I.R.S. Tax Lien Subordination

It seems even the IRS is trying to help the housing market recover.  Here I am sharing an article from the weekly California Association of Realtors “Market Matters” blast.  Hoping you find it helpful. 

 This week’s C.A.R. Mortgage Update contains information about federal tax liens and lower mortgage rates.

 IRS to give break to distressed homeowners

The Internal Revenue Service (IRS) last week announced it is “subordinating” federal tax liens and allowing primary mortgage holders to take precedence when a mortgage is refinanced or the home is sold.  Homeowners with federal tax liens tied to their properties may find it difficult to refinance or sell.  The new IRS program allows homeowners to refinance or sell a home without first having to pay any federal tax liens.  The IRS is not forgiving the debt though, and homeowners must pay any back taxes owed.

To read the full story, please click here:

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/12/17/BUL814PEF5.DTL

Mortgage rates at 37-year low
Rates on 30-year, fixed-rate mortgages dropped to 5.19 percent last week, the lowest level in 37 years, according to Freddie Mac. The lower rates have led to a surge in homeowners seeking to refinance.  However, homeowners who have defaulted on their mortgage payments or are “underwater”-owe more on their loan than their home is currently worth-may not be eligible for the new rates.

            To read the full story, please click here:

            http://www.mercurynews.com/realestatenews/ci_11262992

If you enjoyed this post, make sure you subscribe to my RSS feed!

Merry Merry Christmas 2008!

No long post, just a few words to wish all of you, family and friends, a Merry Christmas, Happy Hanukkah and Happy Holiday.  Jennifer and I  hope that Santa is good to all of you and we pray that we will all get whatever we need to make the best out of the coming year as a Holiday gift from him.  Just that much, no more, so there will be enough to go around for everyone in the entire universe!!  Feliz Navidad and Our Best to Everyone!!!

If you enjoyed this post, make sure you subscribe to my RSS feed!

Glenshire Morning – December 2008

I drove to work this morning, all the while wishing I could stop my car on the icy, snowy road and take a picture.  This of course would have been extremely unsafe and probably illegal.  I wonder if it is against the law to take pictures while driving in California?  (just kidding).  In any event, I wanted to share what it looks like outside my office in Glenshire, Truckee, California. 

About a foot of snow fell last night and dawn brought the promise of a sunny day with blue skies.  In this picture, you can see the clouds rolling back to the east — over towards Nevada and points beyond.  Good ridance for the day.  I know you will be back again tomorrow but for today, I’m enjoying the calm between the storms. 

Aren’t I lucky?

If you enjoyed this post, make sure you subscribe to my RSS feed!

Winter on my street – Truckee, CA

I was just thinking about how lucky I am to live in Truckee — it even rhymes, interesting . . . . but that’s another story.  I have a couple of pictures here that will show you my house and my street.  I think that if you look at them long enough, you will hear and see the peacefulness that I am so fortunate to enjoy everyday of my life. 

I notice the quiet most often during the winter on days like this. I have just pulled out of my garage and up the driveway and I look back at my house, through the snow (can you see it?) my little chalet looks so wonderful and inviting.  The inside is modest, it has pine walls and ceilings.  Not too much has changed about it since we bought it back in 1980.  It backs to the Tahoe National Forest, so while I have neighbors to the right and to the left, there is nothing but land, owned by you and me, out back.  On days when the sun is shining and there is a lot of snow, I just strap on my cross country skis or snowshoes and glide on down to the reservoir known as Prosser Lake, 1/2 mile away.  But on days when it is stormy, I can just pick up my book and sit down close to the fire where I look out the window occasionally and appreciate life in the snowy mountains. 

Sometimes I think about what a pain the snow and cold can be.  It costs more to live here because heat is expensive and snow removal is either costly or a lot of work.  Sometimes, especially at the beginning of winter, after the first snowfall, I actually am brought to tears when I think of another 6 months of living with the white stuff.  But today, when things are quiet because the white blanket of snow muffles the noise from the freeway where ski and snowboard visitors are stacking up to return to their hustle-bustle city life, I am grateful.

If you enjoyed this post, make sure you subscribe to my RSS feed!

California Association of Realtors October 2008 Stats

Here they are, what we have all been waiting for — as if we didn’t know . . . . .   Yesterday brought this information to me via CAR’s weekly newsletter so I thought I would share it with all:

Calif. median home price – October 08: $311,060(Source: C.A.R.)
Calif. highest median home price by C.A.R. region
October 08: Santa Barbara So. Coast $860,000
(Source: C.A.R.)

Calif. lowest median home price by C.A.R. region
October 08: High Desert $154,660
(Source: C.A.R.)

Calif. First-time Buyer Affordability Index -
Third Quarter 08: 53 percent
(Source: C.A.R.)

Mortgage rates – week ending 12/11/08
30-yr. fixed: 5.47% Fees/points: 0.7%
15-yr. fixed: 5.20% Fees/points: 0.7%
1-yr. adjustable: 5.09% Fees/points: 0.4%
(Source: Freddie Mac)

In these  trying economic times, there is good news.  Oil is cheap, money is cheap, property is cheap and if you have the ability, now is the time to buy.  Interest rates are currently far below these that are quoted here and housing inventory is such that only the sellers who NEED to sell are on the market.  There are bargains everywhere.  Contact us to show them to you.  You can be in your Ski Cabin for the winter by the time Obama is installed!

Additionally, you should think about refinancing.  The problem with the refinance thing appears to be value.  Most people who purchased their homes within the past 5 years do not have the equity in their homes that the banks would require.  But, talk to your mortgage broker and at least investigate the possibility.  There are lots of options out there, contrary to what the press would have you believe.  I have a few trusted lenders, they are Ross Collins broker@pinnacle-mg.com, Charlie Berg charles.berg@mortgagefamily.com , and Melinda Holley MelindaHolley@att.net.  They have been my trusted advisers for years.  Call them and get their advice — you could save hundreds every month — don’t miss out on this chance.

If you enjoyed this post, make sure you subscribe to my RSS feed!

Next Page »