Selling AZ With Rebecca

Thursday, February 14, 2013

88% of U.S. Cities See Housing Price Gains

DAILY REAL ESTATE NEWS | TUESDAY, FEBRUARY 12, 2013

As the housing recovery broadened in the fourth quarter of 2012, the National Association of REALTORS® reports that prices for single-family homes rose in nearly 88 percent of U.S. cities.

According to the report, the median sales price rose on an annual basis in 133 of 152 metro areas tracked. In the July-through-September period, by comparison, just 120 areas had registered gains.

Researchers cite low interest rates coupled with an improving job market as the main reasons for the higher home prices. Those two factors combined have fueled demand for a tightening supply of listings.

According to NAR, the national median price for an existing single-family home was $178,900 in the last three months of 2012 — a 10 percent increase from the fourth quarter a year prior and the biggest gain since 2005.

Here's a look at the top-performing metro areas:

Phoenix: Prices soared 34 percent from the fourth quarter of 2011
Detroit: Prices rose 31 percent
San Francisco: Prices rose 28 percent
Cape Coral, Fla.: Prices rose 26 percent

The Kingston, N.Y., area had the biggest decline in the NAR report — down 7.9 percent in the quarter — followed by Kankakee, Ill., with an 7 percent drop.

Source: "Home Prices Increase in Most Metro Areas" Fort Worth Star-Telegram (02/12/13)

http://realtormag.realtor.org/daily-news/2013/02/12/88-us-cities-see-housing-price-gains?om_rid=AACssQ&om_mid=_BRGpXlB8w0qair&om_ntype=RMODaily

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Tuesday, February 12, 2013

Avoid These IRS Red Flags at Tax Time

DAILY REAL ESTATE NEWS | MONDAY, FEBRUARY 11, 2013

The overall rate of IRS audits is low; but, despite a lack of hard numbers, being a real estate agent appears to increase the chances of getting extra attention during tax season.

While passive loss rules severely restrict the ability to deduct rental property losses from other nonrental income, real estate professionals can claim an exemption. However, the IRS will look more closely at their return as a result—particularly if the filer has full-time employment and claims to be a property professional as well. The agency believes that most people with day jobs do not have the time to qualify as a real estate professional for tax purposes.

Another way to bring on IRS heat is to claim use of a vehicle 100 percent for business purposes when that is the only vehicle owned by the filer.

Also, agents who fail to report all income could face an audit, since the IRS compares the 1099 forms that self-employed realty practitioners receive with the tax forms to determine if there are any discrepancies. Claiming ambiguous general expenses, making charitable donations that seem out of reach with income, and/or claiming large travel and entertainment deductions also could prompt the IRS to contact a filer.

"6 Ways to Increase Your Chances of Being Audited," Inman News (Feb. 8, 2013)

http://realtormag.realtor.org/daily-news/2013/02/11/avoid-these-irs-red-flags-tax-time?om_rid=AACssQ&om_mid=_BRGScXB8wywcIq&om_ntype=RMODaily

Monday, February 11, 2013

Foreclosures Remain a Problem in Some States

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 08, 2013

One in 53 mortgages were foreclosed on in 2012, according to the latest data from CoreLogic. While the number is still high, CoreLogic notes the numbers are quickly improving.

Foreclosures dropped 21 percent in December 2012 compared to December 2011. In December, 56,000 foreclosures were completed compared to 71,000 a year prior. An average of 21,000 foreclosures completed in a month is considered more of a “normal” range, according to CoreLogic.

Since September 2008, there have been about 4.1 million homes lost to foreclosure, according to CoreLogic data.

Foreclosure inventories are falling too, declining nearly 20 percent year-over-year.

"The most encouraging foreclosure trend reported here is that the inventory of foreclosed properties is almost 20 percent smaller than a year ago," says Mark Fleming, chief economist for CoreLogic. "This big improvement indicates we are working toward resolving the backlog of the most distressed assets in the shadow inventory."

The following five states accounted for nearly half of all completed foreclosures over 2012:

California
Florida
Michigan
Texas
Georgia

The following five states, according to CoreLogic, have the highest foreclosure inventories as a percentage of all mortgaged homes right now:

Florida
New Jersey
New York
Nevada
Illinois

Source: “CoreLogic: 1 in 53 Mortgages Foreclosed in 2012, 767k Total,” Mortgage News Daily (Feb. 1, 2013)

http://realtormag.realtor.org/daily-news/2013/02/08/foreclosures-remain-problem-in-some-states?om_rid=AACssQ&om_mid=_BRFS-XB8ww3p8N&om_ntype=RMODaily

Friday, February 8, 2013

Mortgage Rates Move Back Down This Week

DAILY REAL ESTATE NEWS | FRIDAY, FEBRUARY 08, 2013

Average mortgage rates stayed steady or inched lower this week, which “should continue to aid in the ongoing housing recovery,” Freddie Mac says in its weekly mortgage market survey.

The following are the national averages in mortgage rates for the week ending Feb. 7, according to Freddie Mac:

30-year fixed-rate mortgages: averaged 3.53 percent, with an average 0.8 point, holding the same as last week. A year ago at this time, 30-year rates averaged 3.87 percent.
15-year fixed-rate mortgages: averaged 2.77 percent, with an average 0.7 point, dropping from last week’s 2.81 percent average. Last year at this time, 15-year rates averaged 3.16 percent.
5-year adjustable-rate mortgages: averaged 2.63 percent, with an average 0.6 point, dropping from last week’s 2.70 percent average. Last year at this time, 5-year ARMs averaged 2.83 percent.
1-year ARMs: averaged 2.53 percent, with an average 0.4 point, dropping from last week’s 2.59 percent average. A year ago at this time, 1-year ARMs averaged 2.78 percent.

http://realtormag.realtor.org/daily-news/2013/02/08/mortgage-rates-move-back-down-week?om_rid=AACssQ&om_mid=_BRFS-XB8ww3p8N&om_ntype=RMODaily

Friday, January 18, 2013

10 Predictions for Housing in 2013

DAILY REAL ESTATE NEWS | THURSDAY, JANUARY 17, 2013

The new year could be the best year in real estate in years, but the housing recovery still remains fragile and challenges remain, says Dave Liniger, RE/MAX co-founder and chairman.

Liniger recently offered up some of his predictions for the new year:

More buyers and sellers return to the housing market.
Home sales increase 6-7 percent while home prices increase 3-4 percent.
Inventory of for-sale homes will hit bottom.
Higher-priced listings begin to sell more.
The number of distressed properties continues to drop.
The shadow inventory continues to fall.
Short sales rise, reaching a peak.
Mortgage rates rise slightly by year's end from record lows.
Lending remains constrained for home buyers.
Home affordability remains at record highs.

Watch Liniger’s video to learn more about his housing predictions.

Source: RE/MAX

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Thursday, January 17, 2013

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