I don't know when you last took the time to look at the Tallahassee real estate listings that are on the market, but there have been some interesting changes.
Values are rising in most price ranges, yet values are falling at the upper end. But those are not the exciting changes.
Our graph today shows the status of homes for sale in Tallahassee are much more buyer friendly than they have been in the recent past.
Tallahassee Real Estate Listings Are Ready
If you saw yesterday's weekly special report, then you will appreciate the additional information that this...
One question we get from out of town homebuyers quite often relates to the calculation of property tax in Tallahassee and Leon County, Florida.
Everybody knows that part of being a homeowner includes having to carry your share of the Tallahassee Leon County property taxes which supports the city, county, and other public services.
Calculating property tax for the potential purchase of a home for sale in Tallahassee is fairly simple, once you understand all the rules.
Home Price Is Basis Of Tallahassee Property Tax
It appears as if the The Mortgage Forgiveness Debt Relief Act and Debt Cancellation (eliminating the short sale tax) will be extended to January 1, 2014.
Without this extension, any debt relief that a homeowner received from the sale of a principal residence would be taxed as ordinary income, thus the label of "short sale tax."
Short Sale Tax Benefit Extended Through 2013
Based upon what I understand is waiting to be signed by President Obama, the benefit will be extended with the American Tax Payer Relief Act Of 2012...
If I were to try to ruin the housing market, I wouldn't need to do too much.
The fastest and easiest method would be to immediately raise mortgage interest rates back to historical norms, as it would push more buyers out the market and bring values down to levels that would set consumer confidence back ten years.
Of course, you could ruin the housing market by changing down payment requirements to 20% of more. This would ensure that only the wealthiest of people could buy homes, and the US homeownership rate would plunge. I suspect land lording would move to large corporations instead of the current "people control" level that we enjoy...
Today is the day that you can personally assist in the real estate market recovery.
And no, I don't mean that you have to buy a home today, you can actually choose to help by telling Congress to extend the Mortgage Debt Relief Act Of 2007.
The real estate market recovery is on thin ice, and this issue could very well cause current trends to reverse direction and move to even darker times.
Congress Now Controls The Real Estate Market Recovery
Without action before December 31st of this year, all of the families that are upside down in their homes could face a tax penalty if they try to modify their mortgage or seek a short sale through their lender
As our federal government continues to flail and waste time disputing who caused the housing market collapse, I just sit here wondering what we're going to do when Fannie Mae And Freddie Mac finally crash.
There was an article in yesterday's New York Times that explained the new mortgage relief plan, which is due to be signed today, is very close to completion.
Like so many articles that have been written about the housing market crisis, this one liberally...
In case you have not heard, the Obama Administration is looking for some help with solving the housing crisis. They have put out a formal request through the Federal Housing Finance Agency (FHFA), in consultation with the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development, by issuing a Request for Information (RFI).
I think what they really need is a leader with the title “Obama Housing Czar” who will come in and put solutions in place to get the Federal Government out of the home ownership business. The...
We have been tracking the real estate market on a daily basis and reporting the rise and fall of the recovery due to the Federal Government getting involved in the mortgage market and real estate market. Our readers have tendered several questions on this subject, and recently "Harry" asked the following question:
Hi Joe - I was not a fan of the government stepping in and trying to save the mortgages of people that overextended themselves. I felt that doing that simply delayed the inevitable failures - it added more national debt - and it prevented the housing prices from bottoming out. Do you think the government is done with jumping into the mortgage market? -Harry
Florida real estate law will see modifications effective July 1, 2010, as many of the 274 new laws passed during the 2010 legislative session take effect at the start of the new fiscal year. Of these many new laws, two (2) will have an impact on how the Tallahassee real estate market is regulated.
Short Sales Get Partial Doc Stamp Relief
The new Florida real estate law dealing with short sales lowers the amount of state taxes residents pay when they sell their homes through a short sale (the sale price is less than the outstanding debt). The state will not collect taxes on the canceled debt, or the difference between the sale price and what is owed on the house.
Currently, short sales have become very common due...