Economics

Sept. 26, 2007

Mortgage Forgiveness Debt Relief On The Fast Track

Someone lit a fire under Rep. Charles "Charlie" Rangel, which is good news for the San Diego real estate market in general, and many homeowners trying to determine the lesser of two evils, foreclosure or a short sale and the tax liability which goes with it.

Earlier today, the House ...

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Sept. 26, 2007

Short Sale Overview Short-circuited by Realtor Trade Group

The other day I wrote a post about a short sale as a viable solution. The subject has been bandied about as an alternate solution for a homeowner who may be faced with losing the home to foreclosure. It has become the agent listing tool de jour. However, it is ...

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Sept. 26, 2007

Short Sale Tax Relief Introduced in Congress

 

Rep. Charles "Charlie" Rangel , Democrat from New York and Chairman of the House Ways and Means Committee, today introduced  H.R. 3648 to amend the Internal Revenue Code of 1986 to exclude discharges of indebtedness on principal residences from gross income, and for other purposes.

Currently the tax code ...

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Sept. 24, 2007

Short Sales - A Viable Solution?

A frequently heard definition of a short sale goes something like this:

"A short sale occurs when the lender agrees to take less than the full amount required to pay off existing loans in full because the outstanding loan balance is greater than the proceeds realized from the sale of ...

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Sept. 15, 2007

Congress Looking To Change Short Sale Tax Implications

The Bush White House endorsed two new bipartisan bills aimed at eliminating the 1099C lenders are required by law to issue to sellers who "benefit" from debt relief realized with a short sale. The current tax code treats this debt relief as earned income. With the proposed legislative changes to ...

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May 17, 2007

60 Minutes, NAR and Real Estate Commissions

On CBS the other night, 60 Minutes ran a story that featured a real estate company called Redfin. Redfin is not the traditional real estate brokerage business model and the focus of the story keyed on how commissions are charged by different models. Needless to say, it didn't ...

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