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Items Tagged with 'Short sale'

ARTICLES

Senate approves short sale tax break

Allows tax relief on 2014 short sales
Ben Lane
Homeowners who had short sales in 2014 were facing massive tax bills unless Congress extended short sale tax breaks. The House of Representatives did its part two weeks ago, and now the Senate has followed suit.
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Short sale tax break passes in House

Now on to the Senate
Ben Lane
According to a recent estimate from RealtyTrac, there have been more than 170,000 short sales representing a mortgage debt forgiveness of $8.1 billion total in the first three quarters of 2014 alone. All those borrowers will be facing massive tax bills if the bill doesn't pass in the Senate as well.
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Short sale tax break expiration could slam 170K with massive tax bills

Congressional inaction could add $75K in phantom income
Trey Garrison
The tax break for mortgage debt forgiveness is about to expire, Congress hasn't moved, and here's how it could add tens of thousands in phantom income to people already hit by short selling their homes.
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The 12 hottest housing markets right now

And the biggest losers in the price growth race
Trey Garrison
RealtyTrac’s data for October breaks out the housing markets with the most price gains, the ones that are slowing, and what’s happening with short sales and foreclosures. Where does your market fit in, and what does it mean?
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RealtyTrac: Foreclosure sales fall to lowest level since Q1 2011

Median home prices increase for 30th consecutive month
Ben Lane
According to the report, residential properties, including single-family homes, condominiums and townhomes, sold at an estimated annual pace of 4,402,741 in September, a decrease of 1% from August 2014 and a decrease of 19% from one year ago.
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Congress must extend housing short sale tax relief

Threat of tax penalty has chilling effect on recovery
Tom Zeeb
The classification of the homeowner debt cancelled during a short sale as income allows the IRS to levy a hefty tax bill against Americans who were unable to pay their mortgage, thus burying them in further debt and making the use of the short sale transaction prohibitive.
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New Connecticut foreclosure law seeks to bypass judicial backlog

Offers short sale alternative, expedites process
Ben Lane
The bill, which was sponsored by State Representative Joe Diminico, who has been a Realtor for more than 30 years, allows property owners who are in the beginning of the foreclosure process to work directly with a broker and the mortgage holder to “speedily sell the property” and avoid the time-consuming judicial foreclosure process.
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Fannie Mae expands HomePath for Short Sales website

Ben Lane
The site’s new functionality will allow agents to contact Fannie directly earlier in the short sale process in an effort to preempt potential challenges, which the GSE says will decrease the need to escalate concerns as the short sale process progresses.
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5 brilliant insights in the CoreLogic April MarketPulse

Short sales down, short-term mortgages up, HELOCs all over
Trey Garrison
Shorter-term mortgages are on the rise, rising rates and equity may mean more HELOCs and short sales may fall of the cliff.
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California home sales continue to drop

Home price appreciation hits second year
Jacob Gaffney
Short sales made up an estimated 9.6% of the homes that resold last month. That was down from an estimated 10.9% the month before and 22.4% a year earlier.
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