Home Prices Up for 2nd Straight Quarter...

Home prices: Biggest rise in more than 2 years

Home prices are up for the 2nd straight quarter, the biggest year-over-year increase in more than two years.

NEW YORK (CNNMoney) -- In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index.

The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer's tax credit of up to $8,000 on homes purchased in late 2009 and early 2010.

This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market.

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Could the Mortgage Tax Deduction Disappear?

Capping Mortgage Interest Deduction Could Have
“Chilling Effect” on Housing

According to Rick Sharga, executive VP at Carrington Mortgage Holdings, if the mortgage tax deduction is eliminated, it would have a chilling effect on the market and just be "one more disincentive, one more body blow to that already beaten up borrower."  

The good news is almost no one, Sharga included, believes mortgage interest deductions would be eliminated. But like all deductions, "it's sitting there like a piñata at somebody's birthday party," he says. "It is tempting."

The real question, according to Sharga, is the dollar amount for deductions that's ultimately agreed upon. "Depending on how high the cap is, that's when I can answer the question: is it only going to affect a tiny amount of households?

Currently, the amount of mortgage debt eligible for reduction is capped at $1 million (that's the size of the mortgage, not the deduction). With the average new home selling for under $300,000 and the average existing home around $180,00, including condos and townhouses, reducing that to $500,000 would not impact the majority of U.S. homeowners.

Still, Sharga's "biggest fear" for the housing market in 2013 is the pressure on the "middle, move-up market" and many Americans in that category "are the people being targeted for tax increases."

If the Bush tax cuts are allowed to expire, the average U.S. family making between $75,000 and $100,000 a year would see their tax bill go up nearly $3,700 next year, The WSJ reports, citing TPC.

With state and local taxes on the rise, any additional hit in the form of capping mortgage interest deductions "might be the difference between somebody buying a house or deciding" they can't afford it, Sharga says.

Given the still-tenuous nature of the housing market's recovery, and its critical influence on consumer confidence and the economy broadly, politicians would be wise to tread very carefully.

If the Bush tax cuts are allowed to expire, the average U.S. family making between $75,000 and $100,000 a year would see their tax bill go up nearly $3,700 next year, The WSJ reports, citing TPC.

With state and local taxes on the rise, any additional hit in the form of capping mortgage interest deductions "might be the difference between somebody buying a house or deciding" they can't afford it, Sharga says.

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Mortgage Debt Relief Act...Will it be Extended?

Mortgage Debt Relief Act Extension Information (Video)

Will the Mortgage Debt Relief Act be extended again?

Simple answer, Absolutely.

I know of NO ONE who doesn’t want the Act extended. I was told by a very high level wired in D.C. real estate industry insider that President Obama, the House and the Senate are ALL behind extending the 2007 Mortgage Debt Relief Act.

WORST case the Act isn’t extended by the end of the year…then what happens? I would suggest that if for some reason the politicians can’t get avoid the ‘Fiscal Cliff’ and the Act were to expire once an agreement was finalized (and the extension was part of that agreement) the tax forgiveness would be retroactive.

Sharon Stone finally sells her house, for a big loss

If there were an award show for celebrity real estate transactions, Sharon Stone would likely top the list.

The A-list actress has a penchant for real estate and has bought, fixed up and then sold a number of properties throughout the years.

The Real Estalker blog reports that Stone's latest home for sale, a gorgeous Mediterranean estate, has snagged a buyer after several years on the market.

Stone's house was listed at a loss. According to the L.A. Times, Stone bought the 7-bedroom, 8.5-bath home in 2006 for $10.995 million. The Beverly Glen home was first listed in 2006 for $12.5 million, then dropped down to $8.995 million by 2009. According to Real Estalker, the final sale price is $6.575 million.

Built in 1991, the home at 2201 N Beverly Dr, Beverly Hills CA 90210 sits on 4.85 acres at the end of a private road. The property includes a large motor court with covered parking for 14 vehicles, lush landscaping and winding pathways over bridges, as well as waterfalls, a fruit tree grove, meditation garden and tennis court.

The interior of the home is just as luxurious with high ceilings, a paneled library with built-in bookcases and a living room with wet bar. The home's master suite includes a fireplace, dual bath and dressing rooms and an enormous private terrace.

This wasn't Stone's only home in Beverly Hills; she owns another property that she picked up in 1995 for $3.2 million.

Click Here for Slide Show

By Jennifer Karmon | Spaces
 
By Jennifer Karmon | Spaces

Madonna Selling her Central Park Duplex for 23.5 Millioan

Madonna's  just listed her Central Park West duplex for $23.5 million .

Madonna reportedly moved out of the property months ago, but she's had quite a history with it. She and Sean Penn bought a unit in the building in the mid-1980s, and then she combined it with two more units, her brother Christopher Ciccone told Architectural Digest in 1991. It's now a six-bedroom, eight-bath property of more than 6,000 square feet.

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Keep the Housing Recovery on Track

Congress will soon return to Washington with unfinished business to complete. One of those items is a housing issue that could affect almost one-quarter of all real estate transactions - the expiration of Mortgage Forgiveness Tax Relief

This runs out in December 2012

Mortgage Interest Deduction Under Attack

Housing Warning: Mortgage Interest Deduction Under Attack (Video)

Mortgage Interest Deduction is under attack. The deduction lets homeowners reduce their taxable income by the amount of interest paid on their mortgage.

This deduction, which is the largest housing-related subsidy in the U.S. tax code, reduced income-tax revenue by $79.9 billion in fiscal year 2007, according to the Office of Management and Budget.

Its safe to assume that all or part of the Mortgage Interest Deduction will be radically changed as a result of the current budget negotiations to avoid the ‘Fiscal Cliff’.

Stay tuned for updates…watch this (as always) great CNBC video from Diana Olick:

Saying Goodbye to Your Utah Home

A Houseful of Memories Well Worth Keeping

  

When we first approach a new real estate transition -- selling a home, buying one, or doing both at the same time – we naturally concentrate on the most challenging aspects first. That could be selling into a competitive market, or finding the right new home in the right area. 

That’s why most people don’t give much thought to some of the accompanying matters until moving day arrives. One of them is purely emotional: saying goodbye to the old house. Yes, your old house is “just” an object – a thing …but let’s admit it: homes are very special things. 

As any parent will tell you, children grow fast -- and the speed at which those little people we love so much grow up is astonishing. They are gone in a moment, and even though we love our teens every bit as much, we will always miss the tiny ones they used to be. Add in the less-than-rational attachment we feel for the places in which memories occur, and it’s understandable why the moment we move from the old house can be more affecting than we expect. 

People have cooked up some resourceful strategies to make this part of moving day less stressful. A few of them:

 

Celebrate the Memories

Why not throw a farewell party? Friends, neighbors and family have been part of an era – one associated with the house. Instead of just having a housewarming party at the new place, consider sending out invitations to a special get-together to laugh and remember all the good times everyone shares. 

Preserve the History

As you are packing for the move, put aside some of the mementos, snapshots, and bits and pieces that have collected in drawers throughout the years. If you take the extra moments to gather them in one box, once you are settled in at the new house you can organize them all in a scrapbook. Chances are you will be surprised at how pleasantly memory-jogging (and meaningful) those ‘throwaway’ scraps become in the future.  

 

Make a Portrait

A portrait of your home is a unique way to keep it with you -- no matter where your real estate progress leads. Why not have it immortalized in a portrait created by one of our talented Utah artists? Years from now, it will be a conversation starter that keeps tales from the old place vibrant and alive. 

Serving as your Utah real estate resource entails more than listing, searching, marketing and negotiating – although those are important, too! I hope you will think of me when you are looking for an agent who will help you through all the stages of your next real estate endeavor.

Weekly Events Salt Lake City and Beyond...

Weekly Event Update

November 13, 2012

EVENT SPOTLIGHT:

Pierce the Veil November 14, 2012 In The Venue - Salt Lake City In The Venue will be rockin' when Pierce the Veil and guests Sleeping with Sirens, Tonight Alive, and Hands Like Houses hit town. < More Info

FEATURED EVENTS:

TINKERTOY®: Build Your Imagination™ September 22-January 6, 2013 Discovery Gateway - Salt Lake City TINKERTOY®: Build Your Imagination™ combines the open-ended and inventive play qualities of the TINKERTOY® construction set with GE's innovative technologies. The exhibit invites families to explore contemporary topics like renewable energy and clean water technology, to experiment with ideas, create their own inventions, and to work as collaborators in the exhibit's hand-on environment. < More Info

The Addams Family on Broadway November 13-18, 2012 Capitol Theatre - Salt Lake City The Addams Family   features an original story and it's every father's nightmare. Wednesday Addams, the ultimate princess of darkness, has grown up and fallen in love with a sweet, smart young man from a respectable family. A man her parents have never met. And if that weren't upsetting enough, she confides in her father and begs him not to tell her mother. < More Info

Disney on Ice Celebrates 100 Years of Magic November 14-18, 2012 EnergySolutions Arena - Salt Lake City Be part of the festivities when Disney On Ice celebrates 100 Years of Magic comes to the EnergySolutions Arena in Salt Lake City from November 14 - 18! More than 60 of Disney's captivating characters and their unforgettable stories come to life in this commemorative celebration, produced by Feld Entertainment. In this lavish ice show, everyone's favorite sweethearts, Mickey Mouse and Minnie Mouse, take audiences on a fun-filled adventure, sharing memories with Disney friends including Goofy & Donald Duck; the beloved Disney Princesses; Buzz Lightyear & Woody; Nemo & Dory; Pinocchio & Jiminy Cricket; Belle & The Beast; The Incredibles plus many more - and magical moments from Disney's Aladdin, Mulan and The Lion King. Beautifully choreographed skating, breathtaking production numbers, stunning costumes and toe-tapping songs will inspire fond Disney memories. Families can share this once-in-a-lifetime skating spectacular as Mickey and the rest of the gang take the audience on a whirlwind tour of favorite Disney moments. < More Info