Mt Hood Market Snapshot: October 29, 2013

Homes, Cabins & Condominiums: Mt Hood Area (153) which includes homes and cabins in Welches, Rhododendron , Brightwood, and Government Camp Oregon.

  • 120 Active Homes and Cabins Currently listed for sale including one Bumpable Home .  This includes Single Family Residences, Condos & Cabins.  This number started to trend down over the past month.
  • 27 Pending Home Sales which is the same as the Sept 15, 2013 Market Snapshot
  • 8 “Short Sale” Pending Sales  (This is a New Multiple Listing Category starting in 2012)
  • 117  Homes and cabins have sold to date in 2013 compared to 106 sales in the same time in 2012 (This year 9% were Distressed Sales which were either Foreclosures or Short Sales. This percentage has been trending downward all year which marks a much healthier Real Estate Market Place when you compare it to 29% of Distressed Sales during the same time period in 2012.) ***Keep an eye on this Distress Sale number.  I review it monthly just to see the current trends.  There are still a number of homes that are tied up in the Judicial Foreclosure process and may hit the market in 2014.*** Here is a good Article to Read about Third Quarter Foreclosure Stats For The Portland-Metro Area: What Are They Telling Us?

Lots and Acreage: Mt Hood Area (153)

  • 53 Active land listings in the Mt Hood Area or Villages of Mt Hood
  • 3  Pending Sales
  • 6  Undeveloped Land Properties have sold to date in 2013.

Check out the Mt Hood Market Snapshot for October of 2012

Check out all unique Homes and Cabins in the Mt Hood area by property type:

Mortgage Relief Act: Due to Expire 12/31/2013

Many times a homeowner might feel relieved being out from under the obligation of a mortgage they can’t afford even though the property was lost due to foreclosure or short sale. If a lender cancels or forgives debt, a taxpayer must include the cancelled amount in their income for tax purposes depending on the circumstances. The tax significance could be serious. MortForAct

Congress enacted the Mortgage Relief Act specifically to help homeowners who might be affected in the housing crisis that started approximately in 2007. The Act expired on 12/31/12 but was temporarily extended by Congress until December 31, 2013.

This relief only applies to a taxpayers’ principal residence which does not include second homes and investment property. The maximum amount is limited to $2 million of mortgage debt forgiveness or $1 million if filing separately.

Another provision is that the debt relief is limited to acquisition indebtedness used to buy, build or improve the property. It excludes cash equity loans whether made separately or in a refinance of the original mortgage.

Due to the serious consequences involved in short sales and foreclosures, it is advised that homeowners faced with this possibility should seek expert advice from their legal and tax professionals.

By |July 7th, 2013|Categories: Borrowers|Tags: , |0 Comments
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