With the new settlement with the banks, states and lenders are expecting to see in increase in approved short sales. Since the amount of the settlement includes deductions for approval short sale deficiencies.
It looks like your entire california property tax bill is not going to be tax deductible. With the 2012 tax bill you see a breakdown between regular property tax and special assesments which are no longer tax deductible.
Also, in what may be an even bigger announcement is that mortgage insurance will also no longer be tax deductible after the expiration of that rule and 58 other. Congress failed to nenew these rules in December. Thanks! I love backdoor tax increases.
If there is good news it is that rates are still very good, the HARP II refinance is picking up steam. FHA is still offering loans to credit impaired borrowers.
Any day above ground is a good day!
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