Economists from both U of A and ASU have completed their forecasts for the future of Arizona. Saying “Arizona’s recession has been over for more than a year, but we still haven’t seen the liftoff we need to move into growth.” Reports Dr. Lee McPheters director of the ASU Economic Outlook Center.
“Arizona’s economy will improve modestly this year with employment growing at less than 2% annual rates,” says Dr Marshall Vest, director of the UA Eller College of Management Economic and Business Research Center. “That pace will quicken and it will be 2013 when employment growth hits levels common during the later 1990s.”
Here are some interesting and exciting Stats:
Arizona’s population increased by 1.4% in 2011 ranking it as the 7th fastest-growing state in the nation.
Arizona’s population is July 2011 was 6,482,505.
Rank State % Change
1 Texas 2.10%
2 Utah 1.93%
3 Alaska 1.76%
4 Colorado 1.74%
5 North Dakota 1.69%
6 Washington 1.57%
7 Arizona 1.42%
8 Florida 1.36%
9 Georgia 1.32%
10 N Carolina 1.3%
Source: US Census Bureau, 2011 (April1, 2010 vs July 1, 2011)
Full Article in the Tucson Newcomer and Tourist Guide 2012 by Lee Allen.
Tuesday, May 8, 2012
Wednesday, March 21, 2012
Mortgage Debt Forgiveness: 10 Key Points
Unfortunately in today's market dealing with Short Sales has become a part of normal, everyday business. Many sellers have questions as to how this will impact them.
As ALWAYS seek the adivce of a professional accountant regarding your specific situation.
Here are a couple points to be aware of straight from the IRS.
IRS Tax Tip 2012-39, February 28, 2012
Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012.
The IRS would like you to know these 10 facts about Mortgage Debt Forgiveness:
1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through a mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substabtially improve your principle residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principle residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes - for example, to pay off credit card debt - do NOT qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does NOT qualify for the tax relief provision. In some cases, however, other tax relief provisions - such as insolvency - may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit
www.irs.gov. IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments, is also an excellent resource.
You can also use the Interactive Tax Assistant available on the IRS website to determine if your cancelled debt is taxable. The ITA takes you through a series of questions and provides you with responses to tax law questions.
Finally, you may obtain copies of IRS publications and forms either by downloading them from www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
If you need a professional accountant here in Tucson please give me a call, I would love to put you in touch with them.
Renee
As ALWAYS seek the adivce of a professional accountant regarding your specific situation.
Here are a couple points to be aware of straight from the IRS.
IRS Tax Tip 2012-39, February 28, 2012
Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012.
The IRS would like you to know these 10 facts about Mortgage Debt Forgiveness:
1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through a mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substabtially improve your principle residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principle residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes - for example, to pay off credit card debt - do NOT qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does NOT qualify for the tax relief provision. In some cases, however, other tax relief provisions - such as insolvency - may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit
www.irs.gov. IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments, is also an excellent resource.
You can also use the Interactive Tax Assistant available on the IRS website to determine if your cancelled debt is taxable. The ITA takes you through a series of questions and provides you with responses to tax law questions.
Finally, you may obtain copies of IRS publications and forms either by downloading them from www.irs.gov or by calling 800-TAX-FORM (800-829-3676).
If you need a professional accountant here in Tucson please give me a call, I would love to put you in touch with them.
Renee
Tuesday, March 13, 2012
February 2012 Statistics
Below are some highlights from the Residential Sales Statistics provided by Tucson Association of Realtors Multiple Listing Service.
Total Sales Volume increased by 16.65% over January
Average Sales Price rose 4.75% from January
Average List Price increased from $164,112 to $171,723 for February equally 4.64%
Homes Under Contract also rose 9.17% from January
February's Total Unit Sales was up 11.37% from January
February's Average Days on Market decreased from 80 in January to 77
For the 4th consecutive month, the number of Active Listings dropped once again, decreasing by 5.79% from January. As of February 29th, 2012, there were 4,560 Active Listings.
If you would like to know more please give me a call. I would love to discuss Tucson's Real Estate Market with you and help you with your Real Estate dreams.
Renee
Total Sales Volume increased by 16.65% over January
Average Sales Price rose 4.75% from January
Average List Price increased from $164,112 to $171,723 for February equally 4.64%
Homes Under Contract also rose 9.17% from January
February's Total Unit Sales was up 11.37% from January
February's Average Days on Market decreased from 80 in January to 77
For the 4th consecutive month, the number of Active Listings dropped once again, decreasing by 5.79% from January. As of February 29th, 2012, there were 4,560 Active Listings.
If you would like to know more please give me a call. I would love to discuss Tucson's Real Estate Market with you and help you with your Real Estate dreams.
Renee
Friday, March 2, 2012
Great numbers for January
As of January 2012 our Active Inventory was 4,935 which was a 31% decreae from January 2011.
There were 881 closings in January 2012, 15% MORE than January 2011.
Our months of Inventory in January was 5.6. down from 9.3 in January 2011.
The Tucson Market had 1,642 new properties under contract in January 2012, which was UP 47% from January 2011.
All great news!
Stay tuned as the numbers come out for February I will post them.
As always, please contact me anytime for specific information on your neighborhood or area.
Renee
There were 881 closings in January 2012, 15% MORE than January 2011.
Our months of Inventory in January was 5.6. down from 9.3 in January 2011.
The Tucson Market had 1,642 new properties under contract in January 2012, which was UP 47% from January 2011.
All great news!
Stay tuned as the numbers come out for February I will post them.
As always, please contact me anytime for specific information on your neighborhood or area.
Renee
Tuesday, February 14, 2012
Happy Birthday Arizona!
Today Arizona celebrates its 100th birthday!
What a wonderful state we are all so lucky to live in.
For more about the state I encourage you to visit
www.ArizonaHighways.com
What a wonderful state we are all so lucky to live in.
For more about the state I encourage you to visit
www.ArizonaHighways.com
Monday, July 4, 2011
Monday, May 2, 2011
Is now the best time to buy a home?
1. Although the market is rapidly heating up many buyers are still asking the question “should I buy now?”
While price is the major concern for anyone selling a home, cost should be the primary focus of a buyer. That means you must take into account what your monthly payment will be, considering not only price of the home but the interest rate of your loan as well. Waiting for prices to bottom out while rates are increasing can and will wind up costing you more over the life of the loan. Fannie Mae, Freddie Mac, the National Association of Realtor, PMI and the mortgage Bankers Association are all projecting interest rates will increase over the next several quarters. It’s best that you meet with a mortgage professional to help you determine what an interest rate increase will cost you based on the size of your loan in addition to meeting with a real estate professional to discuss market trends. This information will help you to make the best decision for you.
2. As we are all beginning to witness the increase in activity many buyers (and sellers) are asking “when will I begin to see appreciation?”
Appreciation varies from market to market so it is important to sit down with an expert in your market area to look closely at local pricing trends. Nationally, there are indications that values will begin to rise this year. National Association of Realtor (NAR) projects home prices to grow slightly, .5% in 2011. Marco Markets LLC, a financial technology company, recently asked more than 100 housing industry experts to project housing prices through 2015. The results, released in the company’s 2010 Home Price Expectation Survey, show that experts think prices will start increasing in the second half of 2011, reaching a cumulative appreciation of more than 10% by 2015. Tucson area experts are expecting up to 3% appreciation this year and again next year.
3. Some people right now are giving a heavy look to the differences between buying and renting and asking the question “does buying really make better sense than renting?”
Forget about finances for a minute. Why did you ever consider buying a home? The Fannie Mae National Housing Survey shows that four of the biggest reasons people buy a home have nothing at all to do with money. They want a place to raise and educate their children, they want a place where their family will feel safe and secure, they want to have plenty of living space and outdoor space, and they want to have control over their space. What non-financial benefits will your family have from owning a home? Your answer to that question should be the reason you choose to buy or not. The cost of a home will probably remain relatively unchanged when you are in even when home prices go up. Verses the unknown of rising rents and the possibility of having to move before you are ready. There are many financial benefits to being a home owner in addition to the tax benefits, equity growth etc. However don’t allow money to be the only factor in making the decision that’s best for you.
If you are considering buying a home I would love to talk with you more about our local Tucson marekt!
Renee
While price is the major concern for anyone selling a home, cost should be the primary focus of a buyer. That means you must take into account what your monthly payment will be, considering not only price of the home but the interest rate of your loan as well. Waiting for prices to bottom out while rates are increasing can and will wind up costing you more over the life of the loan. Fannie Mae, Freddie Mac, the National Association of Realtor, PMI and the mortgage Bankers Association are all projecting interest rates will increase over the next several quarters. It’s best that you meet with a mortgage professional to help you determine what an interest rate increase will cost you based on the size of your loan in addition to meeting with a real estate professional to discuss market trends. This information will help you to make the best decision for you.
2. As we are all beginning to witness the increase in activity many buyers (and sellers) are asking “when will I begin to see appreciation?”
Appreciation varies from market to market so it is important to sit down with an expert in your market area to look closely at local pricing trends. Nationally, there are indications that values will begin to rise this year. National Association of Realtor (NAR) projects home prices to grow slightly, .5% in 2011. Marco Markets LLC, a financial technology company, recently asked more than 100 housing industry experts to project housing prices through 2015. The results, released in the company’s 2010 Home Price Expectation Survey, show that experts think prices will start increasing in the second half of 2011, reaching a cumulative appreciation of more than 10% by 2015. Tucson area experts are expecting up to 3% appreciation this year and again next year.
3. Some people right now are giving a heavy look to the differences between buying and renting and asking the question “does buying really make better sense than renting?”
Forget about finances for a minute. Why did you ever consider buying a home? The Fannie Mae National Housing Survey shows that four of the biggest reasons people buy a home have nothing at all to do with money. They want a place to raise and educate their children, they want a place where their family will feel safe and secure, they want to have plenty of living space and outdoor space, and they want to have control over their space. What non-financial benefits will your family have from owning a home? Your answer to that question should be the reason you choose to buy or not. The cost of a home will probably remain relatively unchanged when you are in even when home prices go up. Verses the unknown of rising rents and the possibility of having to move before you are ready. There are many financial benefits to being a home owner in addition to the tax benefits, equity growth etc. However don’t allow money to be the only factor in making the decision that’s best for you.
If you are considering buying a home I would love to talk with you more about our local Tucson marekt!
Renee
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