It’s not only the low and middle priced homes are selling as short, the higher end home owners (million dollar plus) are also having difficulty in this economy to keep paying their mortgage payment, so they are also pursuing short sale in order to avoid foreclosure.
In just Alameda and Contra Costa counties, luxury homes which sold as short sale were higher than as compared to 2009. In 2008, it was 28 homes and 44 homes in 2009 (63% higher than 2008) and in 2010, as of March 23, 2010, 17 homes (million plus) were sold as short sale.
Here’s the detail numbers by cities (Alamo, Berkeley, Blackhawk, Campbell, Clayton, Concord, Danville, Diablo, Discovery Bay, Dublin, Fremont, Gilroy, Hayward, Lafayette, Livermore, Martinez, Moraga, Oakland, Orinda, Piedmont, Pleasanton, San Ramon, Union City & Walnut Creek) which were sold in 2008, 2009 and 2010:
Here are the active and pending short sales as of March 23, 2010:
The total number of million dollar plus short sale activities has been increased as compared to the last year. As of now, the total numbers of short sale homes (Active, Pending & Sold) are 89, which is way higher than last year.
The government has also realized that more homeowners need assistance in avoiding foreclosure, so the treasury department has passed the new law, in which all the major lenders are required to participate, starting from April 5th of this year. The new law is called HAFA, which is the addition of HAMP program.
According to the Mortgage Forgiveness Relief Act of 2007, the homeowners of primary residence can avoid the tax on the differences up to $2 million for married and $1 million if married and filing separately. So, this limit will qualify most of the million dollar homes for short sale. Consult with your CPA or attorney for any legal or tax questions before doing short sale.
So, if your house is worth million dollars plus in bay area and thinking of doing short sale or have any questions, please feel free to give me a call at 510-366-9405, I would be happy to assist you. Your Bay Area Short Sale Specialist!
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- Alameda County Higher End Short Sale Homes Are on Rise
- Weekly Short Sale Activities in Alameda and Contra Costa Counties
- Most of the Home Sales In California Are Short Sales and REOs!
- Find Out How Tax Cancellation Relief Act (Mortgage Forgiveness Relief Act of 2007) Helps Short Sale Homeowners
- Short Sale Listings Sold In The Last 30 Days
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