Feb 27, 2013

Orlando Home Sales Continues Upward Trend

 

 Week In Review Feb 17, 2013
Counties: Lake, Orange, Osceola & Seminole

 Single-family existing homes

 

  • Sales of single-family homes increased to 314 from 306 during the week of Feb 17, 2013
  • Median sale price of single family homes increased to $149,950, up 4.5%.
  • Single-family home foreclosure transactions decreased to 68 from 69 last week.
  • Single-family home short-sale transactions increased to 66 from 61 last week.
  • Single-family inventory decreased by 42, and now sits at 7,472.

Condos, townhomes, and villas

  • Sales of condos, townhomes, and villas remained constant at 98 during the week of Feb 17, 2013
  • Condo, townhome, and villa foreclosure transactions increased to 20 from 19 last week.
  • Condo, townhome and villa short-sale transactions decreased to 11 from 20 last week.
  • Condo inventory decreased by 47, and now sits at 2,079.

Information courtesy of the Orlando Regional Realtor Association

 

By OD Blogger Real Estate No comments Tags: , , ,

Feb 26, 2013

Mortgage Forgiveness Debt Relief Act Extended Thru 2013

The Federal Government extended the Mortgage Debt Relief Act of 2007.  Tax relief under this law was intended to be temporary lasting through the end of 2012; however, Congress has elected to extend this benefit thru 2013.

Homeowners who are still upside down on home mortgages may now complete short sales or modifications resulting in a portion of the debt been written off without worrying about the tax ramifications. Home owners with deficiency balances written off after foreclosures also benefit from the extension of this law.

This is good news for Florida homeowners as short sales and foreclosures are still a large section of the home market. Many homeowners still under-water with mortgages can now seek resolution thru foreclosure or short sale without the added burden of paying taxes on the debt write-off.

Under normal circumstances the Internal Revenue Service classifies any debt that is written off as taxable income.

By OD Blogger Loans, Mortgage, Real Estate No comments