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

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

The IRS has these rules posted on their website, but I thought the new buyers out there would want to see them! Check this link out.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

http://moneyfeatures.blogs.money.cnn.com/2009/06/02/fha-backs-away-from-no-down-payment-loans/

Here is how HUD decided those funds could be used. The problem as they see it and it is understandable, is that they want buyers to have a financial stake in their property. Follow the the link for specifics………….

Check out Saturday’s article in the Seattle Times regarding FHA’s recent approval of the u se of the $8,000 Tax Credit as a loan against the tax credit on your tax return for first time buyers. First time buyers is defined, in this instance, as buyers who haven’t owned a home in 3 years.

http://seattletimes.nwsource.com/html/realestate/2009279540_taxcredit30.html

Hooray, the Washington State Legislature has passed a budget amendment that has been sent to the Guv for signature. This amendment would allow first time buyers to “borrow” their downpayment of up to $8000 from the State of Wa, then pay the State back from their Tax Credit of $8,000 offered up by the Feds! Something that works for the everyday guys and gals who are working their tooshies off to save save save!

Full article here: http://www.seattlepi.com/printer2/index.asp?ploc=t&refer;=http://www.seattlepi.com/local/405640_homecredit28.html

Holy smokes, the last time I posted was darned near a month ago. Yes, I’m still working hard! The market is starting to see changes….pending sales are starting to occur…in N Snohomish County homes priced under $300,000 are selling, especially if they are priced right and presented well. It’s a tough market for pricing due to the bank owned or pre-foreclosure sales right now. There are some good Buyer programs coming out and interest rates are lower. The following link talks about the increased market statistics in the Puget Sound area. See what you think!

http://www.nwmls.com/discover/index.cfm?SectionGroupsID=25&SectionListsID;=25&PageID;=4993

And if you know of anyone thinking about buying, this is shaping up to be a great time to buy!

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

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.

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/