The mortgage debt relief act of 2007 says that a homeowner has the right to have forgiven debt cancelled for tax purposes. Meaning the amount that your bank writes off during the short sale process cannot be taxed as income. Normally on forgiven debt the bank is required to issue a 1099-c, “cancellation of debt” [...]
Post Tagged with: "David Hughes"
Rates will stay down through 2014
The Federal Reserve met yesterday and decided to keep the federal funds rate at .25% through the end of 2014. A testament to the current state of the economy and its short term potential growth. This is the rate in which banks lend money to each other but is also a key tool in the [...]
“Why would anybody want to buy your home?”
Why did you buy it? Take a hard look at the positives and negatives of your home. There are certain search parameters that buyers are looking for and backing to a busy street or in the flight path of the airport are not two of them that buyers are real keen on. It is all [...]
Loan Modification, “Yea Right”
Imagine millions of trains on a head on collison course with each other, this represents the magnitude of homeowners facing foreclosure over the the last 5 years. The government had to get some of these trains off of the track, they did it under a program called HAMP (Home affordable modification program). Also known as the [...]
Your bank just stopped negotiating with you, why?
You have been in an exhaustive negotiation with your bank trying to get a short sale done on your home. And then for no apparent reason the bank takes a hard stance on their price and pretty much says take or leave it, “what happened”? Well one explanation could be is they have insurance on [...]
Cheaper to Buy than to Rent?
Right now in 72% of the largest cities in the United States it is cheaper to buy a 2 bedroom home than to rent one. Going back to the great depression, the rules of supply and demand usually force a flood of sellers to rent than to buy once a market collapse takes place. Right [...]
Reno Median Prices December 2010
Take a look at the chart below and you can see that the values over the past year are down by another 3.4% from November 2009. The current median price is $169,000 compared to $175,000 just 12 months ago. Just a little off from the October 2005 high of $360,000. In my opinion this is [...]
Hughes
As a top Realtor in the Reno Sparks area since 1984, Dave Hughes has learned what it takes to stay on top of the market during these turbulent times. He has also been a leading Residential Realtor with Dickson Realty since 1988. In todays market you need someone who uses technology to take advantage of the [...]
