New home sales rise year over year in December

Sales of new single-family houses rose 8.8 percent in December compared with the previous year to a seasonally adjusted annual rate of 369,000, according to estimates released jointly by the U.S. Census Bureau and the Dept. of Housing and Urban Development. Compared with the previous month, new home sales declined 7.3 percent.

Housing a sweet spot for economy as rebound extends to 2013

U.S. home sales and prices are poised to rise in 2013, solidifying a recovery that began last year after a half-decade slump, according to analysts and economists surveyed by Bloomberg.

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Home prices poised for growth in 2013

Home-listing prices were up 5.1 percent nationally in December on a year-over-year basis, according to Trulia.

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CA Tax Exemption to Match Federal Extension

In an effort to conform state law to a federal law passed last week that extended mortgage debt forgiveness, C.A.R. is sponsoring Senate Bill 30, so that California homeowners on the brink of foreclosure can get much-needed debt relief.

SB 30 (Calderon, D-Montebello) will for one more year exempt the taxation of mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or loan modification (including any principal reduction).

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Mortgage Forgiveness Debt Relief Extended

Late Tuesday night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction), or foreclosure.