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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.





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

Placer Land Trust Acquires 40 Acres along North Fork of American RiverPlacer Land Trust is very pleased to announce that in early April it acquired 40 acres of gorgeous land along the North Fork American River at the bottom of the Green Valley Trail.

$20 Pet Adoptions at Placer County's Auburn ShelterFacing a spring surplus of rescue pets - and in celebration of National Adopt a Shelter Pet Day April 30 - Placer County's Auburn animal services center will lower adoption fees

Roseville Hosts I Love the 80's Fun RunRoseville, CA- On Sunday, May 1, 2016, the City of Roseville will host the I Love the 80's Fun Run in Downtown Roseville.

Yomen Spring Celebration in RosevilleYomen spring celebration in Roseville is free community event at Maidu Museum & Historic Site on April 30, 2016.

Roseville Man Arrested for Child Molestation in Bay AreaJames McNealy Carroll, a 64 year-old Roseville resident has been arrested for six counts of child molestation.

Vacancies: Mental Health, Alcohol and Drug Advisory BoardThe Placer County Mental Health, Alcohol and Drug Advisory Board is in need of additional community members to fill vacant seats.

Distance Language Intervention and Disabilities CommunicationSean Sawicki, who has fragile X syndrome, can be hard to understand and doesn't always have the attention span to carry on a sustained conversation

Sutter Buttes Bike Poker Run & Wine Tasting May 14thSutter, CA - Visit Yuba-Sutter will host the annual Sutter Buttes Bike Poker Run and Wine Tasting event on May 14, 2016.

Roseville's Greener Gardens Tour & DIY Expo Roseville, CA- Join hundreds of people for Roseville's Greener Gardens Tour and Do-It-Yourself (DIY) Expo on Saturday, May 14th

Holly Heinzen reflects on 31-year career in serviceAfter making it through her first day, wondering if she would even be able to make it up the hill and into the parking lot, Heinzen had found a place where she would spend the duration of her career

Autism: Pool and Water Safety TipsRoseville, CA- April is National Autism Awareness month. Drowning is a leading cause of death for children and adults who have Autism.

Electric Vehicle Charging Stations in AuburnAuburn -The Placer County Transportation Planning Agency (PCTPA) and the City of Auburn will host a ribbon cutting celebration to recognize the installation of two new electric vehicle


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