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- Housing Bill: Change to Home Sale Tax Exclusion Rule
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A little mentioned provision in the Housing and Economic Recovery Act of 2008 amends the Home Sale Exclusion Rules.
I’ve copied the main portion of the provision at the bottom.
This applies to homeowners that move into a nonqualifed residence (that they already own) like a vacation home or rental unit. Here was the old rule from the IRS: To exclude gain, a taxpayer must both own and use the…
Original Source:
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30 July, 2008| housingblogs |
Comments (0) @ 18:16
- CMHC "Housing Now" for June
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CMHC has released their “Housing Now” production for June for Victoria and can be found here.This house has finally sold. I don’t know how many days on the market. Original asking price - $1049000. Sale price - $767000. That’s still too much….
Original Source: victoriastruth.blogspot.com
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30 July, 2008| housingblogs |
Comments (0) @ 17:52
- CMHC "Housing Now" for June
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CMHC has released their “Housing Now” production for June for Victoria and can be found here.This house has finally sold. I don’t know how many days on the market. Original asking price - $1049000. Sale price - $767000. That’s still too much….
Original Source: victoriastruth.blogspot.com
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30 July, 2008| housingblogs |
Comments (0) @ 17:52
- A surge in “pent-up supply”?
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I have a couple of RSS feeds from real estate sites that I use to monitor listings that might be of interest to me. They are targeted at a couple of neighborhoods, and focused on homes that are likely to be mid-century modern. Over the past couple of weeks, I had noted that the volume of new listings had really dropped off. I mean, there was almost no activity. I attributed it to the market slowing down - figured it was just a late summer phenomenon.
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30 July, 2008| housingblogs |
Comments (0) @ 16:59
- A surge in “pent-up supply”?
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I have a couple of RSS feeds from real estate sites that I use to monitor listings that might be of interest to me. They are targeted at a couple of neighborhoods, and focused on homes that are likely to be mid-century modern. Over the past couple of weeks, I had noted that the volume of new listings had really dropped off. I mean, there was almost no activity. I attributed it to the market slowing down - figured it was just a late summer phenomenon.
…
Original Source:
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30 July, 2008| housingblogs |
Comments (0) @ 16:59
- Subprime lending and the housing bubble: Tail wags dog?
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That’s the title of a provocative and seemingly counterintuitive study by UC Irvine’s Paul Merage School of Business Center for Real Estate….
Original Source: feeds.latimes.com
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30 July, 2008| housingblogs |
Comments (0) @ 16:14
- Subprime lending and the housing bubble: Tail wags dog?
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That’s the title of a provocative and seemingly counterintuitive study by UC Irvine’s Paul Merage School of Business Center for Real Estate….
Original Source: feeds.latimes.com
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30 July, 2008| housingblogs |
Comments (0) @ 16:14
- Roubini: Global Recession Watch
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From Nouriel Roubini: Global Recession Watch: Recoupling rather than Decoupling [T]here is now fresh evidence that at least a dozen major economies and some emerging markets are at risk of a recessionary hard landing.
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[W]hile we will not experience a global recession we will get close to one as the US will have a severe recession, Japan is entering one, a third of Europe will go into a…
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30 July, 2008| housingblogs |
Comments (0) @ 15:40
- Valley so low: Median prices down 34% from ‘07 levels
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News item from the Daily News via LA Biz Observed: "The median price of a San Fernando Valley home in June fell 34 percent
from a year earlier, which was the record-high ($655,000). The price
dropped 4 percent from May, and is now nearing 2004 levels."
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Original Source: feeds.latimes.com
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30 July, 2008| housingblogs |
Comments (0) @ 15:38
- Valley so low: Median prices down 34% from ‘07 levels
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News item from the Daily News via LA Biz Observed: "The median price of a San Fernando Valley home in June fell 34 percent
from a year earlier, which was the record-high ($655,000). The price
dropped 4 percent from May, and is now nearing 2004 levels."
…
Original Source: feeds.latimes.com
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30 July, 2008| housingblogs |
Comments (0) @ 15:38
- How Far Do You Drop the Price Before You Take a Photo?
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It’s not that I’m into bashing real estate professionals, however professionals rarely need bashing. The problem is the selection of real estate brokers for reasons other than their expertise and abilities. The image above is the history of a land listing in the Taos real estate MLS.
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30 July, 2008| housingblogs |
Comments (0) @ 15:33
- How Far Do You Drop the Price Before You Take a Photo?
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It’s not that I’m into bashing real estate professionals, however professionals rarely need bashing. The problem is the selection of real estate brokers for reasons other than their expertise and abilities. The image above is the history of a land listing in the Taos real estate MLS.
…
Original Source:
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30 July, 2008| housingblogs |
Comments (0) @ 15:33
- Update: Duncan-Montecastro and Copper Canyon
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NCTimes has an update on the Duncan-Montecastro fraud ring. Looks like a trial has now been scheduled for the summer of 2009. Reporter Chris Bagley also discuss the case in greater details at NCTimes’ blog, Minding Your Business.BMIT covered the Copper Canyon neighborhood in Murrieta hard hit by fraud and flipper activities back in N…
Original Source: bubbletracking.blogspot.com
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30 July, 2008| housingblogs |
Comments (0) @ 15:13
- [East End] 2Q 2008 Hamptons/North Fork Market Overview Available For Download
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The online version of the Prudential Douglas Elliman 2Q 2008 Hamptons/North Fork Market Overview [Miller Samuel] is available for download. I have been writing various incarnations of the New York regional market report series for Douglas Elliman since 1994.
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Original Source: matrix.millersamuel.com
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30 July, 2008| housingblogs |
Comments (0) @ 15:10
- The Seemingly Relentless Nose-Dive In California
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The San Francisco Chronicle reports from California. “In the San Francisco metropolitan area - which Case-Shiller defines as the counties of Alameda, Contra Costa, Marin, San Francisco and San Mateo - prices fell 22.9 percent in May compared with a year ago. That made the area the sixth worst-performing region in the country, according to the index, after Las Vegas (down 28.4 percent), Miami (down 28.3 percent), Phoenix (down 26.5 percent), Los Angeles (down 24.5 percent) and San Diego (down 23.2 percent).”
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Original Source: thehousingbubbleblog.com
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30 July, 2008| housingblogs |
Comments (0) @ 14:02
- More Long Islanders behind on mortgages
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The number of lis pendens filings—homeowners 90 days behind on mortgage payments—has more than doubled from the year before, according to statistics from liprofiles.com.
There were 464 new mortgage defaults in Nassau and Suffolk last week, an increase of 125 percent over the 206 defaults register in the same week last year.
So far this year, 8,317 lis pendens have been filed on Long Island, 35 percent more than during the same period in 2007.
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Original Source: spacedoutli.wordpress.com
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30 July, 2008| housingblogs |
Comments (0) @ 13:46
- The President’s Reluctant Signature
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President Bush signed the big housing bill today. He didn’t love it and put his signature on it privately rather than in a big press event in the Rose Garden. There isn’t even a mention of the bill, the largest housing initiative since the Great Depresssion, on the White House’s official W…
Original Source: www.businessweek.com
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30 July, 2008| housingblogs |
Comments (0) @ 13:33
- The President’s Reluctant Signature
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President Bush signed the big housing bill today. He didn’t love it and put his signature on it privately rather than in a big press event in the Rose Garden. There isn’t even a mention of the bill, the largest housing initiative since the Great Depresssion, on the White House’s official W…
Original Source: www.businessweek.com
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30 July, 2008| housingblogs |
Comments (0) @ 13:33
- CRE Quote of the Day
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“Decreased investment volumes have now become evident in all parts of the world."
Brett White, president and chief executive officer of CB Richard Ellis, July 30, 2008 Also from MarketWatch: Real-estate stocks fall on lower earnings, outlook CB Richard Ellis blamed the decline on slowing economic conditions and the widening credit crunch, "which initially began in the U.S. and has now spread…
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30 July, 2008| housingblogs |
Comments (0) @ 13:32
- Moving in and out of Southern California
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It would seem that still-high prices and hard-to-get loans would keep people away from Southern California’s pricier areas. But they’re still coming. According to a recent NorthStar Moving Corp. survey of their customers’ moving requests from June ‘07 through May ‘08, nearly 2,000 of them transplanted …
Original Source: feeds.latimes.com
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30 July, 2008| housingblogs |
Comments (0) @ 12:37
