Legislature backs TAX break for forgive mortgage debt
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Foreclosures to persist
According to authors at the Federal Reserve Bank of Cleveland, the nation’s high foreclosure rate is likely to persist. The Fed article looks at the changes in foreclosure and unemployment rates across states, noting the differences in the timing of the movements. The conjecture that the high foreclosure rate will persist is based in part on the observation that states that experienced boom-bust housing cycles in the past (Texas, Oklahoma, Massachusetts and California) had elevated foreclosure starts for years after the peak in foreclosure starts and inventory. These previous boom-bust cycles “were small in comparison to the current cycle,” the article said. While the recession has left deep scars in the housing and labor markets — with the unemployment rate doubling and the foreclosure start rate roughly tripling — the timing of the movements differs over the cycle, according to the abstract, written by the vice president at the Federal Reserve Bank of Cleveland, and K.F., a research assistant.
In So-Cal every Wednesday morning there is a short sale workshop open to the public, allowing homeowners, agents, brokers or investors the opportunity to see and participate in how and why this has been changing communities across our nation. Join us this week or any week for a fulfilling chance at making a difference in the lives of others.
Yesterdays news on Foreclosure relief just in and official. When helping others out of a bad place and finding others for a new place, the California legislation has approve what will help us all succeed in our dreams of paying it forward.The bill would waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The law is expected to affect about 34,000 taxpayers.
Gov. Arnold Schwarzenegger is expected to sign the measure, which would also provide about $60 million in tax credits to green-energy companies.
Californians can already claim the tax breaks on federal returns. With the April 15 deadline for tax filings looming, the Senate and Assembly approved the measure, SB 401, by Sen. Lois Wolk, D-Davis.
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Although the U.S. housing market witnessed its smallest annual increase in foreclosure activity in four years last month, distressed-property tallies are expected to remain in an elevated range for some time. Foreclosure filings were reported on more than 308,000 American homes in February, RealtyTrac said Thursday. That’s a 2 percent decline from January but a 6 percent increase from a year earlier. All told, February represents the 12th consecutive month with more than 300,000 foreclosure filings. Yada,Yada,yada!
Winners and losers in these real estate economic times, and all told, it doesn’t bode well for the up coming future or for main street, When the thought of this get’s in your head it can be devastating. I say keep the thought of abundance instead and turn to the fact that you may be able to help others by educating yourself, and gaining absolute positive vibes for your ability to change many lives through the current epidemic of our financial futures.
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