Long-Term Mortgage Rates Drop

January 9th, 2011

According to Freddie Mac long-term mortgage rates dipped a bit during the week before Christmas. They reported that 15 year fixed rate loans averaged 4.15 percent compared with 4.17 percent the prior week. 30-year, fixed loans averaged 4.81 per cent down from 4.83 the week before and 5.05 percent a year ago.

Initial interest rates for five-year adjustable-rate fixed loans started at 3.75 percent, while one-year adjustable-rate loans closed the week at an average interest rate of 3.4 percent.

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December 14 Federal Open Market Committee Meeting – What to Expect

December 14th, 2010

No significant action is expected when the Federal Open Market Committee meets tomorrow. This is in sharp contrast to the last meeting when the big splash known as the QE2 was annouced. In the QE2 announcement the Fed pledged $600 billion in bond purchases by the end of June next year to reduce interest rates and stimulate the economy. While there was plenty of skepticism at the time about whether it would work the early signs are not positive.

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CA State Senate Bill 401: Forgiven Debt from Short Sales, Foreclosures, and Loan Modifications Not Subject to Taxes

April 14th, 2010

Distressed homeowners no longer need to pay California state income tax on debts forgiven in a short sale, foreclosure, or mortgage loan modification. Introduced into law yesterday, Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief revenue with federal legislation. Pertaining to debt forgiven on a loan secured by a “qualified principal residence,” individuals will now be exempt from both federal and state income tax penalties. The current federal exemption is for indebtedness up to $2 million, whereas the California State Senete Bill 401 exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

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California Home Buying Tax Credits Extended

March 26th, 2010

Good news for the California real estate market today as Governor Arnold Schwarzenegger signed Assembly Bill 183 which gives the Franchise Tax Board authority to extend a total of $200 million in tax credits to California homebuyers; $100 million for buyers of new, unoccupied homes and another $100 million for first-time buyers of existing homes. With the ending of federal tax credits and potential increases in the loan rates there is a growing fear that the recovery that we are currently seeing in the local real estate market will soon come to an end. The tax credits provided in AB 183 will help to mitigate those fears as it provides California home buyers with a tax credit of up to $10,000.

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Posted in US Housing Market | 3 Comments »

Home Staging: Tips for Selling Your Home Quickly

August 12th, 2009

Generally speaking if you take the time to properly stage your home it will sell more quickly and for a higher price than a home that is not staged.  Although every agent or home seller has their own ideas on home staging there are some universal rules that everyone can agree on.

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