Governor Schwarzenegger on Monday signed SB 401 (Wolk) into law providing distressed homeowners with state tax exemption on debt forgiven in a short sale, foreclosure, or loan modification. Effective immediately, this bill generally aligns California’s tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a qualified …
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, …
$18,000 in Combined Homebuyer Tax Credits for a Limited Time Read More »
The U.S. Treasury has allocated $699.6 million to CalHFA to help low and moderate income borrowers who have been hit hardest by unemployment and falling home values. These funds will be used for innovative programs to help stabilize the housing market. The HFA Hardest-Hit Fund was designed to allow the maximum possible flexibility to Housing …
CALHFA ANNOUNCES $700 MILLION TO ASSIST HOMEOWNERS Read More »
The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers. MAKING SENSE OF THE STORY FOR CONSUMERS The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive …
IRS issues new guidelines on obtaining home buyer tax credits Read More »
Report finds 67 percent of California sellers sold their homes due to inability to meet mortgage obligation LOS ANGELES (Feb. 25) –Changes in family and employment status as well as adjustments to monthly mortgage obligations played significant roles in California’s homeowners’ decisions to sell their homes in 2009, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ …
C.A.R. releases “2009-2010 Survey of California Home Sellers” Read More »
The median price of existing, single-family homes rose 15 percent in January, while sales declined 10.6 percent compared with the prior year, according to C.A.R.’s latest sales and price report. The median price of an existing, single-family detached home in California during January was $287,440, a 15 percent increase from the revised $249,960 median for …
The Consumer Confidence Index declined in February to 46 (1985=100) compared with 56.5 in January, the Conference Board reported yesterday. The Present Situation Index decreased to 19.4 in February from 25.2 in January, and the Expectations Index declined to 63.8 from 77.3 last month, according to the report. “Concerns about current business conditions and the …
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