Excise Tax no longer Due on Short Sale Differences

This is really fabulous news. The Washington Association of Realtors worked with Washington State to change the law that had been requiring that people who had to sell their homes for less than market value pay excise tax of 1.78% on the difference. So, if your home was sold for $50,000 less than it was worth, you would have owed an additional $890 to the State. This just added insult to injury and more money from the pockets of those Short Sale sellers. The wrong has been righted. Check out this report:

http://blogs.thenewstribune.com/business/2009/01/12/realtors_state_agree_on_short_sales_taxa

Housing Recovery Plan for Struggling Homeowners

President Obama and Congress have put together a plan to keep struggling homeowner's in their homes under certain conditions. The purpose of this plan is to allow note holders of existing mortgages re-finance the existing mortgages to levels that the home owners can afford. The position statement ( I'll call it that for lack of a better description) does provide you with pretty good information. You can call your lender for more specific information.

http://www.treas.gov/press/releases/reports/housing_fact_sheet.pdf

Check out the link.

Housing Starts Up-Hope Sings!

Okay, maybe hope doesn't sing. This is a market rife with opportunity for Buyers and Buyers haven't been able to truly maximize their potential for years and years and certainly not for such an extended time. This is the time. Interest rates today for a 30 year fixed loan are at historical lows...under 5%. There are first time buyer programs in the pipeline and the good news regarding New Construction Housing starts being up in volume similar to 1990 is very good news indeed.

Check out the link here: http://www.washingtontimes.com/news/2009/mar/17/markets-rally-upbeat-housing-news/

Feds Announce New Housing Plan to Reduce Number of Foreclosures

In many ways, this plan will help many struggling homeowners. This plan would allow your loan investor or servicer to negotiate with you to reduce your loan payment to 31% of your total monthly income. This 31% includes principal, interest, property taxes and insurance. They can negotiate your interest down to 2% even if you're topsy turvy in your home value to what you owe. They can also stretch your mortgage timeframe out to 40 years. This could very well make a difference to millions of people. Check this link out!

http://www.msnbc.msn.com/id/29512402/