Someone elses take on the housing bottom. I have toagree but then, I get calls from upside down homeowners all day long. To me this like it will not end until family homes in san diego are affordable for families. When you can buy a family home in a good school district for mortgage and taxes of 3500 a month - we will find a bottom.
Minyanville - NEWS & VIEWS-Article: "Housing Bottom Nowhere in Sight
Mike Mish Shedlock Feb 15, 2008 11:00 am
Tags: HOUSING, BUBBLE
Bust no longer confined to high-value states.
Inquiring minds have been asking me how far the housing bubble busting has progressed. Many are asking 'Is this the bottom?' It's a good question, so let's take a look at several viewpoints: Bernanke's, mine, and a friend of mine who prefers to be known simply as 'BC'."
Friday, February 15, 2008
Wednesday, February 13, 2008
Mortgage Debt forgiveness - Forclosure
Mortgage Debt forgiveness - Loan forgiveness - 1009 c: "Borrowers whose debt is reduced or eliminated receive a year-end statement (Form 1099-C) from their lender. For debt cancelled in 2007, the lender was required to provide this form to the borrower by Jan. 31, 2008. By law, this form must show the amount of debt forgiven and the fair market value of any property given up through foreclosure."
Please remember to consider capital gains and the taxation rules of the California franchise tax board in your pre-foreclosure analysis.
Please remember to consider capital gains and the taxation rules of the California franchise tax board in your pre-foreclosure analysis.
Friday, February 1, 2008
California Foreclosure
One Man's Foreclosure, Another Man's Steal, Wave Of Foreclosures In Calif. Takes Auction Home Prices Way Down, To The Delight Of Buyers - CBS News: "One-thousand homes lost in the real-estate wreckage are auctioned off to a crowd of thousands in Los Angeles - up to 40 percent off, CBS News correspondent Ben Tracy reports.
'Sold!' said one auctioneer with a gavel bang. '$170,000, sir, you're the buyer.'
In Stockton, Calif., bargain buyers tour foreclosed homes courtesy of the repo-bus.
'Obviously we've got a full house,' said one bus driver.
Debra Knowles, a home loan consultant said: 'They're reaping the benefit, unfortunately, of someone else's loss.'
New numbers out today show California among 10 states hit hardest by foreclosures in 2007. That's 250,000 homes taken by the bank."
'Sold!' said one auctioneer with a gavel bang. '$170,000, sir, you're the buyer.'
In Stockton, Calif., bargain buyers tour foreclosed homes courtesy of the repo-bus.
'Obviously we've got a full house,' said one bus driver.
Debra Knowles, a home loan consultant said: 'They're reaping the benefit, unfortunately, of someone else's loss.'
New numbers out today show California among 10 states hit hardest by foreclosures in 2007. That's 250,000 homes taken by the bank."
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