IRS Rules for Debt Forgiveness on a Short Sale

This article will apply to you if you have sold a home as a short sale, meaning you owed more than what your home was worth at the time of sale. In years past, the difference could have been considered as taxable income. Now there is some tax relief for those individuals as outlined in the linked section to the IRS rules. Check it out for more specific information.

http://www.irs.gov/individuals/article/0,,id=179414,00.html

New Data on Housing Market Indicates we're Bouncing on the Bottom

Depending on your neighborhood, you may have noticed home sales improving and you've certainly read about those facts. We're still a ways from the absolute bottom and stabilization in my opinion. Despite the fact that home sales have increased in the 2nd Q of 2009, still, we're waiting to see that kind of improvement in homes priced over $300,000 in Everett North to Skagit. In a normal housing market, you'd have move up buyers by the scad loads from selling their lower end homes, but due to short sales and foreclosures, the typical move up buyer can't move up. However, there is more good news every day. Check out this AP Article about the Nationwide Trend.

http://www.foxnews.com/story/0,2933,536124,00.html