pasadena in Southern California.
In 2009, 1,312 homes costing more than $5 million faced foreclosure auctions. In February 2010 alone, 352 homes were on the auction block. First American CoreLogic tracks 1,700 homes nationwide that have mortgages greater than $4 million. Of those, 14.8 percent were 90 days or more past due as of Jan. 31.
That is almost double the 8.7 percent of homes with lesser mortgages that were similarly past due.These pricey properties are difficult to sell because there are fewer buyers and financing is hard to get, but there’s a psychological element to the problem too.
"It's very, very difficult for these [home owners] to believe they've had such a severe reversal of fortune," says Maggie Navarro, an associate with Coldwell Banker Old Pasadena in Southern California.
Coronado Best Buys List for April 9, 2010
Greetings!
There are 32 properties currently in escrow in Coronado right now. 12 of the listings in escrow are from our Best Buys List. Some Best Buys in pending include:
$525,000—414 G, 1/1, condo.
$749,000—10 Antigua, condo, 2/2.
$979,000--401 E Avenue, house, 3 / 4.
Average sales price in Coronado for the last month is $1,428,000.
Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!
Check out our NEW CORONADO BEST BUYS LIST HERE:
http://www.trulia.com/blog/coronado/2010/04/coronado_best_buys_list_for_april_9_2010
There are 32 properties currently in escrow in Coronado right now. 12 of the listings in escrow are from our Best Buys List. Some Best Buys in pending include:
$525,000—414 G, 1/1, condo.
$749,000—10 Antigua, condo, 2/2.
$979,000--401 E Avenue, house, 3 / 4.
Average sales price in Coronado for the last month is $1,428,000.
Here is the complete BEST BUYS LIST. Don’t let these great deals pass you buy…sign up for our ASAP property emails, and you’ll find out the second something comes on the market—just as soon (if not sooner) then other agents!
Check out our NEW CORONADO BEST BUYS LIST HERE:
http://www.trulia.com/blog/coronado/2010/04/coronado_best_buys_list_for_april_9_2010
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