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According to Zillow’s Real Estate Market Reports for February 2010, Redding home values were down 1.0% compared to January 2010 and down 10.7% compared to February 2009.
I am not sure how accurate the numbers from Zillow are, but it is interesting to track.
ForeclosureRadar.com just released its March 2010 California Foreclosure Report. Their report is statewide and broken down by county. Here are some of the stats from Shasta County.
Notice of Defaults, the start of the foreclosure process, increased by only 3.5%. March 2010 had a total of 147 NOD’s filed compared to last month’s 142.
The number of homes in Shasta County that had a Notice of Trustee’s sale filed, increased by 8% from last month’s 119 to 129 this month.
There were a total of 105 trustee’s sales, with the banks taking back 98 homes as REO’s and only 7 homes sold to a 3rd party investor.
There are currently 165 REO / Bank owned properties for sale on the Shasta County MLS with 85 REO / Bank owned homes selling last month.
Download the full report at Foreclosure Radars website.
Thursday State lawmakers passed SB 401 which will exempt borrowers who lost their homes to foreclosure or short sales in 2009 from paying state taxes.
State officials say as much as 100,000 people statewide will be spared from paying tax they otherwise would owe.
The bill extends the state ban from 2009 through the end of 2012. It also bans state taxes on federal stimulus grants for renewable energy projects.
The bill still needs to be signed by Gov. Schwarzenegger, however a spokesman for the governor said he will sign the bill.
Who is affected:
Primarily, the bill affects people who had debt forgiven as they lost homes in foreclosures, short sales and deeds in lieu of foreclosure last year – and through 2012 now. Also affected: those who got loan modifications that cut the amount they owe the bank.
The Franchise Tax Board says the tax forgiveness measure mostly applies to people who refinanced their homes to get better interest rates or extract equity, and then had a short sale or foreclosure where debt was forgiven.
But the tax board also warned that refinanced dollars taken out as cash and spent on items other than home improvements may be taxable.
Who is not affected:
Those who bought houses and never refinanced before doing a short sale, loan modification or foreclosure are unaffected. In most cases the banks just take back the houses. There is no forgiven debt, and no tax bill, said the tax board.
Investors are also unaffected. They still must pay state taxes on forgiven debt. The bill affects only people who live in their home.
What people should do now when filing their taxes:
The Franchise Tax Board says: “Once the governor signs this into law, California taxpayers will not have to do anything. If they qualify for federal relief on the mortgage debt forgiven, then they will also qualify for state income tax purposes. California Form 540 starts with federal adjusted gross income so there will be no adjustment necessary to properly reflect the state adjusted gross income amount for this issue.”
Read the full article from the Sacramento Bee
Yesterday the State Franchise Tax Board announced a tax credit for new home purchases and first time buyers. The new credit will start May 1, 2010.
Here is some general information.
Tax credits are available for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011. Additionally, the New Home Credit is available for taxpayers who purchase a qualified principal residence on or after December 31, 2010, and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010. The purchase date is defined as the date escrow closes.
The tax credits are limited to the lesser of 5 percent of the purchase price or $10,000 for a qualified principal residence. Taxpayers must apply the total tax credit in equal amounts over 3 successive tax years (maximum of $3,333 per year) beginning with the tax year in which the home is purchased. The tax credits cannot reduce regular tax below tentative minimum tax (TMT). The tax credits are nonrefundable and unused credits cannot be carried over.
For more information about the tax credits click here
See all available Redding homes in the Shasta County MLS or Search New Construction Homes with our custom Shasta County New Home Search
It Seems as if Working-Out in the Back Yard has Taken on a New Meaning.This MLS photo speaks for itself. However, a note about the mechanical exercise apparatus in the foreground: The seller apparently read the same health alert I read on CNN. Did you know your heart is only good for so many beats, and that’s it… don’t waste them on exercise. Everything wears out eventually. Speeding up your heart will not make you live longer; that’s like saying you can extend the life of your car by driving it faster. Want to live longer, don’t own a house. Just rent and let the landlord deal with the yard work.
Click Photo To Enlarge
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Last night I was doing some quick research for our website and I came across a great photo of the Shasta Dam that I thought you all would enjoy. This was taken in 1942 while they were building the dam.
The photo is from the Library of Congress Prints and Photographs Division. Shasta dam is 602 ft high and 3,460 ft long, with a base width or thickness of 543 ft. and when completed, was one of the great civil engineering feats of the world.
You can see this photo and others of the Redding area on our Photos page. Parsons Realty Photos
