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Now with the election behind us...




Now with the election behind us, it is time to look to the end of this year and the year beyond.

As we prepare for 2013 one of the big issues in the Sacramento housing market remains distressed properties and if Congress will extend the Mortgage Debt Forgiveness Tax Relief law.  This is this act which provides a tax exemption for forgiven debt related to the short sale of homes.  The act and the exemption are set to expire at the end of the year and if not extended will virtually remove short sale as an option for homeowners who must sell a home with a value less than the mortgage balance.   If the law is allowed to expire, homeowners who negotiate a short sale or lose their homes through foreclosure would have to pay federal taxes on the amount forgiven by their lender.

The NATIONAL ASSOCIATION OF REALTORS(r) has issued a nationwide Call-for-Action, urging members to contact their Members of Congress in support of extending the current Mortgage Debt Forgiveness Tax Relief law. Despite some positive signs of recovery, our nation's real estate market is still fragile. Over a quarter of all transactions still involve distressed properties.   As part of this call I am urging you to contact your representatives and ask them to support an extension of the act.

As we move into 2013 the California housing market will continue to recover.  The California Association of Realtors has forecast increased sales for the third consecutive year and the median price to rise for the second straight year.  The C.A.R. forecast sees sales gaining 1.3 percent next year to reach 530,000 units, up from the projected 2012 sales figure of 523,300 homes sold.  Sales in 2012 will be up 5.1 percent from the 497,900 existing, single-family homes sold in 2011.

C.A.R.'s forecasts the average for 30-year fixed mortgage interest rates will edge up to 4 percent after six consecutive years of declines, but will still remain historically low.

The statewide median home price is forecast to increase a moderate 5.7 percent to $335,000 in 2013.  Following a decrease in 2011, the California median home price will climb a projected 10.9 percent in 2012 to $317,000.

The actions of homeowners who are upside down and what happens with the tax forgiveness act will be important in 2013.  With prices moving up, some of these homeowners will stay in their homes while others will sell and move forward.

If you or someone you know is considering selling a home where the value is less than the mortgage balance, give me a call at the MagnumOne Realty office in Roseville (916-899-6571) or send an email to juliej@jalone.com.  I would be happy to answer your questions.



About Realtor Julie Jalone


Julie Jalone, wife and mother living in Rocklin, is an experienced professional Realtor ® serving
the Greater Sacramento area including Placer, El Dorado, Yolo and Yuba counties.

Julie may be reached online at www.jalone.com or by calling (916) 276-6883
Check out her daily web blog: Keep it Real in Sacramento


Placer County News Headlines

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Volkswagen unveils versatile new GolfRoseville, CA,- The all-new 2017 Volkswagen Golf Alltrack. Volkswagen has attempted to build the Alltrack with some enviable features that give it the versatility that appeals to people who enjoy staying active.

Roseville Gas Prices Continue DroppingRoseville, CA, - More good news for Roseville area motorists as gas prices continue to move lower. The cooler weather is moving in and autumn weekday road trips are idyllic

31 Confirmed Dead in California Wildfire DevastationCalifornia Fire Updates 2017: The death toll has risen to 31 across 4 fires as estimates remain that 3,500 homes and other structures have been destroyed

Placer Women's Retreat in Roseville on November 4thRoseville, CA- The Placer Women's Retreat will take place at the Falls Event Center in Roseville on November 4, 2017.

Sacramento Area Council of Governments UpdatesThe Sacramento Area Council of Governments (SACOG) is pleased to announce Christina Lokke as its new Policy Manager and the promotion of Erik Johnson to Director

Spookomotive Trains to Treat Old Sacramento VisitorsSACRAMENTO, Calif. -- Back by popular demand, California State Parks and the California State Railroad Museum & Foundation will once again offer engaging and entertaining "Spookomotive"

Disney's Beauty and the Beast set for Harris CenterEl Dorado Musical Theatre is proud to present Disney's Beauty and the Beast which will run October 27 - November 5, 2017 at the Harris Center

Sutter Health Employees Make A Difference with Local Food Bank DonationsAUBURN - Sutter Health employees donated more than 3,350 pounds of non-perishable items to seven food banks as part of the hospital's month-long campaign

Placer County Air Quality Advisory Due to WildfiresThe Placer County Public Health Officer and Placer County Air Pollution Control Officer issued a joint air quality advisory to notify the public of the potential of poor air quality conditions

Children's Hope Charity Golf Tournament in RosevilleRoseville, CA - Children's Hope Foster Family Agency will hold it's First Annual Putting for Foster Kids Golf Tournament in Roseville on October 21, 2017 at Woodcreek Golf Club.

Roseville Incentives Hope to Lure Amazon HeadquartersRoseville, CA - Roseville is making a pitch to bring a second Amazon headquarters and its 50,000 jobs here.


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