You are currently browsing the daily archive for March 9, 2012.

Senator Debbie Stabenow (D-MI) has introduced S. 2144, a bill that would make the mortgage debt forgiveness rules permanent. The rules that currently provide relief for homeowners on short sales, foreclosures or loan modifications expire December 31, 2012. This relief is essential to affected homeowners so they will not have to pay tax on the forgiven debt.

A companion bill in the House will be introduced soon. See additional information here.

The California Association of REALTORS® is OPPOSING SB 1220 (DeSaulnier), which imposes a transfer tax to generate funds for affordable housing.

C.A.R. is opposing SB 1220 because it will add to the cost of buying a home at a time when the housing market is struggling to recover. While C.A.R. is an aggressive advocate for affordable housing, the association believes it sets bad precedent to fund affordable housing by making housing less affordable.

Stay tuned for more information and a potential Red Alert!

March 2012
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