Lawmakers' failure to extend the Mortgage
Forgiveness Debt Relief Act by year-end will kill any momentum surrounding
the short sales process, real estate
economists say.
Several banking and real estate
organizations sent a warning letter about the expiring act and the immediate
need for an extension to Senate leaders
Wednesday.
Short sales in the past year have
become an attractive escape route for banks and borrowers when a homeowner
simply cannot repay a home loan.
But if the
mortgage debt relief act is allowed to expire on Dec. 31 without an extension,
distressed borrowers could end up paying taxes on mortgage debts forgiven
through principal reductions or short sales. The current law allows borrowers to
avoid tax liabilities for the extinction or sale of mortgage
debt.
"If Congress fails to act, the
possibility of receiving a tax bill would make it more difficult and expensive
for these struggling homeowners to accept short sales and many loan modification
offers," the associations wrote in a letter to the
Senate.
Doug Duncan, chief economist for
Fannie Mae, said turning debt forgiveness from a nontaxable
event to a taxable one could "encourage lenders to ramp up short sales in this
(current) period."
He added, "Then after Dec. 31, it may create an
incentive for the homeowner to simply let the process go to foreclosure because
in a foreclosure proceeding it is not a taxable event," Duncan told
HousingWire.
Organizations signing the letter
included the American Bankers Association, the American
Land Title Association, the Mortgage Bankers
Association, the National Association of Home Builders
and the National Association of Realtors.
Source:
Housingwire.com
Reported by By Kpanchuk
Thursday, December 13, 2012
Keller Williams names Mark Kunce 2013 Cultural Icon for Southern CA
Mark Kunce of San Diego My Home Team, Keller Williams San Diego Metro was recently named as the
2013 Cultural Icon for his contributions to KW Cares and many other local and
national charities. More commonly known as the WI4C2TS Award, it is given to the
agent who best exemplifies the Keller Williams culture. The Cultural Icon Award
is presented to an elite group of Associates who best live up to the Keller
Williams Realty "WI4C2TS" philosophy.
KW Cares is a 501(c) (3) public charity created to support Keller Williams Realty associates and their families with hardship as a result of a sudden emergency. Hardship is defined as a difficult circumstance that a person or family cannot handle without outside help.
The charity is the heart of Keller Williams Realty culture in action – finding and serving the higher purpose of business through charitable giving in the Market Centers and communities where Keller Williams associates live and work.
KW Cares is a 501(c) (3) public charity created to support Keller Williams Realty associates and their families with hardship as a result of a sudden emergency. Hardship is defined as a difficult circumstance that a person or family cannot handle without outside help.
The charity is the heart of Keller Williams Realty culture in action – finding and serving the higher purpose of business through charitable giving in the Market Centers and communities where Keller Williams associates live and work.
Wednesday, December 5, 2012
The Top 11 Reasons a Seller Should List During the Holidays
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11. By selling now, you may have an opportunity to be a non-contingent buyer during the spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!
9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays!
8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you need to be on the market during the Holidays to capture that market!
7. Some people must buy before the end of the year for tax reasons!
6. Buyers have more time to look for a home during the holidays than they do during a working week!
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!
4. Houses show better when decorated for the Holidays!
3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more
money for you!
And the Number One reason why a Seller should list during the Holidays…
1. People who look for homes during the Holidays are more serious buyers
If you are looking to sell your home, please contact San Diego My Home Team.
Friday, November 9, 2012
Tuesday, October 23, 2012
Video Blog: Wells Fargo Short Sale (ASC, Wachovia Short Sale) in San Diego
Short Sale News: Ratings Agency Forecasts a Stronger Year for Short Sales in 2013
Even though the number of
foreclosure filings has risen dramatically in recent months in some parts of the
country—specifically in judicial states—the ratings agency DBRS expects total
foreclosure filings to show evidence of a steady decline in 2013 when compared
to 2012.
This is due to “the record number of servicers that are using short sales as their primary loss mitigation tool to prevent delinquent loans from entering foreclosure,” the agency’s analysts said in a research note issued Monday.
The Office of the Comptroller of the Currency (OCC) found evidence of such a shift as early as 2012’s first quarter. With the release of its Q1 mortgage performance report, the federal regulator noted that the number of home retention actions implemented over the January-to-March timeframe was down 36.7 percent from a year earlier, while the number of short sales increased 19.7 percent.
New short sale actions completed during the first quarter of this year totaled 59,996, according to the OCC’s latest report covering about 60 percent of all first-lien mortgages in the United States. Over the second-quarter period, another 63,403 short sale actions were completed by the 60-percent subject population.
While it will be another two-and-a-half months before the OCC releases its third-quarter mortgage performance data and mitigation numbers, anecdotal evidence from those in the field suggests the increase in short sales is likely to carry forward.
Rudimentary projections based on the quarter-to-quarter increase seen earlier this year would mean another 138,000 completed short sales during the second half of 2012 among the 60-percent first-lien population analyzed by the OCC.
DBRS believes short sales will be an effective loss mitigation tool for curbing the industry’s shadow inventory backlog of unsold REO properties. Short sales are an effective way to get the home sold without having to incur the cost of foreclosure, preparing the home for sale, paying a listing agent, and maintaining the property, therefore lowering loss severity, the agency’s analysts noted.
As a result, DBRS expects short sales to be one of the key loss mitigation techniques used in 2013 with more servicers delegating or automating their acceptance and counter offer process in order to be more responsive to short sale bids on properties.
Source: DSnews.com
Reported by Carrie Bay
This is due to “the record number of servicers that are using short sales as their primary loss mitigation tool to prevent delinquent loans from entering foreclosure,” the agency’s analysts said in a research note issued Monday.
The Office of the Comptroller of the Currency (OCC) found evidence of such a shift as early as 2012’s first quarter. With the release of its Q1 mortgage performance report, the federal regulator noted that the number of home retention actions implemented over the January-to-March timeframe was down 36.7 percent from a year earlier, while the number of short sales increased 19.7 percent.
New short sale actions completed during the first quarter of this year totaled 59,996, according to the OCC’s latest report covering about 60 percent of all first-lien mortgages in the United States. Over the second-quarter period, another 63,403 short sale actions were completed by the 60-percent subject population.
While it will be another two-and-a-half months before the OCC releases its third-quarter mortgage performance data and mitigation numbers, anecdotal evidence from those in the field suggests the increase in short sales is likely to carry forward.
Rudimentary projections based on the quarter-to-quarter increase seen earlier this year would mean another 138,000 completed short sales during the second half of 2012 among the 60-percent first-lien population analyzed by the OCC.
DBRS believes short sales will be an effective loss mitigation tool for curbing the industry’s shadow inventory backlog of unsold REO properties. Short sales are an effective way to get the home sold without having to incur the cost of foreclosure, preparing the home for sale, paying a listing agent, and maintaining the property, therefore lowering loss severity, the agency’s analysts noted.
As a result, DBRS expects short sales to be one of the key loss mitigation techniques used in 2013 with more servicers delegating or automating their acceptance and counter offer process in order to be more responsive to short sale bids on properties.
Source: DSnews.com
Reported by Carrie Bay
Sunday, October 14, 2012
October San Diego Real Estate Market Update: Low Inventory, Good Time to Sell!
The number of active listings on the Multiple Listing Service continues to fall. There were about 9,900 available listings in the entire MLS (including some Riverside country properties such as Temecula). Right now, there are about 5,200 available listings in San Diego Country, the lowest number in at least three years.
What does that mean for sellers? It means their listings are experiencing extremely high activity, receiving multiple offers, and many times selling for more than the listing price.
San Diego is experiencing what many other cities around the country can only dream of having – a housing inventory shortage. If you are thinking about selling your home in San Diego, now is the best time to do so. Call me to get your house sold now. For more information, visit http://www.sdmyhome.com
What does that mean for sellers? It means their listings are experiencing extremely high activity, receiving multiple offers, and many times selling for more than the listing price.
San Diego is experiencing what many other cities around the country can only dream of having – a housing inventory shortage. If you are thinking about selling your home in San Diego, now is the best time to do so. Call me to get your house sold now. For more information, visit http://www.sdmyhome.com
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