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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

Captured: Mexican Nationals found on Foresthill RoadA Placer County Sheriff's deputy just arrested the three men who've eluded capture since Wednesday afternoon.

Water Supply Projection by Water Agency GMAUBURN, Calif. - Following weeks of rain and snowfall, the Placer County Water Agency (PCWA) Board of Directors met on February 4 to receive the latest snowpack and water supply update.

3 Rocklin Restaurants Hit by BurglarRocklin, CA - On the morning of February 4, 2016 between the hour of 1:30 AM and 2:30 AM, three closed take-out style restaurants

Roseville Housing Authority Nabs Highest HUD RatingRoseville, CA- For the 11th consecutive year, the U.S. Department of Housing and Urban Development (HUD) named the Roseville Housing Authority

Local Woman Honored for Cancer AdvocacyRoseville, CA - Former educator and Granite Bay mother of three Laura Tyrrell was honored at the Stars of Advocacy Inaugural Gala Fundraiser.

New California Laws for 2016 (Part 33)Roseville, CA - New California laws for 2016. Part 33 includes Medical marijuana, Real estate investments, Housing standards, Disorderly conduct, Housing standards: mold, and more.

PET/CT Mobile Imaging Unit to serve Roseville Area CommunitiesA state-of-the-art PET/CT mobile imaging unit designed to serve patients in Lincoln, Rocklin, Roseville and surrounding communities is located in Lincoln.

The Addams Family at Folsom Harris Center The Addams Family which will run February 19-28, 2016 at the Harris Center in Folsom, California.

Respected Fishing Expert in Auburn on February 19thThe Rooster Tails Fishing Club second breakfast of 2016 will be held at the Auburn Elks Lodge on February 19.

Mexican Nationals Wanted on Weapons ChargesThe Placer County Sheriff's Office arrested Pedro Madrigal Ortiz, 25, a Mexican national, early this morning

New California Laws for 2016 (Part 32)Roseville, CA - New California laws for 2016. Part 32 includes Workers' compensation, Consumer protection, California Community Colleges, Discrimination, erroneous conviction and more.

Sutter Medical Center Foundation New Board MembersRoseville, CA. - Sutter Medical Center Foundation has announced the addition of six new community members to its Board of Trustees.


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