Housinng Opportunity Index

admin — Wed, 20 May 2009 23:20:05 +0000

According to the quarterly Housing Opportunity Index compiled by the National Association of Home Builders and Wells Fargo Bank, housing affordability is reaching record levels in the US. Nearly 73 percent of all homes sold in the first three months of 2009 considered affordable — the highest percentage ever reported by the 18-year-old index. ”Affordable” means that a family making the national median household income of $64,000 must be able to devote no more than 28 percent of their income toward housing costs.

The most affordable major metropolitan areas and their median home prices are: Indianapolis; Youngstown, Ohio; Akron, Ohio; Grand Rapids, Michigan; Syracuse, N.Y; Warren, Michigan;Cleveland; Buffalo, N.Y.; Toledo, Ohio; and Dayton, Ohio, with prices ranging from 78,000 to 119,000.

Short Sale and Foreclosure Tax Break

admin — Thu, 14 Feb 2008 11:06:21 +0000

For investors that deal in Short Sales, there is a new tax relief for homesellers who complete a short sale.

In the past, the forgiven debt could be taxed by the IRS.

Under The Mortgage Forgiveness Debt Relief Act of 2007, up to $2 million of the canceled debt on a principal mortgage is now tax free. The new law does not apply to investment property.

Source: Short Sale and Foreclosure Tax Break

This may mean that you may have to update your disclosures. It may also increase the incentive for home owners to complete the short sale with you as their canceled debt is not taxable. Notice that this is for primary residence only property.

Walker's Wholesale Houses » Buy Cheap Discounted Houses

Housinng Opportunity Index

Short Sale and Foreclosure Tax Break