Mortgage Forgiveness Debt Relief Act Extended – Good For Home Supply; Mixed Messages For Economy

  • January 2nd, 2013
  • devinlucas

As part of the so-called “fiscal cliff” negotiations, Congresses’ late night settlement included a one-year extension of the Mortgage Forgiveness Debt Relief Act. Essentially, this allows underwater borrowers (those who owe more on their mortgage than their home is currently worth) to “discharge” any tax liability for loss incurred from a short sale, foreclosure or […]

Congress: Don’t Mess With the Mortgage Interest Deduction; Housing is Too Important

  • December 12th, 2012
  • devinlucas

In California, losing the mortgage interest deduction – an active discussion in Washington – would cost the average California taxpayer over $3,900.00 a year, according to the California Association of REALTORS®. That’s MORE, almost DOUBLE, the average “2k” nation-wide taxpayers may lose if the so-called “fiscal cliff” is not soon averted. 89 percent of those […]

Homebuyers – Be Prepared to Compete As Competition Heats Up; The New Supply-and-Demand Driven Market

  • December 11th, 2012
  • devinlucas

House hunters in Newport Beach, Costa Mesa, Orange County and elsewhere are encountering formidable old foes… ample competition, multiple offers and all cash buyers. Well-priced homes in desirable areas are rare – and thus a precious commodity.   Some homes in sought-after neighborhoods are selling like hotcakes, above list price, with multiple offers submitted within […]

Southern California Home Prices Hit Three-Year High; Orange County Sales Volume up 41 Percent from Last Year

  • December 3rd, 2012
  • devinlucas

More Buyers, fewer Sellers, record-low interest rates and increase in rental values made Southern California home sales jump over 25 percent this past October, compared to October 2011, a three-year high, according to real estate research firm DataQuick. Not surprisingly, coastal markets saw the biggest increase in sales, especially such prime locations as Newport Beach […]