Learn how you can save big with a shorter-term loan. The chart below shows how you can pay less on your interest if you pay just a little more each month on your loan. Chart from C.A.R.
California home sale prices came close to a 4-year high in July, with the pace of sales year-over-year growing for the fourth month in a row, the CALIFORNIA ASSOCIATION OF REALTORS® reported.
Making sense of the California Home Prices increase
- The median home price in July for an existing single-family home was $333,860 last month, up 4.2 percent from $320,540 in June and nearly 13 percent from a year ago, when the median home price in California was $296,160.
- July’s median home price was the highest since August 2008, when it was $352,730. July also marked the fifth consecutive month that the median price increased month-over-month and year-over-year.
- Sales in July rose to an annualized pace of 529,230 homes, an increase of 15.3 percent compared with last July.
- California’s housing inventory was nearly flat in July, with the index of existing, single-family homes at 3.4 months compared with 3.5 months in June. However, July’s inventory was down from a revised 5.6-month supply in July 2011. The index indicates the number of months needed to sell the supply of homes on the market at the current sales rate. A 7-month inventory is considered normal.
UPDATE MARCH 2013:
Not only have California Home Prices increased in the last year. Just this January Napa County home prices increased by 14% compared to last years January sales.
California Home Prices Increase
A Brief History of California Home Prices from CAR.org
Born and raised in the Napa Valley and licensed as a REALTOR® since 2005, Jamie Johnson Cook of Heritage Sotheby’s International Realty has been elected for a third term as Secretary of the Napa Chapter of NorBAR.
She obtained her Bachelor’s Degree in Business Administration from Sonoma State and became a certified HAFA Specialist in 2010.
Eliminating The Mortgage Deduction is Foolish
Congress, as part of negotiations on avoiding the “Fiscal Cliff,” has made direct references to “closing loopholes” and “limiting deductions” as a way to raise revenues. Clearly, the mortgage interest deduction is high on this list of revenue raisers.
Losing the Mortgage interest deduction will disproportionately affect the middle class because a larger proportion of the middle class takes the deduction. In California 89% of those who took the mortgage interest deduction earned less than $200,000. Losing the deduction would cost the average California taxpayer over $3,900.
What You Can Do To Help Keep the Mortgage Interest Deduction:
Call Congress. First and foremost, we are urging the public to get involved by calling Congress to ask that the mortgage interest deduction be preserved. The public may reach Congress by calling 202-224-3121. The Capitol switchboard operator will help callers identify their member of Congress and connect them.
Get the word out. Many people seem to be blissfully unaware that their mortgage interest deduction is in danger. Please help spread the message.
Link to the following web page: www.KeepTheMID.com . This site has information about contacting Congress, more information on the MID and links to articles.
Eliminating The Mortgage Deduction Is Foolish
The National Association of Realtors is Speaking Out on Mortgage Cacellation Tax Relief
NAR Issues Brief on Tax Relief:
If Congress does not act by the end of the year, both home sellers and some home owners could face an additional tax burden in 2013. Already real estate transactions, including loan modifications, short sales and foreclosures, are in the pipeline and may not be able to close before year-end. If owners are unable to close these transactions, and if Congress does not act, these owners and sellers will not receive the benefit of tax relief provisions they have relied on.
Today, if a lender forgives some portion of a homeowner’s mortgage, either as part of a short sale or foreclosure, or in a loan restructuring that reduces principal, the owner/seller will pay no income tax on the forgiven amount. That relief expires on December 31, 2012. Those who are unable to close their transactions in this calendar year face a “phantom income tax” in 2013. Already the pending expiration of this tax relief is discouraging sellers who may require some debt forgiveness. This uncertainty adds a new financial burden to sellers who are already in financial trouble.
BACKGROUND: WHY IS THIS IMPORTANT?
- Homeowners shouldn’t be forced to pay tax on money they’ve already lost with cash they never received and never will receive.
- More than 20% of current homeowners with a mortgage owe more on their homes than the current fair market value.
- Transactions not completed by year-end could become taxable in 2013, despite a borrower’s reliance on this tax relief.
- The housing market, while recovering, is still fragile enough that this tax relief will be needed in 2013 and possibly beyond.
PROTECT MORTGAGE DEBT FORGIVENESS TAX RELIEF
Congressional Action Needed:
- Cosponsor Mortgage Cancellation Tax Relief Legislation
- Secure its passage well before year-end.
What to Tell your Senator:
- Cosponsor S. 2250 introduced by Senator Debbie Stabenow (MI)
- Urge Senate Leadership to act quickly on a tax package that includes this bill.
What to Tell your House Republican Representative:
- Cosponsor H.R. 4336 introduced by Representative Tom Reed (NY-29)
- Urge Chairman Camp to act quickly on this bill.
- Urge House Leadership to schedule a floor vote on this provision before year-end.
What to Tell your House Democratic Representative:
- Cosponsor H.R. 4202 introduced by Representative Charles B. Rangel (NY-15)
- Urge Ranking Member Levin to work with Chairman Camp to secure this tax relief well before year-end.
You can help put a stop to the mortgage cacellation tax relief.
Napa County has several resources to help you through natural and manmade emergencies.
Their website offers services on preparing for, and recovering from emergencies.
Click on the link below to find out about Napa County’s Search And Rescues trained volunteers, who are on-call 24 hours a day. They are prepared for both urban and wilderness searches. Find out more about training and volunteering.
Napa County Disaster Preparedness Resources
The Napa Chapter of the American Red Cross offers health and safety classes year-round, many in both Spanish and English.
The Volunteer Center of Napa Valley helps to mobilize community members, businesses and non-profits in an emergency.
Sotheby’s International Realty The Evolution of Extraordinary
Sotheby’s International Realty boasts more than 12,000 agents in nearly 650 offices in 45 countries and territories, representing 59,000 transactions and $41 billion in sales.
Sotheby’s International Realty delivers 506 million media impressions to sites like The Wall Street Journal, Country Life, Robb Report, Exceptional Properties, Bloomberg Markets, BBC, and Sotheby’s At Auction.
Sotheby’s International Realty has nearly 60 interconnected websites forming one unique cascading platform in 16 languages where visitors spend an average of 12 minutes on our website.
There are 1.6 million views on Sotheby’s YouTube Brand Channel
There are 116 million property views on SIR.com and our listing distribution partners, where 30,000 listings represent $60 billion in property value.
Sotheby’s represents 6 specialized markets: farm & ranch, waterfront, skiing, golf, historic and metropolitan properties.