Florida at 21.7% Distressed Properties Ties For Tops in Country!

Florida has remained at or near the top in distressed properties.  This year is no exception.  At 21.7%, it tied Michigan for the most distressed Here's hoping the government still sees the need to extend the tax break. Click on the link below for the full story.

Florida Market Still Has Distress!

Congress Passes Tax Break Extension. President Expected To Sign!

It only took a year to do, but Congress has finally passed a bill extending some tax credits, including the one that does not count your short sale debt forgiveness as taxable income.  Florida continues to be one of the hardest hit states, and this really should be continued through 2015, at least, but we will, most likely, have to wait until the end of the year, yet again, to see if it will get extended.  To see this and other tax breaks in the bill, click on the "2014 Tax Breaks" link, below!

2014 Tax Breaks

Mortgage Debt Forgiveness Tax Relief Update

Mortgage Debt Forgiveness Tax Relief Update

It appears this major tax relief item has made it out of the Senate Finance Committee.  Please click on the link above for the complete article.  If passed, it would be retroactive to the beginning of the year.  If you are one of the many still involved in this process, please contact your legislators!

Mortgage Tax Forgiveness Set To Expire!

Mortgage Tax Forgiveness Expires January 1, 2014!

There have been two bills introduced in Congress, one in June and another in August and still, the Congress could not get this extended for another year, something Florida really needs.  Click on the link above for the complete story.

Short Sale Debt Forgiveness Tax Break Set To Expire!

Short Sale Debt Forgiveness Tax Break Set To Expire!

The tax break for debt forgiveness from a short sale is set to expire at the end of the year.  There are no signs of it being extended at this time.  Personally, I fell it needs to be extended at least one more full year as there are still quite a few short sales in the pipeline.  Click on the above link for the complete article.

Mortgage Forgiveness Debt Relief Act Extended!

Special Report: Real estate provisions
in 'fiscal cliff' bill

WASHINGTON - Jan. 2, 2013 - Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called "fiscal cliff." Following are real estate-related provisions of the bill, which President Obama plans to sign into law today:

• Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."

• Deduction for mortgage insurance premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.

• The 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

• The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

• "Pease limitations" that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. "Pease" limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction.

First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed.

• The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000. Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.

Short Sales May Get Taxed in 2013!

The IRS may begin taxing the short sale deficit in 2013. The current program expires at the end of this year. Click on the title to read the complete story! You may wish to start your short sale now, to avoid.

New Ruskin Listing!

Welcome to 1434 Delano Trent!

This well maintained 3/2/2 in Wellington North at Bay Park has upgrades other homes in the area do not have. The kitchen boasts granite counters, extra cabinetry, upgraded tile, center island, undermount stainless sinks, upgraded fixtures pantry and sliders to the screened porch addition. The living area has wood flooring and the open plan allows for flexibility in furniture placement and ease of entertaining. The large master bedroom has a walk-in closet and its own bath. It also has a door leading to the screened lanai. The home has an interior laundry room, plant shelves, linen closets and a coat closet near the front door. The home is close to shopping and the highways allowing for an easy commute to Sarasota, Bradenton, Brandon and other surrounding areas. The home is priced right to move at $110,000!! Come see this lovely home and make it yours!

New Fish Hawk Listing!

YES, YOU REALLY CAN AFFORD FISHHAWK RANCH! Get everything the master-planned community offers by moving into Cardel-built quality on a corner lot in Meadow Park -- a small, circular street within walking distance of top-rated Bevis Elementary School! Inside 1,312 square feet, you'll find 3 bedrooms (1 lacks a closet), 2 baths, and an open design that features a great room with sliders to the back yard. The fully applianced kitchen includes raised-panel oak cabinets, a center island and a separate, windowed breakfast nook. Extra touches include volume ceilings, plant shelves, art niches, plus tile in the kitchen and bathrooms. What's more, the full 2-car garage is larger than what you'll find in rival homes at higher prices! FishHawk's community amenities include a state-of-the-art aquatic center, recreation facilities for virtually every sport from tennis to skateboarding, fitness centers, miles of wooded walking trails, a private movie theater, and a centrally located town center just a half-hour from Tampa. Don't miss this opportunity to get in here for a low price!

This is a SHORT SALE property and is listed at $109,900.

Fannie Mae Tries Program to Speed Up ‘Short Sales’ in Orlando Area

By Jerry W. Jackson

RISMEDIA, January 29, 2009-(MCT)-Orlando is one of the leading metro areas in Florida for single-family-home resales, soaring past larger markets such as Miami, Fort Lauderdale and Jacksonville during the past year as local deals on distressed homes have mushroomed. Now the mortgage giant Fannie Mae is testing a small pilot program in Orlando to speed up some of those sales.

A “short sale” is a distress sale in which the lender agree to take less than the amount owed on the home’s mortgage, so it can avoid the costs of a foreclosure. The number of such deals has been rising in lock step with the surge in foreclosures the past year.

Orange, Seminole, Lake, Osceola and Volusia counties are among 11 counties in Central and Southwest Florida where about 300 homes have been preapproved by Fannie Mae for short sales. Orlando-area Realtors say they hope the program cuts the wait time on short-sale offers from months to weeks or even days-and prompts other lenders to move faster as well.

“Right now, short sales can take months and months until you get an answer back, and sometimes the answer is, ‘We’re not interested.’ This program will cut through that,” said Marty Hunt, an Orlando-area Realtor and president of the Mid-Florida Regional Multiple Listing Service.

The regional MLS, owned and operated by 13 Realtor associations in 10 counties, including the Orlando Regional Realtor Association, will flag the preapproved short sales so member agents can market them for quick sale. The pilot program, which began in late December, also is under way in Phoenix.

Hunt said the relatively small number of preapproved short sales in the Orlando area won’t do much to decrease the thousands of homes in some stage of foreclosure or already repossessed by banks. But if the pilot program works during the next few months, it would be extended and expanded, he said, and that would probably prompt other lenders to develop similar fast-track programs.

The pilot program crafted by Fannie Mae, formally known as the Federal National Mortgage Association, streamlines the process by getting all the research on a property and all the necessary clearances done in advance. In a typical short sale, an offer takes longer than a conventional sale to close because the offer must be cleared by multiple parties, and any negotiations on price can get lost in the blizzard of faxes and other paperwork.

Hunt said that if lenders decide upfront how much they are willing to accept, it would help move some of the record inventory now on the market, and that would help stabilize falling home values and boost consumer confidence.

“That’s critical to turning this around,” he said, noting that in some of the region’s newer subdivisions an estimated 50% to 60% of the homes on the market are foreclosures or short sales. The Fannie Mae pilot program will also include some listings in Polk, Hillsborough, southern Pasco, Manatee, Sarasota and Charlotte counties.

Copyright © 2009, The Orlando Sentinel, Fla.

Distributed by McClatchy-Tribune Information Services.

Tampa, Riverbend Charmer!

This charming 1156sf 2BR home sits on a lovely one-third acre lot in the Riverbend neighborhood in Tampa. The home has hardwood flooring in most areas, with ceramic tile in others. The home has a huge, semi-private deck off the rear of the home. Great home to commute to downtown Tampa or MacDill. The home has just been reduced to $150,000 which is below market value. This is a "short sale" situation. Come and view this home and make it yours! Click on the title of the post and it will take you to the visual tour of this lovely home.