Author Archive
Unscrupulos Interests Blamed For Housing Market Meltdown
June 11th, 2010
By Brad Garbutt
Henry Cisneros pinned the housing crisis on greedy Wall Street firms, not government policies he championed as HUD Secretary during the Clinton Administration. Exotic instruments were created to collateralize mortgages then packaged and sold around the world by profiteers wishing to take advantage of the housing boom. Henry is credited with expanding homeownership during his term as [...]
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Redding Real Estate Prices Stabilizing?
June 7th, 2010
By Brad Garbutt
According to one Redding appraiser who tracks average home prices, prices are slowly ticking upward. The low point since the bubble burst in 2006 was March with 91 home sales with an average sales price of $203,830 or $121.08 per square foot. May saw 99 home sales averaging $214,352 or $124.6 per square foot. It would not [...]
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Bill To Provide Borrowers Deficiency Liability Protections
May 24th, 2010
By Brad Garbutt
Many homeowners are not aware of a loophole that allows banks to pursue certain borrowers for any cash loss they suffer as a result of a short sale or foreclosure. The existing law, which was passed in the 1930’s, protects homeowners from deficiency liability if the loan was used to purchase the home. The problem arises when [...]
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Mosquitoes Bugging You?
May 20th, 2010
By Brad Garbutt
The wave of foreclosures in Shasta County has had a stinging side effect-abandoned pools and ponds have become mosquito breeding havens! If you know of a neglected water feature in your neighborhood, the Shasta Mosquito and Vector Control District would like to hear from you.
Every property owner in Shasta County pays for mosquito control through [...]
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Safe Harbor Law Makes Vacation Home Purchase Attractive
May 20th, 2010
By Brad Garbutt
The IRS has finally set ground rules for those that use a tax deferred 1031 exchange to purchase a vacation rental home that later becomes a primary or second residence. In the past, the IRS would penalize those that did this because it violated the tax deferment rules 1031 exchanges were designed to address. Many Americans found themselves [...]
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Shasta County Entry-Level Home Sales Activity Doubles
May 7th, 2010
By Brad Garbutt
Looking over April home sales numbers and comparing them to a year ago one thing stands out- pending home sales priced under $200,000 are nearly double the volume as last year. In April 2009, 33 homes priced under $150,000 sold. This year that number was 62. Twenty seven homes priced from $150,000 to $200,000 sold in [...]
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2010 Not A Good Year To Die
May 4th, 2010
By Brad Garbutt
Most are unaware of the capital gains and estate tax tax law changes for 2010. If you stand to inherit real estate from a family member, you may want to do everything possible to keep them alive until 2011! Why? Two changes are in effect for this year only which could have significant tax consequences for [...]
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California And IRS Ramping Up Audits Of Homebuyers Claiming Tax Credits
April 21st, 2010
By Brad Garbutt
Fraud is rampant according to state and federal taxing authorities triggering a high number of audits of those who filed returns claiming one or more of the various homebuyer tax credits. The Feds have offered a $7,500-$8,000 tax credit for first-time buyers and California has a $10,000 tax credit for new home purchasers. The Feds also added a [...]
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