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 firstname.lastname@example.org. 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
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News HeadlinesRocklin Burglary Suspect Killed by PoliceRocklin, CA- This morning February 25th, 2017 at 10:01 AM, The Rocklin Police Department responded to a residential burglary in progress on the 4900 block of Bradford Place
Roseville Police Activity Weekly Update (2.23.17)The City of Roseville police activity weekly update for the period covering February 17-23, 2017
Fine Forgiveness at Sacramento Public LibrarySacramento Public Library is waiving all overdue book and material fines through Wednesday, March 15 as part of its new Fine Forgiveness promotion
Public Meeting: Sierra Joint Consortium for Adult Education(AUBURN, CA) The public is invited to attend the Sierra Joint Consortium for Adult Education (SJCAE) public meeting on March 15, 2017,
Seniors First Represents Capital Region in National Campaign(Auburn, CA) - Surprisingly to some, individuals age 60 and older in our area continue to experience an increasing rate of hunger.
20 Year Upgrade Project for Northstar Ski ResortAUBURN, Calif. -- The Placer County Board of Supervisors on Tuesday approved a series of actions to guide upgrades and improvements to the Northstar California ski resort
Real Estate Watch: Home Seller's Market Roseville, CA - Realtor, Julie Jalone of MagnumOne Realty in Roseville, is asking why more homeowners are not taking advantage the current seller's market being caused by high buyer demand and low inventory of home for sale.
Top 5 Healthy Heart Habits : A Dose of Vitamin Ray with Dr. RayDid you know, heart disease is still the leading cause of death in both men and women in the United States? In fact, per The American Heart Association
Autism Studies: Placenta Provides Time Capsule(Sacramento, Calif) - In two recent studies, researchers at UC Davis have shown that placental tissue can provide critical information about the epigenetic
Winners of American History Essay Contest honored in RosevilleRoseville, CA - Congratulations to winners of the American History Essay contest sponsored by Roseville's Gold Trail Chapter
Placer SPCA Announces 2017 Board of DirectorsRoseville, CA - The Placer SPCA has announced the election of its 2017 Officers for the Board of Directors.
Hyundai Veloster: Unconventional compact hatchbackRoseville, CA- The first thing one notices about the Hyundai Veloster is the odd door arrangement. It's an ingenious idea, putting two doors on the passenger side of this compact hatchback
NEWS: In Case You Missed It